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艺康（ECL）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艺康的1.2倍（$4.7B vs $4.1B），艺康净利率更高（10.6% vs -50.3%，领先60.9%），艺康同比增速更快（10.0% vs 3.6%），过去两年国际纸业的营收复合增速更高（1.3% vs 1.0%）
艺康（Ecolab）总部位于美国明尼苏达州圣保罗市，是全球领先的水处理、清洁消毒与卫生防护产品提供商，核心客户群体覆盖各领域商业机构与工业企业，可助力客户提升运营效率、保障公共卫生安全、实现可持续发展。
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。
ECL vs IP — 直观对比
营收规模更大
IP
是对方的1.2倍
$4.1B
营收增速更快
ECL
高出6.5%
3.6%
净利率更高
ECL
高出60.9%
-50.3%
两年增速更快
IP
近两年复合增速
1.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.1B | $4.7B |
| 净利润 | $432.6M | $-2.4B |
| 毛利率 | — | 32.2% |
| 营业利润率 | 15.3% | -56.4% |
| 净利率 | 10.6% | -50.3% |
| 营收同比 | 10.0% | 3.6% |
| 净利润同比 | 1.3% | -1521.8% |
| 每股收益（稀释后） | $1.52 | $-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ECLIP
| Q2 26 | $4.1B | — | ||
| Q4 25 | $4.2B | $4.7B | ||
| Q3 25 | $4.2B | $6.2B | ||
| Q2 25 | $4.0B | $6.8B | ||
| Q1 25 | $3.7B | $5.9B | ||
| Q4 24 | $4.0B | $4.6B | ||
| Q3 24 | $4.0B | $4.7B | ||
| Q2 24 | $4.0B | $4.7B |
净利润ECLIP
| Q2 26 | $432.6M | — | ||
| Q4 25 | $563.9M | $-2.4B | ||
| Q3 25 | $585.0M | $-1.1B | ||
| Q2 25 | $524.2M | $75.0M | ||
| Q1 25 | $402.5M | $-105.0M | ||
| Q4 24 | $472.9M | $-147.0M | ||
| Q3 24 | $736.5M | $150.0M | ||
| Q2 24 | $490.9M | $498.0M |
毛利率ECLIP
| Q2 26 | — | — | ||
| Q4 25 | 44.0% | 32.2% | ||
| Q3 25 | 44.8% | 31.1% | ||
| Q2 25 | 44.8% | 27.9% | ||
| Q1 25 | 44.2% | 27.8% | ||
| Q4 24 | 43.3% | 29.0% | ||
| Q3 24 | 43.4% | 28.7% | ||
| Q2 24 | 43.8% | 29.0% |
营业利润率ECLIP
| Q2 26 | 15.3% | — | ||
| Q4 25 | 17.0% | -56.4% | ||
| Q3 25 | 18.3% | -10.8% | ||
| Q2 25 | 17.6% | 1.7% | ||
| Q1 25 | 15.0% | -2.3% | ||
| Q4 24 | 14.6% | -4.9% | ||
| Q3 24 | 26.1% | 5.1% | ||
| Q2 24 | 16.5% | 6.8% |
净利率ECLIP
| Q2 26 | 10.6% | — | ||
| Q4 25 | 13.4% | -50.3% | ||
| Q3 25 | 14.0% | -17.7% | ||
| Q2 25 | 13.0% | 1.1% | ||
| Q1 25 | 10.9% | -1.8% | ||
| Q4 24 | 11.8% | -3.2% | ||
| Q3 24 | 18.4% | 3.2% | ||
| Q2 24 | 12.3% | 10.5% |
每股收益（稀释后）ECLIP
| Q2 26 | $1.52 | — | ||
| Q4 25 | $1.98 | $-4.76 | ||
| Q3 25 | $2.05 | $-2.09 | ||
| Q2 25 | $1.84 | $0.14 | ||
| Q1 25 | $1.41 | $-0.24 | ||
| Q4 24 | $1.65 | $-0.42 | ||
| Q3 24 | $2.58 | $0.42 | ||
| Q2 24 | $1.71 | $1.41 |
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 | $519.8K | $1.1B |
| 总债务越低越好 | $8.5M | $8.8B |
| 股东权益账面价值 | $10.0M | $14.8B |
| 总资产 | $25.0M | $38.0B |
| 负债/权益比越低杠杆越低 | 0.85× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资ECLIP
| Q2 26 | $519.8K | — | ||
| Q4 25 | $646.2M | $1.1B | ||
| Q3 25 | $2.0B | $995.0M | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $384.0M | $1.0B |
