vs
艾地盟（ADM）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
艾地盟的季度营收约是国际纸业的3.4倍（$20.5B vs $6.0B），艾地盟净利率更高（1.5% vs 1.0%，领先0.4%），艾地盟同比增速更快（1.6% vs -0.6%），过去两年国际纸业的营收复合增速更高（12.3% vs -4.0%）
艾地盟（ADM）是美国跨国食品加工与大宗商品贸易企业，1902年成立，总部位于伊利诺伊州芝加哥。集团在全球布局270多家加工厂及420多个农作物采购站点，将谷物、油籽加工为食品、饮料、营养保健、工业生产及动物饲料领域的各类产品，供应全球市场。
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。
ADM vs IP — 直观对比
营收规模更大
ADM
是对方的3.4倍
$6.0B
营收增速更快
ADM
高出2.1%
-0.6%
净利率更高
ADM
高出0.4%
1.0%
两年增速更快
IP
近两年复合增速
-4.0%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $20.5B | $6.0B |
| 净利润 | $298.0M | $60.0M |
| 毛利率 | 6.0% | — |
| 营业利润率 | — | — |
| 净利率 | 1.5% | 1.0% |
| 营收同比 | 1.6% | -0.6% |
| 净利润同比 | 1.0% | 157.1% |
| 每股收益（稀释后） | $0.62 | $0.14 |
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ADMIP
| Q1 26 | $20.5B | $6.0B | ||
| Q4 25 | $6.1B | $4.7B | ||
| Q3 25 | $6.4B | $6.2B | ||
| Q2 25 | $6.3B | $6.8B | ||
| Q1 25 | $6.1B | $5.9B | ||
| Q4 24 | $-25.7B | $4.6B | ||
| Q3 24 | $6.0B | $4.7B | ||
| Q2 24 | $22.2B | $4.7B |
净利润ADMIP
| Q1 26 | $298.0M | $60.0M | ||
| Q4 25 | $456.0M | $-2.4B | ||
| Q3 25 | $108.0M | $-1.1B | ||
| Q2 25 | $219.0M | $75.0M | ||
| Q1 25 | $295.0M | $-105.0M | ||
| Q4 24 | $567.0M | $-147.0M | ||
| Q3 24 | $18.0M | $150.0M | ||
| Q2 24 | $486.0M | $498.0M |
毛利率ADMIP
| Q1 26 | 6.0% | — | ||
| Q4 25 | 20.0% | 32.2% | ||
| Q3 25 | 19.8% | 31.1% | ||
| Q2 25 | 21.6% | 27.9% | ||
| Q1 25 | 19.2% | 27.8% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | 22.8% | 28.7% | ||
| Q2 24 | 6.3% | 29.0% |
营业利润率ADMIP
| Q1 26 | — | — | ||
| Q4 25 | 7.9% | -56.4% | ||
| Q3 25 | 2.3% | -10.8% | ||
| Q2 25 | 4.4% | 1.7% | ||
| Q1 25 | 5.7% | -2.3% | ||
| Q4 24 | — | -4.9% | ||
| Q3 24 | 1.8% | 5.1% | ||
| Q2 24 | 2.7% | 6.8% |
净利率ADMIP
| Q1 26 | 1.5% | 1.0% | ||
| Q4 25 | 7.5% | -50.3% | ||
| Q3 25 | 1.7% | -17.7% | ||
| Q2 25 | 3.5% | 1.1% | ||
| Q1 25 | 4.8% | -1.8% | ||
| Q4 24 | -2.2% | -3.2% | ||
| Q3 24 | 0.3% | 3.2% | ||
| Q2 24 | 2.2% | 10.5% |
每股收益（稀释后）ADMIP
| Q1 26 | $0.62 | $0.14 | ||
| Q4 25 | $0.95 | $-4.76 | ||
| Q3 25 | $0.22 | $-2.09 | ||
| Q2 25 | $0.45 | $0.14 | ||
| Q1 25 | $0.61 | $-0.24 | ||
| Q4 24 | $1.21 | $-0.42 | ||
| Q3 24 | $0.04 | $0.42 | ||
| Q2 24 | $0.98 | $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 | $591.0M | — |
| 总债务越低越好 | $1.7B | $8.2B |
| 股东权益账面价值 | $22.8B | $14.8B |
| 总资产 | — | $36.4B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资ADMIP
| Q1 26 | $591.0M | — | ||
| Q4 25 | $1.0B | $1.1B | ||
| Q3 25 | $1.2B | $995.0M | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $864.0M | $1.2B | ||
| Q4 24 | $611.0M | $1.2B | ||
