vs
伟创力（FLEX）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的季度营收约是伟创力的1.1倍（$7.6B vs $7.1B），伟创力净利率更高（3.4% vs 1.3%，领先2.1%），伟创力同比增速更快（7.7% vs 0.5%），Smurfit Westrock自由现金流更多（$612.0M vs $272.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 25.2%）
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。
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。
FLEX vs SW — 直观对比
营收规模更大
SW
是对方的1.1倍
$7.1B
营收增速更快
FLEX
高出7.1%
0.5%
净利率更高
FLEX
高出2.1%
1.3%
自由现金流更多
SW
多$340.0M
$272.0M
两年增速更快
SW
近两年复合增速
25.2%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.1B | $7.6B |
| 净利润 | $239.0M | $97.0M |
| 毛利率 | 9.6% | 18.2% |
| 营业利润率 | 5.5% | 5.1% |
| 净利率 | 3.4% | 1.3% |
| 营收同比 | 7.7% | 0.5% |
| 净利润同比 | -9.1% | -33.6% |
| 每股收益（稀释后） | $0.64 | $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FLEXSW
| Q4 25 | $7.1B | $7.6B | ||
| Q3 25 | $6.8B | $8.0B | ||
| Q2 25 | $6.6B | $7.9B | ||
| Q1 25 | $6.4B | $7.7B | ||
| Q4 24 | $6.6B | $7.5B | ||
| Q3 24 | $6.5B | $7.7B | ||
| Q2 24 | $6.3B | $3.0B | ||
| Q1 24 | $4.5B | $2.9B |
净利润FLEXSW
| Q4 25 | $239.0M | $97.0M | ||
| Q3 25 | $199.0M | $246.0M | ||
| Q2 25 | $192.0M | $-28.0M | ||
| Q1 25 | $222.0M | $384.0M | ||
| Q4 24 | $263.0M | $146.0M | ||
| Q3 24 | $214.0M | $-150.0M | ||
| Q2 24 | $139.0M | $132.0M | ||
| Q1 24 | $395.0M | $191.0M |
毛利率FLEXSW
| Q4 25 | 9.6% | 18.2% | ||
| Q3 25 | 9.0% | 19.6% | ||
| Q2 25 | 8.7% | 19.1% | ||
| Q1 25 | 8.8% | 20.6% | ||
| Q4 24 | 9.1% | 19.1% | ||
| Q3 24 | 8.1% | 17.6% | ||
| Q2 24 | 7.5% | 23.3% | ||
| Q1 24 | -0.6% | 24.2% |
营业利润率FLEXSW
| Q4 25 | 5.5% | 5.1% | ||
| Q3 25 | 4.4% | 6.6% | ||
| Q2 25 | 4.7% | 3.2% | ||
| Q1 25 | 4.8% | 7.2% | ||
| Q4 24 | 5.1% | 5.3% | ||
| Q3 24 | 4.5% | 0.7% | ||
| Q2 24 | 3.7% | 8.2% | ||
| Q1 24 | -3.6% | 10.5% |
净利率FLEXSW
| Q4 25 | 3.4% | 1.3% | ||
| Q3 25 | 2.9% | 3.1% | ||
| Q2 25 | 2.9% | -0.4% | ||
| Q1 25 | 3.5% | 5.0% | ||
| Q4 24 | 4.0% | 1.9% | ||
| Q3 24 | 3.3% | -2.0% | ||
| Q2 24 | 2.2% | 4.4% | ||
| Q1 24 | 8.8% | 6.5% |
每股收益（稀释后）FLEXSW
| Q4 25 | $0.64 | $0.18 | ||
| Q3 25 | $0.52 | $0.47 | ||
| Q2 25 | $0.50 | $-0.05 | ||
| Q1 25 | $0.56 | $0.73 | ||
| Q4 24 | $0.67 | $-0.12 | ||
| Q3 24 | $0.54 | $-0.30 | ||
| Q2 24 | $0.34 | $0.51 | ||
| Q1 24 | $0.91 | $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 | $3.1B | $892.0M |
| 总债务越低越好 | $4.4B | $13.4B |
| 股东权益账面价值 | $5.1B | $18.3B |
| 总资产 | $20.8B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.87× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资FLEXSW
| Q4 25 | $3.1B | $892.0M | ||
| Q3 25 | $2.2B | $851.0M | ||
| Q2 25 | $2.2B | $778.0M | ||
| Q1 25 | $2.3B | $797.0M | ||
| Q4 24 | $2.3B | $855.0M | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.2B | $26.8K | ||
