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国际纸业（IP）与J.B. Hunt（JBHT）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J.B. Hunt的1.9倍（$6.0B vs $3.1B），J.B. Hunt净利率更高（5.8% vs 1.0%，领先4.8%），国际纸业同比增速更快（-0.6% vs -1.6%），J.B. Hunt自由现金流更多（$251.3M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs 2.6%）
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。
J.B.亨特运输服务公司是总部位于美国阿肯色州洛厄尔的运输物流企业，1961年8月10日由约翰尼·布莱恩·亨特与乔内尔·亨特在阿肯色州创立。截至1983年，公司已成为美国第80大卡车运输企业，营收达6.2347亿美元，当时运营550台牵引车、1049辆挂车，拥有约1050名员工。
IP vs JBHT — 直观对比
营收规模更大
IP
是对方的1.9倍
$3.1B
营收增速更快
IP
高出1.0%
-1.6%
净利率更高
JBHT
高出4.8%
1.0%
自由现金流更多
JBHT
多$157.3M
$94.0M
两年增速更快
IP
近两年复合增速
2.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $3.1B |
| 净利润 | $60.0M | $181.1M |
| 毛利率 | — | — |
| 营业利润率 | — | 8.0% |
| 净利率 | 1.0% | 5.8% |
| 营收同比 | -0.6% | -1.6% |
| 净利润同比 | 157.1% | 16.5% |
| 每股收益（稀释后） | $0.14 | $1.88 |
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IPJBHT
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $3.1B | ||
| Q3 25 | $6.2B | $3.1B | ||
| Q2 25 | $6.8B | $2.9B | ||
| Q1 25 | $5.9B | $2.9B | ||
| Q4 24 | $4.6B | $3.1B | ||
| Q3 24 | $4.7B | $3.1B | ||
| Q2 24 | $4.7B | $2.9B |
净利润IPJBHT
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $181.1M | ||
| Q3 25 | $-1.1B | $170.8M | ||
| Q2 25 | $75.0M | $128.6M | ||
| Q1 25 | $-105.0M | $117.7M | ||
| Q4 24 | $-147.0M | $155.5M | ||
| Q3 24 | $150.0M | $152.1M | ||
| Q2 24 | $498.0M | $135.9M |
毛利率IPJBHT
| 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IPJBHT
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 8.0% | ||
| Q3 25 | -10.8% | 7.9% | ||
| Q2 25 | 1.7% | 6.7% | ||
| Q1 25 | -2.3% | 6.1% | ||
| Q4 24 | -4.9% | 6.6% | ||
| Q3 24 | 5.1% | 7.3% | ||
| Q2 24 | 6.8% | 7.0% |
净利率IPJBHT
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | 5.8% | ||
| Q3 25 | -17.7% | 5.6% | ||
| Q2 25 | 1.1% | 4.4% | ||
| Q1 25 | -1.8% | 4.0% | ||
| Q4 24 | -3.2% | 4.9% | ||
| Q3 24 | 3.2% | 5.0% | ||
| Q2 24 | 10.5% | 4.6% |
每股收益（稀释后）IPJBHT
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | $1.88 | ||
| Q3 25 | $-2.09 | $1.76 | ||
| Q2 25 | $0.14 | $1.31 | ||
| Q1 25 | $-0.24 | $1.17 | ||
| Q4 24 | $-0.42 | $1.53 | ||
| Q3 24 | $0.42 | $1.49 | ||
| Q2 24 | $1.41 | $1.32 |
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 | — | $17.3M |
| 总债务越低越好 | $8.2B | — |
| 股东权益账面价值 | $14.8B | $3.6B |
| 总资产 | $36.4B | $7.9B |
| 负债/权益比越低杠杆越低 | 0.55× | — |
8季度趋势，按日历期对齐
现金及短期投资IPJBHT
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $17.3M | ||
| Q3 25 | $995.0M | $52.3M | ||
| Q2 25 | $1.1B | $50.9M | ||
| Q1 25 | $1.2B | $43.4M | ||
| Q4 24 | $1.2B | $47.0M | ||
| Q3 24 | $1.2B | $120.0M | ||
| Q2 24 | $1.0B | $53.5M |
总债务IPJBHT
