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博思艾伦汉密尔顿（BAH）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博思艾伦汉密尔顿的2.3倍（$6.0B vs $2.6B），博思艾伦汉密尔顿净利率更高（7.6% vs 1.0%，领先6.6%），国际纸业同比增速更快（-0.6% vs -10.2%），博思艾伦汉密尔顿自由现金流更多（$248.0M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs -2.8%）
博思艾伦汉密尔顿控股集团是美国知名专业服务企业，深耕数字化转型与人工智能领域，为公共部门、私营机构及非营利组织提供咨询、分析与工程服务，总部位于弗吉尼亚州麦克莱恩，属华盛顿大都会区，在全球另设有80个办事处。
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。
BAH vs IP — 直观对比
营收规模更大
IP
是对方的2.3倍
$2.6B
营收增速更快
IP
高出9.6%
-10.2%
净利率更高
BAH
高出6.6%
1.0%
自由现金流更多
BAH
多$154.0M
$94.0M
两年增速更快
IP
近两年复合增速
-2.8%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $6.0B |
| 净利润 | $200.0M | $60.0M |
| 毛利率 | 51.9% | — |
| 营业利润率 | 8.8% | — |
| 净利率 | 7.6% | 1.0% |
| 营收同比 | -10.2% | -0.6% |
| 净利润同比 | 7.0% | 157.1% |
| 每股收益（稀释后） | $1.63 | $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BAHIP
| Q1 26 | — | $6.0B | ||
| Q4 25 | $2.6B | $4.7B | ||
| Q3 25 | $2.9B | $6.2B | ||
| Q2 25 | $2.9B | $6.8B | ||
| Q1 25 | $3.0B | $5.9B | ||
| Q4 24 | $2.9B | $4.6B | ||
| Q3 24 | $3.1B | $4.7B | ||
| Q2 24 | $2.9B | $4.7B |
净利润BAHIP
| Q1 26 | — | $60.0M | ||
| Q4 25 | $200.0M | $-2.4B | ||
| Q3 25 | $175.0M | $-1.1B | ||
| Q2 25 | $271.0M | $75.0M | ||
| Q1 25 | $192.7M | $-105.0M | ||
| Q4 24 | $186.9M | $-147.0M | ||
| Q3 24 | $390.1M | $150.0M | ||
| Q2 24 | $165.2M | $498.0M |
毛利率BAHIP
| Q1 26 | — | — | ||
| Q4 25 | 51.9% | 32.2% | ||
| Q3 25 | 53.6% | 31.1% | ||
| Q2 25 | 51.3% | 27.9% | ||
| Q1 25 | 53.6% | 27.8% | ||
| Q4 24 | 55.2% | 29.0% | ||
| Q3 24 | 56.7% | 28.7% | ||
| Q2 24 | 53.4% | 29.0% |
营业利润率BAHIP
| Q1 26 | — | — | ||
| Q4 25 | 8.8% | -56.4% | ||
| Q3 25 | 9.8% | -10.8% | ||
| Q2 25 | 8.8% | 1.7% | ||
| Q1 25 | 9.2% | -2.3% | ||
| Q4 24 | 10.0% | -4.9% | ||
| Q3 24 | 17.4% | 5.1% | ||
| Q2 24 | 8.7% | 6.8% |
净利率BAHIP
| Q1 26 | — | 1.0% | ||
| Q4 25 | 7.6% | -50.3% | ||
| Q3 25 | 6.1% | -17.7% | ||
| Q2 25 | 9.3% | 1.1% | ||
| Q1 25 | 6.5% | -1.8% | ||
| Q4 24 | 6.4% | -3.2% | ||
| Q3 24 | 12.4% | 3.2% | ||
| Q2 24 | 5.6% | 10.5% |
每股收益（稀释后）BAHIP
| Q1 26 | — | $0.14 | ||
| Q4 25 | $1.63 | $-4.76 | ||
| Q3 25 | $1.42 | $-2.09 | ||
| Q2 25 | $2.16 | $0.14 | ||
| Q1 25 | $1.52 | $-0.24 | ||
| Q4 24 | $1.45 | $-0.42 | ||
| Q3 24 | $3.01 | $0.42 | ||
| Q2 24 | $1.27 | $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 | $882.0M | — |
| 总债务越低越好 | $3.9B | $8.2B |
| 股东权益账面价值 | $1.0B | $14.8B |
| 总资产 | $7.1B | $36.4B |
| 负债/权益比越低杠杆越低 | 3.84× | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资BAHIP
| Q1 26 | — | — | ||
| Q4 25 | $882.0M | $1.1B | ||
| Q3 25 | $816.0M | $995.0M | ||
| Q2 25 | $711.0M | $1.1B | ||
| Q1 25 | $885.0M | $1.2B | ||
| Q4 24 | $453.5M | $1.2B | ||
