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亨廷顿·英格尔斯工业（HII）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
国际纸业的季度营收约是亨廷顿·英格尔斯工业的1.7倍（$6.0B vs $3.5B），亨廷顿·英格尔斯工业净利率更高（4.6% vs 1.0%，领先3.6%），亨廷顿·英格尔斯工业同比增速更快（15.7% vs -0.6%），亨廷顿·英格尔斯工业自由现金流更多（$516.0M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs 11.3%）
亨廷顿·英格尔斯工业（简称HII）是美国规模最大的军用造船企业，同时面向政府及行业合作伙伴提供专业服务。公司于2011年3月31日从诺斯罗普·格鲁曼公司分拆成立，在防务装备建造及配套服务领域拥有深厚技术积累与行业资源。
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。
HII vs IP — 直观对比
营收规模更大
IP
是对方的1.7倍
$3.5B
营收增速更快
HII
高出16.3%
-0.6%
净利率更高
HII
高出3.6%
1.0%
自由现金流更多
HII
多$422.0M
$94.0M
两年增速更快
IP
近两年复合增速
11.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.5B | $6.0B |
| 净利润 | $159.0M | $60.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.9% | — |
| 净利率 | 4.6% | 1.0% |
| 营收同比 | 15.7% | -0.6% |
| 净利润同比 | 29.3% | 157.1% |
| 每股收益（稀释后） | $4.06 | $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HIIIP
| Q1 26 | — | $6.0B | ||
| Q4 25 | $3.5B | $4.7B | ||
| Q3 25 | $3.2B | $6.2B | ||
| Q2 25 | $3.1B | $6.8B | ||
| Q1 25 | $2.7B | $5.9B | ||
| Q4 24 | $3.0B | $4.6B | ||
| Q3 24 | $2.7B | $4.7B | ||
| Q2 24 | $3.0B | $4.7B |
净利润HIIIP
| Q1 26 | — | $60.0M | ||
| Q4 25 | $159.0M | $-2.4B | ||
| Q3 25 | $145.0M | $-1.1B | ||
| Q2 25 | $152.0M | $75.0M | ||
| Q1 25 | $149.0M | $-105.0M | ||
| Q4 24 | $123.0M | $-147.0M | ||
| Q3 24 | $101.0M | $150.0M | ||
| Q2 24 | $173.0M | $498.0M |
毛利率HIIIP
| Q1 26 | — | — | ||
| Q4 25 | — | 32.2% | ||
| Q3 25 | — | 31.1% | ||
| Q2 25 | — | 27.9% | ||
| Q1 25 | — | 27.8% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | — | 28.7% | ||
| Q2 24 | — | 29.0% |
营业利润率HIIIP
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | -56.4% | ||
| Q3 25 | 5.0% | -10.8% | ||
| Q2 25 | 5.3% | 1.7% | ||
| Q1 25 | 5.9% | -2.3% | ||
| Q4 24 | 3.7% | -4.9% | ||
| Q3 24 | 3.0% | 5.1% | ||
| Q2 24 | 6.3% | 6.8% |
净利率HIIIP
| Q1 26 | — | 1.0% | ||
| Q4 25 | 4.6% | -50.3% | ||
| Q3 25 | 4.5% | -17.7% | ||
| Q2 25 | 4.9% | 1.1% | ||
| Q1 25 | 5.4% | -1.8% | ||
| Q4 24 | 4.1% | -3.2% | ||
| Q3 24 | 3.7% | 3.2% | ||
| Q2 24 | 5.8% | 10.5% |
每股收益（稀释后）HIIIP
| Q1 26 | — | $0.14 | ||
| Q4 25 | $4.06 | $-4.76 | ||
| Q3 25 | $3.68 | $-2.09 | ||
| Q2 25 | $3.86 | $0.14 | ||
| Q1 25 | $3.79 | $-0.24 | ||
| Q4 24 | $3.15 | $-0.42 | ||
| Q3 24 | $2.56 | $0.42 | ||
| Q2 24 | $4.38 | $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 | — | — |
| 总债务越低越好 | $2.7B | $8.2B |
| 股东权益账面价值 | $5.1B | $14.8B |
| 总资产 | $12.7B | $36.4B |
| 负债/权益比越低杠杆越低 | 0.53× | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资HIIIP
| Q1 26 | — | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $995.0M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.0B |
总债务HIIIP
