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国际纸业（IP）与江森自控（JCI）财务数据对比。点击上方公司名可切换其他公司
江森自控的季度营收约是国际纸业的1.2倍（$5.8B vs $4.7B），江森自控净利率更高（9.0% vs -50.3%，领先59.3%），江森自控同比增速更快（6.8% vs 3.6%），江森自控自由现金流更多（$531.0M vs $255.0M），过去两年国际纸业的营收复合增速更高（1.3% vs -7.0%）
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。
江森自控是总部位于爱尔兰科克的跨国综合企业，专注于为各类建筑提供消防、暖通空调及安防设备，业务覆盖六大洲近2000个地点，2019年中期员工规模达10.5万人，曾位列2017年《财富》全球500强第389位。
IP vs JCI — 直观对比
营收规模更大
JCI
是对方的1.2倍
$4.7B
营收增速更快
JCI
高出3.3%
3.6%
净利率更高
JCI
高出59.3%
-50.3%
自由现金流更多
JCI
多$276.0M
$255.0M
两年增速更快
IP
近两年复合增速
-7.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $5.8B |
| 净利润 | $-2.4B | $524.0M |
| 毛利率 | 32.2% | 35.8% |
| 营业利润率 | -56.4% | — |
| 净利率 | -50.3% | 9.0% |
| 营收同比 | 3.6% | 6.8% |
| 净利润同比 | -1521.8% | 25.1% |
| 每股收益（稀释后） | $-4.76 | $0.85 |
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IPJCI
| Q4 25 | $4.7B | $5.8B | ||
| Q3 25 | $6.2B | $6.4B | ||
| Q2 25 | $6.8B | $6.1B | ||
| Q1 25 | $5.9B | $5.7B | ||
| Q4 24 | $4.6B | $5.4B | ||
| Q3 24 | $4.7B | $2.9B | ||
| Q2 24 | $4.7B | $7.2B | ||
| Q1 24 | $4.6B | $6.7B |
净利润IPJCI
| Q4 25 | $-2.4B | $524.0M | ||
| Q3 25 | $-1.1B | $1.7B | ||
| Q2 25 | $75.0M | $701.0M | ||
| Q1 25 | $-105.0M | $478.0M | ||
| Q4 24 | $-147.0M | $419.0M | ||
| Q3 24 | $150.0M | $633.0M | ||
| Q2 24 | $498.0M | $975.0M | ||
| Q1 24 | $56.0M | $-277.0M |
毛利率IPJCI
| Q4 25 | 32.2% | 35.8% | ||
| Q3 25 | 31.1% | 36.5% | ||
| Q2 25 | 27.9% | 37.1% | ||
| Q1 25 | 27.8% | 36.5% | ||
| Q4 24 | 29.0% | 35.5% | ||
| Q3 24 | 28.7% | 48.4% | ||
| Q2 24 | 29.0% | 34.4% | ||
| Q1 24 | 25.9% | 32.6% |
营业利润率IPJCI
| Q4 25 | -56.4% | — | ||
| Q3 25 | -10.8% | 5.5% | ||
| Q2 25 | 1.7% | 11.6% | ||
| Q1 25 | -2.3% | 8.8% | ||
| Q4 24 | -4.9% | 7.5% | ||
| Q3 24 | 5.1% | 6.9% | ||
| Q2 24 | 6.8% | 17.7% | ||
| Q1 24 | 3.7% | -5.4% |
净利率IPJCI
| Q4 25 | -50.3% | 9.0% | ||
| Q3 25 | -17.7% | 26.3% | ||
| Q2 25 | 1.1% | 11.6% | ||
| Q1 25 | -1.8% | 8.4% | ||
| Q4 24 | -3.2% | 7.7% | ||
| Q3 24 | 3.2% | 21.6% | ||
| Q2 24 | 10.5% | 13.5% | ||
| Q1 24 | 1.2% | -4.1% |
每股收益（稀释后）IPJCI
| Q4 25 | $-4.76 | $0.85 | ||
| Q3 25 | $-2.09 | $2.61 | ||
| Q2 25 | $0.14 | $1.07 | ||
| Q1 25 | $-0.24 | $0.72 | ||
| Q4 24 | $-0.42 | $0.63 | ||
| Q3 24 | $0.42 | $0.93 | ||
| Q2 24 | $1.41 | $1.45 | ||
| Q1 24 | $0.16 | $-0.41 |
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 | $1.1B | $552.0M |
| 总债务越低越好 | $8.8B | $8.7B |
| 股东权益账面价值 | $14.8B | $13.2B |
| 总资产 | $38.0B | $38.0B |
| 负债/权益比越低杠杆越低 | 0.60× | 0.66× |
8季度趋势，按日历期对齐
现金及短期投资IPJCI
| Q4 25 | $1.1B | $552.0M | ||
| Q3 25 | $995.0M | $379.0M | ||
| Q2 25 | $1.1B | $731.0M | ||
| Q1 25 | $1.2B | $795.0M | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.2B | $606.0M | ||