| Q3 24 | $784.0M | $1.2B | ||
| Q2 24 | $764.0M | $1.0B |
总债务ADMIP
| Q1 26 | $1.7B | $8.2B | ||
| Q4 25 | $7.6B | $8.8B | ||
| Q3 25 | — | $9.0B | ||
| Q2 25 | — | $9.7B | ||
| Q1 25 | — | $9.2B | ||
| Q4 24 | $8.3B | $5.4B | ||
| Q3 24 | $7.6B | $5.3B | ||
| Q2 24 | — | $5.3B |
股东权益ADMIP
| Q1 26 | $22.8B | $14.8B | ||
| Q4 25 | $22.7B | $14.8B | ||
| Q3 25 | $22.5B | $17.3B | ||
| Q2 25 | $22.4B | $18.6B | ||
| Q1 25 | $22.1B | $18.1B | ||
| Q4 24 | $22.2B | $8.2B | ||
| Q3 24 | $22.0B | $8.6B | ||
| Q2 24 | $22.2B | $8.6B |
总资产ADMIP
| Q1 26 | — | $36.4B | ||
| Q4 25 | $52.4B | $38.0B | ||
| Q3 25 | $51.9B | $40.6B | ||
| Q2 25 | $52.0B | $42.4B | ||
| Q1 25 | $53.4B | $41.2B | ||
| Q4 24 | $53.3B | $22.8B | ||
| Q3 24 | $52.2B | $23.2B | ||
| Q2 24 | $52.7B | $23.1B |
负债/权益比ADMIP
| Q1 26 | 0.08× | 0.55× | ||
| Q4 25 | 0.33× | 0.60× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | 0.37× | 0.66× | ||
| Q3 24 | 0.35× | 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 | — | — |
| 自由现金流经营现金流 - 资本支出 | — | $94.0M |
| 自由现金流率自由现金流/营收 | — | 1.6% |
| 资本支出强度资本支出/营收 | 0.9% | 8.7% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $553.0M |
8季度趋势，按日历期对齐
经营现金流ADMIP
| Q1 26 | — | — | ||
| Q4 25 | $-313.0M | $905.0M | ||
| Q3 25 | $1.8B | $605.0M | ||
| Q2 25 | $4.3B | $476.0M | ||
| Q1 25 | $-342.0M | $-288.0M | ||
| Q4 24 | $322.0M | $397.0M | ||
| Q3 24 | $1.3B | $521.0M | ||
| Q2 24 | $468.0M | $365.0M |
自由现金流ADMIP
| Q1 26 | — | $94.0M | ||
| Q4 25 | $-669.0M | $255.0M | ||
| Q3 25 | $1.5B | $150.0M | ||
| Q2 25 | $4.0B | $54.0M | ||
| Q1 25 | $-633.0M | $-618.0M | ||
| Q4 24 | $-170.0M | $137.0M | ||
| Q3 24 | $919.0M | $309.0M | ||
| Q2 24 | $106.0M | $167.0M |
自由现金流率ADMIP
| Q1 26 | — | 1.6% | ||
| Q4 25 | -11.1% | 5.4% | ||
| Q3 25 | 23.6% | 2.4% | ||
| Q2 25 | 63.0% | 0.8% | ||
| Q1 25 | -10.3% | -10.5% | ||
| Q4 24 | 0.7% | 3.0% | ||
| Q3 24 | 15.3% | 6.6% | ||
| Q2 24 | 0.5% | 3.5% |
资本支出强度ADMIP
| Q1 26 | 0.9% | 8.7% | ||
| Q4 25 | 5.9% | 13.7% | ||
| Q3 25 | 4.6% | 7.3% | ||
| Q2 25 | 4.8% | 6.2% | ||
| Q1 25 | 4.7% | 5.6% | ||
| Q4 24 | -1.9% | 5.7% | ||
| Q3 24 | 6.4% | 4.5% | ||
| Q2 24 | 1.6% | 4.2% |
现金转化率ADMIP
| Q1 26 | — | — | ||
| Q4 25 | -0.69× | — | ||
| Q3 25 | 16.75× | — | ||
| Q2 25 | 19.63× | 6.35× | ||
| Q1 25 | -1.16× | — | ||
| Q4 24 | 0.57× | — | ||
| Q3 24 | 72.22× | 3.47× | ||
| Q2 24 | 0.96× | 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
ADM
| Ag Services and Oilseeds | $16.0B | 78% |
| Carbohydrate Solutions | $2.6B | 12% |
| Nutrition | $1.8B | 9% |
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
