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Delek US Holdings, Inc.（DK）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Delek US Holdings, Inc.的2.0倍（$4.7B vs $2.4B），Delek US Holdings, Inc.净利率更高（3.2% vs -50.3%，领先53.5%），国际纸业同比增速更快（3.6% vs 2.3%），Delek US Holdings, Inc.自由现金流更多（$382.8M vs $255.0M），过去两年国际纸业的营收复合增速更高（1.3% vs -11.9%）
Delek US Holdings, Inc.成立于2001年，总部位于美国田纳西州布伦特伍德，是一家深耕炼油、物流及生物燃料领域的能源企业，业务覆盖能源产业链上下游相关环节，为市场提供稳定的能源相关产品与配套服务。
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。
DK vs IP — 直观对比
营收规模更大
IP
是对方的2.0倍
$2.4B
营收增速更快
IP
高出1.2%
2.3%
净利率更高
DK
高出53.5%
-50.3%
自由现金流更多
DK
多$127.8M
$255.0M
两年增速更快
IP
近两年复合增速
-11.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $4.7B |
| 净利润 | $78.3M | $-2.4B |
| 毛利率 | 9.3% | 32.2% |
| 营业利润率 | 6.8% | -56.4% |
| 净利率 | 3.2% | -50.3% |
| 营收同比 | 2.3% | 3.6% |
| 净利润同比 | 118.9% | -1521.8% |
| 每股收益（稀释后） | $1.23 | $-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DKIP
| Q4 25 | $2.4B | $4.7B | ||
| Q3 25 | $2.9B | $6.2B | ||
| Q2 25 | $2.8B | $6.8B | ||
| Q1 25 | $2.6B | $5.9B | ||
| Q4 24 | $2.4B | $4.6B | ||
| Q3 24 | $3.0B | $4.7B | ||
| Q2 24 | $3.3B | $4.7B | ||
| Q1 24 | $3.1B | $4.6B |
净利润DKIP
| Q4 25 | $78.3M | $-2.4B | ||
| Q3 25 | $178.0M | $-1.1B | ||
| Q2 25 | $-106.4M | $75.0M | ||
| Q1 25 | $-172.7M | $-105.0M | ||
| Q4 24 | $-413.8M | $-147.0M | ||
| Q3 24 | $-76.8M | $150.0M | ||
| Q2 24 | $-37.2M | $498.0M | ||
| Q1 24 | $-32.6M | $56.0M |
毛利率DKIP
| Q4 25 | 9.3% | 32.2% | ||
| Q3 25 | 13.8% | 31.1% | ||
| Q2 25 | 1.9% | 27.9% | ||
| Q1 25 | -2.4% | 27.8% | ||
| Q4 24 | -5.7% | 29.0% | ||
| Q3 24 | -0.7% | 28.7% | ||
| Q2 24 | 0.5% | 29.0% | ||
| Q1 24 | 3.0% | 25.9% |
营业利润率DKIP
| Q4 25 | 6.8% | -56.4% | ||
| Q3 25 | 10.2% | -10.8% | ||
| Q2 25 | -1.2% | 1.7% | ||
| Q1 25 | -4.8% | -2.3% | ||
| Q4 24 | -17.0% | -4.9% | ||
| Q3 24 | -4.0% | 5.1% | ||
| Q2 24 | 0.1% | 6.8% | ||
| Q1 24 | 0.9% | 3.7% |
净利率DKIP
| Q4 25 | 3.2% | -50.3% | ||
| Q3 25 | 6.2% | -17.7% | ||
| Q2 25 | -3.8% | 1.1% | ||
| Q1 25 | -6.5% | -1.8% | ||
| Q4 24 | -17.4% | -3.2% | ||
| Q3 24 | -2.5% | 3.2% | ||
| Q2 24 | -1.1% | 10.5% | ||
| Q1 24 | -1.0% | 1.2% |
每股收益（稀释后）DKIP
| Q4 25 | $1.23 | $-4.76 | ||
| Q3 25 | $2.93 | $-2.09 | ||
| Q2 25 | $-1.76 | $0.14 | ||
| Q1 25 | $-2.78 | $-0.24 | ||
| Q4 24 | $-6.48 | $-0.42 | ||
| Q3 24 | $-1.20 | $0.42 | ||
| Q2 24 | $-0.58 | $1.41 | ||
| Q1 24 | $-0.51 | $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 | $625.8M | $1.1B |
| 总债务越低越好 | $3.2B | $8.8B |
| 股东权益账面价值 | $547.3M | $14.8B |
| 总资产 | $6.8B | $38.0B |
| 负债/权益比越低杠杆越低 | 5.91× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资DKIP
| Q4 25 | $625.8M | $1.1B | ||
| Q3 25 | $630.9M | $995.0M | ||
| Q2 25 | $615.5M | $1.1B | ||
| Q1 25 | $623.8M | $1.2B | ||
| Q4 24 | $735.6M | $1.2B | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $657.9M | $1.0B | ||
