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福陆（FLR）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的季度营收约是福陆的1.8倍（$7.6B vs $4.2B），Smurfit Westrock净利率更高（1.3% vs -37.7%，领先39.0%），Smurfit Westrock同比增速更快（0.5% vs -2.0%），Smurfit Westrock自由现金流更多（$612.0M vs $-378.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 5.7%）
福陆是总部位于美国得克萨斯州欧文市的工程建设企业，通过旗下子公司提供油气、工业与基础设施、政府项目及电力三大核心领域的服务，是《财富》世界500强中排名最高的上市工程建设企业，总排名位列第265位。
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。
FLR vs SW — 直观对比
营收规模更大
SW
是对方的1.8倍
$4.2B
营收增速更快
SW
高出2.5%
-2.0%
净利率更高
SW
高出39.0%
-37.7%
自由现金流更多
SW
多$990.0M
$-378.0M
两年增速更快
SW
近两年复合增速
5.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $7.6B |
| 净利润 | $-1.6B | $97.0M |
| 毛利率 | 3.2% | 18.2% |
| 营业利润率 | 1.3% | 5.1% |
| 净利率 | -37.7% | 1.3% |
| 营收同比 | -2.0% | 0.5% |
| 净利润同比 | -184.4% | -33.6% |
| 每股收益（稀释后） | $-9.40 | $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FLRSW
| Q4 25 | $4.2B | $7.6B | ||
| Q3 25 | $3.4B | $8.0B | ||
| Q2 25 | $4.0B | $7.9B | ||
| Q1 25 | $4.0B | $7.7B | ||
| Q4 24 | $4.3B | $7.5B | ||
| Q3 24 | $4.1B | $7.7B | ||
| Q2 24 | $4.2B | $3.0B | ||
| Q1 24 | $3.7B | $2.9B |
净利润FLRSW
| Q4 25 | $-1.6B | $97.0M | ||
| Q3 25 | $-697.0M | $246.0M | ||
| Q2 25 | $2.5B | $-28.0M | ||
| Q1 25 | $-241.0M | $384.0M | ||
| Q4 24 | $1.9B | $146.0M | ||
| Q3 24 | $54.0M | $-150.0M | ||
| Q2 24 | $169.0M | $132.0M | ||
| Q1 24 | $59.0M | $191.0M |
毛利率FLRSW
| Q4 25 | 3.2% | 18.2% | ||
| Q3 25 | -13.3% | 19.6% | ||
| Q2 25 | 1.4% | 19.1% | ||
| Q1 25 | 3.5% | 20.6% | ||
| Q4 24 | 4.9% | 19.1% | ||
| Q3 24 | 2.1% | 17.6% | ||
| Q2 24 | 4.2% | 23.3% | ||
| Q1 24 | 2.7% | 24.2% |
营业利润率FLRSW
| Q4 25 | 1.3% | 5.1% | ||
| Q3 25 | -14.7% | 6.6% | ||
| Q2 25 | -0.7% | 3.2% | ||
| Q1 25 | 2.3% | 7.2% | ||
| Q4 24 | 4.4% | 5.3% | ||
| Q3 24 | 1.2% | 0.7% | ||
| Q2 24 | 4.2% | 8.2% | ||
| Q1 24 | 1.4% | 10.5% |
净利率FLRSW
| Q4 25 | -37.7% | 1.3% | ||
| Q3 25 | -20.7% | 3.1% | ||
| Q2 25 | 61.8% | -0.4% | ||
| Q1 25 | -6.1% | 5.0% | ||
| Q4 24 | 43.7% | 1.9% | ||
| Q3 24 | 1.3% | -2.0% | ||
| Q2 24 | 4.0% | 4.4% | ||
| Q1 24 | 1.6% | 6.5% |
每股收益（稀释后）FLRSW
| Q4 25 | $-9.40 | $0.18 | ||
| Q3 25 | $-4.30 | $0.47 | ||
| Q2 25 | $14.81 | $-0.05 | ||
| Q1 25 | $-1.42 | $0.73 | ||
| Q4 24 | $10.68 | $-0.12 | ||
| Q3 24 | $0.31 | $-0.30 | ||
| Q2 24 | $0.97 | $0.51 | ||
| Q1 24 | $0.34 | $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 | $2.2B | $892.0M |
| 总债务越低越好 | — | $13.4B |
| 股东权益账面价值 | $3.2B | $18.3B |
| 总资产 | $8.2B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资FLRSW
| Q4 25 | $2.2B | $892.0M | ||
