vs
Constellation Energy（CEG）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Constellation Energy的1.0倍（$6.0B vs $5.7B），Constellation Energy净利率更高（7.6% vs 1.0%，领先6.6%），Constellation Energy同比增速更快（25.8% vs -0.6%），国际纸业自由现金流更多（$94.0M vs $-181.0M），过去两年国际纸业的营收复合增速更高（12.3% vs 4.0%）
Constellation Energy是总部位于美国马里兰州巴尔的摩的大型能源企业，核心业务涵盖电力供应、天然气供应以及专业能源管理服务，业务范围覆盖美国本土全境，累计服务的个人及企业客户总量约200万。
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。
CEG vs IP — 直观对比
营收规模更大
IP
是对方的1.0倍
$5.7B
营收增速更快
CEG
高出26.4%
-0.6%
净利率更高
CEG
高出6.6%
1.0%
自由现金流更多
IP
多$275.0M
$-181.0M
两年增速更快
IP
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $6.0B |
| 净利润 | $432.0M | $60.0M |
| 毛利率 | — | — |
| 营业利润率 | 10.5% | — |
| 净利率 | 7.6% | 1.0% |
| 营收同比 | 25.8% | -0.6% |
| 净利润同比 | -49.3% | 157.1% |
| 每股收益（稀释后） | $1.38 | $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CEGIP
| Q1 26 | — | $6.0B | ||
| Q4 25 | $5.7B | $4.7B | ||
| Q3 25 | $5.7B | $6.2B | ||
| Q2 25 | $5.2B | $6.8B | ||
| Q1 25 | $6.1B | $5.9B | ||
| Q4 24 | $4.5B | $4.6B | ||
| Q3 24 | $4.8B | $4.7B | ||
| Q2 24 | $4.4B | $4.7B |
净利润CEGIP
| Q1 26 | — | $60.0M | ||
| Q4 25 | $432.0M | $-2.4B | ||
| Q3 25 | $930.0M | $-1.1B | ||
| Q2 25 | $839.0M | $75.0M | ||
| Q1 25 | $118.0M | $-105.0M | ||
| Q4 24 | $852.0M | $-147.0M | ||
| Q3 24 | $1.2B | $150.0M | ||
| Q2 24 | $814.0M | $498.0M |
毛利率CEGIP
| 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CEGIP
| Q1 26 | — | — | ||
| Q4 25 | 10.5% | -56.4% | ||
| Q3 25 | 19.0% | -10.8% | ||
| Q2 25 | 18.4% | 1.7% | ||
| Q1 25 | 7.4% | -2.3% | ||
| Q4 24 | 21.5% | -4.9% | ||
| Q3 24 | 30.7% | 5.1% | ||
| Q2 24 | 25.0% | 6.8% |
净利率CEGIP
| Q1 26 | — | 1.0% | ||
| Q4 25 | 7.6% | -50.3% | ||
| Q3 25 | 16.3% | -17.7% | ||
| Q2 25 | 16.3% | 1.1% | ||
| Q1 25 | 1.9% | -1.8% | ||
| Q4 24 | 18.8% | -3.2% | ||
| Q3 24 | 25.1% | 3.2% | ||
| Q2 24 | 18.5% | 10.5% |
每股收益（稀释后）CEGIP
| Q1 26 | — | $0.14 | ||
| Q4 25 | $1.38 | $-4.76 | ||
| Q3 25 | $2.97 | $-2.09 | ||
| Q2 25 | $2.67 | $0.14 | ||
| Q1 25 | $0.38 | $-0.24 | ||
| Q4 24 | $2.71 | $-0.42 | ||
| Q3 24 | $3.82 | $0.42 | ||
| Q2 24 | $2.58 | $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 | $3.6B | — |
| 总债务越低越好 | $7.4B | $8.2B |
| 股东权益账面价值 | $14.5B | $14.8B |
| 总资产 | $57.2B | $36.4B |
| 负债/权益比越低杠杆越低 | 0.51× | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资CEGIP
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | $1.1B | ||
| Q3 25 | $4.0B | $995.0M | ||
| Q2 25 | $2.0B | $1.1B | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | $3.0B | $1.2B | ||
| Q3 24 | $1.8B | $1.2B | ||
| Q2 24 | $311.0M | $1.0B |
总债务CEGIP
| Q1 26 | — | $8.2B | ||
