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FirstEnergy（FE）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FirstEnergy的1.2倍（$4.7B vs $3.8B），FirstEnergy净利率更高（-1.3% vs -50.3%，领先49.0%），FirstEnergy同比增速更快（19.6% vs 3.6%），国际纸业自由现金流更多（$255.0M vs $-30.0M），过去两年FirstEnergy的营收复合增速更高（7.5% vs 1.3%）
FirstEnergy Corp是总部位于美国俄亥俄州阿克伦市的电力公用事业企业，主营电力供应、电网运营相关业务，于1997年由俄亥俄爱迪生公司与森特里奥尔能源公司合并组建，是美国中西部地区颇具影响力的公共事业服务商。
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。
FE vs IP — 直观对比
营收规模更大
IP
是对方的1.2倍
$3.8B
营收增速更快
FE
高出16.0%
3.6%
净利率更高
FE
高出49.0%
-50.3%
自由现金流更多
IP
多$285.0M
$-30.0M
两年增速更快
FE
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $4.7B |
| 净利润 | $-49.0M | $-2.4B |
| 毛利率 | — | 32.2% |
| 营业利润率 | -0.6% | -56.4% |
| 净利率 | -1.3% | -50.3% |
| 营收同比 | 19.6% | 3.6% |
| 净利润同比 | -118.8% | -1521.8% |
| 每股收益（稀释后） | $-0.08 | $-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FEIP
| Q4 25 | $3.8B | $4.7B | ||
| Q3 25 | $4.1B | $6.2B | ||
| Q2 25 | $3.4B | $6.8B | ||
| Q1 25 | $3.8B | $5.9B | ||
| Q4 24 | $3.2B | $4.6B | ||
| Q3 24 | $3.7B | $4.7B | ||
| Q2 24 | $3.3B | $4.7B | ||
| Q1 24 | $3.3B | $4.6B |
净利润FEIP
| Q4 25 | $-49.0M | $-2.4B | ||
| Q3 25 | $441.0M | $-1.1B | ||
| Q2 25 | $268.0M | $75.0M | ||
| Q1 25 | $360.0M | $-105.0M | ||
| Q4 24 | $261.0M | $-147.0M | ||
| Q3 24 | $419.0M | $150.0M | ||
| Q2 24 | $45.0M | $498.0M | ||
| Q1 24 | $253.0M | $56.0M |
毛利率FEIP
| Q4 25 | — | 32.2% | ||
| Q3 25 | — | 31.1% | ||
| Q2 25 | — | 27.9% | ||
| Q1 25 | — | 27.8% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | — | 28.7% | ||
| Q2 24 | — | 29.0% | ||
| Q1 24 | — | 25.9% |
营业利润率FEIP
| Q4 25 | -0.6% | -56.4% | ||
| Q3 25 | 20.0% | -10.8% | ||
| Q2 25 | 19.1% | 1.7% | ||
| Q1 25 | 20.0% | -2.3% | ||
| Q4 24 | 19.3% | -4.9% | ||
| Q3 24 | 19.5% | 5.1% | ||
| Q2 24 | 12.9% | 6.8% | ||
| Q1 24 | 18.6% | 3.7% |
净利率FEIP
| Q4 25 | -1.3% | -50.3% | ||
| Q3 25 | 10.6% | -17.7% | ||
| Q2 25 | 7.9% | 1.1% | ||
| Q1 25 | 9.6% | -1.8% | ||
| Q4 24 | 8.2% | -3.2% | ||
| Q3 24 | 11.2% | 3.2% | ||
| Q2 24 | 1.4% | 10.5% | ||
| Q1 24 | 7.7% | 1.2% |
每股收益（稀释后）FEIP
| Q4 25 | $-0.08 | $-4.76 | ||
| Q3 25 | $0.76 | $-2.09 | ||
| Q2 25 | $0.46 | $0.14 | ||
| Q1 25 | $0.62 | $-0.24 | ||
| Q4 24 | $0.45 | $-0.42 | ||
| Q3 24 | $0.73 | $0.42 | ||
| Q2 24 | $0.08 | $1.41 | ||
| Q1 24 | $0.44 | $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 | $57.0M | $1.1B |
| 总债务越低越好 | $25.5B | $8.8B |
| 股东权益账面价值 | $12.5B | $14.8B |
| 总资产 | $55.9B | $38.0B |
| 负债/权益比越低杠杆越低 | 2.04× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资FEIP
| Q4 25 | $57.0M | $1.1B | ||
| Q3 25 | $1.4B | $995.0M | ||
| Q2 25 | $569.0M | $1.1B | ||
| Q1 25 | $132.0M | $1.2B | ||
| Q4 24 | $111.0M | $1.2B | ||
| Q3 24 | $439.0M | $1.2B | ||
| Q2 24 | $60.0M | $1.0B | ||
| Q1 24 | $888.0M | $1.1B |
总债务FEIP
| Q4 25 | $25.5B | $8.8B | ||
| Q3 25 | $25.5B | $9.0B | ||
