vs
C.H. Robinson（CHRW）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C.H. Robinson的1.5倍（$6.0B vs $4.0B），C.H. Robinson净利率更高（3.7% vs 1.0%，领先2.7%），国际纸业同比增速更快（-0.6% vs -0.8%），过去两年国际纸业的营收复合增速更高（12.3% vs -5.4%）
C.H. Robinson是美国知名第三方物流与运输服务企业，业务涵盖货运代理、运输管理、中介经纪及仓储服务，可提供整车、零担、空运、多式联运、海运等多种运输解决方案，满足全球客户差异化物流需求。
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。
CHRW vs IP — 直观对比
营收规模更大
IP
是对方的1.5倍
$4.0B
营收增速更快
IP
高出0.3%
-0.8%
净利率更高
CHRW
高出2.7%
1.0%
两年增速更快
IP
近两年复合增速
-5.4%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $6.0B |
| 净利润 | $147.2M | $60.0M |
| 毛利率 | 16.1% | — |
| 营业利润率 | 3.6% | — |
| 净利率 | 3.7% | 1.0% |
| 营收同比 | -0.8% | -0.6% |
| 净利润同比 | — | 157.1% |
| 每股收益（稀释后） | — | $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CHRWIP
| Q1 26 | $4.0B | $6.0B | ||
| Q4 25 | $3.9B | $4.7B | ||
| Q3 25 | $4.1B | $6.2B | ||
| Q2 25 | $4.1B | $6.8B | ||
| Q1 25 | $4.0B | $5.9B | ||
| Q4 24 | $4.2B | $4.6B | ||
| Q3 24 | $4.6B | $4.7B | ||
| Q2 24 | $4.5B | $4.7B |
净利润CHRWIP
| Q1 26 | $147.2M | $60.0M | ||
| Q4 25 | $136.3M | $-2.4B | ||
| Q3 25 | $163.0M | $-1.1B | ||
| Q2 25 | $152.5M | $75.0M | ||
| Q1 25 | $135.3M | $-105.0M | ||
| Q4 24 | $149.3M | $-147.0M | ||
| Q3 24 | $97.2M | $150.0M | ||
| Q2 24 | $126.3M | $498.0M |
毛利率CHRWIP
| Q1 26 | 16.1% | — | ||
| 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CHRWIP
| Q1 26 | 3.6% | — | ||
| Q4 25 | 4.6% | -56.4% | ||
| Q3 25 | 5.3% | -10.8% | ||
| Q2 25 | 5.2% | 1.7% | ||
| Q1 25 | 4.4% | -2.3% | ||
| Q4 24 | 4.4% | -4.9% | ||
| Q3 24 | 3.9% | 5.1% | ||
| Q2 24 | 4.0% | 6.8% |
净利率CHRWIP
| Q1 26 | 3.7% | 1.0% | ||
| Q4 25 | 3.5% | -50.3% | ||
| Q3 25 | 3.9% | -17.7% | ||
| Q2 25 | 3.7% | 1.1% | ||
| Q1 25 | 3.3% | -1.8% | ||
| Q4 24 | 3.6% | -3.2% | ||
| Q3 24 | 2.1% | 3.2% | ||
| Q2 24 | 2.8% | 10.5% |
每股收益（稀释后）CHRWIP
| Q1 26 | — | $0.14 | ||
| Q4 25 | $1.12 | $-4.76 | ||
| Q3 25 | $1.34 | $-2.09 | ||
| Q2 25 | $1.26 | $0.14 | ||
| Q1 25 | $1.11 | $-0.24 | ||
| Q4 24 | $1.23 | $-0.42 | ||
| Q3 24 | $0.80 | $0.42 | ||
| Q2 24 | $1.05 | $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 | $159.7M | — |
| 总债务越低越好 | $1.3B | $8.2B |
| 股东权益账面价值 | — | $14.8B |
| 总资产 | $5.2B | $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CHRWIP
| Q1 26 | $159.7M | — | ||
| Q4 25 | $160.9M | $1.1B | ||
| Q3 25 | $136.8M | $995.0M | ||
| Q2 25 | $156.0M | $1.1B | ||
| Q1 25 | $129.9M | $1.2B | ||
| Q4 24 | $145.8M | $1.2B | ||
| Q3 24 | $131.7M | $1.2B | ||
| Q2 24 | $113.2M | $1.0B |
总债务CHRWIP
| Q1 26 | $1.3B | $8.2B | ||
| Q4 25 | $1.1B | $8.8B | ||
