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CNH Industrial N.V.（CNH）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CNH Industrial N.V.的1.1倍（$4.7B vs $4.5B），CNH Industrial N.V.净利率更高（1.9% vs -50.3%，领先52.2%），CNH Industrial N.V.同比增速更快（7.8% vs 3.6%），过去两年CNH Industrial N.V.的营收复合增速更高（3.8% vs 1.3%）
CNH Industrial是意美跨国企业，全球总部位于英国巴西尔登，由跨国投资公司Exor控股，实际控制方为阿涅利家族。公司核心业务涵盖农业机械、工程设备的设计、生产及销售，覆盖全球所有主要市场，目前正重点拓展高增长市场的业务布局。
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。
CNH vs IP — 直观对比
营收规模更大
IP
是对方的1.1倍
$4.5B
营收增速更快
CNH
高出4.2%
3.6%
净利率更高
CNH
高出52.2%
-50.3%
两年增速更快
CNH
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.5B | $4.7B |
| 净利润 | $86.0M | $-2.4B |
| 毛利率 | 18.4% | 32.2% |
| 营业利润率 | 3.0% | -56.4% |
| 净利率 | 1.9% | -50.3% |
| 营收同比 | 7.8% | 3.6% |
| 净利润同比 | -18.9% | -1521.8% |
| 每股收益（稀释后） | $0.08 | $-4.76 |
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CNHIP
| Q4 25 | $4.5B | $4.7B | ||
| Q3 25 | $3.7B | $6.2B | ||
| Q2 25 | $4.0B | $6.8B | ||
| Q1 25 | $3.2B | $5.9B | ||
| Q4 24 | $4.1B | $4.6B | ||
| Q3 24 | $4.0B | $4.7B | ||
| Q2 24 | $4.8B | $4.7B | ||
| Q1 24 | $4.1B | $4.6B |
净利润CNHIP
| Q4 25 | $86.0M | $-2.4B | ||
| Q3 25 | $80.0M | $-1.1B | ||
| Q2 25 | $213.0M | $75.0M | ||
| Q1 25 | $131.0M | $-105.0M | ||
| Q4 24 | $106.0M | $-147.0M | ||
| Q3 24 | $306.0M | $150.0M | ||
| Q2 24 | $433.0M | $498.0M | ||
| Q1 24 | $401.0M | $56.0M |
毛利率CNHIP
| Q4 25 | 18.4% | 32.2% | ||
| Q3 25 | 19.1% | 31.1% | ||
| Q2 25 | 20.6% | 27.9% | ||
| Q1 25 | 19.0% | 27.8% | ||
| Q4 24 | 19.5% | 29.0% | ||
| Q3 24 | 21.7% | 28.7% | ||
| Q2 24 | 22.9% | 29.0% | ||
| Q1 24 | 22.7% | 25.9% |
营业利润率CNHIP
| Q4 25 | 3.0% | -56.4% | ||
| Q3 25 | 1.4% | -10.8% | ||
| Q2 25 | 6.8% | 1.7% | ||
| Q1 25 | 5.1% | -2.3% | ||
| Q4 24 | 5.8% | -4.9% | ||
| Q3 24 | 9.6% | 5.1% | ||
| Q2 24 | 11.1% | 6.8% | ||
| Q1 24 | 11.6% | 3.7% |
净利率CNHIP
| Q4 25 | 1.9% | -50.3% | ||
| Q3 25 | 2.2% | -17.7% | ||
| Q2 25 | 5.3% | 1.1% | ||
| Q1 25 | 4.1% | -1.8% | ||
| Q4 24 | 2.6% | -3.2% | ||
| Q3 24 | 7.7% | 3.2% | ||
| Q2 24 | 9.0% | 10.5% | ||
| Q1 24 | 9.7% | 1.2% |
每股收益（稀释后）CNHIP
| Q4 25 | $0.08 | $-4.76 | ||
| Q3 25 | $0.06 | $-2.09 | ||
| Q2 25 | $0.17 | $0.14 | ||
| Q1 25 | $0.10 | $-0.24 | ||
| Q4 24 | $0.10 | $-0.42 | ||
| Q3 24 | $0.24 | $0.42 | ||
| Q2 24 | $0.34 | $1.41 | ||
| Q1 24 | $0.31 | $0.16 |
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 | $2.6B | $1.1B |
| 总债务越低越好 | — | $8.8B |
| 股东权益账面价值 | $7.8B | $14.8B |
| 总资产 | $42.7B | $38.0B |
