vs
PLAINS GP HOLDINGS LP（PAGP）与US Foods Holding Corp.（USFD）财务数据对比。点击上方公司名可切换其他公司
PLAINS GP HOLDINGS LP的季度营收约是US Foods Holding Corp.的1.0倍（$10.0B vs $9.8B），US Foods Holding Corp.净利率更高（1.9% vs 0.6%，领先1.2%），US Foods Holding Corp.同比增速更快（3.3% vs -19.1%），PLAINS GP HOLDINGS LP自由现金流更多（$636.0M vs $159.0M），过去两年US Foods Holding Corp.的营收复合增速更高（4.6% vs -8.6%）
Plains GP Holdings是一家业主有限合伙企业，业务覆盖美国及加拿大地区的液化石油气、石油产品的管道运输、营销及仓储。公司拥有总长约2.96万公里的管线权益，配套约7500万桶原油、2800万桶天然气凝液、680亿立方英尺天然气的存储能力，还运营5座天然气加工厂，总部位于得克萨斯州休斯敦市中心的艾伦中心。
US Foods Holding Corp.是美国第二大食品服务分销商，规模仅次于Sysco。公司服务覆盖独立餐厅、连锁餐饮、医疗保健、酒店、教育机构等共计25万个场点，为各类客户提供食品配送及相关供应链服务，业务覆盖场景十分多元。
PAGP vs USFD — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.0B | $9.8B |
| 净利润 | $63.0M | $184.0M |
| 毛利率 | 7.0% | 17.6% |
| 营业利润率 | 1.8% | 3.3% |
| 净利率 | 0.6% | 1.9% |
| 营收同比 | -19.1% | 3.3% |
| 净利润同比 | 672.7% | 178.8% |
| 每股收益（稀释后） | — | $0.82 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
| Q4 25 | $10.0B | $9.8B | ||
| Q3 25 | $11.6B | $10.2B | ||
| Q2 25 | $10.6B | $10.1B | ||
| Q1 25 | $12.0B | $9.4B | ||
| Q4 24 | $12.4B | $9.5B | ||
| Q3 24 | $12.7B | $9.7B | ||
| Q2 24 | $12.9B | $9.7B | ||
| Q1 24 | $12.0B | $8.9B |
| Q4 25 | $63.0M | $184.0M | ||
| Q3 25 | $83.0M | $153.0M | ||
| Q2 25 | $30.0M | $224.0M | ||
| Q1 25 | $84.0M | $115.0M | ||
| Q4 24 | $-11.0M | $66.0M | ||
| Q3 24 | $33.0M | $148.0M | ||
| Q2 24 | $39.0M | $198.0M | ||
| Q1 24 | $42.0M | $82.0M |
| Q4 25 | 7.0% | 17.6% | ||
| Q3 25 | 8.6% | 17.2% | ||
| Q2 25 | 8.3% | 17.6% | ||
| Q1 25 | 10.4% | 17.3% | ||
| Q4 24 | 9.5% | 17.6% | ||
| Q3 24 | 9.3% | 17.1% | ||
| Q2 24 | 8.3% | 17.6% | ||
| Q1 24 | 9.0% | 16.7% |
| Q4 25 | 1.8% | 3.3% | ||
| Q3 25 | 4.2% | 2.8% | ||
| Q2 25 | 2.2% | 3.7% | ||
| Q1 25 | 4.4% | 2.4% | ||
| Q4 24 | 0.7% | 3.2% | ||
| Q3 24 | 2.7% | 2.9% | ||
| Q2 24 | 2.9% | 3.6% | ||
| Q1 24 | 3.1% | 1.8% |
| Q4 25 | 0.6% | 1.9% | ||
| Q3 25 | 0.7% | 1.5% | ||
| Q2 25 | 0.3% | 2.2% | ||
| Q1 25 | 0.7% | 1.2% | ||
| Q4 24 | -0.1% | 0.7% | ||
| Q3 24 | 0.3% | 1.5% | ||
| Q2 24 | 0.3% | 2.0% | ||
| Q1 24 | 0.4% | 0.9% |
| Q4 25 | — | $0.82 | ||
| Q3 25 | — | $0.67 | ||
| Q2 25 | — | $0.96 | ||
| Q1 25 | — | $0.49 | ||
| Q4 24 | — | $0.28 | ||
| Q3 24 | — | $0.61 | ||
| Q2 24 | — | $0.80 | ||
| Q1 24 | — | $0.33 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $329.0M | $41.0M |
| 总债务越低越好 | $10.7B | $5.1B |
| 股东权益账面价值 | — | $4.3B |
| 总资产 | $31.3B | $13.9B |
| 负债/权益比越低杠杆越低 | — | 1.18× |
8季度趋势，按日历期对齐
| Q4 25 | $329.0M | $41.0M | ||
| Q3 25 | $1.2B | $56.0M | ||
| Q2 25 | $460.0M | $61.0M | ||
| Q1 25 | $429.0M | $101.0M | ||
