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自由港麦克莫兰（FCX）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
自由港麦克莫兰的季度营收约是国际纸业的1.1倍（$5.3B vs $4.7B），自由港麦克莫兰净利率更高（10.7% vs -50.3%，领先61.0%），国际纸业同比增速更快（3.6% vs -10.4%），国际纸业自由现金流更多（$255.0M vs $-312.0M），过去两年国际纸业的营收复合增速更高（1.3% vs -7.9%）
自由港麦克莫兰是总部位于美国亚利桑那州凤凰城的矿业企业，是全球最大的钼生产商、主要铜生产商之一，运营着坐落于印度尼西亚巴布亚省的世界最大金矿格拉斯伯格矿。
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。
FCX vs IP — 直观对比
营收规模更大
FCX
是对方的1.1倍
$4.7B
营收增速更快
IP
高出14.0%
-10.4%
净利率更高
FCX
高出61.0%
-50.3%
自由现金流更多
IP
多$567.0M
$-312.0M
两年增速更快
IP
近两年复合增速
-7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $4.7B |
| 净利润 | $565.0M | $-2.4B |
| 毛利率 | 12.4% | 32.2% |
| 营业利润率 | 15.4% | -56.4% |
| 净利率 | 10.7% | -50.3% |
| 营收同比 | -10.4% | 3.6% |
| 净利润同比 | -21.6% | -1521.8% |
| 每股收益（稀释后） | — | $-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FCXIP
| Q4 25 | $5.3B | $4.7B | ||
| Q3 25 | $6.8B | $6.2B | ||
| Q2 25 | $7.5B | $6.8B | ||
| Q1 25 | $5.6B | $5.9B | ||
| Q4 24 | $5.9B | $4.6B | ||
| Q3 24 | $6.7B | $4.7B | ||
| Q2 24 | $6.4B | $4.7B | ||
| Q1 24 | $6.2B | $4.6B |
净利润FCXIP
| Q4 25 | $565.0M | $-2.4B | ||
| Q3 25 | $1.2B | $-1.1B | ||
| Q2 25 | $1.5B | $75.0M | ||
| Q1 25 | $793.0M | $-105.0M | ||
| Q4 24 | $721.0M | $-147.0M | ||
| Q3 24 | $1.2B | $150.0M | ||
| Q2 24 | $1.3B | $498.0M | ||
| Q1 24 | $1.2B | $56.0M |
毛利率FCXIP
| Q4 25 | 12.4% | 32.2% | ||
| Q3 25 | 29.2% | 31.1% | ||
| Q2 25 | 34.2% | 27.9% | ||
| Q1 25 | 24.3% | 27.8% | ||
| Q4 24 | 27.0% | 29.0% | ||
| Q3 24 | 30.0% | 28.7% | ||
| Q2 24 | 31.5% | 29.0% | ||
| Q1 24 | 28.5% | 25.9% |
营业利润率FCXIP
| Q4 25 | 15.4% | -56.4% | ||
| Q3 25 | 28.9% | -10.8% | ||
| Q2 25 | 32.3% | 1.7% | ||
| Q1 25 | 23.4% | -2.3% | ||
| Q4 24 | 21.1% | -4.9% | ||
| Q3 24 | 29.0% | 5.1% | ||
| Q2 24 | 32.0% | 6.8% | ||
| Q1 24 | 26.3% | 3.7% |
净利率FCXIP
| Q4 25 | 10.7% | -50.3% | ||
| Q3 25 | 18.3% | -17.7% | ||
| Q2 25 | 20.6% | 1.1% | ||
| Q1 25 | 14.2% | -1.8% | ||
| Q4 24 | 12.3% | -3.2% | ||
| Q3 24 | 18.5% | 3.2% | ||
| Q2 24 | 20.0% | 10.5% | ||
| Q1 24 | 18.7% | 1.2% |
每股收益（稀释后）FCXIP
| Q4 25 | — | $-4.76 | ||
| Q3 25 | $0.46 | $-2.09 | ||
| Q2 25 | $0.53 | $0.14 | ||
| Q1 25 | $0.24 | $-0.24 | ||
| Q4 24 | — | $-0.42 | ||
| Q3 24 | $0.36 | $0.42 | ||
| Q2 24 | $0.42 | $1.41 | ||
| Q1 24 | $0.32 | $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 | $3.8B | $1.1B |
| 总债务越低越好 | $9.4B | $8.8B |
| 股东权益账面价值 | $18.9B | $14.8B |
| 总资产 | $58.2B | $38.0B |
| 负债/权益比越低杠杆越低 | 0.50× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资FCXIP
| Q4 25 | $3.8B | $1.1B | ||
| Q3 25 | $4.3B | $995.0M | ||
| Q2 25 | $4.5B | $1.1B | ||
| Q1 25 | $4.4B | $1.2B | ||
| Q4 24 | $3.9B | $1.2B | ||
| Q3 24 | $5.0B | $1.2B | ||
| Q2 24 | $5.3B | $1.0B | ||
