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SIRIUS XM HOLDINGS INC.（SIRI）与Targa Resources（TRGP）财务数据对比。点击上方公司名可切换其他公司
Targa Resources的季度营收约是SIRIUS XM HOLDINGS INC.的1.8倍（$4.1B vs $2.2B），Targa Resources净利率更高（13.4% vs 4.5%，领先8.9%），SIRIUS XM HOLDINGS INC.同比增速更快（0.2% vs -7.9%），Targa Resources自由现金流更多（$542.3M vs $536.0M），过去两年Targa Resources的营收复合增速更高（0.8% vs 0.7%）
天狼星XM控股旗下的XM卫星广播是美国及加拿大三大卫星与在线广播服务商之一，采用类似付费有线电视的订阅制模式运营。平台拥有73个音乐频道、39个新闻、体育、访谈及娱乐频道，另设21个区域交通气象频道与23个体育赛事直播频道，服务覆盖北美大量付费用户。
Targa Resources Corp.为财富500强企业，总部位于美国得克萨斯州休斯敦，是美国规模最大的中游能源基础设施企业之一，主营天然气及天然气凝液输送业务，运营资产主要集中在墨西哥湾沿岸，得克萨斯州与路易斯安那州为核心布局区域，马修·J·梅洛伊自2020年起担任首席执行官。
SIRI vs TRGP — 直观对比
营收规模更大
TRGP
是对方的1.8倍
$2.2B
营收增速更快
SIRI
高出8.2%
-7.9%
净利率更高
TRGP
高出8.9%
4.5%
自由现金流更多
TRGP
多$6.3M
$536.0M
两年增速更快
TRGP
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $4.1B |
| 净利润 | $99.0M | $545.0M |
| 毛利率 | 53.1% | 43.1% |
| 营业利润率 | 10.3% | 22.6% |
| 净利率 | 4.5% | 13.4% |
| 营收同比 | 0.2% | -7.9% |
| 净利润同比 | -55.4% | 55.3% |
| 每股收益（稀释后） | $0.23 | $2.51 |
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
营收SIRITRGP
| Q4 25 | $2.2B | $4.1B | ||
| Q3 25 | $2.2B | $4.2B | ||
| Q2 25 | $2.1B | $4.3B | ||
| Q1 25 | $2.1B | $4.6B | ||
| Q4 24 | $2.2B | $4.4B | ||
| Q3 24 | $2.2B | $3.9B | ||
| Q2 24 | $2.2B | $3.0B | ||
| Q1 24 | $2.2B | $4.0B |
净利润SIRITRGP
| Q4 25 | $99.0M | $545.0M | ||
| Q3 25 | $297.0M | $478.4M | ||
| Q2 25 | $205.0M | $629.1M | ||
| Q1 25 | $204.0M | $270.5M | ||
| Q4 24 | $222.0M | $350.9M | ||
| Q3 24 | $-2.5B | $387.4M | ||
| Q2 24 | $304.0M | $298.5M | ||
| Q1 24 | $265.0M | $275.2M |
毛利率SIRITRGP
| Q4 25 | 53.1% | 43.1% | ||
| Q3 25 | 52.2% | 39.6% | ||
| Q2 25 | 52.4% | 42.8% | ||
| Q1 25 | 52.0% | 28.6% | ||
| Q4 24 | 52.9% | 33.7% | ||
| Q3 24 | 53.2% | 38.6% | ||
| Q2 24 | 53.5% | 27.9% | ||
| Q1 24 | 52.5% | 19.3% |
营业利润率SIRITRGP
| Q4 25 | 10.3% | 22.6% | ||
| Q3 25 | 22.8% | 20.2% | ||
| Q2 25 | 17.1% | 24.3% | ||
| Q1 25 | 18.7% | 11.9% | ||
| Q4 24 | 20.2% | 15.9% | ||
| Q3 24 | -133.6% | 18.9% | ||
| Q2 24 | 23.2% | 20.6% | ||
| Q1 24 | 20.2% | 16.0% |
净利率SIRITRGP
| Q4 25 | 4.5% | 13.4% | ||
| Q3 25 | 13.8% | 11.5% | ||
| Q2 25 | 9.6% | 14.8% | ||
| Q1 25 | 9.9% | 5.9% | ||
| Q4 24 | 10.1% | 8.0% | ||
| Q3 24 | -113.1% | 10.1% | ||
| Q2 24 | 14.0% | 9.8% | ||
| Q1 24 | 12.3% | 6.9% |
每股收益（稀释后）SIRITRGP
| Q4 25 | $0.23 | $2.51 | ||
| Q3 25 | $0.84 | $2.20 | ||
| Q2 25 | $0.57 | $2.87 | ||
| Q1 25 | $0.59 | $0.91 | ||
| Q4 24 | $2.45 | $1.44 | ||
| Q3 24 | $-8.74 | $1.75 | ||
| Q2 24 | $0.08 | $1.33 | ||
| Q1 24 | $0.07 | $1.22 |
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 | $94.0M | $166.1M |
| 总债务越低越好 | $8.6B | $16.7B |
| 股东权益账面价值 | $11.6B | $3.1B |
| 总资产 | $27.2B | $25.2B |
| 负债/权益比越低杠杆越低 | 0.75× | 5.43× |
8季度趋势，按日历期对齐
现金及短期投资SIRITRGP
| Q4 25 | $94.0M | $166.1M | ||
| Q3 25 | $79.0M | $124.1M | ||
| Q2 25 | $92.0M | $113.1M | ||
| Q1 25 | $127.0M | $151.4M | ||
| Q4 24 | $162.0M | $157.3M | ||
| Q3 24 | $127.0M | $127.2M | ||
| Q2 24 | $100.0M | $166.4M | ||
| Q1 24 | $71.0M | $109.9M |
总债务SIRITRGP
