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CDW Corporation（CDW）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CDW Corporation的1.1倍（$6.0B vs $5.5B），CDW Corporation同比增速更快（6.3% vs -0.6%），CDW Corporation自由现金流更多（$395.9M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs 6.3%）
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
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。
CDW vs IP — 直观对比
营收规模更大
IP
是对方的1.1倍
$5.5B
营收增速更快
CDW
高出6.8%
-0.6%
自由现金流更多
CDW
多$301.9M
$94.0M
两年增速更快
IP
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $6.0B |
| 净利润 | — | $60.0M |
| 毛利率 | 22.8% | — |
| 营业利润率 | 7.8% | — |
| 净利率 | — | 1.0% |
| 营收同比 | 6.3% | -0.6% |
| 净利润同比 | — | 157.1% |
| 每股收益（稀释后） | $2.13 | $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CDWIP
| Q1 26 | — | $6.0B | ||
| Q4 25 | $5.5B | $4.7B | ||
| Q3 25 | $5.7B | $6.2B | ||
| Q2 25 | $6.0B | $6.8B | ||
| Q1 25 | $5.2B | $5.9B | ||
| Q4 24 | $5.2B | $4.6B | ||
| Q3 24 | $5.5B | $4.7B | ||
| Q2 24 | $5.4B | $4.7B |
净利润CDWIP
| Q1 26 | — | $60.0M | ||
| Q4 25 | — | $-2.4B | ||
| Q3 25 | $291.0M | $-1.1B | ||
| Q2 25 | $271.2M | $75.0M | ||
| Q1 25 | $224.9M | $-105.0M | ||
| Q4 24 | — | $-147.0M | ||
| Q3 24 | $316.4M | $150.0M | ||
| Q2 24 | $281.1M | $498.0M |
毛利率CDWIP
| Q1 26 | — | — | ||
| Q4 25 | 22.8% | 32.2% | ||
| Q3 25 | 21.9% | 31.1% | ||
| Q2 25 | 20.8% | 27.9% | ||
| Q1 25 | 21.6% | 27.8% | ||
| Q4 24 | 22.3% | 29.0% | ||
| Q3 24 | 21.8% | 28.7% | ||
| Q2 24 | 21.8% | 29.0% |
营业利润率CDWIP
| Q1 26 | — | — | ||
| Q4 25 | 7.8% | -56.4% | ||
| Q3 25 | 7.7% | -10.8% | ||
| Q2 25 | 7.0% | 1.7% | ||
| Q1 25 | 7.0% | -2.3% | ||
| Q4 24 | 7.9% | -4.9% | ||
| Q3 24 | 8.7% | 5.1% | ||
| Q2 24 | 8.0% | 6.8% |
净利率CDWIP
| Q1 26 | — | 1.0% | ||
| Q4 25 | — | -50.3% | ||
| Q3 25 | 5.1% | -17.7% | ||
| Q2 25 | 4.5% | 1.1% | ||
| Q1 25 | 4.3% | -1.8% | ||
| Q4 24 | — | -3.2% | ||
| Q3 24 | 5.7% | 3.2% | ||
| Q2 24 | 5.2% | 10.5% |
每股收益（稀释后）CDWIP
| Q1 26 | — | $0.14 | ||
| Q4 25 | $2.13 | $-4.76 | ||
| Q3 25 | $2.21 | $-2.09 | ||
| Q2 25 | $2.05 | $0.14 | ||
| Q1 25 | $1.69 | $-0.24 | ||
| Q4 24 | $1.97 | $-0.42 | ||
| Q3 24 | $2.34 | $0.42 | ||
| Q2 24 | $2.07 | $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 | $618.7M | — |
| 总债务越低越好 | — | $8.2B |
| 股东权益账面价值 | $2.6B | $14.8B |
| 总资产 | $16.0B | $36.4B |
| 负债/权益比越低杠杆越低 | — | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资CDWIP
| Q1 26 | — | — | ||
| Q4 25 | $618.7M | $1.1B | ||
| Q3 25 | $452.9M | $995.0M | ||
| Q2 25 | $481.0M | $1.1B | ||
| Q1 25 | $688.1M | $1.2B | ||
| Q4 24 | $717.7M | $1.2B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $665.3M | $1.0B |
总债务CDWIP
| Q1 26 | — | $8.2B | ||
| 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 |
股东权益CDWIP
| Q1 26 | — | $14.8B | ||
| Q4 25 | $2.6B | $14.8B | ||
| Q3 25 | $2.5B | $17.3B | ||
| Q2 25 | $2.5B | $18.6B | ||
| Q1 25 | $2.3B | $18.1B | ||
| Q4 24 | $2.4B | $8.2B | ||
| Q3 24 | $2.3B | $8.6B | ||
| Q2 24 | $2.2B | $8.6B |
总资产CDWIP
| Q1 26 | — | $36.4B | ||
| Q4 25 | $16.0B | $38.0B | ||
| Q3 25 | $15.2B | $40.6B | ||
| Q2 25 | $15.3B | $42.4B | ||
| Q1 25 | $15.0B | $41.2B | ||
| Q4 24 | $14.7B | $22.8B | ||
| Q3 24 | $14.4B | $23.2B | ||
| Q2 24 | $13.6B | $23.1B |
负债/权益比CDWIP
| Q1 26 | — | 0.55× | ||
| 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× |
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 | $433.8M | — |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $94.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 1.6% |
| 资本支出强度资本支出/营收 | 0.7% | 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 | $1.1B | $553.0M |
8季度趋势，按日历期对齐
经营现金流CDWIP
| Q1 26 | — | — | ||
| Q4 25 | $433.8M | $905.0M | ||
| Q3 25 | $328.3M | $605.0M | ||
| Q2 25 | $155.9M | $476.0M | ||
| Q1 25 | $287.2M | $-288.0M | ||
| Q4 24 | $345.3M | $397.0M | ||
| Q3 24 | $342.1M | $521.0M | ||
| Q2 24 | $149.9M | $365.0M |
自由现金流CDWIP
| Q1 26 | — | $94.0M | ||
| Q4 25 | $395.9M | $255.0M | ||
| Q3 25 | $298.5M | $150.0M | ||
| Q2 25 | $133.4M | $54.0M | ||
| Q1 25 | $260.3M | $-618.0M | ||
| Q4 24 | $316.7M | $137.0M | ||
| Q3 24 | $308.5M | $309.0M | ||
| Q2 24 | $119.0M | $167.0M |
自由现金流率CDWIP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 7.2% | 5.4% | ||
| Q3 25 | 5.2% | 2.4% | ||
| Q2 25 | 2.2% | 0.8% | ||
| Q1 25 | 5.0% | -10.5% | ||
| Q4 24 | 6.1% | 3.0% | ||
| Q3 24 | 5.6% | 6.6% | ||
| Q2 24 | 2.2% | 3.5% |
资本支出强度CDWIP
| Q1 26 | — | 8.7% | ||
| Q4 25 | 0.7% | 13.7% | ||
| Q3 25 | 0.5% | 7.3% | ||
| Q2 25 | 0.4% | 6.2% | ||
| Q1 25 | 0.5% | 5.6% | ||
| Q4 24 | 0.6% | 5.7% | ||
| Q3 24 | 0.6% | 4.5% | ||
| Q2 24 | 0.6% | 4.2% |
现金转化率CDWIP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.13× | — | ||
| Q2 25 | 0.57× | 6.35× | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.08× | 3.47× | ||
| Q2 24 | 0.53× | 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
CDW
暂无分部数据
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
