vs
FirstEnergy（FE）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FirstEnergy的2.0倍（$7.6B vs $3.8B），Smurfit Westrock净利率更高（1.3% vs -1.3%，领先2.6%），FirstEnergy同比增速更快（19.6% vs 0.5%），Smurfit Westrock自由现金流更多（$612.0M vs $-30.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 7.5%）
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。
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。
FE vs SW — 直观对比
营收规模更大
SW
是对方的2.0倍
$3.8B
营收增速更快
FE
高出19.0%
0.5%
净利率更高
SW
高出2.6%
-1.3%
自由现金流更多
SW
多$642.0M
$-30.0M
两年增速更快
SW
近两年复合增速
7.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $7.6B |
| 净利润 | $-49.0M | $97.0M |
| 毛利率 | — | 18.2% |
| 营业利润率 | -0.6% | 5.1% |
| 净利率 | -1.3% | 1.3% |
| 营收同比 | 19.6% | 0.5% |
| 净利润同比 | -118.8% | -33.6% |
| 每股收益（稀释后） | $-0.08 | $0.18 |
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FESW
| Q4 25 | $3.8B | $7.6B | ||
| Q3 25 | $4.1B | $8.0B | ||
| Q2 25 | $3.4B | $7.9B | ||
| Q1 25 | $3.8B | $7.7B | ||
| Q4 24 | $3.2B | $7.5B | ||
| Q3 24 | $3.7B | $7.7B | ||
| Q2 24 | $3.3B | $3.0B | ||
| Q1 24 | $3.3B | $2.9B |
净利润FESW
| Q4 25 | $-49.0M | $97.0M | ||
| Q3 25 | $441.0M | $246.0M | ||
| Q2 25 | $268.0M | $-28.0M | ||
| Q1 25 | $360.0M | $384.0M | ||
| Q4 24 | $261.0M | $146.0M | ||
| Q3 24 | $419.0M | $-150.0M | ||
| Q2 24 | $45.0M | $132.0M | ||
| Q1 24 | $253.0M | $191.0M |
毛利率FESW
| 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 | — | 23.3% | ||
| Q1 24 | — | 24.2% |
营业利润率FESW
| Q4 25 | -0.6% | 5.1% | ||
| Q3 25 | 20.0% | 6.6% | ||
| Q2 25 | 19.1% | 3.2% | ||
| Q1 25 | 20.0% | 7.2% | ||
| Q4 24 | 19.3% | 5.3% | ||
| Q3 24 | 19.5% | 0.7% | ||
| Q2 24 | 12.9% | 8.2% | ||
| Q1 24 | 18.6% | 10.5% |
净利率FESW
| Q4 25 | -1.3% | 1.3% | ||
| Q3 25 | 10.6% | 3.1% | ||
| Q2 25 | 7.9% | -0.4% | ||
| Q1 25 | 9.6% | 5.0% | ||
| Q4 24 | 8.2% | 1.9% | ||
| Q3 24 | 11.2% | -2.0% | ||
| Q2 24 | 1.4% | 4.4% | ||
| Q1 24 | 7.7% | 6.5% |
每股收益（稀释后）FESW
| Q4 25 | $-0.08 | $0.18 | ||
| Q3 25 | $0.76 | $0.47 | ||
| Q2 25 | $0.46 | $-0.05 | ||
| Q1 25 | $0.62 | $0.73 | ||
| Q4 24 | $0.45 | $-0.12 | ||
| Q3 24 | $0.73 | $-0.30 | ||
| Q2 24 | $0.08 | $0.51 | ||
| Q1 24 | $0.44 | $0.73 |
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 | $892.0M |
| 总债务越低越好 | $25.5B | $13.4B |
| 股东权益账面价值 | $12.5B | $18.3B |
| 总资产 | $55.9B | $45.2B |
| 负债/权益比越低杠杆越低 | 2.04× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资FESW
| Q4 25 | $57.0M | $892.0M | ||
| Q3 25 | $1.4B | $851.0M | ||
| Q2 25 | $569.0M | $778.0M | ||
| Q1 25 | $132.0M | $797.0M | ||
| Q4 24 | $111.0M | $855.0M | ||
| Q3 24 | $439.0M | — | ||