| Q3 24 | $558.7M | $1.2B | ||
| Q2 24 | $297.7M | $1.0B |
总债务BAHIP
| Q1 26 | — | $8.2B | ||
| Q4 25 | $3.9B | $8.8B | ||
| Q3 25 | $4.0B | $9.0B | ||
| Q2 25 | $4.0B | $9.7B | ||
| Q1 25 | $4.0B | $9.2B | ||
| Q4 24 | $3.4B | $5.4B | ||
| Q3 24 | $3.4B | $5.3B | ||
| Q2 24 | $3.4B | $5.3B |
股东权益BAHIP
| Q1 26 | — | $14.8B | ||
| Q4 25 | $1.0B | $14.8B | ||
| Q3 25 | $996.0M | $17.3B | ||
| Q2 25 | $1.1B | $18.6B | ||
| Q1 25 | $1.0B | $18.1B | ||
| Q4 24 | $1.2B | $8.2B | ||
| Q3 24 | $1.2B | $8.6B | ||
| Q2 24 | $1.1B | $8.6B |
总资产BAHIP
| Q1 26 | — | $36.4B | ||
| Q4 25 | $7.1B | $38.0B | ||
| Q3 25 | $7.2B | $40.6B | ||
| Q2 25 | $7.2B | $42.4B | ||
| Q1 25 | $7.3B | $41.2B | ||
| Q4 24 | $6.8B | $22.8B | ||
| Q3 24 | $6.9B | $23.2B | ||
| Q2 24 | $6.6B | $23.1B |
负债/权益比BAHIP
| Q1 26 | — | 0.55× | ||
| Q4 25 | 3.84× | 0.60× | ||
| Q3 25 | 3.98× | 0.52× | ||
| Q2 25 | 3.74× | 0.52× | ||
| Q1 25 | 3.99× | 0.51× | ||
| Q4 24 | 2.79× | 0.66× | ||
| Q3 24 | 2.83× | 0.62× | ||
| Q2 24 | 3.14× | 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 | $261.0M | — |
| 自由现金流经营现金流 - 资本支出 | $248.0M | $94.0M |
| 自由现金流率自由现金流/营收 | 9.5% | 1.6% |
| 资本支出强度资本支出/营收 | 0.5% | 8.7% |
| 现金转化率经营现金流/净利润 | 1.30× | — |
| 过去12个月自由现金流最近4个季度 | $933.4M | $553.0M |
8季度趋势，按日历期对齐
经营现金流BAHIP
| Q1 26 | — | — | ||
| Q4 25 | $261.0M | $905.0M | ||
| Q3 25 | $421.0M | $605.0M | ||
| Q2 25 | $119.0M | $476.0M | ||
| Q1 25 | $219.0M | $-288.0M | ||
| Q4 24 | $150.8M | $397.0M | ||
| Q3 24 | $587.1M | $521.0M | ||
| Q2 24 | $52.1M | $365.0M |
自由现金流BAHIP
| Q1 26 | — | $94.0M | ||
| Q4 25 | $248.0M | $255.0M | ||
| Q3 25 | $395.0M | $150.0M | ||
| Q2 25 | $96.0M | $54.0M | ||
| Q1 25 | $194.4M | $-618.0M | ||
| Q4 24 | $133.6M | $137.0M | ||
| Q3 24 | $563.3M | $309.0M | ||
| Q2 24 | $19.7M | $167.0M |
自由现金流率BAHIP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 9.5% | 5.4% | ||
| Q3 25 | 13.7% | 2.4% | ||
| Q2 25 | 3.3% | 0.8% | ||
| Q1 25 | 6.5% | -10.5% | ||
| Q4 24 | 4.6% | 3.0% | ||
| Q3 24 | 17.9% | 6.6% | ||
| Q2 24 | 0.7% | 3.5% |
资本支出强度BAHIP
| Q1 26 | — | 8.7% | ||
| Q4 25 | 0.5% | 13.7% | ||
| Q3 25 | 0.9% | 7.3% | ||
| Q2 25 | 0.8% | 6.2% | ||
| Q1 25 | 0.8% | 5.6% | ||
| Q4 24 | 0.6% | 5.7% | ||
| Q3 24 | 0.8% | 4.5% | ||
| Q2 24 | 1.1% | 4.2% |
现金转化率BAHIP
| Q1 26 | — | — | ||
| Q4 25 | 1.30× | — | ||
| Q3 25 | 2.41× | — | ||
| Q2 25 | 0.44× | 6.35× | ||
| Q1 25 | 1.14× | — | ||
| Q4 24 | 0.81× | — | ||
| Q3 24 | 1.50× | 3.47× | ||
| Q2 24 | 0.32× | 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
BAH
| Defense Clients | $1.5B | 55% |
| Civil Clients | $732.0M | 28% |
| Intelligence Clients | $434.0M | 17% |
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
