vs
AES Corporation（AES）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AES Corporation的1.5倍（$4.7B vs $3.1B），AES Corporation净利率更高（10.3% vs -50.3%，领先60.6%），AES Corporation同比增速更快（4.7% vs 3.6%），国际纸业自由现金流更多（$255.0M vs $-47.0M），过去两年国际纸业的营收复合增速更高（1.3% vs 0.3%）
AES公司是美国知名公用事业及发电企业，总部位于弗吉尼亚州阿灵顿，位列《财富》全球500强。集团在全球15个国家运营电力生产及分销业务，持有并运营多座发电厂，向终端用户、公用事业机构、工业设施等客户售电，全球员工总数达10500人。
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。
AES vs IP — 直观对比
营收规模更大
IP
是对方的1.5倍
$3.1B
营收增速更快
AES
高出1.1%
3.6%
净利率更高
AES
高出60.6%
-50.3%
自由现金流更多
IP
多$302.0M
$-47.0M
两年增速更快
IP
近两年复合增速
0.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $4.7B |
| 净利润 | $320.0M | $-2.4B |
| 毛利率 | 18.8% | 32.2% |
| 营业利润率 | -8.7% | -56.4% |
| 净利率 | 10.3% | -50.3% |
| 营收同比 | 4.7% | 3.6% |
| 净利润同比 | -42.9% | -1521.8% |
| 每股收益（稀释后） | $0.45 | $-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AESIP
| Q4 25 | $3.1B | $4.7B | ||
| Q3 25 | $3.4B | $6.2B | ||
| Q2 25 | $2.9B | $6.8B | ||
| Q1 25 | $2.9B | $5.9B | ||
| Q4 24 | $3.0B | $4.6B | ||
| Q3 24 | $3.3B | $4.7B | ||
| Q2 24 | $2.9B | $4.7B | ||
| Q1 24 | $3.1B | $4.6B |
净利润AESIP
| Q4 25 | $320.0M | $-2.4B | ||
| Q3 25 | $639.0M | $-1.1B | ||
| Q2 25 | $-95.0M | $75.0M | ||
| Q1 25 | $46.0M | $-105.0M | ||
| Q4 24 | $560.0M | $-147.0M | ||
| Q3 24 | $502.0M | $150.0M | ||
| Q2 24 | $185.0M | $498.0M | ||
| Q1 24 | $432.0M | $56.0M |
毛利率AESIP
| Q4 25 | 18.8% | 32.2% | ||
| Q3 25 | 21.9% | 31.1% | ||
| Q2 25 | 15.9% | 27.9% | ||
| Q1 25 | 15.1% | 27.8% | ||
| Q4 24 | 14.2% | 29.0% | ||
| Q3 24 | 22.0% | 28.7% | ||
| Q2 24 | 18.8% | 29.0% | ||
| Q1 24 | 20.1% | 25.9% |
营业利润率AESIP
| Q4 25 | -8.7% | -56.4% | ||
| Q3 25 | 9.8% | -10.8% | ||
| Q2 25 | 1.4% | 1.7% | ||
| Q1 25 | -0.8% | -2.3% | ||
| Q4 24 | 12.3% | -4.9% | ||
| Q3 24 | 10.0% | 5.1% | ||
| Q2 24 | -2.6% | 6.8% | ||
| Q1 24 | 9.0% | 3.7% |
净利率AESIP
| Q4 25 | 10.3% | -50.3% | ||
| Q3 25 | 19.1% | -17.7% | ||
| Q2 25 | -3.3% | 1.1% | ||
| Q1 25 | 1.6% | -1.8% | ||
| Q4 24 | 18.9% | -3.2% | ||
| Q3 24 | 15.3% | 3.2% | ||
| Q2 24 | 6.3% | 10.5% | ||
| Q1 24 | 14.0% | 1.2% |
每股收益（稀释后）AESIP
| Q4 25 | $0.45 | $-4.76 | ||
| Q3 25 | $0.89 | $-2.09 | ||
| Q2 25 | $-0.15 | $0.14 | ||
| Q1 25 | $0.07 | $-0.24 | ||
| Q4 24 | $0.78 | $-0.42 | ||
| Q3 24 | $0.71 | $0.42 | ||
| Q2 24 | $0.27 | $1.41 | ||
| Q1 24 | $0.60 | $0.16 |
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 | $1.6B | $1.1B |
| 总债务越低越好 | — | $8.8B |
| 股东权益账面价值 | $4.1B | $14.8B |
| 总资产 | $51.8B | $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AESIP
| Q4 25 | $1.6B | $1.1B | ||
| Q3 25 | $1.8B | $995.0M | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $2.0B | $1.2B | ||
