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加拿大国家铁路（CP）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加拿大国家铁路的1.7倍（$4.7B vs $2.8B），加拿大国家铁路净利率更高（27.7% vs -50.3%，领先77.9%），国际纸业同比增速更快（3.6% vs 1.3%），加拿大国家铁路自由现金流更多（$537.3M vs $255.0M），过去两年加拿大国家铁路的营收复合增速更高（5.6% vs 1.3%）
加拿大国家铁路是加拿大一级货运铁路企业，总部位于魁北克省蒙特利尔市，业务覆盖加拿大全境及美国中西部、南部区域，是加拿大两大主力货运铁路运营商之一，与加拿大太平洋堪萨斯城铁路公司齐名。
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。
CP vs IP — 直观对比
营收规模更大
IP
是对方的1.7倍
$2.8B
营收增速更快
IP
高出2.3%
1.3%
净利率更高
CP
高出77.9%
-50.3%
自由现金流更多
CP
多$282.3M
$255.0M
两年增速更快
CP
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $4.7B |
| 净利润 | $786.2M | $-2.4B |
| 毛利率 | — | 32.2% |
| 营业利润率 | 41.4% | -56.4% |
| 净利率 | 27.7% | -50.3% |
| 营收同比 | 1.3% | 3.6% |
| 净利润同比 | -10.3% | -1521.8% |
| 每股收益（稀释后） | — | $-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CPIP
| Q4 25 | $2.8B | $4.7B | ||
| Q3 25 | $2.7B | $6.2B | ||
| Q2 25 | $2.7B | $6.8B | ||
| Q1 25 | $2.8B | $5.9B | ||
| Q4 24 | $2.8B | $4.6B | ||
| Q3 24 | $2.6B | $4.7B | ||
| Q2 24 | $2.6B | $4.7B | ||
| Q1 24 | $2.5B | $4.6B |
净利润CPIP
| Q4 25 | $786.2M | $-2.4B | ||
| Q3 25 | $671.6M | $-1.1B | ||
| Q2 25 | $900.8M | $75.0M | ||
| Q1 25 | $664.3M | $-105.0M | ||
| Q4 24 | $876.7M | $-147.0M | ||
| Q3 24 | $611.0M | $150.0M | ||
| Q2 24 | $660.6M | $498.0M | ||
| Q1 24 | $565.8M | $56.0M |
毛利率CPIP
| 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% | ||
| Q1 24 | — | 25.9% |
营业利润率CPIP
| Q4 25 | 41.4% | -56.4% | ||
| Q3 25 | 36.8% | -10.8% | ||
| Q2 25 | 36.6% | 1.7% | ||
| Q1 25 | 35.0% | -2.3% | ||
| Q4 24 | 40.6% | -4.9% | ||
| Q3 24 | 34.3% | 5.1% | ||
| Q2 24 | 35.4% | 6.8% | ||
| Q1 24 | 32.9% | 3.7% |
净利率CPIP
| Q4 25 | 27.7% | -50.3% | ||
| Q3 25 | 25.3% | -17.7% | ||
| Q2 25 | 33.6% | 1.1% | ||
| Q1 25 | 24.2% | -1.8% | ||
| Q4 24 | 31.2% | -3.2% | ||
| Q3 24 | 23.9% | 3.2% | ||
| Q2 24 | 25.3% | 10.5% | ||
| Q1 24 | 22.2% | 1.2% |
每股收益（稀释后）CPIP
| Q4 25 | — | $-4.76 | ||
| Q3 25 | — | $-2.09 | ||
| Q2 25 | — | $0.14 | ||
| Q1 25 | — | $-0.24 | ||
| Q4 24 | — | $-0.42 | ||
| Q3 24 | — | $0.42 | ||
| Q2 24 | — | $1.41 | ||
| Q1 24 | — | $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 | $134.3M | $1.1B |
| 总债务越低越好 | $14.6B | $8.8B |
| 股东权益账面价值 | $33.5B | $14.8B |
| 总资产 | $62.7B | $38.0B |
| 负债/权益比越低杠杆越低 | 0.43× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资CPIP
| Q4 25 | $134.3M | $1.1B | ||
| Q3 25 | $300.0M | $995.0M | ||
| Q2 25 | $583.3M | $1.1B | ||
| Q1 25 | $507.4M | $1.2B | ||
| Q4 24 | $539.5M | $1.2B | ||
| Q3 24 | $338.0M | $1.2B | ||
| Q2 24 | $406.6M | $1.0B | ||
| Q1 24 | $378.9M | $1.1B |
