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亚德诺半导体（ADI）与国际纸业（IP）财务数据对比。点击上方公司名可切换其他公司
国际纸业的季度营收约是亚德诺半导体的1.5倍（$4.7B vs $3.2B），亚德诺半导体净利率更高（26.3% vs -50.3%，领先76.5%），亚德诺半导体同比增速更快（30.4% vs 3.6%），亚德诺半导体自由现金流更多（$1.3B vs $255.0M），过去两年亚德诺半导体的营收复合增速更高（21.0% vs 1.3%）
亚德诺半导体（ADI）是总部位于美国马萨诸塞州威尔明顿的跨国半导体企业，专注于数据转换、信号处理与电源管理技术研发，相关产品广泛应用于通信、工业、汽车等多个领域，是全球模拟芯片领域的领先厂商。
国际纸业是总部位于美国田纳西州孟菲斯的纸浆及造纸企业，为全球规模最大的同类型企业，目前拥有约3.9万名员工，产品覆盖纸浆、包装用纸、办公用纸等品类，业务遍及全球多个国家和地区，广泛服务各行业客户的相关需求。
ADI vs IP — 直观对比
营收规模更大
IP
是对方的1.5倍
$3.2B
营收增速更快
ADI
高出26.8%
3.6%
净利率更高
ADI
高出76.5%
-50.3%
自由现金流更多
ADI
多$1.0B
$255.0M
两年增速更快
ADI
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $4.7B |
| 净利润 | $830.8M | $-2.4B |
| 毛利率 | 64.7% | 32.2% |
| 营业利润率 | 31.5% | -56.4% |
| 净利率 | 26.3% | -50.3% |
| 营收同比 | 30.4% | 3.6% |
| 净利润同比 | 112.3% | -1521.8% |
| 每股收益（稀释后） | $1.69 | $-4.76 |
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ADIIP
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.1B | $4.7B | ||
| Q3 25 | $2.9B | $6.2B | ||
| Q2 25 | $2.6B | $6.8B | ||
| Q1 25 | $2.4B | $5.9B | ||
| Q4 24 | $2.4B | $4.6B | ||
| Q3 24 | $2.3B | $4.7B | ||
| Q2 24 | $2.2B | $4.7B |
净利润ADIIP
| Q1 26 | $830.8M | — | ||
| Q4 25 | $787.7M | $-2.4B | ||
| Q3 25 | $518.5M | $-1.1B | ||
| Q2 25 | $569.8M | $75.0M | ||
| Q1 25 | $391.3M | $-105.0M | ||
| Q4 24 | $478.1M | $-147.0M | ||
| Q3 24 | $392.2M | $150.0M | ||
| Q2 24 | $302.2M | $498.0M |
毛利率ADIIP
| Q1 26 | 64.7% | — | ||
| Q4 25 | 63.1% | 32.2% | ||
| Q3 25 | 62.1% | 31.1% | ||
| Q2 25 | 61.0% | 27.9% | ||
| Q1 25 | 59.0% | 27.8% | ||
| Q4 24 | 58.0% | 29.0% | ||
| Q3 24 | 56.7% | 28.7% | ||
| Q2 24 | 54.7% | 29.0% |
营业利润率ADIIP
| Q1 26 | 31.5% | — | ||
| Q4 25 | 30.7% | -56.4% | ||
| Q3 25 | 28.4% | -10.8% | ||
| Q2 25 | 25.7% | 1.7% | ||
| Q1 25 | 20.3% | -2.3% | ||
| Q4 24 | 23.3% | -4.9% | ||
| Q3 24 | 21.2% | 5.1% | ||
| Q2 24 | 17.9% | 6.8% |
净利率ADIIP
| Q1 26 | 26.3% | — | ||
| Q4 25 | 25.6% | -50.3% | ||
| Q3 25 | 18.0% | -17.7% | ||
| Q2 25 | 21.6% | 1.1% | ||
| Q1 25 | 16.1% | -1.8% | ||
| Q4 24 | 19.6% | -3.2% | ||
| Q3 24 | 17.0% | 3.2% | ||
| Q2 24 | 14.0% | 10.5% |
每股收益（稀释后）ADIIP
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.60 | $-4.76 | ||
| Q3 25 | $1.04 | $-2.09 | ||
| Q2 25 | $1.14 | $0.14 | ||
| Q1 25 | $0.78 | $-0.24 | ||
| Q4 24 | $0.95 | $-0.42 | ||
| Q3 24 | $0.79 | $0.42 | ||
| Q2 24 | $0.61 | $1.41 |
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 | $2.9B | $1.1B |
| 总债务越低越好 | — | $8.8B |
| 股东权益账面价值 | $33.8B | $14.8B |
| 总资产 | $48.0B | $38.0B |
| 负债/权益比越低杠杆越低 | — | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资ADIIP
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.7B | $1.1B | ||
| Q3 25 | $2.3B | $995.0M | ||
| Q2 25 | $2.4B | $1.1B | ||
