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科迪华（CTVA）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科迪华的1.2倍（$4.7B vs $3.9B），科迪华净利率更高（-14.1% vs -50.3%，领先36.1%），国际纸业同比增速更快（3.6% vs -1.7%），科迪华自由现金流更多（$4.2B vs $255.0M），过去两年国际纸业的营收复合增速更高（1.3% vs -6.7%）
科迪华是一家美国农业科技企业，主营种子与作物保护产品，涵盖除草剂、杀虫剂、杀菌剂及生物制剂，业务覆盖全球110个国家，总部位于印第安纳州印第安纳波利斯，旗下大部分种子产品以先锋良种国际品牌销售。
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。
CTVA vs IP — 直观对比
营收规模更大
IP
是对方的1.2倍
$3.9B
营收增速更快
IP
高出5.3%
-1.7%
净利率更高
CTVA
高出36.1%
-50.3%
自由现金流更多
CTVA
多$3.9B
$255.0M
两年增速更快
IP
近两年复合增速
-6.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $4.7B |
| 净利润 | $-552.0M | $-2.4B |
| 毛利率 | 42.4% | 32.2% |
| 营业利润率 | -13.6% | -56.4% |
| 净利率 | -14.1% | -50.3% |
| 营收同比 | -1.7% | 3.6% |
| 净利润同比 | -1246.3% | -1521.8% |
| 每股收益（稀释后） | $-0.80 | $-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CTVAIP
| Q4 25 | $3.9B | $4.7B | ||
| Q3 25 | $2.6B | $6.2B | ||
| Q2 25 | $6.5B | $6.8B | ||
| Q1 25 | $4.4B | $5.9B | ||
| Q4 24 | $4.0B | $4.6B | ||
| Q3 24 | $2.3B | $4.7B | ||
| Q2 24 | $6.1B | $4.7B | ||
| Q1 24 | $4.5B | $4.6B |
净利润CTVAIP
| Q4 25 | $-552.0M | $-2.4B | ||
| Q3 25 | $-320.0M | $-1.1B | ||
| Q2 25 | $1.3B | $75.0M | ||
| Q1 25 | $652.0M | $-105.0M | ||
| Q4 24 | $-41.0M | $-147.0M | ||
| Q3 24 | $-524.0M | $150.0M | ||
| Q2 24 | $1.1B | $498.0M | ||
| Q1 24 | $419.0M | $56.0M |
毛利率CTVAIP
| Q4 25 | 42.4% | 32.2% | ||
| Q3 25 | 37.2% | 31.1% | ||
| Q2 25 | 54.6% | 27.9% | ||
| Q1 25 | 47.0% | 27.8% | ||
| Q4 24 | 37.3% | 29.0% | ||
| Q3 24 | 32.7% | 28.7% | ||
| Q2 24 | 52.3% | 29.0% | ||
| Q1 24 | 43.2% | 25.9% |
营业利润率CTVAIP
| Q4 25 | -13.6% | -56.4% | ||
| Q3 25 | -14.1% | -10.8% | ||
| Q2 25 | 27.9% | 1.7% | ||
| Q1 25 | 17.7% | -2.3% | ||
| Q4 24 | 2.2% | -4.9% | ||
| Q3 24 | -27.2% | 5.1% | ||
| Q2 24 | 21.9% | 6.8% | ||
| Q1 24 | 10.7% | 3.7% |
净利率CTVAIP
| Q4 25 | -14.1% | -50.3% | ||
| Q3 25 | -12.2% | -17.7% | ||
| Q2 25 | 20.4% | 1.1% | ||
| Q1 25 | 14.8% | -1.8% | ||
| Q4 24 | -1.0% | -3.2% | ||
| Q3 24 | -22.5% | 3.2% | ||
| Q2 24 | 17.2% | 10.5% | ||
| Q1 24 | 9.3% | 1.2% |
每股收益（稀释后）CTVAIP
| Q4 25 | $-0.80 | $-4.76 | ||
| Q3 25 | $-0.47 | $-2.09 | ||
| Q2 25 | $1.92 | $0.14 | ||
| Q1 25 | $0.95 | $-0.24 | ||
| Q4 24 | $-0.05 | $-0.42 | ||
| Q3 24 | $-0.76 | $0.42 | ||
| Q2 24 | $1.51 | $1.41 | ||
| Q1 24 | $0.60 | $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 | $4.5B | $1.1B |
| 总债务越低越好 | $1.7B | $8.8B |
| 股东权益账面价值 | $24.1B | $14.8B |
| 总资产 | $42.8B | $38.0B |
| 负债/权益比越低杠杆越低 | 0.07× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资CTVAIP
| Q4 25 | $4.5B | $1.1B | ||
| Q3 25 | $2.6B | $995.0M | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $2.0B | $1.2B | ||
| Q4 24 | $3.2B | $1.2B | ||
| Q3 24 | $2.5B | $1.2B | ||
| Q2 24 | $2.0B | $1.0B | ||
| Q1 24 | $1.7B | $1.1B |
