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阿拉斯加航空集团（ALK）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阿拉斯加航空集团的1.4倍（$4.7B vs $3.3B），阿拉斯加航空集团净利率更高（-5.8% vs -50.3%，领先44.4%），阿拉斯加航空集团同比增速更快（5.2% vs 3.6%），过去两年阿拉斯加航空集团的营收复合增速更高（6.7% vs 1.3%）
阿拉斯加航空集团是总部位于美国华盛顿州西塔科的航空控股企业，旗下拥有阿拉斯加航空、夏威夷航空两家干线航司，以及区域航司地平线航空，阿拉斯加航空还全资控股飞机地面服务提供商麦吉航空服务。
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。
ALK vs IP — 直观对比
营收规模更大
IP
是对方的1.4倍
$3.3B
营收增速更快
ALK
高出1.6%
3.6%
净利率更高
ALK
高出44.4%
-50.3%
两年增速更快
ALK
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $4.7B |
| 净利润 | $-193.0M | $-2.4B |
| 毛利率 | — | 32.2% |
| 营业利润率 | — | -56.4% |
| 净利率 | -5.8% | -50.3% |
| 营收同比 | 5.2% | 3.6% |
| 净利润同比 | -16.3% | -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ALKIP
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.6B | $4.7B | ||
| Q3 25 | $3.8B | $6.2B | ||
| Q2 25 | $3.7B | $6.8B | ||
| Q1 25 | $3.1B | $5.9B | ||
| Q4 24 | $3.5B | $4.6B | ||
| Q3 24 | $3.1B | $4.7B | ||
| Q2 24 | $2.9B | $4.7B |
净利润ALKIP
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $-2.4B | ||
| Q3 25 | $73.0M | $-1.1B | ||
| Q2 25 | $172.0M | $75.0M | ||
| Q1 25 | $-166.0M | $-105.0M | ||
| Q4 24 | $71.0M | $-147.0M | ||
| Q3 24 | $236.0M | $150.0M | ||
| Q2 24 | $220.0M | $498.0M |
毛利率ALKIP
| Q1 26 | — | — | ||
| Q4 25 | — | 32.2% | ||
| Q3 25 | — | 31.1% | ||
| Q2 25 | — | 27.9% | ||
| Q1 25 | — | 27.8% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | — | 28.7% | ||
| Q2 24 | — | 29.0% |
营业利润率ALKIP
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | -56.4% | ||
| Q3 25 | 3.9% | -10.8% | ||
| Q2 25 | 7.5% | 1.7% | ||
| Q1 25 | -6.3% | -2.3% | ||
| Q4 24 | 2.1% | -4.9% | ||
| Q3 24 | 11.1% | 5.1% | ||
| Q2 24 | 11.1% | 6.8% |
净利率ALKIP
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | -50.3% | ||
| Q3 25 | 1.9% | -17.7% | ||
| Q2 25 | 4.6% | 1.1% | ||
| Q1 25 | -5.3% | -1.8% | ||
| Q4 24 | 2.0% | -3.2% | ||
| Q3 24 | 7.7% | 3.2% | ||
| Q2 24 | 7.6% | 10.5% |
每股收益（稀释后）ALKIP
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $-4.76 | ||
| Q3 25 | $0.62 | $-2.09 | ||
| Q2 25 | $1.42 | $0.14 | ||
| Q1 25 | $-1.35 | $-0.24 | ||
| Q4 24 | $0.58 | $-0.42 | ||
| Q3 24 | $1.84 | $0.42 | ||
| Q2 24 | $1.71 | $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 | $451.0M | $1.1B |
| 总债务越低越好 | $5.3B | $8.8B |
| 股东权益账面价值 | $3.7B | $14.8B |
| 总资产 | $20.3B | $38.0B |
| 负债/权益比越低杠杆越低 | 1.43× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资ALKIP
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $1.1B | ||
| Q3 25 | $2.3B | $995.0M | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $2.5B | $1.2B | ||
| Q4 24 | $2.5B | $1.2B | ||
| Q3 24 | $2.5B | $1.2B | ||
| Q2 24 | $2.5B | $1.0B |
总债务ALKIP
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $8.8B | ||
| Q3 25 | $5.0B | $9.0B | ||
| Q2 25 | $4.9B | $9.7B | ||
| Q1 25 | $4.8B | $9.2B | ||
| Q4 24 | $4.5B | $5.4B | ||
| Q3 24 | $4.6B | $5.3B | ||
| Q2 24 | $2.7B | $5.3B |
股东权益ALKIP
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $14.8B | ||
| Q3 25 | $4.0B | $17.3B | ||
| Q2 25 | $3.9B | $18.6B | ||
| Q1 25 | $4.1B | $18.1B | ||
| Q4 24 | $4.4B | $8.2B | ||
| Q3 24 | $4.5B | $8.6B | ||
| Q2 24 | $4.2B | $8.6B |
总资产ALKIP
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $38.0B | ||
| Q3 25 | $20.0B | $40.6B | ||
| Q2 25 | $19.9B | $42.4B | ||
| Q1 25 | $19.8B | $41.2B | ||
| Q4 24 | $19.8B | $22.8B | ||
| Q3 24 | $19.6B | $23.2B | ||
| Q2 24 | $15.3B | $23.1B |
负债/权益比ALKIP
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 0.60× | ||
| Q3 25 | 1.24× | 0.52× | ||
| Q2 25 | 1.26× | 0.52× | ||
| Q1 25 | 1.16× | 0.51× | ||
| Q4 24 | 1.04× | 0.66× | ||
| Q3 24 | 1.03× | 0.62× | ||
| Q2 24 | 0.63× | 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 | $229.0M | $905.0M |
| 自由现金流经营现金流 - 资本支出 | — | $255.0M |
| 自由现金流率自由现金流/营收 | — | 5.4% |
| 资本支出强度资本支出/营收 | 10.2% | 13.7% |
| 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 | — | $-159.0M |
8季度趋势，按日历期对齐
经营现金流ALKIP
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $905.0M | ||
| Q3 25 | $229.0M | $605.0M | ||
| Q2 25 | $376.0M | $476.0M | ||
| Q1 25 | $459.0M | $-288.0M | ||
| Q4 24 | $274.0M | $397.0M | ||
| Q3 24 | $318.0M | $521.0M | ||
| Q2 24 | $580.0M | $365.0M |
自由现金流ALKIP
| Q1 26 | — | — | ||
| Q4 25 | — | $255.0M | ||
| Q3 25 | — | $150.0M | ||
| Q2 25 | — | $54.0M | ||
| Q1 25 | — | $-618.0M | ||
| Q4 24 | — | $137.0M | ||
| Q3 24 | — | $309.0M | ||
| Q2 24 | — | $167.0M |
自由现金流率ALKIP
| Q1 26 | — | — | ||
| Q4 25 | — | 5.4% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | -10.5% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 3.5% |
资本支出强度ALKIP
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 13.7% | ||
| Q3 25 | — | 7.3% | ||
| Q2 25 | — | 6.2% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 4.2% |
现金转化率ALKIP
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | — | ||
| Q3 25 | 3.14× | — | ||
| Q2 25 | 2.19× | 6.35× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | — | ||
| Q3 24 | 1.35× | 3.47× | ||
| Q2 24 | 2.64× | 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
ALK
| Passenger revenue | $2.9B | 88% |
| Loyalty program other revenue | $227.0M | 7% |
| Cargo and other revenue | $153.0M | 5% |
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
