0001061219-25-000036
SEC filingQ3营收下滑但DCF覆盖1.5倍，增长投资持续，回购扩大。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $12,023M | $13,775M | -12.7% |
| Gross Profit | $2,385M | $2,454M | -2.8% |
| Gross Margin | 19.8% | 17.8% | +200 bps |
| Operating Income | $1,686M | $1,780M | -5.3% |
| Operating Margin | 14.0% | 12.9% | +110 bps |
| Net Income | $1,356M | $1,432M | -5.3% |
| Diluted EPS | $0.61 | $0.65 | -6.2% |
| Operating Cash Flow | $1,738M | $2,072M | -16.1% |
| Free Cash Flow | $1,540M | $1,943M | -20.7% |
Q3营收下滑主要受NGL及石化品营销价格下跌影响，但毛利率提升200bps至19.8%，反映成本下降幅度大于收入。经营利润率提升110bps，主要受益于成本控制及高毛利业务占比提升。净利下滑5%至$1.36B，EPS $0.61，符合预期。DCF为$1.825B，覆盖1.5倍，显示现金流稳健。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| NGL Pipelines & Services | $3,465M | -28.3% | $1,303M | 37.6% | 营销收入下滑，管道及乙烷出口增长 |
| Crude Oil Pipelines & Services | $5,396M | +2.8% | $371M | 6.9% | 营销量增价跌，毛利下滑 |
| Natural Gas Pipelines & Services | $932M | +43.6% | $339M | 36.4% | 收购及加工量增长驱动 |
| Petrochemical & Refined Products Services | $2,230M | -26.7% | $370M | 16.6% | 价格及毛利下滑，但乙烯出口增长 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $206M | -$377M |
| Total Debt | $33,578M | +$1,682M |
| Net Debt | $33,372M | +$2,059M |
| Inventory | $4,160M | +$205M |
| Operating Cash Flow | $6,113M | +$356M |
| Capex | $4,319M | +$834M |
| Free Cash Flow | $1,794M | -$478M |
| FCF 转化率 | 42.5% | - |