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国际纸业（IP）与直觉外科（ISRG）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直觉外科的1.7倍（$4.7B vs $2.8B），直觉外科净利率更高（29.8% vs -50.3%，领先80.1%），直觉外科同比增速更快（23.0% vs 3.6%），过去两年直觉外科的营收复合增速更高（17.4% vs 1.3%）
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。
直觉外科（Intuitive Surgical）是美国医疗科技企业，主打研发、生产及销售微创外科手术机器人产品，核心产品为达芬奇手术系统，可有效提升患者临床治疗效果。该公司为纳斯达克100、标普100及标普500指数成分股，截至2021年末全球达芬奇系统装机量达6730台，其中美国市场占4139台。
IP vs ISRG — 直观对比
营收规模更大
IP
是对方的1.7倍
$2.8B
营收增速更快
ISRG
高出19.4%
3.6%
净利率更高
ISRG
高出80.1%
-50.3%
两年增速更快
ISRG
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $2.8B |
| 净利润 | $-2.4B | $826.0M |
| 毛利率 | 32.2% | 66.1% |
| 营业利润率 | -56.4% | — |
| 净利率 | -50.3% | 29.8% |
| 营收同比 | 3.6% | 23.0% |
| 净利润同比 | -1521.8% | 17.4% |
| 每股收益（稀释后） | $-4.76 | $2.28 |
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IPISRG
| Q1 26 | — | $2.8B | ||
| Q4 25 | $4.7B | $2.9B | ||
| Q3 25 | $6.2B | $2.5B | ||
| Q2 25 | $6.8B | $2.4B | ||
| Q1 25 | $5.9B | $2.3B | ||
| Q4 24 | $4.6B | $2.4B | ||
| Q3 24 | $4.7B | $2.0B | ||
| Q2 24 | $4.7B | $2.0B |
净利润IPISRG
| Q1 26 | — | $826.0M | ||
| Q4 25 | $-2.4B | $794.8M | ||
| Q3 25 | $-1.1B | $704.4M | ||
| Q2 25 | $75.0M | $658.4M | ||
| Q1 25 | $-105.0M | $698.4M | ||
| Q4 24 | $-147.0M | $685.7M | ||
| Q3 24 | $150.0M | $565.1M | ||
| Q2 24 | $498.0M | $526.9M |
毛利率IPISRG
| Q1 26 | — | 66.1% | ||
| Q4 25 | 32.2% | 66.4% | ||
| Q3 25 | 31.1% | 66.4% | ||
| Q2 25 | 27.9% | 66.3% | ||
| Q1 25 | 27.8% | 64.7% | ||
| Q4 24 | 29.0% | 68.0% | ||
| Q3 24 | 28.7% | 67.4% | ||
| Q2 24 | 29.0% | 68.3% |
营业利润率IPISRG
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 30.2% | ||
| Q3 25 | -10.8% | 30.3% | ||
| Q2 25 | 1.7% | 30.5% | ||
| Q1 25 | -2.3% | 25.7% | ||
| Q4 24 | -4.9% | 30.4% | ||
| Q3 24 | 5.1% | 28.3% | ||
| Q2 24 | 6.8% | 28.2% |
净利率IPISRG
| Q1 26 | — | 29.8% | ||
| Q4 25 | -50.3% | 27.7% | ||
| Q3 25 | -17.7% | 28.1% | ||
| Q2 25 | 1.1% | 27.0% | ||
| Q1 25 | -1.8% | 31.0% | ||
| Q4 24 | -3.2% | 28.4% | ||
| Q3 24 | 3.2% | 27.7% | ||
| Q2 24 | 10.5% | 26.2% |
每股收益（稀释后）IPISRG
| Q1 26 | — | $2.28 | ||
| Q4 25 | $-4.76 | $2.19 | ||
| Q3 25 | $-2.09 | $1.95 | ||
| Q2 25 | $0.14 | $1.81 | ||
| Q1 25 | $-0.24 | $1.92 | ||
| Q4 24 | $-0.42 | $1.89 | ||
| Q3 24 | $0.42 | $1.56 | ||
| Q2 24 | $1.41 | $1.46 |
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 | $1.1B | — |
| 总债务越低越好 | $8.8B | — |
| 股东权益账面价值 | $14.8B | $17.6B |
| 总资产 | $38.0B | $20.1B |
| 负债/权益比越低杠杆越低 | 0.60× | — |
8季度趋势，按日历期对齐
现金及短期投资IPISRG
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $5.9B | ||
| Q3 25 | $995.0M | $4.9B | ||