| Q1 25 | $2.3B | $1.2B | ||
| Q4 24 | $2.4B | $1.2B | ||
| Q3 24 | $2.1B | $1.2B | ||
| Q2 24 | $2.4B | $1.0B |
总债务ADIIP
| Q1 26 | — | — | ||
| Q4 25 | — | $8.8B | ||
| Q3 25 | — | $9.0B | ||
| Q2 25 | — | $9.7B | ||
| Q1 25 | — | $9.2B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $5.3B |
股东权益ADIIP
| Q1 26 | $33.8B | — | ||
| Q4 25 | $33.8B | $14.8B | ||
| Q3 25 | $34.1B | $17.3B | ||
| Q2 25 | $35.0B | $18.6B | ||
| Q1 25 | $35.1B | $18.1B | ||
| Q4 24 | $35.2B | $8.2B | ||
| Q3 24 | $35.2B | $8.6B | ||
| Q2 24 | $35.2B | $8.6B |
总资产ADIIP
| Q1 26 | $48.0B | — | ||
| Q4 25 | $48.0B | $38.0B | ||
| Q3 25 | $48.2B | $40.6B | ||
| Q2 25 | $47.3B | $42.4B | ||
| Q1 25 | $48.0B | $41.2B | ||
| Q4 24 | $48.2B | $22.8B | ||
| Q3 24 | $48.6B | $23.2B | ||
| Q2 24 | $48.9B | $23.1B |
负债/权益比ADIIP
| Q1 26 | — | — | ||
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.62× | ||
| Q2 24 | — | 0.62× |
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 | $1.4B | $905.0M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $255.0M |
| 自由现金流率自由现金流/营收 | 39.8% | 5.4% |
| 资本支出强度资本支出/营收 | 3.5% | 13.7% |
| 现金转化率经营现金流/净利润 | 1.65× | — |
| 过去12个月自由现金流最近4个季度 | $4.6B | $-159.0M |
8季度趋势，按日历期对齐
经营现金流ADIIP
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.7B | $905.0M | ||
| Q3 25 | $1.2B | $605.0M | ||
| Q2 25 | $819.5M | $476.0M | ||
| Q1 25 | $1.1B | $-288.0M | ||
| Q4 24 | $1.1B | $397.0M | ||
| Q3 24 | $855.0M | $521.0M | ||
| Q2 24 | $807.9M | $365.0M |
自由现金流ADIIP
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.5B | $255.0M | ||
| Q3 25 | $1.1B | $150.0M | ||
| Q2 25 | $729.2M | $54.0M | ||
| Q1 25 | $977.8M | $-618.0M | ||
| Q4 24 | $885.4M | $137.0M | ||
| Q3 24 | $701.1M | $309.0M | ||
| Q2 24 | $619.7M | $167.0M |
自由现金流率ADIIP
| Q1 26 | 39.8% | — | ||
| Q4 25 | 48.3% | 5.4% | ||
| Q3 25 | 37.7% | 2.4% | ||
| Q2 25 | 27.6% | 0.8% | ||
| Q1 25 | 40.4% | -10.5% | ||
| Q4 24 | 36.2% | 3.0% | ||
| Q3 24 | 30.3% | 6.6% | ||
| Q2 24 | 28.7% | 3.5% |
资本支出强度ADIIP
| Q1 26 | 3.5% | — | ||
| Q4 25 | 7.0% | 13.7% | ||
| Q3 25 | 2.7% | 7.3% | ||
| Q2 25 | 3.4% | 6.2% | ||
| Q1 25 | 6.1% | 5.6% | ||
| Q4 24 | 6.8% | 5.7% | ||
| Q3 24 | 6.7% | 4.5% | ||
| Q2 24 | 8.7% | 4.2% |
现金转化率ADIIP
| Q1 26 | 1.65× | — | ||
| Q4 25 | 2.16× | — | ||
| Q3 25 | 2.25× | — | ||
| Q2 25 | 1.44× | 6.35× | ||
| Q1 25 | 2.88× | — | ||
| Q4 24 | 2.20× | — | ||
| Q3 24 | 2.18× | 3.47× | ||
| Q2 24 | 2.67× | 0.73× |
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
ADI
| Sales Channel Directly To Consumer | $1.4B | 44% |
| Automotive | $794.4M | 25% |
| Communications | $476.8M | 15% |
| Consumer | $399.8M | 13% |
| Other | $71.3M | 2% |
| Sales Channel Other | $40.8M | 1% |
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