| Q2 25 | $23.7B | $9.7B | ||
| Q1 25 | $21.2B | $9.2B | ||
| Q4 24 | $22.5B | $5.4B | ||
| Q3 24 | $21.6B | $5.3B | ||
| Q2 24 | $20.8B | $5.3B | ||
| Q1 24 | $21.7B | $5.5B |
股东权益FEIP
| Q4 25 | $12.5B | $14.8B | ||
| Q3 25 | $12.8B | $17.3B | ||
| Q2 25 | $12.9B | $18.6B | ||
| Q1 25 | $12.6B | $18.1B | ||
| Q4 24 | $12.5B | $8.2B | ||
| Q3 24 | $12.4B | $8.6B | ||
| Q2 24 | $12.5B | $8.6B | ||
| Q1 24 | $12.4B | $8.3B |
总资产FEIP
| Q4 25 | $55.9B | $38.0B | ||
| Q3 25 | $55.9B | $40.6B | ||
| Q2 25 | $54.2B | $42.4B | ||
| Q1 25 | $52.8B | $41.2B | ||
| Q4 24 | $52.0B | $22.8B | ||
| Q3 24 | $50.8B | $23.2B | ||
| Q2 24 | $51.0B | $23.1B | ||
| Q1 24 | $51.3B | $23.0B |
负债/权益比FEIP
| Q4 25 | 2.04× | 0.60× | ||
| Q3 25 | 1.99× | 0.52× | ||
| Q2 25 | 1.85× | 0.52× | ||
| Q1 25 | 1.69× | 0.51× | ||
| Q4 24 | 1.81× | 0.66× | ||
| Q3 24 | 1.74× | 0.62× | ||
| Q2 24 | 1.67× | 0.62× | ||
| Q1 24 | 1.75× | 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 | $-30.0M | $255.0M |
| 自由现金流率自由现金流/营收 | -0.8% | 5.4% |
| 资本支出强度资本支出/营收 | 30.7% | 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 | $-1.0B | $-159.0M |
8季度趋势，按日历期对齐
经营现金流FEIP
| Q4 25 | $1.1B | $905.0M | ||
| Q3 25 | $845.0M | $605.0M | ||
| Q2 25 | $1.1B | $476.0M | ||
| Q1 25 | $637.0M | $-288.0M | ||
| Q4 24 | $1.0B | $397.0M | ||
| Q3 24 | $775.0M | $521.0M | ||
| Q2 24 | $1.1B | $365.0M | ||
| Q1 24 | $-40.0M | $395.0M |
自由现金流FEIP
| Q4 25 | $-30.0M | $255.0M | ||
| Q3 25 | $-471.0M | $150.0M | ||
| Q2 25 | $-136.0M | $54.0M | ||
| Q1 25 | $-368.0M | $-618.0M | ||
| Q4 24 | $-250.0M | $137.0M | ||
| Q3 24 | $-229.0M | $309.0M | ||
| Q2 24 | $170.0M | $167.0M | ||
| Q1 24 | $-830.0M | $144.0M |
自由现金流率FEIP
| Q4 25 | -0.8% | 5.4% | ||
| Q3 25 | -11.4% | 2.4% | ||
| Q2 25 | -4.0% | 0.8% | ||
| Q1 25 | -9.8% | -10.5% | ||
| Q4 24 | -7.9% | 3.0% | ||
| Q3 24 | -6.1% | 6.6% | ||
| Q2 24 | 5.2% | 3.5% | ||
| Q1 24 | -25.3% | 3.1% |
资本支出强度FEIP
| Q4 25 | 30.7% | 13.7% | ||
| Q3 25 | 31.7% | 7.3% | ||
| Q2 25 | 36.0% | 6.2% | ||
| Q1 25 | 26.7% | 5.6% | ||
| Q4 24 | 40.7% | 5.7% | ||
| Q3 24 | 26.9% | 4.5% | ||
| Q2 24 | 28.7% | 4.2% | ||
| Q1 24 | 24.0% | 5.4% |
现金转化率FEIP
| Q4 25 | — | — | ||
| Q3 25 | 1.92× | — | ||
| Q2 25 | 4.04× | 6.35× | ||
| Q1 25 | 1.77× | — | ||
| Q4 24 | 4.00× | — | ||
| Q3 24 | 1.85× | 3.47× | ||
| Q2 24 | 24.71× | 0.73× | ||
| Q1 24 | -0.16× | 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
FE
| Integrated Segment | $1.4B | 37% |
| Other | $1.4B | 36% |
| Stand Alone Transmission Segment | $466.0M | 12% |
| Industrial Customers | $167.0M | 4% |
| Mid Atlantic Interstate Transmission LLC | $118.0M | 3% |
| Transmission | $105.0M | 3% |
| Transmission Segment | $68.0M | 2% |
| Tr AIL | $63.0M | 2% |
| Internal Customers | $10.0M | 0% |
| Wholesale Sales | $6.0M | 0% |
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
