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惠普（HPQ）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
惠普的季度营收约是Smurfit Westrock的1.9倍（$14.6B vs $7.7B），惠普净利率更高（5.4% vs 0.8%，领先4.6%），惠普同比增速更快（4.2% vs 0.7%），过去两年Smurfit Westrock的营收复合增速更高（61.2% vs 5.4%）
惠普（HP）是美国知名跨国信息技术企业，1939年由比尔·休利特与戴维·帕卡德在加州帕洛阿尔托的一间车库中创立，后续成长为硅谷核心地带极具影响力的科技巨头，其倡导的“惠普之道”经营理念也在行业内广为流传。
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。
HPQ vs SW — 直观对比
营收规模更大
HPQ
是对方的1.9倍
$7.7B
营收增速更快
HPQ
高出3.4%
0.7%
净利率更高
HPQ
高出4.6%
0.8%
两年增速更快
SW
近两年复合增速
5.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $14.6B | $7.7B |
| 净利润 | $795.0M | $63.0M |
| 毛利率 | 20.2% | 16.4% |
| 营业利润率 | 6.6% | 3.3% |
| 净利率 | 5.4% | 0.8% |
| 营收同比 | 4.2% | 0.7% |
| 净利润同比 | -12.3% | — |
| 每股收益（稀释后） | $0.84 | $0.12 |
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HPQSW
| Q1 26 | — | $7.7B | ||
| Q4 25 | $14.6B | $7.6B | ||
| Q3 25 | $13.9B | $8.0B | ||
| Q2 25 | $13.2B | $7.9B | ||
| Q1 25 | $13.5B | $7.7B | ||
| Q4 24 | $14.1B | $7.5B | ||
| Q3 24 | $13.5B | $7.7B | ||
| Q2 24 | $12.8B | $3.0B |
净利润HPQSW
| Q1 26 | — | $63.0M | ||
| Q4 25 | $795.0M | $97.0M | ||
| Q3 25 | $763.0M | $246.0M | ||
| Q2 25 | $406.0M | $-28.0M | ||
| Q1 25 | $565.0M | $384.0M | ||
| Q4 24 | $906.0M | $146.0M | ||
| Q3 24 | $640.0M | $-150.0M | ||
| Q2 24 | $607.0M | $132.0M |
毛利率HPQSW
| Q1 26 | — | 16.4% | ||
| Q4 25 | 20.2% | 18.2% | ||
| Q3 25 | 20.5% | 19.6% | ||
| Q2 25 | 20.7% | 19.1% | ||
| Q1 25 | 21.0% | 20.6% | ||
| Q4 24 | 21.4% | 19.1% | ||
| Q3 24 | 21.5% | 17.6% | ||
| Q2 24 | 23.6% | 23.3% |
营业利润率HPQSW
| Q1 26 | — | 3.3% | ||
| Q4 25 | 6.6% | 5.1% | ||
| Q3 25 | 5.1% | 6.6% | ||
| Q2 25 | 4.9% | 3.2% | ||
| Q1 25 | 6.3% | 7.2% | ||
| Q4 24 | 7.1% | 5.3% | ||
| Q3 24 | 7.0% | 0.7% | ||
| Q2 24 | 7.4% | 8.2% |
净利率HPQSW
| Q1 26 | — | 0.8% | ||
| Q4 25 | 5.4% | 1.3% | ||
| Q3 25 | 5.5% | 3.1% | ||
| Q2 25 | 3.1% | -0.4% | ||
| Q1 25 | 4.2% | 5.0% | ||
| Q4 24 | 6.4% | 1.9% | ||
| Q3 24 | 4.7% | -2.0% | ||
| Q2 24 | 4.7% | 4.4% |
每股收益（稀释后）HPQSW
| Q1 26 | — | $0.12 | ||
| Q4 25 | $0.84 | $0.18 | ||
| Q3 25 | $0.80 | $0.47 | ||
| Q2 25 | $0.42 | $-0.05 | ||
| Q1 25 | $0.59 | $0.73 | ||
| Q4 24 | $0.93 | $-0.12 | ||
| Q3 24 | $0.65 | $-0.30 | ||
| Q2 24 | $0.61 | $0.51 |
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 | $3.7B | — |
| 总债务越低越好 | $9.7B | $980.0M |
| 股东权益账面价值 | $-346.0M | $18.1B |
| 总资产 | $41.8B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资HPQSW
| Q1 26 | — | — | ||
| Q4 25 | $3.7B | $892.0M | ||
| Q3 25 | $2.9B | $851.0M | ||
| Q2 25 | $2.7B | $778.0M | ||
| Q1 25 | $2.9B | $797.0M | ||
