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美国运通（AXP）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
美国运通的季度营收约是Smurfit Westrock的1.4倍（$10.9B vs $7.6B），美国运通净利率更高（22.5% vs 1.3%，领先21.2%），美国运通同比增速更快（9.9% vs 0.5%），美国运通自由现金流更多（$2.3B vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 8.2%）
美国运通是全球知名的支付服务提供商，主营签账卡、信用卡产品及旅行相关服务，下设全球消费者服务、全球商业服务、全球商户与网络服务三大业务板块，还提供支付融资、网络服务、应付账款费用管理、旅行生活服务等多元解决方案。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
AXP vs SW — 直观对比
营收规模更大
AXP
是对方的1.4倍
$7.6B
营收增速更快
AXP
高出9.4%
0.5%
净利率更高
AXP
高出21.2%
1.3%
自由现金流更多
AXP
多$1.7B
$612.0M
两年增速更快
SW
近两年复合增速
8.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.9B | $7.6B |
| 净利润 | $2.5B | $97.0M |
| 毛利率 | — | 18.2% |
| 营业利润率 | 28.2% | 5.1% |
| 净利率 | 22.5% | 1.3% |
| 营收同比 | 9.9% | 0.5% |
| 净利润同比 | 13.5% | -33.6% |
| 每股收益（稀释后） | $3.52 | $0.18 |
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AXPSW
| Q4 25 | $10.9B | $7.6B | ||
| Q3 25 | $10.4B | $8.0B | ||
| Q2 25 | $10.3B | $7.9B | ||
| Q1 25 | $9.6B | $7.7B | ||
| Q4 24 | $10.0B | $7.5B | ||
| Q3 24 | $9.7B | $7.7B | ||
| Q2 24 | $9.8B | $3.0B | ||
| Q1 24 | $9.3B | $2.9B |
净利润AXPSW
| Q4 25 | $2.5B | $97.0M | ||
| Q3 25 | $2.9B | $246.0M | ||
| Q2 25 | $2.9B | $-28.0M | ||
| Q1 25 | $2.6B | $384.0M | ||
| Q4 24 | $2.2B | $146.0M | ||
| Q3 24 | $2.5B | $-150.0M | ||
| Q2 24 | $3.0B | $132.0M | ||
| Q1 24 | $2.4B | $191.0M |
毛利率AXPSW
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | — | 23.3% | ||
| Q1 24 | — | 24.2% |
营业利润率AXPSW
| Q4 25 | 28.2% | 5.1% | ||
| Q3 25 | 36.7% | 6.6% | ||
| Q2 25 | 34.4% | 3.2% | ||
| Q1 25 | 34.6% | 7.2% | ||
| Q4 24 | 27.7% | 5.3% | ||
| Q3 24 | 33.0% | 0.7% | ||
| Q2 24 | 38.6% | 8.2% | ||
| Q1 24 | 33.7% | 10.5% |
净利率AXPSW
| Q4 25 | 22.5% | 1.3% | ||
| Q3 25 | 27.9% | 3.1% | ||
| Q2 25 | 28.0% | -0.4% | ||
| Q1 25 | 26.8% | 5.0% | ||
| Q4 24 | 21.8% | 1.9% | ||
| Q3 24 | 25.8% | -2.0% | ||
| Q2 24 | 30.7% | 4.4% | ||
| Q1 24 | 26.1% | 6.5% |
每股收益（稀释后）AXPSW
| Q4 25 | $3.52 | $0.18 | ||
| Q3 25 | $4.14 | $0.47 | ||
| Q2 25 | $4.08 | $-0.05 | ||
| Q1 25 | $3.64 | $0.73 | ||
| Q4 24 | $3.04 | $-0.12 | ||
| Q3 24 | $3.49 | $-0.30 | ||
| Q2 24 | $4.15 | $0.51 | ||
| Q1 24 | $3.33 | $0.73 |
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 | $742.0M | $892.0M |
| 总债务越低越好 | $56.4B | $13.4B |
| 股东权益账面价值 | $33.5B | $18.3B |
| 总资产 | $300.1B | $45.2B |
| 负债/权益比越低杠杆越低 | 1.68× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资AXPSW
| Q4 25 | $742.0M | $892.0M | ||
| Q3 25 | $1.3B | $851.0M | ||
| Q2 25 | $197.0M | $778.0M | ||
| Q1 25 | $261.0M | $797.0M | ||
| Q4 24 | $221.0M | $855.0M | ||
| Q3 24 | $120.0M | — | ||
| Q2 24 | $188.0M | $26.8K | ||
| Q1 24 | $69.0M | $108 |
总债务AXPSW
| Q4 25 | $56.4B | $13.4B | ||
| Q3 25 | $57.8B | $13.3B | ||
| Q2 25 | $58.2B | $13.3B | ||
