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Targa Resources（TRGP）与Block, Inc.（XYZ）财务数据对比。点击上方公司名可切换其他公司
Block, Inc.的季度营收约是Targa Resources的1.5倍（$6.3B vs $4.1B），Targa Resources净利率更高（13.4% vs 1.9%，领先11.6%），Block, Inc.同比增速更快（3.6% vs -7.9%），Block, Inc.自由现金流更多（$579.8M vs $542.3M），过去两年Block, Inc.的营收复合增速更高（2.4% 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。
Block, Inc.是美国科技企业，面向消费者与商户提供金融服务，由杰克·多尔西于2009年创立，是美国销售点系统领域的市场领导者。截至2024年，平台服务5700万用户及400万商户，年支付处理规模达2410亿美元。
TRGP vs XYZ — 直观对比
营收规模更大
XYZ
是对方的1.5倍
$4.1B
营收增速更快
XYZ
高出11.6%
-7.9%
净利率更高
TRGP
高出11.6%
1.9%
自由现金流更多
XYZ
多$37.5M
$542.3M
两年增速更快
XYZ
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.1B | $6.3B |
| 净利润 | $545.0M | $115.8M |
| 毛利率 | 43.1% | 45.9% |
| 营业利润率 | 22.6% | 7.8% |
| 净利率 | 13.4% | 1.9% |
| 营收同比 | -7.9% | 3.6% |
| 净利润同比 | 55.3% | -94.1% |
| 每股收益（稀释后） | $2.51 | $0.19 |
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TRGPXYZ
| Q4 25 | $4.1B | $6.3B | ||
| Q3 25 | $4.2B | $6.1B | ||
| Q2 25 | $4.3B | $6.1B | ||
| Q1 25 | $4.6B | $5.8B | ||
| Q4 24 | $4.4B | $6.0B | ||
| Q3 24 | $3.9B | $6.0B | ||
| Q2 24 | $3.0B | $6.2B | ||
| Q1 24 | $4.0B | $6.0B |
净利润TRGPXYZ
| Q4 25 | $545.0M | $115.8M | ||
| Q3 25 | $478.4M | $461.5M | ||
| Q2 25 | $629.1M | $538.5M | ||
| Q1 25 | $270.5M | $189.9M | ||
| Q4 24 | $350.9M | $1.9B | ||
| Q3 24 | $387.4M | $283.8M | ||
| Q2 24 | $298.5M | $195.3M | ||
| Q1 24 | $275.2M | $472.0M |
毛利率TRGPXYZ
| Q4 25 | 43.1% | 45.9% | ||
| Q3 25 | 39.6% | 43.5% | ||
| Q2 25 | 42.8% | 41.9% | ||
| Q1 25 | 28.6% | 39.7% | ||
| Q4 24 | 33.7% | 38.3% | ||
| Q3 24 | 38.6% | 37.6% | ||
| Q2 24 | 27.9% | 36.3% | ||
| Q1 24 | 19.3% | 35.2% |
营业利润率TRGPXYZ
| Q4 25 | 22.6% | 7.8% | ||
| Q3 25 | 20.2% | 6.7% | ||
| Q2 25 | 24.3% | 8.0% | ||
| Q1 25 | 11.9% | 5.7% | ||
| Q4 24 | 15.9% | 0.2% | ||
| Q3 24 | 18.9% | 5.4% | ||
| Q2 24 | 20.6% | 5.0% | ||
| Q1 24 | 16.0% | 4.2% |
净利率TRGPXYZ
| Q4 25 | 13.4% | 1.9% | ||
| Q3 25 | 11.5% | 7.5% | ||
| Q2 25 | 14.8% | 8.9% | ||
| Q1 25 | 5.9% | 3.3% | ||
| Q4 24 | 8.0% | 32.3% | ||
| Q3 24 | 10.1% | 4.7% | ||
| Q2 24 | 9.8% | 3.2% | ||
| Q1 24 | 6.9% | 7.9% |
每股收益（稀释后）TRGPXYZ
| Q4 25 | $2.51 | $0.19 | ||
| Q3 25 | $2.20 | $0.74 | ||
| Q2 25 | $2.87 | $0.87 | ||
| Q1 25 | $0.91 | $0.30 | ||
| Q4 24 | $1.44 | $3.06 | ||
| Q3 24 | $1.75 | $0.45 | ||
| Q2 24 | $1.33 | $0.31 | ||
| Q1 24 | $1.22 | $0.74 |
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 | $6.6B |
| 总债务越低越好 | $16.7B | — |
| 股东权益账面价值 | $3.1B | $22.2B |
| 总资产 | $25.2B | $39.5B |
| 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TRGPXYZ
| Q4 25 | $166.1M | $6.6B | ||
| Q3 25 | $124.1M | $8.3B | ||
| Q2 25 | $113.1M | $6.4B | ||
| Q1 25 | $151.4M | $7.1B | ||
