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康宁（GLW）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的季度营收约是康宁的1.8倍（$7.6B vs $4.2B），康宁净利率更高（12.8% vs 1.3%，领先11.5%），康宁同比增速更快（20.4% vs 0.5%），康宁自由现金流更多（$620.0M vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 19.0%）
康宁是1851年成立的美国跨国科技企业，主营玻璃、陶瓷及相关材料技术，产品线涵盖先进光学产品，主要应用于工业与科研领域。20世纪曾推出多款知名消费产品，包括康宁锅、Corelle餐具、Pyrex烘焙玻璃器皿等，广受市场欢迎。
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。
GLW 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
GLW
高出19.9%
0.5%
净利率更高
GLW
高出11.5%
1.3%
自由现金流更多
GLW
多$8.0M
$612.0M
两年增速更快
SW
近两年复合增速
19.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $7.6B |
| 净利润 | $540.0M | $97.0M |
| 毛利率 | 35.5% | 18.2% |
| 营业利润率 | 15.9% | 5.1% |
| 净利率 | 12.8% | 1.3% |
| 营收同比 | 20.4% | 0.5% |
| 净利润同比 | 74.2% | -33.6% |
| 每股收益（稀释后） | $0.61 | $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GLWSW
| Q4 25 | $4.2B | $7.6B | ||
| Q3 25 | $4.1B | $8.0B | ||
| Q2 25 | $3.9B | $7.9B | ||
| Q1 25 | $3.5B | $7.7B | ||
| Q4 24 | $3.5B | $7.5B | ||
| Q3 24 | $3.4B | $7.7B | ||
| Q2 24 | $3.3B | $3.0B | ||
| Q1 24 | $3.0B | $2.9B |
净利润GLWSW
| Q4 25 | $540.0M | $97.0M | ||
| Q3 25 | $430.0M | $246.0M | ||
| Q2 25 | $469.0M | $-28.0M | ||
| Q1 25 | $157.0M | $384.0M | ||
| Q4 24 | $310.0M | $146.0M | ||
| Q3 24 | $-117.0M | $-150.0M | ||
| Q2 24 | $104.0M | $132.0M | ||
| Q1 24 | $209.0M | $191.0M |
毛利率GLWSW
| Q4 25 | 35.5% | 18.2% | ||
| Q3 25 | 37.1% | 19.6% | ||
| Q2 25 | 36.0% | 19.1% | ||
| Q1 25 | 35.2% | 20.6% | ||
| Q4 24 | 34.2% | 19.1% | ||
| Q3 24 | 33.5% | 17.6% | ||
| Q2 24 | 29.2% | 23.3% | ||
| Q1 24 | 33.4% | 24.2% |
营业利润率GLWSW
| Q4 25 | 15.9% | 5.1% | ||
| Q3 25 | 14.4% | 6.6% | ||
| Q2 25 | 14.8% | 3.2% | ||
| Q1 25 | 12.9% | 7.2% | ||
| Q4 24 | 11.2% | 5.3% | ||
| Q3 24 | 8.9% | 0.7% | ||
| Q2 24 | 5.7% | 8.2% | ||
| Q1 24 | 8.5% | 10.5% |
净利率GLWSW
| Q4 25 | 12.8% | 1.3% | ||
| Q3 25 | 10.5% | 3.1% | ||
| Q2 25 | 12.1% | -0.4% | ||
| Q1 25 | 4.5% | 5.0% | ||
| Q4 24 | 8.9% | 1.9% | ||
| Q3 24 | -3.5% | -2.0% | ||
| Q2 24 | 3.2% | 4.4% | ||
| Q1 24 | 7.0% | 6.5% |
每股收益（稀释后）GLWSW
| Q4 25 | $0.61 | $0.18 | ||
| Q3 25 | $0.50 | $0.47 | ||
| Q2 25 | $0.54 | $-0.05 | ||
| Q1 25 | $0.18 | $0.73 | ||
| Q4 24 | $0.36 | $-0.12 | ||
| Q3 24 | $-0.14 | $-0.30 | ||
| Q2 24 | $0.12 | $0.51 | ||
| Q1 24 | $0.24 | $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 | $1.5B | $892.0M |
| 总债务越低越好 | $7.6B | $13.4B |
| 股东权益账面价值 | $11.8B | $18.3B |
| 总资产 | $31.0B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.65× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资GLWSW
| Q4 25 | $1.5B | $892.0M | ||
| Q3 25 | — | $851.0M | ||
| Q2 25 | — | $778.0M | ||
| Q1 25 | — | $797.0M | ||
