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雅诗兰黛（EL）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雅诗兰黛的1.1倍（$4.7B vs $4.2B），雅诗兰黛净利率更高（3.8% vs -50.3%，领先54.1%），雅诗兰黛同比增速更快（5.6% vs 3.6%），雅诗兰黛自由现金流更多（$1.0B vs $255.0M），过去两年雅诗兰黛的营收复合增速更高（3.6% vs 1.3%）
雅诗兰黛是全球知名的高端美妆集团，由创始人雅诗·兰黛女士与丈夫约瑟夫·劳特共同创立。雅诗·兰黛女士也是唯一一位登上《时代》杂志1998年“20世纪20位最具影响力商业天才”榜单的女性，集团旗下拥有多个知名美妆、护肤、香氛品牌，业务覆盖全球众多国家和地区。
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。
EL vs IP — 直观对比
营收规模更大
IP
是对方的1.1倍
$4.2B
营收增速更快
EL
高出2.0%
3.6%
净利率更高
EL
高出54.1%
-50.3%
自由现金流更多
EL
多$762.0M
$255.0M
两年增速更快
EL
近两年复合增速
1.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $4.7B |
| 净利润 | $162.0M | $-2.4B |
| 毛利率 | 76.5% | 32.2% |
| 营业利润率 | 9.5% | -56.4% |
| 净利率 | 3.8% | -50.3% |
| 营收同比 | 5.6% | 3.6% |
| 净利润同比 | 127.5% | -1521.8% |
| 每股收益（稀释后） | $0.44 | $-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ELIP
| Q4 25 | $4.2B | $4.7B | ||
| Q3 25 | $3.5B | $6.2B | ||
| Q2 25 | $3.4B | $6.8B | ||
| Q1 25 | $3.5B | $5.9B | ||
| Q4 24 | $4.0B | $4.6B | ||
| Q3 24 | $3.4B | $4.7B | ||
| Q2 24 | $3.9B | $4.7B | ||
| Q1 24 | $3.9B | $4.6B |
净利润ELIP
| Q4 25 | $162.0M | $-2.4B | ||
| Q3 25 | $47.0M | $-1.1B | ||
| Q2 25 | $-546.0M | $75.0M | ||
| Q1 25 | $159.0M | $-105.0M | ||
| Q4 24 | $-590.0M | $-147.0M | ||
| Q3 24 | $-156.0M | $150.0M | ||
| Q2 24 | $-286.0M | $498.0M | ||
| Q1 24 | $335.0M | $56.0M |
毛利率ELIP
| Q4 25 | 76.5% | 32.2% | ||
| Q3 25 | 73.4% | 31.1% | ||
| Q2 25 | 72.0% | 27.9% | ||
| Q1 25 | 75.0% | 27.8% | ||
| Q4 24 | 76.1% | 29.0% | ||
| Q3 24 | 72.4% | 28.7% | ||
| Q2 24 | 71.8% | 29.0% | ||
| Q1 24 | 71.9% | 25.9% |
营业利润率ELIP
| Q4 25 | 9.5% | -56.4% | ||
| Q3 25 | 4.9% | -10.8% | ||
| Q2 25 | -11.4% | 1.7% | ||
| Q1 25 | 8.6% | -2.3% | ||
| Q4 24 | -14.5% | -4.9% | ||
| Q3 24 | -3.6% | 5.1% | ||
| Q2 24 | -6.0% | 6.8% | ||
| Q1 24 | 13.5% | 3.7% |
净利率ELIP
| Q4 25 | 3.8% | -50.3% | ||
| Q3 25 | 1.4% | -17.7% | ||
| Q2 25 | -16.0% | 1.1% | ||
| Q1 25 | 4.5% | -1.8% | ||
| Q4 24 | -14.7% | -3.2% | ||
| Q3 24 | -4.6% | 3.2% | ||
| Q2 24 | -7.4% | 10.5% | ||
| Q1 24 | 8.5% | 1.2% |
每股收益（稀释后）ELIP
| Q4 25 | $0.44 | $-4.76 | ||
| Q3 25 | $0.13 | $-2.09 | ||
| Q2 25 | $-1.52 | $0.14 | ||
| Q1 25 | $0.44 | $-0.24 | ||
| Q4 24 | $-1.64 | $-0.42 | ||
| Q3 24 | $-0.43 | $0.42 | ||
| Q2 24 | $-0.79 | $1.41 | ||
| Q1 24 | $0.91 | $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 | — | $1.1B |
| 总债务越低越好 | $7.3B | $8.8B |
| 股东权益账面价值 | $4.0B | $14.8B |
| 总资产 | $19.6B | $38.0B |
| 负债/权益比越低杠杆越低 | 1.82× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资ELIP
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $995.0M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $1.1B |