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | — | ||
| Q3 25 | $9.0B | — | ||
| Q2 25 | $9.7B | — | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $5.4B | $977.7M | ||
| Q3 24 | $5.3B | $1.0B | ||
| Q2 24 | $5.3B | $1.5B |
股东权益IPJBHT
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $3.6B | ||
| Q3 25 | $17.3B | $3.6B | ||
| Q2 25 | $18.6B | $3.7B | ||
| Q1 25 | $18.1B | $3.9B | ||
| Q4 24 | $8.2B | $4.0B | ||
| Q3 24 | $8.6B | $4.0B | ||
| Q2 24 | $8.6B | $4.1B |
总资产IPJBHT
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $7.9B | ||
| Q3 25 | $40.6B | $8.1B | ||
| Q2 25 | $42.4B | $8.2B | ||
| Q1 25 | $41.2B | $8.3B | ||
| Q4 24 | $22.8B | $8.3B | ||
| Q3 24 | $23.2B | $8.3B | ||
| Q2 24 | $23.1B | $8.4B |
负债/权益比IPJBHT
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.52× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 0.66× | 0.24× | ||
| Q3 24 | 0.62× | 0.26× | ||
| Q2 24 | 0.62× | 0.36× |
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 | — | $385.6M |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $251.3M |
| 自由现金流率自由现金流/营收 | 1.6% | 8.1% |
| 资本支出强度资本支出/营收 | 8.7% | 4.3% |
| 现金转化率经营现金流/净利润 | — | 2.13× |
| 过去12个月自由现金流最近4个季度 | $553.0M | $947.6M |
8季度趋势，按日历期对齐
经营现金流IPJBHT
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $385.6M | ||
| Q3 25 | $605.0M | $486.4M | ||
| Q2 25 | $476.0M | $402.1M | ||
| Q1 25 | $-288.0M | $404.2M | ||
| Q4 24 | $397.0M | $317.6M | ||
| Q3 24 | $521.0M | $338.5M | ||
| Q2 24 | $365.0M | $360.6M |
自由现金流IPJBHT
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $251.3M | ||
| Q3 25 | $150.0M | $352.4M | ||
| Q2 25 | $54.0M | $185.6M | ||
| Q1 25 | $-618.0M | $158.4M | ||
| Q4 24 | $137.0M | $93.3M | ||
| Q3 24 | $309.0M | $163.1M | ||
| Q2 24 | $167.0M | $98.2M |
自由现金流率IPJBHT
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 8.1% | ||
| Q3 25 | 2.4% | 11.5% | ||
| Q2 25 | 0.8% | 6.3% | ||
| Q1 25 | -10.5% | 5.4% | ||
| Q4 24 | 3.0% | 3.0% | ||
| Q3 24 | 6.6% | 5.3% | ||
| Q2 24 | 3.5% | 3.4% |
资本支出强度IPJBHT
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 4.3% | ||
| Q3 25 | 7.3% | 4.4% | ||
| Q2 25 | 6.2% | 7.4% | ||
| Q1 25 | 5.6% | 8.4% | ||
| Q4 24 | 5.7% | 7.1% | ||
| Q3 24 | 4.5% | 5.7% | ||
| Q2 24 | 4.2% | 9.0% |
现金转化率IPJBHT
| Q1 26 | — | — | ||
| Q4 25 | — | 2.13× | ||
| Q3 25 | — | 2.85× | ||
| Q2 25 | 6.35× | 3.13× | ||
| Q1 25 | — | 3.43× | ||
| Q4 24 | — | 2.04× | ||
| Q3 24 | 3.47× | 2.23× | ||
| Q2 24 | 0.73× | 2.65× |
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
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
JBHT
| JBI | $1.5B | 50% |
| DCS | $842.8M | 27% |
| ICS | $304.5M | 10% |
| FMS | $206.3M | 7% |
| JBT | $200.7M | 6% |