| Q4 25 | $7.4B | $8.8B | ||
| Q3 25 | — | $9.0B | ||
| Q2 25 | — | $9.7B | ||
| Q1 25 | — | $9.2B | ||
| Q4 24 | $8.5B | $5.4B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $5.3B |
股东权益CEGIP
| Q1 26 | — | $14.8B | ||
| Q4 25 | $14.5B | $14.8B | ||
| Q3 25 | $14.3B | $17.3B | ||
| Q2 25 | $13.4B | $18.6B | ||
| Q1 25 | $13.0B | $18.1B | ||
| Q4 24 | $13.2B | $8.2B | ||
| Q3 24 | $12.6B | $8.6B | ||
| Q2 24 | $11.4B | $8.6B |
总资产CEGIP
| Q1 26 | — | $36.4B | ||
| Q4 25 | $57.2B | $38.0B | ||
| Q3 25 | $56.2B | $40.6B | ||
| Q2 25 | $53.0B | $42.4B | ||
| Q1 25 | $52.3B | $41.2B | ||
| Q4 24 | $52.9B | $22.8B | ||
| Q3 24 | $51.8B | $23.2B | ||
| Q2 24 | $51.3B | $23.1B |
负债/权益比CEGIP
| Q1 26 | — | 0.55× | ||
| Q4 25 | 0.51× | 0.60× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | 0.64× | 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 | $805.0M | — |
| 自由现金流经营现金流 - 资本支出 | $-181.0M | $94.0M |
| 自由现金流率自由现金流/营收 | -3.2% | 1.6% |
| 资本支出强度资本支出/营收 | 17.3% | 8.7% |
| 现金转化率经营现金流/净利润 | 1.86× | — |
| 过去12个月自由现金流最近4个季度 | $1.3B | $553.0M |
8季度趋势，按日历期对齐
经营现金流CEGIP
| Q1 26 | — | — | ||
| Q4 25 | $805.0M | $905.0M | ||
| Q3 25 | $1.8B | $605.0M | ||
| Q2 25 | $1.5B | $476.0M | ||
| Q1 25 | $107.0M | $-288.0M | ||
| Q4 24 | $-1.0B | $397.0M | ||
| Q3 24 | $-112.0M | $521.0M | ||
| Q2 24 | $-613.0M | $365.0M |
自由现金流CEGIP
| Q1 26 | — | $94.0M | ||
| Q4 25 | $-181.0M | $255.0M | ||
| Q3 25 | $1.5B | $150.0M | ||
| Q2 25 | $710.0M | $54.0M | ||
| Q1 25 | $-699.0M | $-618.0M | ||
| Q4 24 | $-1.7B | $137.0M | ||
| Q3 24 | $-664.0M | $309.0M | ||
| Q2 24 | $-1.2B | $167.0M |
自由现金流率CEGIP
| Q1 26 | — | 1.6% | ||
| Q4 25 | -3.2% | 5.4% | ||
| Q3 25 | 25.6% | 2.4% | ||
| Q2 25 | 13.8% | 0.8% | ||
| Q1 25 | -11.4% | -10.5% | ||
| Q4 24 | -38.6% | 3.0% | ||
| Q3 24 | -13.9% | 6.6% | ||
| Q2 24 | -26.3% | 3.5% |
资本支出强度CEGIP
| Q1 26 | — | 8.7% | ||
| Q4 25 | 17.3% | 13.7% | ||
| Q3 25 | 6.8% | 7.3% | ||
| Q2 25 | 14.9% | 6.2% | ||
| Q1 25 | 13.2% | 5.6% | ||
| Q4 24 | 16.1% | 5.7% | ||
| Q3 24 | 11.6% | 4.5% | ||
| Q2 24 | 12.4% | 4.2% |
现金转化率CEGIP
| Q1 26 | — | — | ||
| Q4 25 | 1.86× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.76× | 6.35× | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | -1.19× | — | ||
| Q3 24 | -0.09× | 3.47× | ||
| Q2 24 | -0.75× | 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
CEG
| Constellation Mid Atlantic | $1.6B | 29% |
| Constellation Midwest | $1.3B | 23% |
| Constellation Other Regions | $1.1B | 20% |
| Other | $660.0M | 12% |
| Constellation New York | $618.0M | 11% |
| Constellation ERCOT | $292.0M | 5% |
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