| Q3 25 | $2.8B | $851.0M | ||
| Q2 25 | $2.3B | $778.0M | ||
| Q1 25 | $2.5B | $797.0M | ||
| Q4 24 | $3.0B | $855.0M | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.7B | $26.8K | ||
| Q1 24 | $2.4B | $108 |
总债务FLRSW
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FLRSW
| Q4 25 | $3.2B | $18.3B | ||
| Q3 25 | $5.2B | $18.4B | ||
| Q2 25 | $5.9B | $18.3B | ||
| Q1 25 | $3.6B | $17.9B | ||
| Q4 24 | $3.9B | $17.4B | ||
| Q3 24 | $2.3B | $18.0B | ||
| Q2 24 | $2.1B | $14.5K | ||
| Q1 24 | $2.0B | $108 |
总资产FLRSW
| Q4 25 | $8.2B | $45.2B | ||
| Q3 25 | $11.5B | $45.6B | ||
| Q2 25 | $11.8B | $45.7B | ||
| Q1 25 | $8.4B | $44.6B | ||
| Q4 24 | $9.1B | $43.8B | ||
| Q3 24 | $7.1B | $45.0B | ||
| Q2 24 | $6.8B | $26.8K | ||
| Q1 24 | $6.7B | $108 |
负债/权益比FLRSW
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-366.0M | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $-378.0M | $612.0M |
| 自由现金流率自由现金流/营收 | -9.1% | 8.1% |
| 资本支出强度资本支出/营收 | 0.3% | 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 | $-437.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流FLRSW
| Q4 25 | $-366.0M | $1.2B | ||
| Q3 25 | $286.0M | $1.1B | ||
| Q2 25 | $-21.0M | $829.0M | ||
| Q1 25 | $-286.0M | $235.0M | ||
| Q4 24 | $327.0M | $781.0M | ||
| Q3 24 | $330.0M | $320.0M | ||
| Q2 24 | $282.0M | $340.0M | ||
| Q1 24 | $-111.0M | $42.0M |
自由现金流FLRSW
| Q4 25 | $-378.0M | $612.0M | ||
| Q3 25 | $273.0M | $523.0M | ||
| Q2 25 | $-35.0M | $307.0M | ||
| Q1 25 | $-297.0M | $-242.0M | ||
| Q4 24 | $296.0M | $212.0M | ||
| Q3 24 | $279.0M | $-192.0M | ||
| Q2 24 | $234.0M | $163.0M | ||
| Q1 24 | $-145.0M | $-166.0M |
自由现金流率FLRSW
| Q4 25 | -9.1% | 8.1% | ||
| Q3 25 | 8.1% | 6.5% | ||
| Q2 25 | -0.9% | 3.9% | ||
| Q1 25 | -7.5% | -3.2% | ||
| Q4 24 | 6.9% | 2.8% | ||
| Q3 24 | 6.8% | -2.5% | ||
| Q2 24 | 5.5% | 5.5% | ||
| Q1 24 | -3.9% | -5.7% |
资本支出强度FLRSW
| Q4 25 | 0.3% | 7.7% | ||
| Q3 25 | 0.4% | 7.6% | ||
| Q2 25 | 0.4% | 6.6% | ||
| Q1 25 | 0.3% | 6.2% | ||
| Q4 24 | 0.7% | 7.5% | ||
| Q3 24 | 1.2% | 6.7% | ||
| Q2 24 | 1.1% | 6.0% | ||
| Q1 24 | 0.9% | 7.1% |
现金转化率FLRSW
| Q4 25 | — | 12.32× | ||
| Q3 25 | — | 4.61× | ||
| Q2 25 | -0.01× | — | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | 0.18× | 5.35× | ||
| Q3 24 | 6.11× | — | ||
| Q2 24 | 1.67× | 2.58× | ||
| Q1 24 | -1.88× | 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
FLR
| Urban Solutions Segment | $2.6B | 63% |
| Energy Solutions Segment | $943.0M | 23% |
| Mission Solutions Segment | $600.0M | 14% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