| 负债/权益比越低杠杆越低 | — | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资CNHIP
| Q4 25 | $2.6B | $1.1B | ||
| Q3 25 | $2.3B | $995.0M | ||
| Q2 25 | $2.5B | $1.1B | ||
| Q1 25 | $1.7B | $1.2B | ||
| Q4 24 | $3.2B | $1.2B | ||
| Q3 24 | $1.8B | $1.2B | ||
| Q2 24 | $2.0B | $1.0B | ||
| Q1 24 | $3.2B | $1.1B |
总债务CNHIP
| 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 | ||
| Q1 24 | — | $5.5B |
股东权益CNHIP
| Q4 25 | $7.8B | $14.8B | ||
| Q3 25 | $7.8B | $17.3B | ||
| Q2 25 | $7.8B | $18.6B | ||
| Q1 25 | $7.9B | $18.1B | ||
| Q4 24 | $7.7B | $8.2B | ||
| Q3 24 | $7.7B | $8.6B | ||
| Q2 24 | $7.6B | $8.6B | ||
| Q1 24 | $8.0B | $8.3B |
总资产CNHIP
| Q4 25 | $42.7B | $38.0B | ||
| Q3 25 | $43.3B | $40.6B | ||
| Q2 25 | $43.7B | $42.4B | ||
| Q1 25 | $42.1B | $41.2B | ||
| Q4 24 | $42.9B | $22.8B | ||
| Q3 24 | $44.0B | $23.2B | ||
| Q2 24 | $44.0B | $23.1B | ||
| Q1 24 | $45.7B | $23.0B |
负债/权益比CNHIP
| 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× | ||
| Q1 24 | — | 0.66× |
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 | $945.0M | $905.0M |
| 自由现金流经营现金流 - 资本支出 | — | $255.0M |
| 自由现金流率自由现金流/营收 | — | 5.4% |
| 资本支出强度资本支出/营收 | — | 13.7% |
| 现金转化率经营现金流/净利润 | 10.99× | — |
| 过去12个月自由现金流最近4个季度 | — | $-159.0M |
8季度趋势，按日历期对齐
经营现金流CNHIP
| Q4 25 | $945.0M | $905.0M | ||
| Q3 25 | $659.0M | $605.0M | ||
| Q2 25 | $772.0M | $476.0M | ||
| Q1 25 | $162.0M | $-288.0M | ||
| Q4 24 | $1.7B | $397.0M | ||
| Q3 24 | $791.0M | $521.0M | ||
| Q2 24 | $379.0M | $365.0M | ||
| Q1 24 | $-894.0M | $395.0M |
自由现金流CNHIP
| Q4 25 | — | $255.0M | ||
| Q3 25 | — | $150.0M | ||
| Q2 25 | — | $54.0M | ||
| Q1 25 | — | $-618.0M | ||
| Q4 24 | — | $137.0M | ||
| Q3 24 | — | $309.0M | ||
| Q2 24 | — | $167.0M | ||
| Q1 24 | — | $144.0M |
自由现金流率CNHIP
| Q4 25 | — | 5.4% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | -10.5% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 3.1% |
资本支出强度CNHIP
| Q4 25 | — | 13.7% | ||
| Q3 25 | — | 7.3% | ||
| Q2 25 | — | 6.2% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 5.4% |
现金转化率CNHIP
| Q4 25 | 10.99× | — | ||
| Q3 25 | 8.24× | — | ||
| Q2 25 | 3.62× | 6.35× | ||
| Q1 25 | 1.24× | — | ||
| Q4 24 | 15.96× | — | ||
| Q3 24 | 2.58× | 3.47× | ||
| Q2 24 | 0.88× | 0.73× | ||
| Q1 24 | -2.23× | 7.05× |
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
CNH
| Agricultural Equipment Segment | $3.6B | 81% |
| Construction Equipment Segment | $853.0M | 19% |
| Services | $18.0M | 0% |
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