| Q1 26 | — | $8.2B | ||
| Q4 25 | $2.7B | $8.8B | ||
| Q3 25 | — | $9.0B | ||
| Q2 25 | — | $9.7B | ||
| Q1 25 | — | $9.2B | ||
| Q4 24 | $2.7B | $5.4B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $5.3B |
股东权益HIIIP
| Q1 26 | — | $14.8B | ||
| Q4 25 | $5.1B | $14.8B | ||
| Q3 25 | $5.0B | $17.3B | ||
| Q2 25 | $4.9B | $18.6B | ||
| Q1 25 | $4.8B | $18.1B | ||
| Q4 24 | $4.7B | $8.2B | ||
| Q3 24 | $4.2B | $8.6B | ||
| Q2 24 | $4.2B | $8.6B |
总资产HIIIP
| Q1 26 | — | $36.4B | ||
| Q4 25 | $12.7B | $38.0B | ||
| Q3 25 | $12.3B | $40.6B | ||
| Q2 25 | $12.1B | $42.4B | ||
| Q1 25 | $12.1B | $41.2B | ||
| Q4 24 | $12.1B | $22.8B | ||
| Q3 24 | $11.1B | $23.2B | ||
| Q2 24 | $11.3B | $23.1B |
负债/权益比HIIIP
| Q1 26 | — | 0.55× | ||
| Q4 25 | 0.53× | 0.60× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | 0.58× | 0.66× | ||
| Q3 24 | — | 0.62× | ||
| Q2 24 | — | 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 | $650.0M | — |
| 自由现金流经营现金流 - 资本支出 | $516.0M | $94.0M |
| 自由现金流率自由现金流/营收 | 14.8% | 1.6% |
| 资本支出强度资本支出/营收 | 3.9% | 8.7% |
| 现金转化率经营现金流/净利润 | 4.09× | — |
| 过去12个月自由现金流最近4个季度 | $794.0M | $553.0M |
8季度趋势，按日历期对齐
经营现金流HIIIP
| Q1 26 | — | — | ||
| Q4 25 | $650.0M | $905.0M | ||
| Q3 25 | $118.0M | $605.0M | ||
| Q2 25 | $823.0M | $476.0M | ||
| Q1 25 | $-395.0M | $-288.0M | ||
| Q4 24 | $391.0M | $397.0M | ||
| Q3 24 | $213.0M | $521.0M | ||
| Q2 24 | $-9.0M | $365.0M |
自由现金流HIIIP
| Q1 26 | — | $94.0M | ||
| Q4 25 | $516.0M | $255.0M | ||
| Q3 25 | $13.0M | $150.0M | ||
| Q2 25 | $727.0M | $54.0M | ||
| Q1 25 | $-462.0M | $-618.0M | ||
| Q4 24 | $277.0M | $137.0M | ||
| Q3 24 | $125.0M | $309.0M | ||
| Q2 24 | $-99.0M | $167.0M |
自由现金流率HIIIP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 14.8% | 5.4% | ||
| Q3 25 | 0.4% | 2.4% | ||
| Q2 25 | 23.6% | 0.8% | ||
| Q1 25 | -16.9% | -10.5% | ||
| Q4 24 | 9.2% | 3.0% | ||
| Q3 24 | 4.5% | 6.6% | ||
| Q2 24 | -3.3% | 3.5% |
资本支出强度HIIIP
| Q1 26 | — | 8.7% | ||
| Q4 25 | 3.9% | 13.7% | ||
| Q3 25 | 3.3% | 7.3% | ||
| Q2 25 | 3.1% | 6.2% | ||
| Q1 25 | 2.5% | 5.6% | ||
| Q4 24 | 3.8% | 5.7% | ||
| Q3 24 | 3.2% | 4.5% | ||
| Q2 24 | 3.0% | 4.2% |
现金转化率HIIIP
| Q1 26 | — | — | ||
| Q4 25 | 4.09× | — | ||
| Q3 25 | 0.81× | — | ||
| Q2 25 | 5.41× | 6.35× | ||
| Q1 25 | -2.65× | — | ||
| Q4 24 | 3.18× | — | ||
| Q3 24 | 2.11× | 3.47× | ||
| Q2 24 | -0.05× | 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
HII
| Aircraftcarriers | $984.0M | 28% |
| Fixedpriceincentive | $758.0M | 22% |
| Submarines | $744.0M | 21% |
| Surfacecombatantsandcoastguardcutters | $452.0M | 13% |
| Amphibiousassaultships | $433.0M | 12% |
| Costtype | $123.0M | 4% |
| Otherprograms | $4.0M | 0% |
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