总债务CTVAIP
| Q4 25 | $1.7B | $8.8B | ||
| Q3 25 | $1.7B | $9.0B | ||
| Q2 25 | $1.7B | $9.7B | ||
| Q1 25 | $1.8B | $9.2B | ||
| Q4 24 | $2.0B | $5.4B | ||
| Q3 24 | $2.0B | $5.3B | ||
| Q2 24 | $2.5B | $5.3B | ||
| Q1 24 | $2.5B | $5.5B |
股东权益CTVAIP
| Q4 25 | $24.1B | $14.8B | ||
| Q3 25 | $25.2B | $17.3B | ||
| Q2 25 | $25.9B | $18.6B | ||
| Q1 25 | $24.3B | $18.1B | ||
| Q4 24 | $23.8B | $8.2B | ||
| Q3 24 | $24.7B | $8.6B | ||
| Q2 24 | $25.2B | $8.6B | ||
| Q1 24 | $24.8B | $8.3B |
总资产CTVAIP
| Q4 25 | $42.8B | $38.0B | ||
| Q3 25 | $42.2B | $40.6B | ||
| Q2 25 | $41.8B | $42.4B | ||
| Q1 25 | $42.1B | $41.2B | ||
| Q4 24 | $40.8B | $22.8B | ||
| Q3 24 | $41.9B | $23.2B | ||
| Q2 24 | $41.5B | $23.1B | ||
| Q1 24 | $43.6B | $23.0B |
负债/权益比CTVAIP
| Q4 25 | 0.07× | 0.60× | ||
| Q3 25 | 0.07× | 0.52× | ||
| Q2 25 | 0.07× | 0.52× | ||
| Q1 25 | 0.07× | 0.51× | ||
| Q4 24 | 0.08× | 0.66× | ||
| Q3 24 | 0.08× | 0.62× | ||
| Q2 24 | 0.10× | 0.62× | ||
| Q1 24 | 0.10× | 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 | $4.4B | $905.0M |
| 自由现金流经营现金流 - 资本支出 | $4.2B | $255.0M |
| 自由现金流率自由现金流/营收 | 106.2% | 5.4% |
| 资本支出强度资本支出/营收 | 5.7% | 13.7% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $2.8B | $-159.0M |
8季度趋势，按日历期对齐
经营现金流CTVAIP
| Q4 25 | $4.4B | $905.0M | ||
| Q3 25 | $193.0M | $605.0M | ||
| Q2 25 | $947.0M | $476.0M | ||
| Q1 25 | $-2.1B | $-288.0M | ||
| Q4 24 | $4.2B | $397.0M | ||
| Q3 24 | $130.0M | $521.0M | ||
| Q2 24 | $451.0M | $365.0M | ||
| Q1 24 | $-2.6B | $395.0M |
自由现金流CTVAIP
| Q4 25 | $4.2B | $255.0M | ||
| Q3 25 | $36.0M | $150.0M | ||
| Q2 25 | $829.0M | $54.0M | ||
| Q1 25 | $-2.2B | $-618.0M | ||
| Q4 24 | $4.0B | $137.0M | ||
| Q3 24 | $-24.0M | $309.0M | ||
| Q2 24 | $337.0M | $167.0M | ||
| Q1 24 | $-2.8B | $144.0M |
自由现金流率CTVAIP
| Q4 25 | 106.2% | 5.4% | ||
| Q3 25 | 1.4% | 2.4% | ||
| Q2 25 | 12.8% | 0.8% | ||
| Q1 25 | -49.9% | -10.5% | ||
| Q4 24 | 100.4% | 3.0% | ||
| Q3 24 | -1.0% | 6.6% | ||
| Q2 24 | 5.5% | 3.5% | ||
| Q1 24 | -61.4% | 3.1% |
资本支出强度CTVAIP
| Q4 25 | 5.7% | 13.7% | ||
| Q3 25 | 6.0% | 7.3% | ||
| Q2 25 | 1.8% | 6.2% | ||
| Q1 25 | 2.1% | 5.6% | ||
| Q4 24 | 4.6% | 5.7% | ||
| Q3 24 | 6.6% | 4.5% | ||
| Q2 24 | 1.9% | 4.2% | ||
| Q1 24 | 3.3% | 5.4% |
现金转化率CTVAIP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.72× | 6.35× | ||
| Q1 25 | -3.23× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.47× | ||
| Q2 24 | 0.43× | 0.73× | ||
| Q1 24 | -6.23× | 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
CTVA
| Corn | $1.4B | 35% |
| Herbicides | $1.1B | 27% |
| Insecticides | $488.0M | 12% |
| Fungicides | $272.0M | 7% |
| Biologicals | $191.0M | 5% |
| Soybean | $164.0M | 4% |
| Other | $160.0M | 4% |
| Otheroilseeds | $94.0M | 2% |
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
