vs
伟创力（FLEX）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
伟创力的季度营收约是国际纸业的1.2倍（$7.1B vs $6.0B），伟创力净利率更高（3.4% vs 1.0%，领先2.4%），伟创力同比增速更快（7.7% vs -0.6%），伟创力自由现金流更多（$272.0M vs $94.0M），过去两年伟创力的营收复合增速更高（25.2% vs 12.3%）
伟创力（Flex Ltd.）是一家拥有新加坡与美国背景的跨国制造企业，按营收计算为全球第三大电子制造服务（EMS）及原始设计制造商（ODM），仅次于和硕。其美国总部位于得克萨斯州奥斯汀，在30多个国家设有生产基地，员工总数约17.2万人。
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。
FLEX vs IP — 直观对比
营收规模更大
FLEX
是对方的1.2倍
$6.0B
营收增速更快
FLEX
高出8.2%
-0.6%
净利率更高
FLEX
高出2.4%
1.0%
自由现金流更多
FLEX
多$178.0M
$94.0M
两年增速更快
FLEX
近两年复合增速
12.3%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.1B | $6.0B |
| 净利润 | $239.0M | $60.0M |
| 毛利率 | 9.6% | — |
| 营业利润率 | 5.5% | — |
| 净利率 | 3.4% | 1.0% |
| 营收同比 | 7.7% | -0.6% |
| 净利润同比 | -9.1% | 157.1% |
| 每股收益（稀释后） | $0.64 | $0.14 |
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FLEXIP
| Q1 26 | — | $6.0B | ||
| Q4 25 | $7.1B | $4.7B | ||
| Q3 25 | $6.8B | $6.2B | ||
| Q2 25 | $6.6B | $6.8B | ||
| Q1 25 | $6.4B | $5.9B | ||
| Q4 24 | $6.6B | $4.6B | ||
| Q3 24 | $6.5B | $4.7B | ||
| Q2 24 | $6.3B | $4.7B |
净利润FLEXIP
| Q1 26 | — | $60.0M | ||
| Q4 25 | $239.0M | $-2.4B | ||
| Q3 25 | $199.0M | $-1.1B | ||
| Q2 25 | $192.0M | $75.0M | ||
| Q1 25 | $222.0M | $-105.0M | ||
| Q4 24 | $263.0M | $-147.0M | ||
| Q3 24 | $214.0M | $150.0M | ||
| Q2 24 | $139.0M | $498.0M |
毛利率FLEXIP
| Q1 26 | — | — | ||
| Q4 25 | 9.6% | 32.2% | ||
| Q3 25 | 9.0% | 31.1% | ||
| Q2 25 | 8.7% | 27.9% | ||
| Q1 25 | 8.8% | 27.8% | ||
| Q4 24 | 9.1% | 29.0% | ||
| Q3 24 | 8.1% | 28.7% | ||
| Q2 24 | 7.5% | 29.0% |
营业利润率FLEXIP
| Q1 26 | — | — | ||
| Q4 25 | 5.5% | -56.4% | ||
| Q3 25 | 4.4% | -10.8% | ||
| Q2 25 | 4.7% | 1.7% | ||
| Q1 25 | 4.8% | -2.3% | ||
| Q4 24 | 5.1% | -4.9% | ||
| Q3 24 | 4.5% | 5.1% | ||
| Q2 24 | 3.7% | 6.8% |
净利率FLEXIP
| Q1 26 | — | 1.0% | ||
| Q4 25 | 3.4% | -50.3% | ||
| Q3 25 | 2.9% | -17.7% | ||
| Q2 25 | 2.9% | 1.1% | ||
| Q1 25 | 3.5% | -1.8% | ||
| Q4 24 | 4.0% | -3.2% | ||
| Q3 24 | 3.3% | 3.2% | ||
| Q2 24 | 2.2% | 10.5% |
每股收益（稀释后）FLEXIP
| Q1 26 | — | $0.14 | ||
| Q4 25 | $0.64 | $-4.76 | ||
| Q3 25 | $0.52 | $-2.09 | ||
| Q2 25 | $0.50 | $0.14 | ||
| Q1 25 | $0.56 | $-0.24 | ||
| Q4 24 | $0.67 | $-0.42 | ||
| Q3 24 | $0.54 | $0.42 | ||
| Q2 24 | $0.34 | $1.41 |
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 | $3.1B | — |
| 总债务越低越好 | $4.4B | $8.2B |
| 股东权益账面价值 | $5.1B | $14.8B |
| 总资产 | $20.8B | $36.4B |
| 负债/权益比越低杠杆越低 | 0.87× | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资FLEXIP
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $1.1B | ||
| Q3 25 | $2.2B | $995.0M | ||
| Q2 25 | $2.2B | $1.1B | ||
| Q1 25 | $2.3B | $1.2B | ||
| Q4 24 | $2.3B | $1.2B | ||
| Q3 24 | $2.6B | $1.2B | ||
| Q2 24 | $2.2B | $1.0B |
