vs
COMFORT SYSTEMS USA INC（FIX）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COMFORT SYSTEMS USA INC的1.8倍（$4.7B vs $2.6B），COMFORT SYSTEMS USA INC净利率更高（12.5% vs -50.3%，领先62.8%），COMFORT SYSTEMS USA INC同比增速更快（41.7% vs 3.6%），COMFORT SYSTEMS USA INC自由现金流更多（$402.4M vs $255.0M），过去两年COMFORT SYSTEMS USA INC的营收复合增速更高（31.2% vs 1.3%）
Comfort Systems USA Inc.是一家美国企业，主营机电工程承包服务，核心业务覆盖暖通空调、给排水、管道工程、控制系统、场外预制建造、监测服务、消防系统，以及电气系统的安装与运维，为各类客户提供一体化机电设施解决方案。
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。
FIX vs IP — 直观对比
营收规模更大
IP
是对方的1.8倍
$2.6B
营收增速更快
FIX
高出38.1%
3.6%
净利率更高
FIX
高出62.8%
-50.3%
自由现金流更多
FIX
多$147.4M
$255.0M
两年增速更快
FIX
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $4.7B |
| 净利润 | $330.8M | $-2.4B |
| 毛利率 | 25.5% | 32.2% |
| 营业利润率 | 16.1% | -56.4% |
| 净利率 | 12.5% | -50.3% |
| 营收同比 | 41.7% | 3.6% |
| 净利润同比 | 126.8% | -1521.8% |
| 每股收益（稀释后） | $9.35 | $-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FIXIP
| Q4 25 | $2.6B | $4.7B | ||
| Q3 25 | $2.5B | $6.2B | ||
| Q2 25 | $2.2B | $6.8B | ||
| Q1 25 | $1.8B | $5.9B | ||
| Q4 24 | $1.9B | $4.6B | ||
| Q3 24 | $1.8B | $4.7B | ||
| Q2 24 | $1.8B | $4.7B | ||
| Q1 24 | $1.5B | $4.6B |
净利润FIXIP
| Q4 25 | $330.8M | $-2.4B | ||
| Q3 25 | $291.6M | $-1.1B | ||
| Q2 25 | $230.8M | $75.0M | ||
| Q1 25 | $169.3M | $-105.0M | ||
| Q4 24 | $145.9M | $-147.0M | ||
| Q3 24 | $146.2M | $150.0M | ||
| Q2 24 | $134.0M | $498.0M | ||
| Q1 24 | $96.3M | $56.0M |
毛利率FIXIP
| Q4 25 | 25.5% | 32.2% | ||
| Q3 25 | 24.8% | 31.1% | ||
| Q2 25 | 23.5% | 27.9% | ||
| Q1 25 | 22.0% | 27.8% | ||
| Q4 24 | 23.2% | 29.0% | ||
| Q3 24 | 21.1% | 28.7% | ||
| Q2 24 | 20.1% | 29.0% | ||
| Q1 24 | 19.3% | 25.9% |
营业利润率FIXIP
| Q4 25 | 16.1% | -56.4% | ||
| Q3 25 | 15.5% | -10.8% | ||
| Q2 25 | 13.8% | 1.7% | ||
| Q1 25 | 11.4% | -2.3% | ||
| Q4 24 | 12.1% | -4.9% | ||
| Q3 24 | 11.2% | 5.1% | ||
| Q2 24 | 10.2% | 6.8% | ||
| Q1 24 | 8.8% | 3.7% |
净利率FIXIP
| Q4 25 | 12.5% | -50.3% | ||
| Q3 25 | 11.9% | -17.7% | ||
| Q2 25 | 10.6% | 1.1% | ||
| Q1 25 | 9.2% | -1.8% | ||
| Q4 24 | 7.8% | -3.2% | ||
| Q3 24 | 8.1% | 3.2% | ||
| Q2 24 | 7.4% | 10.5% | ||
| Q1 24 | 6.3% | 1.2% |
每股收益（稀释后）FIXIP
| Q4 25 | $9.35 | $-4.76 | ||
| Q3 25 | $8.25 | $-2.09 | ||
| Q2 25 | $6.53 | $0.14 | ||
| Q1 25 | $4.75 | $-0.24 | ||
| Q4 24 | $4.08 | $-0.42 | ||
| Q3 24 | $4.09 | $0.42 | ||
| Q2 24 | $3.74 | $1.41 | ||
| Q1 24 | $2.69 | $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 | $981.9M | $1.1B |
| 总债务越低越好 | $145.2M | $8.8B |
| 股东权益账面价值 | $2.4B | $14.8B |
| 总资产 | $6.4B | $38.0B |
| 负债/权益比越低杠杆越低 | 0.06× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资FIXIP
| Q4 25 | $981.9M | $1.1B | ||
| Q3 25 | $860.5M | $995.0M | ||
| Q2 25 | $331.7M | $1.1B | ||
| Q1 25 | $204.8M | $1.2B | ||
| Q4 24 | $549.9M | $1.2B | ||
| Q3 24 | $415.6M | $1.2B | ||
| Q2 24 | $199.4M | $1.0B | ||
| Q1 24 | $100.8M | $1.1B |
总债务FIXIP
| Q4 25 | $145.2M | $8.8B | ||