| Q2 24 | $60.0M | $26.8K | ||
| Q1 24 | $888.0M | $108 |
总债务FESW
| Q4 25 | $25.5B | $13.4B | ||
| Q3 25 | $25.5B | $13.3B | ||
| Q2 25 | $23.7B | $13.3B | ||
| Q1 25 | $21.2B | $12.9B | ||
| Q4 24 | $22.5B | $12.5B | ||
| Q3 24 | $21.6B | $13.2B | ||
| Q2 24 | $20.8B | — | ||
| Q1 24 | $21.7B | — |
股东权益FESW
| Q4 25 | $12.5B | $18.3B | ||
| Q3 25 | $12.8B | $18.4B | ||
| Q2 25 | $12.9B | $18.3B | ||
| Q1 25 | $12.6B | $17.9B | ||
| Q4 24 | $12.5B | $17.4B | ||
| Q3 24 | $12.4B | $18.0B | ||
| Q2 24 | $12.5B | $14.5K | ||
| Q1 24 | $12.4B | $108 |
总资产FESW
| Q4 25 | $55.9B | $45.2B | ||
| Q3 25 | $55.9B | $45.6B | ||
| Q2 25 | $54.2B | $45.7B | ||
| Q1 25 | $52.8B | $44.6B | ||
| Q4 24 | $52.0B | $43.8B | ||
| Q3 24 | $50.8B | $45.0B | ||
| Q2 24 | $51.0B | $26.8K | ||
| Q1 24 | $51.3B | $108 |
负债/权益比FESW
| Q4 25 | 2.04× | 0.73× | ||
| Q3 25 | 1.99× | 0.72× | ||
| Q2 25 | 1.85× | 0.73× | ||
| Q1 25 | 1.69× | 0.72× | ||
| Q4 24 | 1.81× | 0.72× | ||
| Q3 24 | 1.74× | 0.73× | ||
| Q2 24 | 1.67× | — | ||
| Q1 24 | 1.75× | — |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $-30.0M | $612.0M |
| 自由现金流率自由现金流/营收 | -0.8% | 8.1% |
| 资本支出强度资本支出/营收 | 30.7% | 7.7% |
| 现金转化率经营现金流/净利润 | — | 12.32× |
| 过去12个月自由现金流最近4个季度 | $-1.0B | $1.2B |
8季度趋势，按日历期对齐
经营现金流FESW
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $845.0M | $1.1B | ||
| Q2 25 | $1.1B | $829.0M | ||
| Q1 25 | $637.0M | $235.0M | ||
| Q4 24 | $1.0B | $781.0M | ||
| Q3 24 | $775.0M | $320.0M | ||
| Q2 24 | $1.1B | $340.0M | ||
| Q1 24 | $-40.0M | $42.0M |
自由现金流FESW
| Q4 25 | $-30.0M | $612.0M | ||
| Q3 25 | $-471.0M | $523.0M | ||
| Q2 25 | $-136.0M | $307.0M | ||
| Q1 25 | $-368.0M | $-242.0M | ||
| Q4 24 | $-250.0M | $212.0M | ||
| Q3 24 | $-229.0M | $-192.0M | ||
| Q2 24 | $170.0M | $163.0M | ||
| Q1 24 | $-830.0M | $-166.0M |
自由现金流率FESW
| Q4 25 | -0.8% | 8.1% | ||
| Q3 25 | -11.4% | 6.5% | ||
| Q2 25 | -4.0% | 3.9% | ||
| Q1 25 | -9.8% | -3.2% | ||
| Q4 24 | -7.9% | 2.8% | ||
| Q3 24 | -6.1% | -2.5% | ||
| Q2 24 | 5.2% | 5.5% | ||
| Q1 24 | -25.3% | -5.7% |
资本支出强度FESW
| Q4 25 | 30.7% | 7.7% | ||
| Q3 25 | 31.7% | 7.6% | ||
| Q2 25 | 36.0% | 6.6% | ||
| Q1 25 | 26.7% | 6.2% | ||
| Q4 24 | 40.7% | 7.5% | ||
| Q3 24 | 26.9% | 6.7% | ||
| Q2 24 | 28.7% | 6.0% | ||
| Q1 24 | 24.0% | 7.1% |
现金转化率FESW
| Q4 25 | — | 12.32× | ||
| Q3 25 | 1.92× | 4.61× | ||
| Q2 25 | 4.04× | — | ||
| Q1 25 | 1.77× | 0.61× | ||
| Q4 24 | 4.00× | 5.35× | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 24.71× | 2.58× | ||
| Q1 24 | -0.16× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
