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ENBRIDGE INC（ENB）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是ENBRIDGE INC的1.3倍（$7.7B vs $5.7B），ENBRIDGE INC净利率更高（26.2% vs 0.8%，领先25.4%），ENBRIDGE INC同比增速更快（5.3% vs 0.7%），过去两年Smurfit Westrock的营收复合增速更高（61.2% vs 7.6%）
加拿大恩布里奇公司（Enbridge Inc.）是总部位于阿尔伯塔省卡尔加里的跨国能源管道企业，在加拿大、美国运营管网输送原油、天然气及天然气液，同时布局可再生能源业务。其管网是北美最长、全球规模最大的原油出口管网，拥有近2.9万公里原油管道及超3.83万公里天然气管道。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
ENB vs SW — 直观对比
营收规模更大
SW
是对方的1.3倍
$5.7B
营收增速更快
ENB
高出4.6%
0.7%
净利率更高
ENB
高出25.4%
0.8%
两年增速更快
SW
近两年复合增速
7.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $7.7B |
| 净利润 | $1.5B | $63.0M |
| 毛利率 | — | 16.4% |
| 营业利润率 | 34.7% | 3.3% |
| 净利率 | 26.2% | 0.8% |
| 营收同比 | 5.3% | 0.7% |
| 净利润同比 | 246.2% | 0.0% |
| 每股收益（稀释后） | — | $0.12 |
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ENBSW
| Q1 26 | — | $7.7B | ||
| Q4 25 | $5.7B | $7.6B | ||
| Q3 25 | $4.5B | $8.0B | ||
| Q2 25 | $4.8B | $7.9B | ||
| Q1 25 | $6.4B | $7.7B | ||
| Q4 24 | $5.4B | $7.5B | ||
| Q3 24 | $4.2B | $7.7B | ||
| Q2 24 | $4.3B | $3.0B |
净利润ENBSW
| Q1 26 | — | $63.0M | ||
| Q4 25 | $1.5B | $97.0M | ||
| Q3 25 | $575.2M | $246.0M | ||
| Q2 25 | $1.7B | $-28.0M | ||
| Q1 25 | $1.7B | $384.0M | ||
| Q4 24 | $434.4M | $146.0M | ||
| Q3 24 | $1.0B | $-150.0M | ||
| Q2 24 | $1.4B | $132.0M |
毛利率ENBSW
| Q1 26 | — | 16.4% | ||
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | 7.5% | 23.3% |
营业利润率ENBSW
| Q1 26 | — | 3.3% | ||
| Q4 25 | 34.7% | 5.1% | ||
| Q3 25 | 36.9% | 6.6% | ||
| Q2 25 | 35.1% | 3.2% | ||
| Q1 25 | 41.7% | 7.2% | ||
| Q4 24 | 32.8% | 5.3% | ||
| Q3 24 | 38.7% | 0.7% | ||
| Q2 24 | 38.3% | 8.2% |
净利率ENBSW
| Q1 26 | — | 0.8% | ||
| Q4 25 | 26.2% | 1.3% | ||
| Q3 25 | 12.8% | 3.1% | ||
| Q2 25 | 34.9% | -0.4% | ||
| Q1 25 | 26.8% | 5.0% | ||
| Q4 24 | 8.0% | 1.9% | ||
| Q3 24 | 24.3% | -2.0% | ||
| Q2 24 | 32.8% | 4.4% |
每股收益（稀释后）ENBSW
| Q1 26 | — | $0.12 | ||
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.47 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $0.73 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $0.51 |
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 | $798.6M | — |
| 总债务越低越好 | $72.2B | $980.0M |
| 股东权益账面价值 | $45.5B | $18.1B |
| 总资产 | $159.5B | $45.2B |
| 负债/权益比越低杠杆越低 | 1.59× | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资ENBSW
| Q1 26 | — | — | ||
| Q4 25 | $798.6M | $892.0M | ||
| Q3 25 | $1.0B | $851.0M | ||
| Q2 25 | $878.2M | $778.0M | ||
| Q1 25 | $1.5B | $797.0M | ||