| Q4 24 | $1.8B | $855.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $26.8K | ||
| Q1 24 | — | $108 |
总债务GLWSW
| Q4 25 | $7.6B | $13.4B | ||
| Q3 25 | $7.4B | $13.3B | ||
| Q2 25 | $6.7B | $13.3B | ||
| Q1 25 | $7.0B | $12.9B | ||
| Q4 24 | $6.9B | $12.5B | ||
| Q3 24 | $7.1B | $13.2B | ||
| Q2 24 | $6.9B | — | ||
| Q1 24 | $7.0B | — |
股东权益GLWSW
| Q4 25 | $11.8B | $18.3B | ||
| Q3 25 | $11.5B | $18.4B | ||
| Q2 25 | $11.1B | $18.3B | ||
| Q1 25 | $10.7B | $17.9B | ||
| Q4 24 | $10.7B | $17.4B | ||
| Q3 24 | $11.1B | $18.0B | ||
| Q2 24 | $10.6B | $14.5K | ||
| Q1 24 | $11.2B | $108 |
总资产GLWSW
| Q4 25 | $31.0B | $45.2B | ||
| Q3 25 | $29.9B | $45.6B | ||
| Q2 25 | $28.7B | $45.7B | ||
| Q1 25 | $27.4B | $44.6B | ||
| Q4 24 | $27.7B | $43.8B | ||
| Q3 24 | $28.3B | $45.0B | ||
| Q2 24 | $27.2B | $26.8K | ||
| Q1 24 | $27.6B | $108 |
负债/权益比GLWSW
| Q4 25 | 0.65× | 0.73× | ||
| Q3 25 | 0.64× | 0.72× | ||
| Q2 25 | 0.60× | 0.73× | ||
| Q1 25 | 0.65× | 0.72× | ||
| Q4 24 | 0.64× | 0.72× | ||
| Q3 24 | 0.64× | 0.73× | ||
| Q2 24 | 0.65× | — | ||
| Q1 24 | 0.63× | — |
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 | $620.0M | $612.0M |
| 自由现金流率自由现金流/营收 | 14.7% | 8.1% |
| 资本支出强度资本支出/营收 | 10.2% | 7.7% |
| 现金转化率经营现金流/净利润 | 1.95× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $1.2B |
8季度趋势，按日历期对齐
经营现金流GLWSW
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $784.0M | $1.1B | ||
| Q2 25 | $708.0M | $829.0M | ||
| Q1 25 | $151.0M | $235.0M | ||
| Q4 24 | $623.0M | $781.0M | ||
| Q3 24 | $699.0M | $320.0M | ||
| Q2 24 | $521.0M | $340.0M | ||
| Q1 24 | $96.0M | $42.0M |
自由现金流GLWSW
| Q4 25 | $620.0M | $612.0M | ||
| Q3 25 | $450.0M | $523.0M | ||
| Q2 25 | $400.0M | $307.0M | ||
| Q1 25 | $-57.0M | $-242.0M | ||
| Q4 24 | $369.0M | $212.0M | ||
| Q3 24 | $482.0M | $-192.0M | ||
| Q2 24 | $279.0M | $163.0M | ||
| Q1 24 | $-156.0M | $-166.0M |
自由现金流率GLWSW
| Q4 25 | 14.7% | 8.1% | ||
| Q3 25 | 11.0% | 6.5% | ||
| Q2 25 | 10.4% | 3.9% | ||
| Q1 25 | -1.7% | -3.2% | ||
| Q4 24 | 10.5% | 2.8% | ||
| Q3 24 | 14.2% | -2.5% | ||
| Q2 24 | 8.6% | 5.5% | ||
| Q1 24 | -5.2% | -5.7% |
资本支出强度GLWSW
| Q4 25 | 10.2% | 7.7% | ||
| Q3 25 | 8.1% | 7.6% | ||
| Q2 25 | 8.0% | 6.6% | ||
| Q1 25 | 6.0% | 6.2% | ||
| Q4 24 | 7.3% | 7.5% | ||
| Q3 24 | 6.4% | 6.7% | ||
| Q2 24 | 7.4% | 6.0% | ||
| Q1 24 | 8.5% | 7.1% |
现金转化率GLWSW
| Q4 25 | 1.95× | 12.32× | ||
| Q3 25 | 1.82× | 4.61× | ||
| Q2 25 | 1.51× | — | ||
| Q1 25 | 0.96× | 0.61× | ||
| Q4 24 | 2.01× | 5.35× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.01× | 2.58× | ||
| Q1 24 | 0.46× | 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
GLW
暂无分部数据
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
