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康明斯（CMI）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
康明斯的季度营收约是Smurfit Westrock的1.1倍（$8.5B vs $7.6B），康明斯净利率更高（7.3% vs 1.3%，领先6.0%），康明斯同比增速更快（1.1% vs 0.5%），康明斯自由现金流更多（$990.0M vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 0.8%）
康明斯是总部位于美国的跨国企业，专注于设计、制造及销售柴油发动机、电动汽车零部件、发电产品，同时提供发动机及相关配套设备的维保服务，业务覆盖燃油系统、空气处理系统、过滤设备、排放控制、发电系统及发动机控制单元等多个领域。
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。
CMI vs SW — 直观对比
营收规模更大
CMI
是对方的1.1倍
$7.6B
营收增速更快
CMI
高出0.5%
0.5%
净利率更高
CMI
高出6.0%
1.3%
自由现金流更多
CMI
多$378.0M
$612.0M
两年增速更快
SW
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.5B | $7.6B |
| 净利润 | $620.0M | $97.0M |
| 毛利率 | 22.9% | 18.2% |
| 营业利润率 | 9.5% | 5.1% |
| 净利率 | 7.3% | 1.3% |
| 营收同比 | 1.1% | 0.5% |
| 净利润同比 | 39.3% | -33.6% |
| 每股收益（稀释后） | $4.25 | $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CMISW
| Q4 25 | $8.5B | $7.6B | ||
| Q3 25 | $8.3B | $8.0B | ||
| Q2 25 | $8.6B | $7.9B | ||
| Q1 25 | $8.2B | $7.7B | ||
| Q4 24 | $8.4B | $7.5B | ||
| Q3 24 | $8.5B | $7.7B | ||
| Q2 24 | $8.8B | $3.0B | ||
| Q1 24 | $8.4B | $2.9B |
净利润CMISW
| Q4 25 | $620.0M | $97.0M | ||
| Q3 25 | $559.0M | $246.0M | ||
| Q2 25 | $928.0M | $-28.0M | ||
| Q1 25 | $850.0M | $384.0M | ||
| Q4 24 | $445.0M | $146.0M | ||
| Q3 24 | $843.0M | $-150.0M | ||
| Q2 24 | $752.0M | $132.0M | ||
| Q1 24 | $2.0B | $191.0M |
毛利率CMISW
| Q4 25 | 22.9% | 18.2% | ||
| Q3 25 | 25.6% | 19.6% | ||
| Q2 25 | 26.4% | 19.1% | ||
| Q1 25 | 26.4% | 20.6% | ||
| Q4 24 | 24.1% | 19.1% | ||
| Q3 24 | 25.7% | 17.6% | ||
| Q2 24 | 24.9% | 23.3% | ||
| Q1 24 | 24.3% | 24.2% |
营业利润率CMISW
| Q4 25 | 9.5% | 5.1% | ||
| Q3 25 | 10.2% | 6.6% | ||
| Q2 25 | 14.2% | 3.2% | ||
| Q1 25 | 13.9% | 7.2% | ||
| Q4 24 | 8.7% | 5.3% | ||
| Q3 24 | 12.4% | 0.7% | ||
| Q2 24 | 11.9% | 8.2% | ||
| Q1 24 | 11.0% | 10.5% |
净利率CMISW
| Q4 25 | 7.3% | 1.3% | ||
| Q3 25 | 6.7% | 3.1% | ||
| Q2 25 | 10.7% | -0.4% | ||
| Q1 25 | 10.4% | 5.0% | ||
| Q4 24 | 5.3% | 1.9% | ||
| Q3 24 | 10.0% | -2.0% | ||
| Q2 24 | 8.5% | 4.4% | ||
| Q1 24 | 24.1% | 6.5% |
每股收益（稀释后）CMISW
| Q4 25 | $4.25 | $0.18 | ||
| Q3 25 | $3.86 | $0.47 | ||
| Q2 25 | $6.43 | $-0.05 | ||
| Q1 25 | $5.96 | $0.73 | ||
| Q4 24 | $3.22 | $-0.12 | ||
| Q3 24 | $5.86 | $-0.30 | ||
| Q2 24 | $5.26 | $0.51 | ||
| Q1 24 | $14.03 | $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 | $4.4B | $892.0M |
| 总债务越低越好 | $6.8B | $13.4B |
| 股东权益账面价值 | $12.3B | $18.3B |
| 总资产 | $34.0B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.55× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资CMISW
| Q4 25 | $4.4B | $892.0M | ||
| Q3 25 | $3.2B | $851.0M | ||
| Q2 25 | $3.1B | $778.0M | ||
| Q1 25 | $2.2B | $797.0M | ||
| Q4 24 | $2.3B | $855.0M | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | $26.8K | ||
| Q1 24 | $3.1B | $108 |
总债务CMISW
| Q4 25 | $6.8B | $13.4B | ||
| Q3 25 | $6.8B | $13.3B | ||