| Q1 25 | $51.2B | $12.9B | ||
| Q4 24 | $49.7B | $12.5B | ||
| Q3 24 | $53.5B | $13.2B | ||
| Q2 24 | $51.5B | — | ||
| Q1 24 | $48.8B | — |
股东权益AXPSW
| Q4 25 | $33.5B | $18.3B | ||
| Q3 25 | $32.4B | $18.4B | ||
| Q2 25 | $32.3B | $18.3B | ||
| Q1 25 | $31.2B | $17.9B | ||
| Q4 24 | $30.3B | $17.4B | ||
| Q3 24 | $29.7B | $18.0B | ||
| Q2 24 | $29.5B | $14.5K | ||
| Q1 24 | $28.8B | $108 |
总资产AXPSW
| Q4 25 | $300.1B | $45.2B | ||
| Q3 25 | $297.6B | $45.6B | ||
| Q2 25 | $295.6B | $45.7B | ||
| Q1 25 | $282.2B | $44.6B | ||
| Q4 24 | $271.5B | $43.8B | ||
| Q3 24 | $271.0B | $45.0B | ||
| Q2 24 | $272.2B | $26.8K | ||
| Q1 24 | $269.3B | $108 |
负债/权益比AXPSW
| Q4 25 | 1.68× | 0.73× | ||
| Q3 25 | 1.78× | 0.72× | ||
| Q2 25 | 1.80× | 0.73× | ||
| Q1 25 | 1.64× | 0.72× | ||
| Q4 24 | 1.64× | 0.72× | ||
| Q3 24 | 1.80× | 0.73× | ||
| Q2 24 | 1.74× | — | ||
| Q1 24 | 1.70× | — |
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 | $3.1B | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $2.3B | $612.0M |
| 自由现金流率自由现金流/营收 | 21.4% | 8.1% |
| 资本支出强度资本支出/营收 | 6.6% | 7.7% |
| 现金转化率经营现金流/净利润 | 1.25× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $16.0B | $1.2B |
8季度趋势，按日历期对齐
经营现金流AXPSW
| Q4 25 | $3.1B | $1.2B | ||
| Q3 25 | $6.2B | $1.1B | ||
| Q2 25 | $4.4B | $829.0M | ||
| Q1 25 | $4.8B | $235.0M | ||
| Q4 24 | $5.8B | $781.0M | ||
| Q3 24 | $-1.8B | $320.0M | ||
| Q2 24 | $4.5B | $340.0M | ||
| Q1 24 | $5.6B | $42.0M |
自由现金流AXPSW
| Q4 25 | $2.3B | $612.0M | ||
| Q3 25 | $5.6B | $523.0M | ||
| Q2 25 | $3.7B | $307.0M | ||
| Q1 25 | $4.3B | $-242.0M | ||
| Q4 24 | $5.3B | $212.0M | ||
| Q3 24 | $-2.3B | $-192.0M | ||
| Q2 24 | $4.0B | $163.0M | ||
| Q1 24 | $5.2B | $-166.0M |
自由现金流率AXPSW
| Q4 25 | 21.4% | 8.1% | ||
| Q3 25 | 53.6% | 6.5% | ||
| Q2 25 | 36.3% | 3.9% | ||
| Q1 25 | 45.0% | -3.2% | ||
| Q4 24 | 53.1% | 2.8% | ||
| Q3 24 | -23.3% | -2.5% | ||
| Q2 24 | 40.4% | 5.5% | ||
| Q1 24 | 55.2% | -5.7% |
资本支出强度AXPSW
| Q4 25 | 6.6% | 7.7% | ||
| Q3 25 | 6.3% | 7.6% | ||
| Q2 25 | 6.0% | 6.6% | ||
| Q1 25 | 4.5% | 6.2% | ||
| Q4 24 | 5.0% | 7.5% | ||
| Q3 24 | 4.7% | 6.7% | ||
| Q2 24 | 5.8% | 6.0% | ||
| Q1 24 | 4.2% | 7.1% |
现金转化率AXPSW
| Q4 25 | 1.25× | 12.32× | ||
| Q3 25 | 2.15× | 4.61× | ||
| Q2 25 | 1.51× | — | ||
| Q1 25 | 1.84× | 0.61× | ||
| Q4 24 | 2.66× | 5.35× | ||
| Q3 24 | -0.72× | — | ||
| Q2 24 | 1.50× | 2.58× | ||
| Q1 24 | 2.28× | 0.22× |
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
AXP
| US Consumer Services Segment | $4.2B | 38% |
| Commercial Services Segment | $3.1B | 28% |
| International Card Services Segment | $2.1B | 19% |
| Global Merchant And Network Services Segment | $1.7B | 15% |
| Financial Service Other | $471.0M | 4% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