| Q4 24 | $3.2B | $855.0M | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.4B | $26.8K |
总债务HPQSW
| Q1 26 | — | $980.0M | ||
| Q4 25 | $9.7B | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | $9.7B | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — |
股东权益HPQSW
| Q1 26 | — | $18.1B | ||
| Q4 25 | $-346.0M | $18.3B | ||
| Q3 25 | $-901.0M | $18.4B | ||
| Q2 25 | $-1.3B | $18.3B | ||
| Q1 25 | $-1.1B | $17.9B | ||
| Q4 24 | $-1.3B | $17.4B | ||
| Q3 24 | $-1.4B | $18.0B | ||
| Q2 24 | $-916.0M | $14.5K |
总资产HPQSW
| Q1 26 | — | $45.2B | ||
| Q4 25 | $41.8B | $45.2B | ||
| Q3 25 | $39.9B | $45.6B | ||
| Q2 25 | $38.8B | $45.7B | ||
| Q1 25 | $38.9B | $44.6B | ||
| Q4 24 | $39.9B | $43.8B | ||
| Q3 24 | $38.1B | $45.0B | ||
| Q2 24 | $37.4B | $26.8K |
负债/权益比HPQSW
| Q1 26 | — | 0.05× | ||
| 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 | — | — |
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 | $1.6B | $204.0M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | — |
| 自由现金流率自由现金流/营收 | 9.7% | — |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 现金转化率经营现金流/净利润 | 2.04× | 3.24× |
| 过去12个月自由现金流最近4个季度 | $2.8B | — |
8季度趋势，按日历期对齐
经营现金流HPQSW
| Q1 26 | — | $204.0M | ||
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $38.0M | $829.0M | ||
| Q1 25 | $374.0M | $235.0M | ||
| Q4 24 | $1.6B | $781.0M | ||
| Q3 24 | $1.4B | $320.0M | ||
| Q2 24 | $581.0M | $340.0M |
自由现金流HPQSW
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $612.0M | ||
| Q3 25 | $1.4B | $523.0M | ||
| Q2 25 | $-145.0M | $307.0M | ||
| Q1 25 | $72.0M | $-242.0M | ||
| Q4 24 | $1.5B | $212.0M | ||
| Q3 24 | $1.3B | $-192.0M | ||
| Q2 24 | $462.0M | $163.0M |
自由现金流率HPQSW
| Q1 26 | — | — | ||
| Q4 25 | 9.7% | 8.1% | ||
| Q3 25 | 10.4% | 6.5% | ||
| Q2 25 | -1.1% | 3.9% | ||
| Q1 25 | 0.5% | -3.2% | ||
| Q4 24 | 10.5% | 2.8% | ||
| Q3 24 | 9.3% | -2.5% | ||
| Q2 24 | 3.6% | 5.5% |
资本支出强度HPQSW
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 7.7% | ||
| Q3 25 | 1.5% | 7.6% | ||
| Q2 25 | 1.4% | 6.6% | ||
| Q1 25 | 2.2% | 6.2% | ||
| Q4 24 | 1.1% | 7.5% | ||
| Q3 24 | 1.2% | 6.7% | ||
| Q2 24 | 0.9% | 6.0% |
现金转化率HPQSW
| Q1 26 | — | 3.24× | ||
| Q4 25 | 2.04× | 12.32× | ||
| Q3 25 | 2.18× | 4.61× | ||
| Q2 25 | 0.09× | — | ||
| Q1 25 | 0.66× | 0.61× | ||
| Q4 24 | 1.79× | 5.35× | ||
| Q3 24 | 2.23× | — | ||
| Q2 24 | 0.96× | 2.58× |
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
HPQ
| Commercial PS | $7.0B | 48% |
| Consumer PS | $3.4B | 23% |
| Supplies | $2.8B | 19% |
| Commercial Printing | $1.2B | 8% |
| Consumer Printing | $296.0M | 2% |
| Corporate Investments | $19.0M | 0% |
SW
暂无分部数据
