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高盛（GS）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
高盛的季度营收约是Smurfit Westrock的1.8倍（$13.5B vs $7.6B），高盛净利率更高（34.3% vs 1.3%，领先33.0%），Smurfit Westrock自由现金流更多（$612.0M vs $-16.8B）
高盛集团是美国跨国投资银行及金融服务提供商，创立于1869年，总部位于纽约市曼哈顿下城，在全球多个国际金融中心设有区域总部。按营收计算，高盛是全球规模最大的投资银行之一，位列美国《财富》500强总营收榜单第55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。
GS vs SW — 直观对比
营收规模更大
GS
是对方的1.8倍
$7.6B
净利率更高
GS
高出33.0%
1.3%
自由现金流更多
SW
多$17.4B
$-16.8B
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $13.5B | $7.6B |
| 净利润 | $4.6B | $97.0M |
| 毛利率 | — | 18.2% |
| 营业利润率 | 43.5% | 5.1% |
| 净利率 | 34.3% | 1.3% |
| 营收同比 | — | 0.5% |
| 净利润同比 | — | -33.6% |
| 每股收益（稀释后） | $14.04 | $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GSSW
| Q4 25 | $13.5B | $7.6B | ||
| Q3 25 | $15.2B | $8.0B | ||
| Q2 25 | $14.6B | $7.9B | ||
| Q1 25 | $15.1B | $7.7B | ||
| Q4 24 | — | $7.5B | ||
| Q3 24 | $12.7B | $7.7B | ||
| Q2 24 | $12.7B | $3.0B | ||
| Q1 24 | $14.2B | $2.9B |
净利润GSSW
| Q4 25 | $4.6B | $97.0M | ||
| Q3 25 | $4.1B | $246.0M | ||
| Q2 25 | $3.7B | $-28.0M | ||
| Q1 25 | $4.7B | $384.0M | ||
| Q4 24 | — | $146.0M | ||
| Q3 24 | $3.0B | $-150.0M | ||
| Q2 24 | $3.0B | $132.0M | ||
| Q1 24 | $4.1B | $191.0M |
毛利率GSSW
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | — | 23.3% | ||
| Q1 24 | — | 24.2% |
营业利润率GSSW
| Q4 25 | 43.5% | 5.1% | ||
| Q3 25 | 35.5% | 6.6% | ||
| Q2 25 | 34.0% | 3.2% | ||
| Q1 25 | 37.5% | 7.2% | ||
| Q4 24 | — | 5.3% | ||
| Q3 24 | 31.4% | 0.7% | ||
| Q2 24 | 30.8% | 8.2% | ||
| Q1 24 | 36.8% | 10.5% |
净利率GSSW
| Q4 25 | 34.3% | 1.3% | ||
| Q3 25 | 27.0% | 3.1% | ||
| Q2 25 | 25.5% | -0.4% | ||
| Q1 25 | 31.5% | 5.0% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | 23.5% | -2.0% | ||
| Q2 24 | 23.9% | 4.4% | ||
| Q1 24 | 29.1% | 6.5% |
每股收益（稀释后）GSSW
| Q4 25 | $14.04 | $0.18 | ||
| Q3 25 | $12.25 | $0.47 | ||
| Q2 25 | $10.91 | $-0.05 | ||
| Q1 25 | $14.12 | $0.73 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | $8.40 | $-0.30 | ||
| Q2 24 | $8.62 | $0.51 | ||
| Q1 24 | $11.58 | $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 | $164.3B | $892.0M |
| 总债务越低越好 | — | $13.4B |
| 股东权益账面价值 | $125.0B | $18.3B |
| 总资产 | $1809.3B | $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GSSW
| Q4 25 | $164.3B | $892.0M | ||
| Q3 25 | $169.6B | $851.0M | ||
| Q2 25 | $153.0B | $778.0M | ||
| Q1 25 | $167.4B | $797.0M | ||
| Q4 24 | — | $855.0M | ||
| Q3 24 | $154.7B | — | ||
| Q2 24 | $206.3B | $26.8K | ||
| Q1 24 | $209.4B | $108 |
总债务GSSW
| 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GSSW
| Q4 25 | $125.0B | $18.3B | ||
| Q3 25 | $124.4B | $18.4B | ||
| Q2 25 | $124.1B | $18.3B | ||
| Q1 25 | $124.3B | $17.9B | ||
| Q4 24 | — | $17.4B | ||
| Q3 24 | $121.2B | $18.0B | ||
| Q2 24 | $119.5B | $14.5K | ||
| Q1 24 | $118.5B | $108 |
总资产GSSW
| Q4 25 | $1809.3B | $45.2B | ||
| Q3 25 | $1808.0B | $45.6B | ||
| Q2 25 | $1785.0B | $45.7B | ||
| Q1 25 | $1766.2B | $44.6B | ||
| Q4 24 | — | $43.8B | ||
| Q3 24 | $1728.1B | $45.0B | ||
| Q2 24 | $1653.3B | $26.8K | ||
| Q1 24 | $1698.4B | $108 |
负债/权益比GSSW
| 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 | $-16.3B | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $-16.8B | $612.0M |
| 自由现金流率自由现金流/营收 | -124.9% | 8.1% |
| 资本支出强度资本支出/营收 | 3.9% | 7.7% |
| 现金转化率经营现金流/净利润 | -3.53× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $-47.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流GSSW
| Q4 25 | $-16.3B | $1.2B | ||
| Q3 25 | $2.7B | $1.1B | ||
| Q2 25 | $5.7B | $829.0M | ||
| Q1 25 | $-37.2B | $235.0M | ||
| Q4 24 | — | $781.0M | ||
| Q3 24 | — | $320.0M | ||
| Q2 24 | — | $340.0M | ||
| Q1 24 | $-28.0B | $42.0M |
自由现金流GSSW
| Q4 25 | $-16.8B | $612.0M | ||
| Q3 25 | $2.1B | $523.0M | ||
| Q2 25 | $5.2B | $307.0M | ||
| Q1 25 | $-37.7B | $-242.0M | ||
| Q4 24 | — | $212.0M | ||
| Q3 24 | — | $-192.0M | ||
| Q2 24 | — | $163.0M | ||
| Q1 24 | $-28.5B | $-166.0M |
自由现金流率GSSW
| Q4 25 | -124.9% | 8.1% | ||
| Q3 25 | 14.0% | 6.5% | ||
| Q2 25 | 35.6% | 3.9% | ||
| Q1 25 | -250.5% | -3.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | -2.5% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | -200.8% | -5.7% |
资本支出强度GSSW
| Q4 25 | 3.9% | 7.7% | ||
| Q3 25 | 3.7% | 7.6% | ||
| Q2 25 | 3.3% | 6.6% | ||
| Q1 25 | 3.3% | 6.2% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 6.0% | ||
| Q1 24 | 3.5% | 7.1% |
现金转化率GSSW
| Q4 25 | -3.53× | 12.32× | ||
| Q3 25 | 0.65× | 4.61× | ||
| Q2 25 | 1.52× | — | ||
| Q1 25 | -7.86× | 0.61× | ||
| Q4 24 | — | 5.35× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.58× | ||
| Q1 24 | -6.79× | 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
GS
| Global Banking And Markets | $10.5B | 78% |
| Other | $2.9B | 22% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