总债务FLEXIP
| Q1 26 | — | $8.2B | ||
| Q4 25 | $4.4B | $8.8B | ||
| Q3 25 | $3.7B | $9.0B | ||
| Q2 25 | $3.7B | $9.7B | ||
| Q1 25 | $3.7B | $9.2B | ||
| Q4 24 | $3.7B | $5.4B | ||
| Q3 24 | $3.7B | $5.3B | ||
| Q2 24 | $3.2B | $5.3B |
股东权益FLEXIP
| Q1 26 | — | $14.8B | ||
| Q4 25 | $5.1B | $14.8B | ||
| Q3 25 | $5.0B | $17.3B | ||
| Q2 25 | $5.1B | $18.6B | ||
| Q1 25 | $5.0B | $18.1B | ||
| Q4 24 | $5.0B | $8.2B | ||
| Q3 24 | $5.0B | $8.6B | ||
| Q2 24 | $5.0B | $8.6B |
总资产FLEXIP
| Q1 26 | — | $36.4B | ||
| Q4 25 | $20.8B | $38.0B | ||
| Q3 25 | $19.5B | $40.6B | ||
| Q2 25 | $19.1B | $42.4B | ||
| Q1 25 | $18.4B | $41.2B | ||
| Q4 24 | $18.3B | $22.8B | ||
| Q3 24 | $18.6B | $23.2B | ||
| Q2 24 | $17.7B | $23.1B |
负债/权益比FLEXIP
| Q1 26 | — | 0.55× | ||
| Q4 25 | 0.87× | 0.60× | ||
| Q3 25 | 0.73× | 0.52× | ||
| Q2 25 | 0.72× | 0.52× | ||
| Q1 25 | 0.74× | 0.51× | ||
| Q4 24 | 0.74× | 0.66× | ||
| Q3 24 | 0.74× | 0.62× | ||
| Q2 24 | 0.64× | 0.62× |
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 | $420.0M | — |
| 自由现金流经营现金流 - 资本支出 | $272.0M | $94.0M |
| 自由现金流率自由现金流/营收 | 3.9% | 1.6% |
| 资本支出强度资本支出/营收 | 2.1% | 8.7% |
| 现金转化率经营现金流/净利润 | 1.76× | — |
| 过去12个月自由现金流最近4个季度 | $1.2B | $553.0M |
8季度趋势，按日历期对齐
经营现金流FLEXIP
| Q1 26 | — | — | ||
| Q4 25 | $420.0M | $905.0M | ||
| Q3 25 | $453.0M | $605.0M | ||
| Q2 25 | $399.0M | $476.0M | ||
| Q1 25 | $433.0M | $-288.0M | ||
| Q4 24 | $413.0M | $397.0M | ||
| Q3 24 | $319.0M | $521.0M | ||
| Q2 24 | $340.0M | $365.0M |
自由现金流FLEXIP
| Q1 26 | — | $94.0M | ||
| Q4 25 | $272.0M | $255.0M | ||
| Q3 25 | $303.0M | $150.0M | ||
| Q2 25 | $266.0M | $54.0M | ||
| Q1 25 | $321.0M | $-618.0M | ||
| Q4 24 | $301.0M | $137.0M | ||
| Q3 24 | $216.0M | $309.0M | ||
| Q2 24 | $229.0M | $167.0M |
自由现金流率FLEXIP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 3.9% | 5.4% | ||
| Q3 25 | 4.5% | 2.4% | ||
| Q2 25 | 4.0% | 0.8% | ||
| Q1 25 | 5.0% | -10.5% | ||
| Q4 24 | 4.6% | 3.0% | ||
| Q3 24 | 3.3% | 6.6% | ||
| Q2 24 | 3.6% | 3.5% |
资本支出强度FLEXIP
| Q1 26 | — | 8.7% | ||
| Q4 25 | 2.1% | 13.7% | ||
| Q3 25 | 2.2% | 7.3% | ||
| Q2 25 | 2.0% | 6.2% | ||
| Q1 25 | 1.8% | 5.6% | ||
| Q4 24 | 1.7% | 5.7% | ||
| Q3 24 | 1.6% | 4.5% | ||
| Q2 24 | 1.8% | 4.2% |
现金转化率FLEXIP
| Q1 26 | — | — | ||
| Q4 25 | 1.76× | — | ||
| Q3 25 | 2.28× | — | ||
| Q2 25 | 2.08× | 6.35× | ||
| Q1 25 | 1.95× | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 1.49× | 3.47× | ||
| Q2 24 | 2.45× | 0.73× |
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
FLEX
| Flex Reliability Solutions FRS | $3.2B | 46% |
| Transferred At Point In Time | $2.7B | 38% |
| Transferred Over Time | $1.1B | 16% |
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