| Q4 25 | $8.6B | $16.7B | ||
| Q3 25 | $9.0B | $16.7B | ||
| Q2 25 | $10.1B | $16.1B | ||
| Q1 25 | $10.4B | $15.5B | ||
| Q4 24 | $10.3B | $13.8B | ||
| Q3 24 | $10.1B | $13.6B | ||
| Q2 24 | $9.0B | $13.0B | ||
| Q1 24 | $8.7B | $12.5B |
股东权益SIRITRGP
| Q4 25 | $11.6B | $3.1B | ||
| Q3 25 | $11.6B | $2.7B | ||
| Q2 25 | $11.3B | $2.6B | ||
| Q1 25 | $11.2B | $2.5B | ||
| Q4 24 | $11.1B | $2.6B | ||
| Q3 24 | $10.9B | $2.6B | ||
| Q2 24 | $-2.1B | $2.5B | ||
| Q1 24 | $-2.4B | $2.7B |
总资产SIRITRGP
| Q4 25 | $27.2B | $25.2B | ||
| Q3 25 | $27.4B | $24.2B | ||
| Q2 25 | $27.3B | $23.5B | ||
| Q1 25 | $27.4B | $22.8B | ||
| Q4 24 | $27.5B | $22.7B | ||
| Q3 24 | $27.5B | $21.9B | ||
| Q2 24 | $11.2B | $21.3B | ||
| Q1 24 | $11.2B | $20.8B |
负债/权益比SIRITRGP
| Q4 25 | 0.75× | 5.43× | ||
| Q3 25 | 0.78× | 6.19× | ||
| Q2 25 | 0.89× | 6.21× | ||
| Q1 25 | 0.93× | 6.34× | ||
| Q4 24 | 0.93× | 5.32× | ||
| Q3 24 | 0.93× | 5.28× | ||
| Q2 24 | — | 5.25× | ||
| Q1 24 | — | 4.63× |
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 | $680.0M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $536.0M | $542.3M |
| 自由现金流率自由现金流/营收 | 24.4% | 13.4% |
| 资本支出强度资本支出/营收 | 6.6% | 23.8% |
| 现金转化率经营现金流/净利润 | 6.87× | 2.76× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $584.1M |
8季度趋势，按日历期对齐
经营现金流SIRITRGP
| Q4 25 | $680.0M | $1.5B | ||
| Q3 25 | $430.0M | $599.2M | ||
| Q2 25 | $546.0M | $858.3M | ||
| Q1 25 | $242.0M | $954.4M | ||
| Q4 24 | $679.0M | $1.3B | ||
| Q3 24 | $240.0M | $540.9M | ||
| Q2 24 | $514.0M | $904.5M | ||
| Q1 24 | $308.0M | $876.4M |
自由现金流SIRITRGP
| Q4 25 | $536.0M | $542.3M | ||
| Q3 25 | $255.0M | $-72.6M | ||
| Q2 25 | $401.0M | $-47.8M | ||
| Q1 25 | $53.0M | $162.2M | ||
| Q4 24 | $514.0M | $601.0M | ||
| Q3 24 | $24.0M | $-287.9M | ||
| Q2 24 | $341.0M | $164.2M | ||
| Q1 24 | $134.0M | $206.6M |
自由现金流率SIRITRGP
| Q4 25 | 24.4% | 13.4% | ||
| Q3 25 | 11.8% | -1.7% | ||
| Q2 25 | 18.8% | -1.1% | ||
| Q1 25 | 2.6% | 3.6% | ||
| Q4 24 | 23.5% | 13.6% | ||
| Q3 24 | 1.1% | -7.5% | ||
| Q2 24 | 15.7% | 5.4% | ||
| Q1 24 | 6.2% | 5.2% |
资本支出强度SIRITRGP
| Q4 25 | 6.6% | 23.8% | ||
| Q3 25 | 8.1% | 16.2% | ||
| Q2 25 | 6.8% | 21.3% | ||
| Q1 25 | 9.1% | 17.4% | ||
| Q4 24 | 7.5% | 16.5% | ||
| Q3 24 | 9.9% | 21.5% | ||
| Q2 24 | 7.9% | 24.3% | ||
| Q1 24 | 8.0% | 16.8% |
现金转化率SIRITRGP
| Q4 25 | 6.87× | 2.76× | ||
| Q3 25 | 1.45× | 1.25× | ||
| Q2 25 | 2.66× | 1.36× | ||
| Q1 25 | 1.19× | 3.53× | ||
| Q4 24 | 3.06× | 3.78× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | 1.69× | 3.03× | ||
| Q1 24 | 1.16× | 3.18× |
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
SIRI
| Subscription And Circulation | $1.6B | 74% |
| Advertising | $491.0M | 22% |
| Cost Of Sales Equipment Products And Services | $48.0M | 2% |
| Other Revenue | $28.0M | 1% |
TRGP
| Logistics And Transportation | $3.4B | 83% |
| Natural Gas Reserves | $393.1M | 10% |
| Storage Terminaling And Export | $130.9M | 3% |
| Oil And Condensate | $112.0M | 3% |
| NGL Transportation Fractionation And Services | $64.7M | 2% |