| Q2 25 | $6.8B | $13.3B | ||
| Q1 25 | $4.8B | $12.9B | ||
| Q4 24 | $4.8B | $12.5B | ||
| Q3 24 | $4.9B | $13.2B | ||
| Q2 24 | $5.4B | — | ||
| Q1 24 | $5.8B | — |
股东权益CMISW
| Q4 25 | $12.3B | $18.3B | ||
| Q3 25 | $12.1B | $18.4B | ||
| Q2 25 | $11.8B | $18.3B | ||
| Q1 25 | $10.9B | $17.9B | ||
| Q4 24 | $10.3B | $17.4B | ||
| Q3 24 | $10.3B | $18.0B | ||
| Q2 24 | $9.6B | $14.5K | ||
| Q1 24 | $9.1B | $108 |
总资产CMISW
| Q4 25 | $34.0B | $45.2B | ||
| Q3 25 | $33.6B | $45.6B | ||
| Q2 25 | $34.3B | $45.7B | ||
| Q1 25 | $32.5B | $44.6B | ||
| Q4 24 | $31.5B | $43.8B | ||
| Q3 24 | $32.1B | $45.0B | ||
| Q2 24 | $31.3B | $26.8K | ||
| Q1 24 | $31.8B | $108 |
负债/权益比CMISW
| Q4 25 | 0.55× | 0.73× | ||
| Q3 25 | 0.57× | 0.72× | ||
| Q2 25 | 0.58× | 0.73× | ||
| Q1 25 | 0.44× | 0.72× | ||
| Q4 24 | 0.47× | 0.72× | ||
| Q3 24 | 0.47× | 0.73× | ||
| Q2 24 | 0.57× | — | ||
| Q1 24 | 0.64× | — |
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 | $1.5B | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $990.0M | $612.0M |
| 自由现金流率自由现金流/营收 | 11.6% | 8.1% |
| 资本支出强度资本支出/营收 | 6.4% | 7.7% |
| 现金转化率经营现金流/净利润 | 2.47× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $2.4B | $1.2B |
8季度趋势，按日历期对齐
经营现金流CMISW
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $785.0M | $829.0M | ||
| Q1 25 | $-3.0M | $235.0M | ||
| Q4 24 | $1.4B | $781.0M | ||
| Q3 24 | $640.0M | $320.0M | ||
| Q2 24 | $-851.0M | $340.0M | ||
| Q1 24 | $276.0M | $42.0M |
自由现金流CMISW
| Q4 25 | $990.0M | $612.0M | ||
| Q3 25 | $1.0B | $523.0M | ||
| Q2 25 | $554.0M | $307.0M | ||
| Q1 25 | $-165.0M | $-242.0M | ||
| Q4 24 | $882.0M | $212.0M | ||
| Q3 24 | $381.0M | $-192.0M | ||
| Q2 24 | $-1.1B | $163.0M | ||
| Q1 24 | $107.0M | $-166.0M |
自由现金流率CMISW
| Q4 25 | 11.6% | 8.1% | ||
| Q3 25 | 12.1% | 6.5% | ||
| Q2 25 | 6.4% | 3.9% | ||
| Q1 25 | -2.0% | -3.2% | ||
| Q4 24 | 10.4% | 2.8% | ||
| Q3 24 | 4.5% | -2.5% | ||
| Q2 24 | -12.4% | 5.5% | ||
| Q1 24 | 1.3% | -5.7% |
资本支出强度CMISW
| Q4 25 | 6.4% | 7.7% | ||
| Q3 25 | 3.6% | 7.6% | ||
| Q2 25 | 2.7% | 6.6% | ||
| Q1 25 | 2.0% | 6.2% | ||
| Q4 24 | 6.4% | 7.5% | ||
| Q3 24 | 3.1% | 6.7% | ||
| Q2 24 | 2.7% | 6.0% | ||
| Q1 24 | 2.0% | 7.1% |
现金转化率CMISW
| Q4 25 | 2.47× | 12.32× | ||
| Q3 25 | 2.33× | 4.61× | ||
| Q2 25 | 0.85× | — | ||
| Q1 25 | -0.00× | 0.61× | ||
| Q4 24 | 3.20× | 5.35× | ||
| Q3 24 | 0.76× | — | ||
| Q2 24 | -1.13× | 2.58× | ||
| Q1 24 | 0.14× | 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
CMI
| Other | $2.9B | 34% |
| Parts | $1.0B | 12% |
| Mediumdutytruckandbus | $638.0M | 7% |
| Heavydutytruck | $623.0M | 7% |
| Intersegmentsales | $620.0M | 7% |
| PSBU Power Generation | $577.0M | 7% |
| Related Party | $469.0M | 5% |
| Services | $449.0M | 5% |
| Lightdutyautomotive | $440.0M | 5% |
| Industrial | $333.0M | 4% |
| Offhighway | $279.0M | 3% |
| Generatortechnologies | $152.0M | 2% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
