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CNH Industrial N.V.（CNH）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是CNH Industrial N.V.的1.7倍（$7.6B vs $4.5B），CNH Industrial N.V.净利率更高（1.9% vs 1.3%，领先0.7%），CNH Industrial N.V.同比增速更快（7.8% vs 0.5%），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 3.8%）
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。
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。
CNH vs SW — 直观对比
营收规模更大
SW
是对方的1.7倍
$4.5B
营收增速更快
CNH
高出7.3%
0.5%
净利率更高
CNH
高出0.7%
1.3%
两年增速更快
SW
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.5B | $7.6B |
| 净利润 | $86.0M | $97.0M |
| 毛利率 | 18.4% | 18.2% |
| 营业利润率 | 3.0% | 5.1% |
| 净利率 | 1.9% | 1.3% |
| 营收同比 | 7.8% | 0.5% |
| 净利润同比 | -18.9% | -33.6% |
| 每股收益（稀释后） | $0.08 | $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CNHSW
| Q4 25 | $4.5B | $7.6B | ||
| Q3 25 | $3.7B | $8.0B | ||
| Q2 25 | $4.0B | $7.9B | ||
| Q1 25 | $3.2B | $7.7B | ||
| Q4 24 | $4.1B | $7.5B | ||
| Q3 24 | $4.0B | $7.7B | ||
| Q2 24 | $4.8B | $3.0B | ||
| Q1 24 | $4.1B | $2.9B |
净利润CNHSW
| Q4 25 | $86.0M | $97.0M | ||
| Q3 25 | $80.0M | $246.0M | ||
| Q2 25 | $213.0M | $-28.0M | ||
| Q1 25 | $131.0M | $384.0M | ||
| Q4 24 | $106.0M | $146.0M | ||
| Q3 24 | $306.0M | $-150.0M | ||
| Q2 24 | $433.0M | $132.0M | ||
| Q1 24 | $401.0M | $191.0M |
毛利率CNHSW
| Q4 25 | 18.4% | 18.2% | ||
| Q3 25 | 19.1% | 19.6% | ||
| Q2 25 | 20.6% | 19.1% | ||
| Q1 25 | 19.0% | 20.6% | ||
| Q4 24 | 19.5% | 19.1% | ||
| Q3 24 | 21.7% | 17.6% | ||
| Q2 24 | 22.9% | 23.3% | ||
| Q1 24 | 22.7% | 24.2% |
营业利润率CNHSW
| Q4 25 | 3.0% | 5.1% | ||
| Q3 25 | 1.4% | 6.6% | ||
| Q2 25 | 6.8% | 3.2% | ||
| Q1 25 | 5.1% | 7.2% | ||
| Q4 24 | 5.8% | 5.3% | ||
| Q3 24 | 9.6% | 0.7% | ||
| Q2 24 | 11.1% | 8.2% | ||
| Q1 24 | 11.6% | 10.5% |
净利率CNHSW
| Q4 25 | 1.9% | 1.3% | ||
| Q3 25 | 2.2% | 3.1% | ||
| Q2 25 | 5.3% | -0.4% | ||
| Q1 25 | 4.1% | 5.0% | ||
| Q4 24 | 2.6% | 1.9% | ||
| Q3 24 | 7.7% | -2.0% | ||
| Q2 24 | 9.0% | 4.4% | ||
| Q1 24 | 9.7% | 6.5% |
每股收益（稀释后）CNHSW
| Q4 25 | $0.08 | $0.18 | ||
| Q3 25 | $0.06 | $0.47 | ||
| Q2 25 | $0.17 | $-0.05 | ||
| Q1 25 | $0.10 | $0.73 | ||
| Q4 24 | $0.10 | $-0.12 | ||
| Q3 24 | $0.24 | $-0.30 | ||
| Q2 24 | $0.34 | $0.51 | ||
| Q1 24 | $0.31 | $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 | $2.6B | $892.0M |
| 总债务越低越好 | — | $13.4B |
| 股东权益账面价值 | $7.8B | $18.3B |
| 总资产 | $42.7B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资CNHSW
| Q4 25 | $2.6B | $892.0M | ||
| Q3 25 | $2.3B | $851.0M | ||
| Q2 25 | $2.5B | $778.0M | ||
| Q1 25 | $1.7B | $797.0M | ||
| Q4 24 | $3.2B | $855.0M | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $2.0B | $26.8K | ||
| Q1 24 | $3.2B | $108 |
总债务CNHSW
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CNHSW
| Q4 25 | $7.8B | $18.3B | ||
| Q3 25 | $7.8B | $18.4B | ||
| Q2 25 | $7.8B | $18.3B | ||
| Q1 25 | $7.9B | $17.9B | ||
| Q4 24 | $7.7B | $17.4B | ||
| Q3 24 | $7.7B | $18.0B | ||
| Q2 24 | $7.6B | $14.5K | ||
| Q1 24 | $8.0B | $108 |
总资产CNHSW
| Q4 25 | $42.7B | $45.2B | ||
| Q3 25 | $43.3B | $45.6B | ||
| Q2 25 | $43.7B | $45.7B | ||
| Q1 25 | $42.1B | $44.6B | ||
| Q4 24 | $42.9B | $43.8B | ||
| Q3 24 | $44.0B | $45.0B | ||
| Q2 24 | $44.0B | $26.8K | ||
| Q1 24 | $45.7B | $108 |
负债/权益比CNHSW
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $612.0M |
| 自由现金流率自由现金流/营收 | — | 8.1% |
| 资本支出强度资本支出/营收 | — | 7.7% |
| 现金转化率经营现金流/净利润 | 10.99× | 12.32× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流CNHSW
| Q4 25 | $945.0M | $1.2B | ||
| Q3 25 | $659.0M | $1.1B | ||
| Q2 25 | $772.0M | $829.0M | ||
| Q1 25 | $162.0M | $235.0M | ||
| Q4 24 | $1.7B | $781.0M | ||
| Q3 24 | $791.0M | $320.0M | ||
| Q2 24 | $379.0M | $340.0M | ||
| Q1 24 | $-894.0M | $42.0M |
自由现金流CNHSW
| Q4 25 | — | $612.0M | ||
| Q3 25 | — | $523.0M | ||
| Q2 25 | — | $307.0M | ||
| Q1 25 | — | $-242.0M | ||
| Q4 24 | — | $212.0M | ||
| Q3 24 | — | $-192.0M | ||
| Q2 24 | — | $163.0M | ||
| Q1 24 | — | $-166.0M |
自由现金流率CNHSW
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | -2.5% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | — | -5.7% |
资本支出强度CNHSW
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 7.6% | ||
| Q2 25 | — | 6.6% | ||
| Q1 25 | — | 6.2% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 6.0% | ||
| Q1 24 | — | 7.1% |
现金转化率CNHSW
| Q4 25 | 10.99× | 12.32× | ||
| Q3 25 | 8.24× | 4.61× | ||
| Q2 25 | 3.62× | — | ||
| Q1 25 | 1.24× | 0.61× | ||
| Q4 24 | 15.96× | 5.35× | ||
| Q3 24 | 2.58× | — | ||
| Q2 24 | 0.88× | 2.58× | ||
| Q1 24 | -2.23× | 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
CNH
| Agricultural Equipment Segment | $3.6B | 81% |
| Construction Equipment Segment | $853.0M | 19% |
| Services | $18.0M | 0% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