| Q2 24 | $1.0B | $862.0M | ||
| Q1 24 | $1.1B | $843.0M |
总债务IPJCI
| Q4 25 | $8.8B | $8.7B | ||
| Q3 25 | $9.0B | $8.6B | ||
| Q2 25 | $9.7B | $8.4B | ||
| Q1 25 | $9.2B | $8.2B | ||
| Q4 24 | $5.4B | $8.6B | ||
| Q3 24 | $5.3B | $8.0B | ||
| Q2 24 | $5.3B | $7.9B | ||
| Q1 24 | $5.5B | $7.3B |
股东权益IPJCI
| Q4 25 | $14.8B | $13.2B | ||
| Q3 25 | $17.3B | $12.9B | ||
| Q2 25 | $18.6B | $15.8B | ||
| Q1 25 | $18.1B | $15.8B | ||
| Q4 24 | $8.2B | $15.9B | ||
| Q3 24 | $8.6B | $16.1B | ||
| Q2 24 | $8.6B | $16.0B | ||
| Q1 24 | $8.3B | $15.7B |
总资产IPJCI
| Q4 25 | $38.0B | $38.0B | ||
| Q3 25 | $40.6B | $37.9B | ||
| Q2 25 | $42.4B | $43.4B | ||
| Q1 25 | $41.2B | $42.4B | ||
| Q4 24 | $22.8B | $42.1B | ||
| Q3 24 | $23.2B | $42.7B | ||
| Q2 24 | $23.1B | $43.3B | ||
| Q1 24 | $23.0B | $43.5B |
负债/权益比IPJCI
| Q4 25 | 0.60× | 0.66× | ||
| Q3 25 | 0.52× | 0.66× | ||
| Q2 25 | 0.52× | 0.53× | ||
| Q1 25 | 0.51× | 0.52× | ||
| Q4 24 | 0.66× | 0.54× | ||
| Q3 24 | 0.62× | 0.50× | ||
| Q2 24 | 0.62× | 0.49× | ||
| Q1 24 | 0.66× | 0.47× |
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 | $611.0M |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $531.0M |
| 自由现金流率自由现金流/营收 | 5.4% | 9.2% |
| 资本支出强度资本支出/营收 | 13.7% | 1.4% |
| 现金转化率经营现金流/净利润 | — | 1.17× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $2.5B |
8季度趋势，按日历期对齐
经营现金流IPJCI
| Q4 25 | $905.0M | $611.0M | ||
| Q3 25 | $605.0M | $968.0M | ||
| Q2 25 | $476.0M | $787.0M | ||
| Q1 25 | $-288.0M | $550.0M | ||
| Q4 24 | $397.0M | $249.0M | ||
| Q3 24 | $521.0M | $1.4B | ||
| Q2 24 | $365.0M | $1.0B | ||
| Q1 24 | $395.0M | $-203.0M |
自由现金流IPJCI
| Q4 25 | $255.0M | $531.0M | ||
| Q3 25 | $150.0M | $838.0M | ||
| Q2 25 | $54.0M | $693.0M | ||
| Q1 25 | $-618.0M | $456.0M | ||
| Q4 24 | $137.0M | $133.0M | ||
| Q3 24 | $309.0M | $1.2B | ||
| Q2 24 | $167.0M | $922.0M | ||
| Q1 24 | $144.0M | $-336.0M |
自由现金流率IPJCI
| Q4 25 | 5.4% | 9.2% | ||
| Q3 25 | 2.4% | 13.0% | ||
| Q2 25 | 0.8% | 11.5% | ||
| Q1 25 | -10.5% | 8.0% | ||
| Q4 24 | 3.0% | 2.5% | ||
| Q3 24 | 6.6% | 40.4% | ||
| Q2 24 | 3.5% | 12.8% | ||
| Q1 24 | 3.1% | -5.0% |
资本支出强度IPJCI
| Q4 25 | 13.7% | 1.4% | ||
| Q3 25 | 7.3% | 2.0% | ||
| Q2 25 | 6.2% | 1.6% | ||
| Q1 25 | 5.6% | 1.7% | ||
| Q4 24 | 5.7% | 2.1% | ||
| Q3 24 | 4.5% | 5.8% | ||
| Q2 24 | 4.2% | 1.4% | ||
| Q1 24 | 5.4% | 2.0% |
现金转化率IPJCI
| Q4 25 | — | 1.17× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | 6.35× | 1.12× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | — | 0.59× | ||
| Q3 24 | 3.47× | 2.14× | ||
| Q2 24 | 0.73× | 1.05× | ||
| Q1 24 | 7.05× | — |
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% |
JCI
| Productsand Systems | $3.9B | 67% |
| Services | $1.9B | 33% |