| Q1 24 | $2.5B | $108 |
总债务FLEXSW
| Q4 25 | $4.4B | $13.4B | ||
| Q3 25 | $3.7B | $13.3B | ||
| Q2 25 | $3.7B | $13.3B | ||
| Q1 25 | $3.7B | $12.9B | ||
| Q4 24 | $3.7B | $12.5B | ||
| Q3 24 | $3.7B | $13.2B | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | $3.3B | — |
股东权益FLEXSW
| Q4 25 | $5.1B | $18.3B | ||
| Q3 25 | $5.0B | $18.4B | ||
| Q2 25 | $5.1B | $18.3B | ||
| Q1 25 | $5.0B | $17.9B | ||
| Q4 24 | $5.0B | $17.4B | ||
| Q3 24 | $5.0B | $18.0B | ||
| Q2 24 | $5.0B | $14.5K | ||
| Q1 24 | $5.3B | $108 |
总资产FLEXSW
| Q4 25 | $20.8B | $45.2B | ||
| Q3 25 | $19.5B | $45.6B | ||
| Q2 25 | $19.1B | $45.7B | ||
| Q1 25 | $18.4B | $44.6B | ||
| Q4 24 | $18.3B | $43.8B | ||
| Q3 24 | $18.6B | $45.0B | ||
| Q2 24 | $17.7B | $26.8K | ||
| Q1 24 | $18.3B | $108 |
负债/权益比FLEXSW
| Q4 25 | 0.87× | 0.73× | ||
| Q3 25 | 0.73× | 0.72× | ||
| Q2 25 | 0.72× | 0.73× | ||
| Q1 25 | 0.74× | 0.72× | ||
| Q4 24 | 0.74× | 0.72× | ||
| Q3 24 | 0.74× | 0.73× | ||
| Q2 24 | 0.64× | — | ||
| Q1 24 | 0.61× | — |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $272.0M | $612.0M |
| 自由现金流率自由现金流/营收 | 3.9% | 8.1% |
| 资本支出强度资本支出/营收 | 2.1% | 7.7% |
| 现金转化率经营现金流/净利润 | 1.76× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流FLEXSW
| Q4 25 | $420.0M | $1.2B | ||
| Q3 25 | $453.0M | $1.1B | ||
| Q2 25 | $399.0M | $829.0M | ||
| Q1 25 | $433.0M | $235.0M | ||
| Q4 24 | $413.0M | $781.0M | ||
| Q3 24 | $319.0M | $320.0M | ||
| Q2 24 | $340.0M | $340.0M | ||
| Q1 24 | $679.0M | $42.0M |
自由现金流FLEXSW
| Q4 25 | $272.0M | $612.0M | ||
| Q3 25 | $303.0M | $523.0M | ||
| Q2 25 | $266.0M | $307.0M | ||
| Q1 25 | $321.0M | $-242.0M | ||
| Q4 24 | $301.0M | $212.0M | ||
| Q3 24 | $216.0M | $-192.0M | ||
| Q2 24 | $229.0M | $163.0M | ||
| Q1 24 | $598.0M | $-166.0M |
自由现金流率FLEXSW
| Q4 25 | 3.9% | 8.1% | ||
| Q3 25 | 4.5% | 6.5% | ||
| Q2 25 | 4.0% | 3.9% | ||
| Q1 25 | 5.0% | -3.2% | ||
| Q4 24 | 4.6% | 2.8% | ||
| Q3 24 | 3.3% | -2.5% | ||
| Q2 24 | 3.6% | 5.5% | ||
| Q1 24 | 13.3% | -5.7% |
资本支出强度FLEXSW
| Q4 25 | 2.1% | 7.7% | ||
| Q3 25 | 2.2% | 7.6% | ||
| Q2 25 | 2.0% | 6.6% | ||
| Q1 25 | 1.8% | 6.2% | ||
| Q4 24 | 1.7% | 7.5% | ||
| Q3 24 | 1.6% | 6.7% | ||
| Q2 24 | 1.8% | 6.0% | ||
| Q1 24 | 1.8% | 7.1% |
现金转化率FLEXSW
| Q4 25 | 1.76× | 12.32× | ||
| Q3 25 | 2.28× | 4.61× | ||
| Q2 25 | 2.08× | — | ||
| Q1 25 | 1.95× | 0.61× | ||
| Q4 24 | 1.57× | 5.35× | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 2.45× | 2.58× | ||
| Q1 24 | 1.72× | 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
FLEX
| Flex Reliability Solutions FRS | $3.2B | 46% |
| Transferred At Point In Time | $2.7B | 38% |
| Transferred Over Time | $1.1B | 16% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