| Q4 24 | $1.3B | $855.0M | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $2.6B | $26.8K |
总债务ENBSW
| Q1 26 | — | $980.0M | ||
| Q4 25 | $72.2B | $13.4B | ||
| Q3 25 | $73.4B | $13.3B | ||
| Q2 25 | $70.8B | $13.3B | ||
| Q1 25 | $70.9B | $12.9B | ||
| Q4 24 | $68.2B | $12.5B | ||
| Q3 24 | $63.7B | $13.2B | ||
| Q2 24 | $62.2B | — |
股东权益ENBSW
| Q1 26 | — | $18.1B | ||
| Q4 25 | $45.5B | $18.3B | ||
| Q3 25 | $47.6B | $18.4B | ||
| Q2 25 | $47.8B | $18.3B | ||
| Q1 25 | $49.8B | $17.9B | ||
| Q4 24 | $48.1B | $17.4B | ||
| Q3 24 | $48.0B | $18.0B | ||
| Q2 24 | $49.1B | $14.5K |
总资产ENBSW
| Q1 26 | — | $45.2B | ||
| Q4 25 | $159.5B | $45.2B | ||
| Q3 25 | $158.4B | $45.6B | ||
| Q2 25 | $154.5B | $45.7B | ||
| Q1 25 | $160.6B | $44.6B | ||
| Q4 24 | $159.9B | $43.8B | ||
| Q3 24 | $150.2B | $45.0B | ||
| Q2 24 | $146.9B | $26.8K |
负债/权益比ENBSW
| Q1 26 | — | 0.05× | ||
| Q4 25 | 1.59× | 0.73× | ||
| Q3 25 | 1.54× | 0.72× | ||
| Q2 25 | 1.48× | 0.73× | ||
| Q1 25 | 1.42× | 0.72× | ||
| Q4 24 | 1.42× | 0.72× | ||
| Q3 24 | 1.33× | 0.73× | ||
| Q2 24 | 1.27× | — |
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 | $9.0B | $204.0M |
| 自由现金流经营现金流 - 资本支出 | $2.4B | — |
| 自由现金流率自由现金流/营收 | 42.0% | — |
| 资本支出强度资本支出/营收 | 114.3% | — |
| 现金转化率经营现金流/净利润 | 5.96× | 3.24× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ENBSW
| Q1 26 | — | $204.0M | ||
| Q4 25 | $9.0B | $1.2B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $829.0M | ||
| Q1 25 | $2.2B | $235.0M | ||
| Q4 24 | $9.2B | $781.0M | ||
| Q3 24 | — | $320.0M | ||
| Q2 24 | — | $340.0M |
自由现金流ENBSW
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $612.0M | ||
| Q3 25 | — | $523.0M | ||
| Q2 25 | — | $307.0M | ||
| Q1 25 | $970.9M | $-242.0M | ||
| Q4 24 | $4.3B | $212.0M | ||
| Q3 24 | — | $-192.0M | ||
| Q2 24 | — | $163.0M |
自由现金流率ENBSW
| Q1 26 | — | — | ||
| Q4 25 | 42.0% | 8.1% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | 15.1% | -3.2% | ||
| Q4 24 | 79.0% | 2.8% | ||
| Q3 24 | — | -2.5% | ||
| Q2 24 | — | 5.5% |
资本支出强度ENBSW
| Q1 26 | — | — | ||
| Q4 25 | 114.3% | 7.7% | ||
| Q3 25 | — | 7.6% | ||
| Q2 25 | — | 6.6% | ||
| Q1 25 | 19.6% | 6.2% | ||
| Q4 24 | 90.1% | 7.5% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 6.0% |
现金转化率ENBSW
| Q1 26 | — | 3.24× | ||
| Q4 25 | 5.96× | 12.32× | ||
| Q3 25 | — | 4.61× | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.29× | 0.61× | ||
| Q4 24 | 21.18× | 5.35× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.58× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
