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Targa Resources（TRGP）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是Targa Resources的1.8倍（$7.4B vs $4.1B），美国合众银行净利率更高（27.8% vs 13.4%，领先14.3%），美国合众银行同比增速更快（5.1% vs -7.9%），过去两年美国合众银行的营收复合增速更高（4.7% vs 0.8%）
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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
TRGP vs USB — 直观对比
营收规模更大
USB
是对方的1.8倍
$4.1B
营收增速更快
USB
高出13.0%
-7.9%
净利率更高
USB
高出14.3%
13.4%
两年增速更快
USB
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.1B | $7.4B |
| 净利润 | $545.0M | $2.0B |
| 毛利率 | 43.1% | — |
| 营业利润率 | 22.6% | 34.4% |
| 净利率 | 13.4% | 27.8% |
| 营收同比 | -7.9% | 5.1% |
| 净利润同比 | 55.3% | 23.0% |
| 每股收益（稀释后） | $2.51 | $1.26 |
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TRGPUSB
| Q4 25 | $4.1B | $7.4B | ||
| Q3 25 | $4.2B | $7.3B | ||
| Q2 25 | $4.3B | $7.0B | ||
| Q1 25 | $4.6B | $7.0B | ||
| Q4 24 | $4.4B | $7.0B | ||
| Q3 24 | $3.9B | $6.9B | ||
| Q2 24 | $3.0B | $6.9B | ||
| Q1 24 | $4.0B | $6.7B |
净利润TRGPUSB
| Q4 25 | $545.0M | $2.0B | ||
| Q3 25 | $478.4M | $2.0B | ||
| Q2 25 | $629.1M | $1.8B | ||
| Q1 25 | $270.5M | $1.7B | ||
| Q4 24 | $350.9M | $1.7B | ||
| Q3 24 | $387.4M | $1.7B | ||
| Q2 24 | $298.5M | $1.6B | ||
| Q1 24 | $275.2M | $1.3B |
毛利率TRGPUSB
| Q4 25 | 43.1% | — | ||
| Q3 25 | 39.6% | — | ||
| Q2 25 | 42.8% | — | ||
| Q1 25 | 28.6% | — | ||
| Q4 24 | 33.7% | — | ||
| Q3 24 | 38.6% | — | ||
| Q2 24 | 27.9% | — | ||
| Q1 24 | 19.3% | — |
营业利润率TRGPUSB
| Q4 25 | 22.6% | 34.4% | ||
| Q3 25 | 20.2% | 34.5% | ||
| Q2 25 | 24.3% | 32.7% | ||
| Q1 25 | 11.9% | 31.0% | ||
| Q4 24 | 15.9% | 30.1% | ||
| Q3 24 | 18.9% | 30.2% | ||
| Q2 24 | 20.6% | 29.9% | ||
| Q1 24 | 16.0% | 24.9% |
净利率TRGPUSB
| Q4 25 | 13.4% | 27.8% | ||
| Q3 25 | 11.5% | 27.3% | ||
| Q2 25 | 14.8% | 25.9% | ||
| Q1 25 | 5.9% | 24.6% | ||
| Q4 24 | 8.0% | 23.7% | ||
| Q3 24 | 10.1% | 25.0% | ||
| Q2 24 | 9.8% | 23.3% | ||
| Q1 24 | 6.9% | 19.6% |
每股收益（稀释后）TRGPUSB
| Q4 25 | $2.51 | $1.26 | ||
| Q3 25 | $2.20 | $1.22 | ||
| Q2 25 | $2.87 | $1.11 | ||
| Q1 25 | $0.91 | $1.03 | ||
| Q4 24 | $1.44 | $1.01 | ||
| Q3 24 | $1.75 | $1.03 | ||
| Q2 24 | $1.33 | $0.97 | ||
| Q1 24 | $1.22 | $0.78 |
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 | $166.1M | — |
| 总债务越低越好 | $16.7B | — |
| 股东权益账面价值 | $3.1B | $65.2B |
| 总资产 | $25.2B | $692.3B |
| 负债/权益比越低杠杆越低 | 5.43× | — |
8季度趋势，按日历期对齐
现金及短期投资TRGPUSB
| Q4 25 | $166.1M | — | ||
| Q3 25 | $124.1M | — | ||
| Q2 25 | $113.1M | — | ||
| Q1 25 | $151.4M | — | ||
| Q4 24 | $157.3M | — | ||