| Q1 24 | $5.2B | $1.1B |
总债务FCXIP
| Q4 25 | $9.4B | $8.8B | ||
| Q3 25 | — | $9.0B | ||
| Q2 25 | — | $9.7B | ||
| Q1 25 | $9.4B | $9.2B | ||
| Q4 24 | $8.9B | $5.4B | ||
| Q3 24 | $9.7B | $5.3B | ||
| Q2 24 | $9.4B | $5.3B | ||
| Q1 24 | $9.4B | $5.5B |
股东权益FCXIP
| Q4 25 | $18.9B | $14.8B | ||
| Q3 25 | $18.7B | $17.3B | ||
| Q2 25 | $18.2B | $18.6B | ||
| Q1 25 | $17.7B | $18.1B | ||
| Q4 24 | $17.6B | $8.2B | ||
| Q3 24 | $17.5B | $8.6B | ||
| Q2 24 | $17.4B | $8.6B | ||
| Q1 24 | $17.0B | $8.3B |
总资产FCXIP
| Q4 25 | $58.2B | $38.0B | ||
| Q3 25 | $56.8B | $40.6B | ||
| Q2 25 | $56.5B | $42.4B | ||
| Q1 25 | $56.0B | $41.2B | ||
| Q4 24 | $54.8B | $22.8B | ||
| Q3 24 | $55.4B | $23.2B | ||
| Q2 24 | $54.6B | $23.1B | ||
| Q1 24 | $54.2B | $23.0B |
负债/权益比FCXIP
| Q4 25 | 0.50× | 0.60× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | 0.53× | 0.51× | ||
| Q4 24 | 0.51× | 0.66× | ||
| Q3 24 | 0.55× | 0.62× | ||
| Q2 24 | 0.54× | 0.62× | ||
| Q1 24 | 0.56× | 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 | $693.0M | $905.0M |
| 自由现金流经营现金流 - 资本支出 | $-312.0M | $255.0M |
| 自由现金流率自由现金流/营收 | -5.9% | 5.4% |
| 资本支出强度资本支出/营收 | 19.1% | 13.7% |
| 现金转化率经营现金流/净利润 | 1.23× | — |
| 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FCXIP
| Q4 25 | $693.0M | $905.0M | ||
| Q3 25 | $1.7B | $605.0M | ||
| Q2 25 | $2.2B | $476.0M | ||
| Q1 25 | $1.1B | $-288.0M | ||
| Q4 24 | $1.4B | $397.0M | ||
| Q3 24 | $1.9B | $521.0M | ||
| Q2 24 | $2.0B | $365.0M | ||
| Q1 24 | $1.9B | $395.0M |
自由现金流FCXIP
| Q4 25 | $-312.0M | $255.0M | ||
| Q3 25 | $608.0M | $150.0M | ||
| Q2 25 | $934.0M | $54.0M | ||
| Q1 25 | $-114.0M | $-618.0M | ||
| Q4 24 | $197.0M | $137.0M | ||
| Q3 24 | $673.0M | $309.0M | ||
| Q2 24 | $840.0M | $167.0M | ||
| Q1 24 | $642.0M | $144.0M |
自由现金流率FCXIP
| Q4 25 | -5.9% | 5.4% | ||
| Q3 25 | 8.9% | 2.4% | ||
| Q2 25 | 12.4% | 0.8% | ||
| Q1 25 | -2.0% | -10.5% | ||
| Q4 24 | 3.4% | 3.0% | ||
| Q3 24 | 10.1% | 6.6% | ||
| Q2 24 | 13.1% | 3.5% | ||
| Q1 24 | 10.3% | 3.1% |
资本支出强度FCXIP
| Q4 25 | 19.1% | 13.7% | ||
| Q3 25 | 15.5% | 7.3% | ||
| Q2 25 | 16.8% | 6.2% | ||
| Q1 25 | 21.0% | 5.6% | ||
| Q4 24 | 21.1% | 5.7% | ||
| Q3 24 | 17.9% | 4.5% | ||
| Q2 24 | 17.4% | 4.2% | ||
| Q1 24 | 20.2% | 5.4% |
现金转化率FCXIP
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 1.42× | 6.35× | ||
| Q1 25 | 1.33× | — | ||
| Q4 24 | 1.99× | — | ||
| Q3 24 | 1.51× | 3.47× | ||
| Q2 24 | 1.53× | 0.73× | ||
| Q1 24 | 1.63× | 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
FCX
| Morenci | $2.5B | 47% |
| Grasberg Segment | $964.0M | 18% |
| Copper In Concentrates | $934.0M | 18% |
| Molybdenum | $541.0M | 10% |
| Gold | $388.0M | 7% |
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