| Q4 24 | $157.3M | $8.1B | ||
| Q3 24 | $127.2M | $8.3B | ||
| Q2 24 | $166.4M | $7.8B | ||
| Q1 24 | $109.9M | $5.8B |
总债务TRGPXYZ
| Q4 25 | $16.7B | — | ||
| Q3 25 | $16.7B | $7.3B | ||
| Q2 25 | $16.1B | $5.1B | ||
| Q1 25 | $15.5B | $5.1B | ||
| Q4 24 | $13.8B | $6.1B | ||
| Q3 24 | $13.6B | $6.1B | ||
| Q2 24 | $13.0B | $6.1B | ||
| Q1 24 | $12.5B | $4.1B |
股东权益TRGPXYZ
| Q4 25 | $3.1B | $22.2B | ||
| Q3 25 | $2.7B | $22.5B | ||
| Q2 25 | $2.6B | $22.2B | ||
| Q1 25 | $2.5B | $21.5B | ||
| Q4 24 | $2.6B | $21.3B | ||
| Q3 24 | $2.6B | $19.9B | ||
| Q2 24 | $2.5B | $19.3B | ||
| Q1 24 | $2.7B | $19.0B |
总资产TRGPXYZ
| Q4 25 | $25.2B | $39.5B | ||
| Q3 25 | $24.2B | $39.2B | ||
| Q2 25 | $23.5B | $36.9B | ||
| Q1 25 | $22.8B | $36.4B | ||
| Q4 24 | $22.7B | $36.8B | ||
| Q3 24 | $21.9B | $36.4B | ||
| Q2 24 | $21.3B | $37.5B | ||
| Q1 24 | $20.8B | $35.6B |
负债/权益比TRGPXYZ
| Q4 25 | 5.43× | — | ||
| Q3 25 | 6.19× | 0.32× | ||
| Q2 25 | 6.21× | 0.23× | ||
| Q1 25 | 6.34× | 0.24× | ||
| Q4 24 | 5.32× | 0.29× | ||
| Q3 24 | 5.28× | 0.31× | ||
| Q2 24 | 5.25× | 0.32× | ||
| Q1 24 | 4.63× | 0.22× |
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 | $621.0M |
| 自由现金流经营现金流 - 资本支出 | $542.3M | $579.8M |
| 自由现金流率自由现金流/营收 | 13.4% | 9.3% |
| 资本支出强度资本支出/营收 | 23.8% | 0.7% |
| 现金转化率经营现金流/净利润 | 2.76× | 5.36× |
| 过去12个月自由现金流最近4个季度 | $584.1M | $2.4B |
8季度趋势，按日历期对齐
经营现金流TRGPXYZ
| Q4 25 | $1.5B | $621.0M | ||
| Q3 25 | $599.2M | $1.5B | ||
| Q2 25 | $858.3M | $374.3M | ||
| Q1 25 | $954.4M | $133.3M | ||
| Q4 24 | $1.3B | $13.8M | ||
| Q3 24 | $540.9M | $684.8M | ||
| Q2 24 | $904.5M | $519.4M | ||
| Q1 24 | $876.4M | $489.4M |
自由现金流TRGPXYZ
| Q4 25 | $542.3M | $579.8M | ||
| Q3 25 | $-72.6M | $1.4B | ||
| Q2 25 | $-47.8M | $343.0M | ||
| Q1 25 | $162.2M | $101.5M | ||
| Q4 24 | $601.0M | $-13.2M | ||
| Q3 24 | $-287.9M | $628.2M | ||
| Q2 24 | $164.2M | $481.0M | ||
| Q1 24 | $206.6M | $457.4M |
自由现金流率TRGPXYZ
| Q4 25 | 13.4% | 9.3% | ||
| Q3 25 | -1.7% | 22.9% | ||
| Q2 25 | -1.1% | 5.7% | ||
| Q1 25 | 3.6% | 1.8% | ||
| Q4 24 | 13.6% | -0.2% | ||
| Q3 24 | -7.5% | 10.5% | ||
| Q2 24 | 5.4% | 7.8% | ||
| Q1 24 | 5.2% | 7.7% |
资本支出强度TRGPXYZ
| Q4 25 | 23.8% | 0.7% | ||
| Q3 25 | 16.2% | 0.8% | ||
| Q2 25 | 21.3% | 0.5% | ||
| Q1 25 | 17.4% | 0.6% | ||
| Q4 24 | 16.5% | 0.4% | ||
| Q3 24 | 21.5% | 0.9% | ||
| Q2 24 | 24.3% | 0.6% | ||
| Q1 24 | 16.8% | 0.5% |
现金转化率TRGPXYZ
| Q4 25 | 2.76× | 5.36× | ||
| Q3 25 | 1.25× | 3.14× | ||
| Q2 25 | 1.36× | 0.70× | ||
| Q1 25 | 3.53× | 0.70× | ||
| Q4 24 | 3.78× | 0.01× | ||
| Q3 24 | 1.40× | 2.41× | ||
| Q2 24 | 3.03× | 2.66× | ||
| Q1 24 | 3.18× | 1.04× |
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