| Q3 24 | $127.2M | — | ||
| Q2 24 | $166.4M | — | ||
| Q1 24 | $109.9M | — |
总债务TRGPUSB
| Q4 25 | $16.7B | — | ||
| Q3 25 | $16.7B | — | ||
| Q2 25 | $16.1B | — | ||
| Q1 25 | $15.5B | — | ||
| Q4 24 | $13.8B | — | ||
| Q3 24 | $13.6B | — | ||
| Q2 24 | $13.0B | — | ||
| Q1 24 | $12.5B | — |
股东权益TRGPUSB
| Q4 25 | $3.1B | $65.2B | ||
| Q3 25 | $2.7B | $63.3B | ||
| Q2 25 | $2.6B | $61.4B | ||
| Q1 25 | $2.5B | $60.1B | ||
| Q4 24 | $2.6B | $58.6B | ||
| Q3 24 | $2.6B | $58.9B | ||
| Q2 24 | $2.5B | $56.4B | ||
| Q1 24 | $2.7B | $55.6B |
总资产TRGPUSB
| Q4 25 | $25.2B | $692.3B | ||
| Q3 25 | $24.2B | $695.4B | ||
| Q2 25 | $23.5B | $686.4B | ||
| Q1 25 | $22.8B | $676.5B | ||
| Q4 24 | $22.7B | $678.3B | ||
| Q3 24 | $21.9B | $686.5B | ||
| Q2 24 | $21.3B | $680.1B | ||
| Q1 24 | $20.8B | $683.6B |
负债/权益比TRGPUSB
| Q4 25 | 5.43× | — | ||
| Q3 25 | 6.19× | — | ||
| Q2 25 | 6.21× | — | ||
| Q1 25 | 6.34× | — | ||
| Q4 24 | 5.32× | — | ||
| Q3 24 | 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 | $1.5B | $2.8B |
| 自由现金流经营现金流 - 资本支出 | $542.3M | — |
| 自由现金流率自由现金流/营收 | 13.4% | — |
| 资本支出强度资本支出/营收 | 23.8% | — |
| 现金转化率经营现金流/净利润 | 2.76× | 1.39× |
| 过去12个月自由现金流最近4个季度 | $584.1M | — |
8季度趋势，按日历期对齐
经营现金流TRGPUSB
| Q4 25 | $1.5B | $2.8B | ||
| Q3 25 | $599.2M | $3.4B | ||
| Q2 25 | $858.3M | $2.0B | ||
| Q1 25 | $954.4M | $-285.0M | ||
| Q4 24 | $1.3B | $4.8B | ||
| Q3 24 | $540.9M | $972.0M | ||
| Q2 24 | $904.5M | $2.9B | ||
| Q1 24 | $876.4M | $2.7B |
自由现金流TRGPUSB
| Q4 25 | $542.3M | — | ||
| Q3 25 | $-72.6M | — | ||
| Q2 25 | $-47.8M | — | ||
| Q1 25 | $162.2M | — | ||
| Q4 24 | $601.0M | — | ||
| Q3 24 | $-287.9M | — | ||
| Q2 24 | $164.2M | — | ||
| Q1 24 | $206.6M | — |
自由现金流率TRGPUSB
| Q4 25 | 13.4% | — | ||
| Q3 25 | -1.7% | — | ||
| Q2 25 | -1.1% | — | ||
| Q1 25 | 3.6% | — | ||
| Q4 24 | 13.6% | — | ||
| Q3 24 | -7.5% | — | ||
| Q2 24 | 5.4% | — | ||
| Q1 24 | 5.2% | — |
资本支出强度TRGPUSB
| Q4 25 | 23.8% | — | ||
| Q3 25 | 16.2% | — | ||
| Q2 25 | 21.3% | — | ||
| Q1 25 | 17.4% | — | ||
| Q4 24 | 16.5% | — | ||
| Q3 24 | 21.5% | — | ||
| Q2 24 | 24.3% | — | ||
| Q1 24 | 16.8% | — |
现金转化率TRGPUSB
| Q4 25 | 2.76× | 1.39× | ||
| Q3 25 | 1.25× | 1.69× | ||
| Q2 25 | 1.36× | 1.12× | ||
| Q1 25 | 3.53× | -0.17× | ||
| Q4 24 | 3.78× | 2.87× | ||
| Q3 24 | 1.40× | 0.57× | ||
| Q2 24 | 3.03× | 1.79× | ||
| Q1 24 | 3.18× | 2.02× |
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
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% |
USB
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