| Q1 24 | $753.4M | $1.1B |
总债务DKIP
| Q4 25 | $3.2B | $8.8B | ||
| Q3 25 | $3.2B | $9.0B | ||
| Q2 25 | $3.1B | $9.7B | ||
| Q1 25 | $3.0B | $9.2B | ||
| Q4 24 | $2.8B | $5.4B | ||
| Q3 24 | $2.8B | $5.3B | ||
| Q2 24 | $2.5B | $5.3B | ||
| Q1 24 | $2.5B | $5.5B |
股东权益DKIP
| Q4 25 | $547.3M | $14.8B | ||
| Q3 25 | $444.8M | $17.3B | ||
| Q2 25 | $294.9M | $18.6B | ||
| Q1 25 | $429.4M | $18.1B | ||
| Q4 24 | $575.2M | $8.2B | ||
| Q3 24 | $875.4M | $8.6B | ||
| Q2 24 | $982.8M | $8.6B | ||
| Q1 24 | $1.0B | $8.3B |
总资产DKIP
| Q4 25 | $6.8B | $38.0B | ||
| Q3 25 | $7.1B | $40.6B | ||
| Q2 25 | $7.1B | $42.4B | ||
| Q1 25 | $6.9B | $41.2B | ||
| Q4 24 | $6.7B | $22.8B | ||
| Q3 24 | $7.0B | $23.2B | ||
| Q2 24 | $6.9B | $23.1B | ||
| Q1 24 | $7.2B | $23.0B |
负债/权益比DKIP
| Q4 25 | 5.91× | 0.60× | ||
| Q3 25 | 7.14× | 0.52× | ||
| Q2 25 | 10.51× | 0.52× | ||
| Q1 25 | 7.07× | 0.51× | ||
| Q4 24 | 4.81× | 0.66× | ||
| Q3 24 | 3.19× | 0.62× | ||
| Q2 24 | 2.50× | 0.62× | ||
| Q1 24 | 2.41× | 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 | $502.8M | $905.0M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $255.0M |
| 自由现金流率自由现金流/营收 | 15.8% | 5.4% |
| 资本支出强度资本支出/营收 | 4.9% | 13.7% |
| 现金转化率经营现金流/净利润 | 6.42× | — |
| 过去12个月自由现金流最近4个季度 | $6.3M | $-159.0M |
8季度趋势，按日历期对齐
经营现金流DKIP
| Q4 25 | $502.8M | $905.0M | ||
| Q3 25 | $44.0M | $605.0M | ||
| Q2 25 | $51.4M | $476.0M | ||
| Q1 25 | $-62.4M | $-288.0M | ||
| Q4 24 | $-163.5M | $397.0M | ||
| Q3 24 | $-21.6M | $521.0M | ||
| Q2 24 | $-48.4M | $365.0M | ||
| Q1 24 | $166.7M | $395.0M |
自由现金流DKIP
| Q4 25 | $382.8M | $255.0M | ||
| Q3 25 | $-64.0M | $150.0M | ||
| Q2 25 | $-114.4M | $54.0M | ||
| Q1 25 | $-198.1M | $-618.0M | ||
| Q4 24 | $-354.0M | $137.0M | ||
| Q3 24 | $-140.6M | $309.0M | ||
| Q2 24 | $-128.3M | $167.0M | ||
| Q1 24 | $128.4M | $144.0M |
自由现金流率DKIP
| Q4 25 | 15.8% | 5.4% | ||
| Q3 25 | -2.2% | 2.4% | ||
| Q2 25 | -4.1% | 0.8% | ||
| Q1 25 | -7.5% | -10.5% | ||
| Q4 24 | -14.9% | 3.0% | ||
| Q3 24 | -4.6% | 6.6% | ||
| Q2 24 | -3.9% | 3.5% | ||
| Q1 24 | 4.1% | 3.1% |
资本支出强度DKIP
| Q4 25 | 4.9% | 13.7% | ||
| Q3 25 | 3.7% | 7.3% | ||
| Q2 25 | 6.0% | 6.2% | ||
| Q1 25 | 5.1% | 5.6% | ||
| Q4 24 | 8.0% | 5.7% | ||
| Q3 24 | 3.9% | 4.5% | ||
| Q2 24 | 2.4% | 4.2% | ||
| Q1 24 | 1.2% | 5.4% |
现金转化率DKIP
| Q4 25 | 6.42× | — | ||
| Q3 25 | 0.25× | — | ||
| Q2 25 | — | 6.35× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.47× | ||
| Q2 24 | — | 0.73× | ||
| Q1 24 | — | 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
DK
| Refining | $2.2B | 91% |
| Other | $173.0M | 7% |
| Gravity Water Intermediate Holdings LLC Gravity | $22.5M | 1% |
| Related Party | $20.8M | 1% |
| Logistics | $1.3M | 0% |
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