| Q3 25 | $1.2B | $9.0B | ||
| Q2 25 | $1.4B | $9.7B | ||
| Q1 25 | $1.4B | $9.2B | ||
| Q4 24 | $1.4B | $5.4B | ||
| Q3 24 | $1.6B | $5.3B | ||
| Q2 24 | $1.6B | $5.3B |
股东权益CHRWIP
| Q1 26 | — | $14.8B | ||
| Q4 25 | $1.8B | $14.8B | ||
| Q3 25 | $1.9B | $17.3B | ||
| Q2 25 | $1.8B | $18.6B | ||
| Q1 25 | $1.7B | $18.1B | ||
| Q4 24 | $1.7B | $8.2B | ||
| Q3 24 | $1.6B | $8.6B | ||
| Q2 24 | $1.5B | $8.6B |
总资产CHRWIP
| Q1 26 | $5.2B | $36.4B | ||
| Q4 25 | $5.1B | $38.0B | ||
| Q3 25 | $5.2B | $40.6B | ||
| Q2 25 | $5.3B | $42.4B | ||
| Q1 25 | $5.2B | $41.2B | ||
| Q4 24 | $5.3B | $22.8B | ||
| Q3 24 | $5.6B | $23.2B | ||
| Q2 24 | $5.5B | $23.1B |
负债/权益比CHRWIP
| Q1 26 | — | 0.55× | ||
| Q4 25 | 0.59× | 0.60× | ||
| Q3 25 | 0.64× | 0.52× | ||
| Q2 25 | 0.76× | 0.52× | ||
| Q1 25 | 0.80× | 0.51× | ||
| Q4 24 | 0.80× | 0.66× | ||
| Q3 24 | 0.95× | 0.62× | ||
| Q2 24 | 1.07× | 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 | $68.6M | — |
| 自由现金流经营现金流 - 资本支出 | — | $94.0M |
| 自由现金流率自由现金流/营收 | — | 1.6% |
| 资本支出强度资本支出/营收 | — | 8.7% |
| 现金转化率经营现金流/净利润 | 0.47× | — |
| 过去12个月自由现金流最近4个季度 | — | $553.0M |
8季度趋势，按日历期对齐
经营现金流CHRWIP
| Q1 26 | $68.6M | — | ||
| Q4 25 | $305.4M | $905.0M | ||
| Q3 25 | $275.4M | $605.0M | ||
| Q2 25 | $227.1M | $476.0M | ||
| Q1 25 | $106.5M | $-288.0M | ||
| Q4 24 | $267.9M | $397.0M | ||
| Q3 24 | $108.1M | $521.0M | ||
| Q2 24 | $166.4M | $365.0M |
自由现金流CHRWIP
| Q1 26 | — | $94.0M | ||
| Q4 25 | $302.4M | $255.0M | ||
| Q3 25 | $269.5M | $150.0M | ||
| Q2 25 | $219.8M | $54.0M | ||
| Q1 25 | $103.2M | $-618.0M | ||
| Q4 24 | $265.3M | $137.0M | ||
| Q3 24 | $103.3M | $309.0M | ||
| Q2 24 | $159.8M | $167.0M |
自由现金流率CHRWIP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 7.7% | 5.4% | ||
| Q3 25 | 6.5% | 2.4% | ||
| Q2 25 | 5.3% | 0.8% | ||
| Q1 25 | 2.5% | -10.5% | ||
| Q4 24 | 6.3% | 3.0% | ||
| Q3 24 | 2.2% | 6.6% | ||
| Q2 24 | 3.6% | 3.5% |
资本支出强度CHRWIP
| Q1 26 | — | 8.7% | ||
| Q4 25 | 0.1% | 13.7% | ||
| Q3 25 | 0.1% | 7.3% | ||
| Q2 25 | 0.2% | 6.2% | ||
| Q1 25 | 0.1% | 5.6% | ||
| Q4 24 | 0.1% | 5.7% | ||
| Q3 24 | 0.1% | 4.5% | ||
| Q2 24 | 0.1% | 4.2% |
现金转化率CHRWIP
| Q1 26 | 0.47× | — | ||
| Q4 25 | 2.24× | — | ||
| Q3 25 | 1.69× | — | ||
| Q2 25 | 1.49× | 6.35× | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 1.79× | — | ||
| Q3 24 | 1.11× | 3.47× | ||
| Q2 24 | 1.32× | 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
CHRW
| Transportation | $3.6B | 91% |
| Sourcing | $369.2M | 9% |
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