| Q2 24 | $1.8B | $1.0B | ||
| Q1 24 | $2.4B | $1.1B |
总债务AESIP
| 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 | ||
| Q1 24 | — | $5.5B |
股东权益AESIP
| Q4 25 | $4.1B | $14.8B | ||
| Q3 25 | $3.9B | $17.3B | ||
| Q2 25 | $3.4B | $18.6B | ||
| Q1 25 | $3.5B | $18.1B | ||
| Q4 24 | $3.6B | $8.2B | ||
| Q3 24 | $3.3B | $8.6B | ||
| Q2 24 | $3.1B | $8.6B | ||
| Q1 24 | $2.9B | $8.3B |
总资产AESIP
| Q4 25 | $51.8B | $38.0B | ||
| Q3 25 | $50.8B | $40.6B | ||
| Q2 25 | $48.5B | $42.4B | ||
| Q1 25 | $48.6B | $41.2B | ||
| Q4 24 | $47.4B | $22.8B | ||
| Q3 24 | $50.1B | $23.2B | ||
| Q2 24 | $47.7B | $23.1B | ||
| Q1 24 | $47.0B | $23.0B |
负债/权益比AESIP
| 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× | ||
| Q1 24 | — | 0.66× |
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 | $905.0M |
| 自由现金流经营现金流 - 资本支出 | $-47.0M | $255.0M |
| 自由现金流率自由现金流/营收 | -1.5% | 5.4% |
| 资本支出强度资本支出/营收 | 49.5% | 13.7% |
| 现金转化率经营现金流/净利润 | 4.65× | — |
| 过去12个月自由现金流最近4个季度 | $-1.6B | $-159.0M |
8季度趋势，按日历期对齐
经营现金流AESIP
| Q4 25 | $1.5B | $905.0M | ||
| Q3 25 | $1.3B | $605.0M | ||
| Q2 25 | $976.0M | $476.0M | ||
| Q1 25 | $545.0M | $-288.0M | ||
| Q4 24 | $1.1B | $397.0M | ||
| Q3 24 | $985.0M | $521.0M | ||
| Q2 24 | $392.0M | $365.0M | ||
| Q1 24 | $287.0M | $395.0M |
自由现金流AESIP
| Q4 25 | $-47.0M | $255.0M | ||
| Q3 25 | $-511.0M | $150.0M | ||
| Q2 25 | $-356.0M | $54.0M | ||
| Q1 25 | $-709.0M | $-618.0M | ||
| Q4 24 | $-639.0M | $137.0M | ||
| Q3 24 | $-847.0M | $309.0M | ||
| Q2 24 | $-1.3B | $167.0M | ||
| Q1 24 | $-1.9B | $144.0M |
自由现金流率AESIP
| Q4 25 | -1.5% | 5.4% | ||
| Q3 25 | -15.2% | 2.4% | ||
| Q2 25 | -12.5% | 0.8% | ||
| Q1 25 | -24.2% | -10.5% | ||
| Q4 24 | -21.6% | 3.0% | ||
| Q3 24 | -25.8% | 6.6% | ||
| Q2 24 | -43.9% | 3.5% | ||
| Q1 24 | -60.3% | 3.1% |
资本支出强度AESIP
| Q4 25 | 49.5% | 13.7% | ||
| Q3 25 | 54.0% | 7.3% | ||
| Q2 25 | 46.7% | 6.2% | ||
| Q1 25 | 42.9% | 5.6% | ||
| Q4 24 | 58.3% | 5.7% | ||
| Q3 24 | 55.7% | 4.5% | ||
| Q2 24 | 57.3% | 4.2% | ||
| Q1 24 | 69.6% | 5.4% |
现金转化率AESIP
| Q4 25 | 4.65× | — | ||
| Q3 25 | 2.03× | — | ||
| Q2 25 | — | 6.35× | ||
| Q1 25 | 11.85× | — | ||
| Q4 24 | 1.94× | — | ||
| Q3 24 | 1.96× | 3.47× | ||
| Q2 24 | 2.12× | 0.73× | ||
| Q1 24 | 0.66× | 7.05× |
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
AES
| Electric Distribution | $1.0B | 33% |
| Regulated Revenue | $1.0B | 33% |
| Renewables | $786.0M | 25% |
| AES Andes | $225.0M | 7% |
| Corporate Other And Other | $38.0M | 1% |
| Other Expense | $10.0M | 0% |
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