总债务ECLIP
| Q2 26 | $8.5M | — | ||
| Q4 25 | $7.4B | $8.8B | ||
| Q3 25 | $8.1B | $9.0B | ||
| Q2 25 | $7.5B | $9.7B | ||
| Q1 25 | $7.0B | $9.2B | ||
| Q4 24 | $6.9B | $5.4B | ||
| Q3 24 | $7.0B | $5.3B | ||
| Q2 24 | $7.5B | $5.3B |
股东权益ECLIP
| Q2 26 | $10.0M | — | ||
| Q4 25 | $9.8B | $14.8B | ||
| Q3 25 | $9.7B | $17.3B | ||
| Q2 25 | $9.3B | $18.6B | ||
| Q1 25 | $8.9B | $18.1B | ||
| Q4 24 | $8.8B | $8.2B | ||
| Q3 24 | $8.5B | $8.6B | ||
| Q2 24 | $8.3B | $8.6B |
总资产ECLIP
| Q2 26 | $25.0M | — | ||
| Q4 25 | $24.7B | $38.0B | ||
| Q3 25 | $23.9B | $40.6B | ||
| Q2 25 | $23.7B | $42.4B | ||
| Q1 25 | $22.4B | $41.2B | ||
| Q4 24 | $22.4B | $22.8B | ||
| Q3 24 | $22.1B | $23.2B | ||
| Q2 24 | $21.5B | $23.1B |
负债/权益比ECLIP
| Q2 26 | 0.85× | — | ||
| Q4 25 | 0.75× | 0.60× | ||
| Q3 25 | 0.83× | 0.52× | ||
| Q2 25 | 0.81× | 0.52× | ||
| Q1 25 | 0.79× | 0.51× | ||
| Q4 24 | 0.79× | 0.66× | ||
| Q3 24 | 0.82× | 0.62× | ||
| Q2 24 | 0.91× | 0.62× |
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 | — | $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 | — | — |
| 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ECLIP
| Q2 26 | — | — | ||
| Q4 25 | $1.1B | $905.0M | ||
| Q3 25 | $791.3M | $605.0M | ||
| Q2 25 | $701.8M | $476.0M | ||
| Q1 25 | $369.4M | $-288.0M | ||
| Q4 24 | $766.7M | $397.0M | ||
| Q3 24 | $786.7M | $521.0M | ||
| Q2 24 | $611.1M | $365.0M |
自由现金流ECLIP
| Q2 26 | — | — | ||
| Q4 25 | $758.0M | $255.0M | ||
| Q3 25 | $529.7M | $150.0M | ||
| Q2 25 | $485.1M | $54.0M | ||
| Q1 25 | $131.5M | $-618.0M | ||
| Q4 24 | $407.0M | $137.0M | ||
| Q3 24 | $550.3M | $309.0M | ||
| Q2 24 | $414.2M | $167.0M |
自由现金流率ECLIP
| Q2 26 | — | — | ||
| Q4 25 | 18.1% | 5.4% | ||
| Q3 25 | 12.7% | 2.4% | ||
| Q2 25 | 12.1% | 0.8% | ||
| Q1 25 | 3.6% | -10.5% | ||
| Q4 24 | 10.2% | 3.0% | ||
| Q3 24 | 13.8% | 6.6% | ||
| Q2 24 | 10.4% | 3.5% |
资本支出强度ECLIP
| Q2 26 | — | — | ||
| Q4 25 | 7.9% | 13.7% | ||
| Q3 25 | 6.3% | 7.3% | ||
| Q2 25 | 5.4% | 6.2% | ||
| Q1 25 | 6.4% | 5.6% | ||
| Q4 24 | 9.0% | 5.7% | ||
| Q3 24 | 5.9% | 4.5% | ||
| Q2 24 | 4.9% | 4.2% |
现金转化率ECLIP
| Q2 26 | — | — | ||
| Q4 25 | 1.93× | — | ||
| Q3 25 | 1.35× | — | ||
| Q2 25 | 1.34× | 6.35× | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | 1.62× | — | ||
| Q3 24 | 1.07× | 3.47× | ||
| Q2 24 | 1.24× | 0.73× |
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
ECL
| Product and equipment sales | $3.2B | 78% |
| Service and lease sales | $891.5M | 22% |
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