| Q4 24 | $349.0M | $59.0M | ||
| Q3 24 | $641.0M | $81.0M | ||
| Q2 24 | $556.0M | $405.0M | ||
| Q1 24 | $334.0M | $267.0M |
| Q4 25 | $10.7B | $5.1B | ||
| Q3 25 | $8.4B | $4.8B | ||
| Q2 25 | $8.2B | $4.7B | ||
| Q1 25 | $8.2B | $4.7B | ||
| Q4 24 | $7.2B | $4.8B | ||
| Q3 24 | $7.2B | $4.7B | ||
| Q2 24 | $7.2B | $4.6B | ||
| Q1 24 | $7.3B | $4.6B |
| Q4 25 | — | $4.3B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $5.0B | ||
| Q1 24 | — | $4.8B |
| Q4 25 | $31.3B | $13.9B | ||
| Q3 25 | $29.3B | $14.0B | ||
| Q2 25 | $28.3B | $13.8B | ||
| Q1 25 | $28.3B | $13.7B | ||
| Q4 24 | $27.8B | $13.4B | ||
| Q3 24 | $28.4B | $13.5B | ||
| Q2 24 | $28.7B | $13.7B | ||
| Q1 24 | $28.6B | $13.4B |
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | — | 1.06× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 0.92× | ||
| Q1 24 | — | 0.95× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $784.0M | $293.0M |
| 自由现金流经营现金流 - 资本支出 | $636.0M | $159.0M |
| 自由现金流率自由现金流/营收 | 6.3% | 1.6% |
| 资本支出强度资本支出/营收 | 1.5% | 1.4% |
| 现金转化率经营现金流/净利润 | 12.44× | 1.59× |
| 过去12个月自由现金流最近4个季度 | $2.3B | $959.0M |
8季度趋势，按日历期对齐
| Q4 25 | $784.0M | $293.0M | ||
| Q3 25 | $817.0M | $351.0M | ||
| Q2 25 | $692.0M | $334.0M | ||
| Q1 25 | $638.0M | $391.0M | ||
| Q4 24 | $726.0M | $283.0M | ||
| Q3 24 | $688.0M | $270.0M | ||
| Q2 24 | $652.0M | $482.0M | ||
| Q1 24 | $418.0M | $139.0M |
| Q4 25 | $636.0M | $159.0M | ||
| Q3 25 | $632.0M | $236.0M | ||
| Q2 25 | $573.0M | $257.0M | ||
| Q1 25 | $447.0M | $307.0M | ||
| Q4 24 | $560.0M | $178.0M | ||
| Q3 24 | $531.0M | $190.0M | ||
| Q2 24 | $513.0M | $413.0M | ||
| Q1 24 | $261.0M | $52.0M |
| Q4 25 | 6.3% | 1.6% | ||
| Q3 25 | 5.5% | 2.3% | ||
| Q2 25 | 5.4% | 2.5% | ||
| Q1 25 | 3.7% | 3.3% | ||
| Q4 24 | 4.5% | 1.9% | ||
| Q3 24 | 4.2% | 2.0% | ||
| Q2 24 | 4.0% | 4.3% | ||
| Q1 24 | 2.2% | 0.6% |
| Q4 25 | 1.5% | 1.4% | ||
| Q3 25 | 1.6% | 1.1% | ||
| Q2 25 | 1.1% | 0.8% | ||
| Q1 25 | 1.6% | 0.9% | ||
| Q4 24 | 1.3% | 1.1% | ||
| Q3 24 | 1.2% | 0.8% | ||
| Q2 24 | 1.1% | 0.7% | ||
| Q1 24 | 1.3% | 1.0% |
| Q4 25 | 12.44× | 1.59× | ||
| Q3 25 | 9.84× | 2.29× | ||
| Q2 25 | 23.07× | 1.49× | ||
| Q1 25 | 7.60× | 3.40× | ||
| Q4 24 | — | 4.29× | ||
| Q3 24 | 20.85× | 1.82× | ||
| Q2 24 | 16.72× | 2.43× | ||
| Q1 24 | 9.95× | 1.70× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
USFD
| Product One | $3.5B | 36% |
| Product Two | $1.7B | 17% |
| Product Three | $1.7B | 17% |
| Product Four | $985.0M | 10% |
| Product Five | $901.0M | 9% |
| Product Six | $580.0M | 6% |
| Product Seven | $485.0M | 5% |