| Q2 25 | $1.1B | $5.3B | ||
| Q1 25 | $1.2B | $4.5B | ||
| Q4 24 | $1.2B | $4.0B | ||
| Q3 24 | $1.2B | $4.2B | ||
| Q2 24 | $1.0B | $4.8B |
总债务IPISRG
| Q1 26 | — | — | ||
| Q4 25 | $8.8B | — | ||
| Q3 25 | $9.0B | — | ||
| Q2 25 | $9.7B | — | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | — |
股东权益IPISRG
| Q1 26 | — | $17.6B | ||
| Q4 25 | $14.8B | $17.8B | ||
| Q3 25 | $17.3B | $16.9B | ||
| Q2 25 | $18.6B | $17.8B | ||
| Q1 25 | $18.1B | $17.1B | ||
| Q4 24 | $8.2B | $16.4B | ||
| Q3 24 | $8.6B | $15.6B | ||
| Q2 24 | $8.6B | $14.7B |
总资产IPISRG
| Q1 26 | — | $20.1B | ||
| Q4 25 | $38.0B | $20.5B | ||
| Q3 25 | $40.6B | $19.4B | ||
| Q2 25 | $42.4B | $20.2B | ||
| Q1 25 | $41.2B | $19.2B | ||
| Q4 24 | $22.8B | $18.7B | ||
| Q3 24 | $23.2B | $17.7B | ||
| Q2 24 | $23.1B | $16.6B |
负债/权益比IPISRG
| Q1 26 | — | — | ||
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.52× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 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 | $905.0M | — |
| 自由现金流经营现金流 - 资本支出 | $255.0M | — |
| 自由现金流率自由现金流/营收 | 5.4% | — |
| 资本支出强度资本支出/营收 | 13.7% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-159.0M | — |
8季度趋势，按日历期对齐
经营现金流IPISRG
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $892.5M | ||
| Q3 25 | $605.0M | $841.0M | ||
| Q2 25 | $476.0M | $715.4M | ||
| Q1 25 | $-288.0M | $581.6M | ||
| Q4 24 | $397.0M | $822.6M | ||
| Q3 24 | $521.0M | $706.5M | ||
| Q2 24 | $365.0M | $620.5M |
自由现金流IPISRG
| Q1 26 | — | — | ||
| Q4 25 | $255.0M | $730.0M | ||
| Q3 25 | $150.0M | $735.6M | ||
| Q2 25 | $54.0M | $560.1M | ||
| Q1 25 | $-618.0M | $465.0M | ||
| Q4 24 | $137.0M | $510.6M | ||
| Q3 24 | $309.0M | $458.6M | ||
| Q2 24 | $167.0M | $311.1M |
自由现金流率IPISRG
| Q1 26 | — | — | ||
| Q4 25 | 5.4% | 25.5% | ||
| Q3 25 | 2.4% | 29.4% | ||
| Q2 25 | 0.8% | 23.0% | ||
| Q1 25 | -10.5% | 20.6% | ||
| Q4 24 | 3.0% | 21.2% | ||
| Q3 24 | 6.6% | 22.5% | ||
| Q2 24 | 3.5% | 15.5% |
资本支出强度IPISRG
| Q1 26 | — | — | ||
| Q4 25 | 13.7% | 5.7% | ||
| Q3 25 | 7.3% | 4.2% | ||
| Q2 25 | 6.2% | 6.4% | ||
| Q1 25 | 5.6% | 5.2% | ||
| Q4 24 | 5.7% | 12.9% | ||
| Q3 24 | 4.5% | 12.2% | ||
| Q2 24 | 4.2% | 15.4% |
现金转化率IPISRG
| Q1 26 | — | — | ||
| Q4 25 | — | 1.12× | ||
| Q3 25 | — | 1.19× | ||
| Q2 25 | 6.35× | 1.09× | ||
| Q1 25 | — | 0.83× | ||
| Q4 24 | — | 1.20× | ||
| Q3 24 | 3.47× | 1.25× | ||
| Q2 24 | 0.73× | 1.18× |
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
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
ISRG
| Instruments and accessories | $1.7B | 61% |
| Systems | $650.7M | 23% |
| Services | $433.7M | 16% |