总债务CPIP
| Q4 25 | $14.6B | $8.8B | ||
| Q3 25 | $15.8B | $9.0B | ||
| Q2 25 | $15.5B | $9.7B | ||
| Q1 25 | $15.4B | $9.2B | ||
| Q4 24 | $14.5B | $5.4B | ||
| Q3 24 | $13.7B | $5.3B | ||
| Q2 24 | $13.8B | $5.3B | ||
| Q1 24 | $13.7B | $5.5B |
股东权益CPIP
| Q4 25 | $33.5B | $14.8B | ||
| Q3 25 | $33.4B | $17.3B | ||
| Q2 25 | $33.7B | $18.6B | ||
| Q1 25 | $35.2B | $18.1B | ||
| Q4 24 | $35.0B | $8.2B | ||
| Q3 24 | $32.2B | $8.6B | ||
| Q2 24 | $32.0B | $8.6B | ||
| Q1 24 | $31.3B | $8.3B |
总资产CPIP
| Q4 25 | $62.7B | $38.0B | ||
| Q3 25 | $63.3B | $40.6B | ||
| Q2 25 | $62.2B | $42.4B | ||
| Q1 25 | $64.3B | $41.2B | ||
| Q4 24 | $64.1B | $22.8B | ||
| Q3 24 | $60.0B | $23.2B | ||
| Q2 24 | $60.4B | $23.1B | ||
| Q1 24 | $59.6B | $23.0B |
负债/权益比CPIP
| Q4 25 | 0.43× | 0.60× | ||
| Q3 25 | 0.47× | 0.52× | ||
| Q2 25 | 0.46× | 0.52× | ||
| Q1 25 | 0.44× | 0.51× | ||
| Q4 24 | 0.41× | 0.66× | ||
| Q3 24 | 0.42× | 0.62× | ||
| Q2 24 | 0.43× | 0.62× | ||
| Q1 24 | 0.44× | 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 | $1.1B | $905.0M |
| 自由现金流经营现金流 - 资本支出 | $537.3M | $255.0M |
| 自由现金流率自由现金流/营收 | 18.9% | 5.4% |
| 资本支出强度资本支出/营收 | 20.2% | 13.7% |
| 现金转化率经营现金流/净利润 | 1.42× | — |
| 过去12个月自由现金流最近4个季度 | $1.6B | $-159.0M |
8季度趋势，按日历期对齐
经营现金流CPIP
| Q4 25 | $1.1B | $905.0M | ||
| Q3 25 | $930.0M | $605.0M | ||
| Q2 25 | $989.1M | $476.0M | ||
| Q1 25 | $843.9M | $-288.0M | ||
| Q4 24 | $1.2B | $397.0M | ||
| Q3 24 | $928.6M | $521.0M | ||
| Q2 24 | $932.9M | $365.0M | ||
| Q1 24 | $741.0M | $395.0M |
自由现金流CPIP
| Q4 25 | $537.3M | $255.0M | ||
| Q3 25 | $302.2M | $150.0M | ||
| Q2 25 | $446.8M | $54.0M | ||
| Q1 25 | $324.9M | $-618.0M | ||
| Q4 24 | $702.3M | $137.0M | ||
| Q3 24 | $382.5M | $309.0M | ||
| Q2 24 | $343.1M | $167.0M | ||
| Q1 24 | $356.2M | $144.0M |
自由现金流率CPIP
| Q4 25 | 18.9% | 5.4% | ||
| Q3 25 | 11.4% | 2.4% | ||
| Q2 25 | 16.7% | 0.8% | ||
| Q1 25 | 11.8% | -10.5% | ||
| Q4 24 | 25.0% | 3.0% | ||
| Q3 24 | 15.0% | 6.6% | ||
| Q2 24 | 13.1% | 3.5% | ||
| Q1 24 | 14.0% | 3.1% |
资本支出强度CPIP
| Q4 25 | 20.2% | 13.7% | ||
| Q3 25 | 23.7% | 7.3% | ||
| Q2 25 | 20.2% | 6.2% | ||
| Q1 25 | 18.9% | 5.6% | ||
| Q4 24 | 19.3% | 5.7% | ||
| Q3 24 | 21.4% | 4.5% | ||
| Q2 24 | 22.6% | 4.2% | ||
| Q1 24 | 15.1% | 5.4% |
现金转化率CPIP
| Q4 25 | 1.42× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.10× | 6.35× | ||
| Q1 25 | 1.27× | — | ||
| Q4 24 | 1.42× | — | ||
| Q3 24 | 1.52× | 3.47× | ||
| Q2 24 | 1.41× | 0.73× | ||
| Q1 24 | 1.31× | 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
CP
暂无分部数据
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