| Q3 25 | $136.0M | $9.0B | ||
| Q2 25 | $73.0M | $9.7B | ||
| Q1 25 | $67.8M | $9.2B | ||
| Q4 24 | $68.3M | $5.4B | ||
| Q3 24 | $62.3M | $5.3B | ||
| Q2 24 | $73.4M | $5.3B | ||
| Q1 24 | $77.0M | $5.5B |
股东权益FIXIP
| Q4 25 | $2.4B | $14.8B | ||
| Q3 25 | $2.2B | $17.3B | ||
| Q2 25 | $2.0B | $18.6B | ||
| Q1 25 | $1.8B | $18.1B | ||
| Q4 24 | $1.7B | $8.2B | ||
| Q3 24 | $1.6B | $8.6B | ||
| Q2 24 | $1.5B | $8.6B | ||
| Q1 24 | $1.4B | $8.3B |
总资产FIXIP
| Q4 25 | $6.4B | $38.0B | ||
| Q3 25 | $5.8B | $40.6B | ||
| Q2 25 | $5.1B | $42.4B | ||
| Q1 25 | $4.6B | $41.2B | ||
| Q4 24 | $4.7B | $22.8B | ||
| Q3 24 | $4.4B | $23.2B | ||
| Q2 24 | $4.2B | $23.1B | ||
| Q1 24 | $3.9B | $23.0B |
负债/权益比FIXIP
| Q4 25 | 0.06× | 0.60× | ||
| Q3 25 | 0.06× | 0.52× | ||
| Q2 25 | 0.04× | 0.52× | ||
| Q1 25 | 0.04× | 0.51× | ||
| Q4 24 | 0.04× | 0.66× | ||
| Q3 24 | 0.04× | 0.62× | ||
| Q2 24 | 0.05× | 0.62× | ||
| Q1 24 | 0.06× | 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 | $468.5M | $905.0M |
| 自由现金流经营现金流 - 资本支出 | $402.4M | $255.0M |
| 自由现金流率自由现金流/营收 | 15.2% | 5.4% |
| 资本支出强度资本支出/营收 | 2.5% | 13.7% |
| 现金转化率经营现金流/净利润 | 1.42× | — |
| 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FIXIP
| Q4 25 | $468.5M | $905.0M | ||
| Q3 25 | $553.3M | $605.0M | ||
| Q2 25 | $252.5M | $476.0M | ||
| Q1 25 | $-88.0M | $-288.0M | ||
| Q4 24 | $210.5M | $397.0M | ||
| Q3 24 | $302.2M | $521.0M | ||
| Q2 24 | $189.9M | $365.0M | ||
| Q1 24 | $146.6M | $395.0M |
自由现金流FIXIP
| Q4 25 | $402.4M | $255.0M | ||
| Q3 25 | $517.9M | $150.0M | ||
| Q2 25 | $221.2M | $54.0M | ||
| Q1 25 | $-110.2M | $-618.0M | ||
| Q4 24 | $169.8M | $137.0M | ||
| Q3 24 | $280.1M | $309.0M | ||
| Q2 24 | $166.5M | $167.0M | ||
| Q1 24 | $121.6M | $144.0M |
自由现金流率FIXIP
| Q4 25 | 15.2% | 5.4% | ||
| Q3 25 | 21.1% | 2.4% | ||
| Q2 25 | 10.2% | 0.8% | ||
| Q1 25 | -6.0% | -10.5% | ||
| Q4 24 | 9.1% | 3.0% | ||
| Q3 24 | 15.5% | 6.6% | ||
| Q2 24 | 9.2% | 3.5% | ||
| Q1 24 | 7.9% | 3.1% |
资本支出强度FIXIP
| Q4 25 | 2.5% | 13.7% | ||
| Q3 25 | 1.4% | 7.3% | ||
| Q2 25 | 1.4% | 6.2% | ||
| Q1 25 | 1.2% | 5.6% | ||
| Q4 24 | 2.2% | 5.7% | ||
| Q3 24 | 1.2% | 4.5% | ||
| Q2 24 | 1.3% | 4.2% | ||
| Q1 24 | 1.6% | 5.4% |
现金转化率FIXIP
| Q4 25 | 1.42× | — | ||
| Q3 25 | 1.90× | — | ||
| Q2 25 | 1.09× | 6.35× | ||
| Q1 25 | -0.52× | — | ||
| Q4 24 | 1.44× | — | ||
| Q3 24 | 2.07× | 3.47× | ||
| Q2 24 | 1.42× | 0.73× | ||
| Q1 24 | 1.52× | 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
FIX
| Electrical Segment | $823.7M | 31% |
| Manufacturing Customer | $542.7M | 21% |
| Existing Building Construction | $491.4M | 19% |
| Healthcare Sector Customer | $220.8M | 8% |
| Service Projects | $153.0M | 6% |
| Education | $137.5M | 5% |
| Government Customer | $131.0M | 5% |
| Office Building Customer | $88.2M | 3% |
| Other Customer | $40.7M | 2% |
| Multi Family And Residential | $33.7M | 1% |
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