总债务ELIP
| Q4 25 | $7.3B | $8.8B | ||
| Q3 25 | $7.3B | $9.0B | ||
| Q2 25 | $7.3B | $9.7B | ||
| Q1 25 | $7.3B | $9.2B | ||
| Q4 24 | $7.3B | $5.4B | ||
| Q3 24 | $7.3B | $5.3B | ||
| Q2 24 | $7.3B | $5.3B | ||
| Q1 24 | $7.3B | $5.5B |
股东权益ELIP
| Q4 25 | $4.0B | $14.8B | ||
| Q3 25 | $3.9B | $17.3B | ||
| Q2 25 | $3.9B | $18.6B | ||
| Q1 25 | $4.3B | $18.1B | ||
| Q4 24 | $4.2B | $8.2B | ||
| Q3 24 | $5.1B | $8.6B | ||
| Q2 24 | $5.3B | $8.6B | ||
| Q1 24 | $5.7B | $8.3B |
总资产ELIP
| Q4 25 | $19.6B | $38.0B | ||
| Q3 25 | $19.3B | $40.6B | ||
| Q2 25 | $19.9B | $42.4B | ||
| Q1 25 | $19.9B | $41.2B | ||
| Q4 24 | $19.8B | $22.8B | ||
| Q3 24 | $21.3B | $23.2B | ||
| Q2 24 | $21.7B | $23.1B | ||
| Q1 24 | $22.7B | $23.0B |
负债/权益比ELIP
| Q4 25 | 1.82× | 0.60× | ||
| Q3 25 | 1.88× | 0.52× | ||
| Q2 25 | 1.89× | 0.52× | ||
| Q1 25 | 1.68× | 0.51× | ||
| Q4 24 | 1.75× | 0.66× | ||
| Q3 24 | 1.44× | 0.62× | ||
| Q2 24 | 1.37× | 0.62× | ||
| Q1 24 | 1.26× | 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 | $1.0B | $255.0M |
| 自由现金流率自由现金流/营收 | 24.0% | 5.4% |
| 资本支出强度资本支出/营收 | 2.6% | 13.7% |
| 现金转化率经营现金流/净利润 | 6.94× | — |
| 过去12个月自由现金流最近4个季度 | $1.1B | $-159.0M |
8季度趋势，按日历期对齐
经营现金流ELIP
| Q4 25 | $1.1B | $905.0M | ||
| Q3 25 | $-340.0M | $605.0M | ||
| Q2 25 | $601.0M | $476.0M | ||
| Q1 25 | $284.0M | $-288.0M | ||
| Q4 24 | $1.1B | $397.0M | ||
| Q3 24 | $-670.0M | $521.0M | ||
| Q2 24 | $889.0M | $365.0M | ||
| Q1 24 | $534.0M | $395.0M |
自由现金流ELIP
| Q4 25 | $1.0B | $255.0M | ||
| Q3 25 | $-436.0M | $150.0M | ||
| Q2 25 | $394.0M | $54.0M | ||
| Q1 25 | $162.0M | $-618.0M | ||
| Q4 24 | $925.0M | $137.0M | ||
| Q3 24 | $-811.0M | $309.0M | ||
| Q2 24 | $672.0M | $167.0M | ||
| Q1 24 | $359.0M | $144.0M |
自由现金流率ELIP
| Q4 25 | 24.0% | 5.4% | ||
| Q3 25 | -12.5% | 2.4% | ||
| Q2 25 | 11.6% | 0.8% | ||
| Q1 25 | 4.6% | -10.5% | ||
| Q4 24 | 23.1% | 3.0% | ||
| Q3 24 | -24.1% | 6.6% | ||
| Q2 24 | 17.4% | 3.5% | ||
| Q1 24 | 9.1% | 3.1% |
资本支出强度ELIP
| Q4 25 | 2.6% | 13.7% | ||
| Q3 25 | 2.8% | 7.3% | ||
| Q2 25 | 6.1% | 6.2% | ||
| Q1 25 | 3.4% | 5.6% | ||
| Q4 24 | 3.3% | 5.7% | ||
| Q3 24 | 4.2% | 4.5% | ||
| Q2 24 | 5.6% | 4.2% | ||
| Q1 24 | 4.4% | 5.4% |
现金转化率ELIP
| Q4 25 | 6.94× | — | ||
| Q3 25 | -7.23× | — | ||
| Q2 25 | — | 6.35× | ||
| Q1 25 | 1.79× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.47× | ||
| Q2 24 | — | 0.73× | ||
| Q1 24 | 1.59× | 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
EL
| Skin Care | $2.1B | 49% |
| Makeup | $1.2B | 28% |
| Fragrance | $812.0M | 19% |
| Hair Care | $168.0M | 4% |
| Other | $31.0M | 1% |
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
