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国际纸业（IP）与仲量联行（JLL）财务数据对比。点击上方公司名可切换其他公司
仲量联行的季度营收约是国际纸业的1.1倍（$6.4B vs $6.0B），仲量联行净利率更高（2.5% vs 1.0%，领先1.5%），仲量联行同比增速更快（11.1% vs -0.6%），国际纸业自由现金流更多（$94.0M vs $-819.9M），过去两年国际纸业的营收复合增速更高（12.3% vs 6.5%）
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。
仲量联行（JLL）是总部位于美国芝加哥的全球知名房地产服务企业，位列《财富》世界500强第188位，在80个国家设有办事处，面向机构投资者、散户投资者及高净值人群提供全球投资管理服务，同时通过JLL Technologies推出科技产品，旗下PropTech基金JLL Spark主营地产科技领域风险投资。
IP vs JLL — 直观对比
营收规模更大
JLL
是对方的1.1倍
$6.0B
营收增速更快
JLL
高出11.7%
-0.6%
净利率更高
JLL
高出1.5%
1.0%
自由现金流更多
IP
多$913.9M
$-819.9M
两年增速更快
IP
近两年复合增速
6.5%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $6.4B |
| 净利润 | $60.0M | $159.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 3.2% |
| 净利率 | 1.0% | 2.5% |
| 营收同比 | -0.6% | 11.1% |
| 净利润同比 | 157.1% | — |
| 每股收益（稀释后） | $0.14 | $3.33 |
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IPJLL
| Q1 26 | $6.0B | $6.4B | ||
| Q4 25 | $4.7B | $7.6B | ||
| Q3 25 | $6.2B | $6.5B | ||
| Q2 25 | $6.8B | $6.3B | ||
| Q1 25 | $5.9B | $5.7B | ||
| Q4 24 | $4.6B | $6.8B | ||
| Q3 24 | $4.7B | $5.9B | ||
| Q2 24 | $4.7B | $5.6B |
净利润IPJLL
| Q1 26 | $60.0M | $159.0M | ||
| Q4 25 | $-2.4B | $401.8M | ||
| Q3 25 | $-1.1B | $222.4M | ||
| Q2 25 | $75.0M | $110.5M | ||
| Q1 25 | $-105.0M | $57.5M | ||
| Q4 24 | $-147.0M | $241.2M | ||
| Q3 24 | $150.0M | $155.1M | ||
| Q2 24 | $498.0M | $84.4M |
毛利率IPJLL
| 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IPJLL
| Q1 26 | — | 3.2% | ||
| Q4 25 | -56.4% | 6.7% | ||
| Q3 25 | -10.8% | 4.2% | ||
| Q2 25 | 1.7% | 3.2% | ||
| Q1 25 | -2.3% | 2.1% | ||
| Q4 24 | -4.9% | 5.5% | ||
| Q3 24 | 5.1% | 3.9% | ||
| Q2 24 | 6.8% | 2.7% |
净利率IPJLL
| Q1 26 | 1.0% | 2.5% | ||
| Q4 25 | -50.3% | 5.3% | ||
| Q3 25 | -17.7% | 3.4% | ||
| Q2 25 | 1.1% | 1.8% | ||
| Q1 25 | -1.8% | 1.0% | ||
| Q4 24 | -3.2% | 3.5% | ||
| Q3 24 | 3.2% | 2.6% | ||
| Q2 24 | 10.5% | 1.5% |
每股收益（稀释后）IPJLL
| Q1 26 | $0.14 | $3.33 | ||
| Q4 25 | $-4.76 | $8.33 | ||
| Q3 25 | $-2.09 | $4.61 | ||
| Q2 25 | $0.14 | $2.32 | ||
| Q1 25 | $-0.24 | $1.14 | ||
| Q4 24 | $-0.42 | $4.98 | ||
| Q3 24 | $0.42 | $3.20 | ||
| Q2 24 | $1.41 | $1.75 |
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 | — | $436.2M |
| 总债务越低越好 | $8.2B | — |
| 股东权益账面价值 | $14.8B | $7.4B |
| 总资产 | $36.4B | $17.9B |
| 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IPJLL
| Q1 26 | — | $436.2M | ||
| Q4 25 | $1.1B | $599.1M | ||
| Q3 25 | $995.0M | $428.9M | ||
| Q2 25 | $1.1B | $401.4M | ||
| Q1 25 | $1.2B | $432.4M | ||
| Q4 24 | $1.2B | $416.3M | ||
| Q3 24 | $1.2B | $437.8M | ||
| Q2 24 | $1.0B | $424.4M |
总债务IPJLL
| Q1 26 | $8.2B | — | ||
| 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IPJLL
| Q1 26 | $14.8B | $7.4B | ||
| Q4 25 | $14.8B | $7.5B | ||
| Q3 25 | $17.3B | $7.2B | ||
| Q2 25 | $18.6B | $7.0B | ||
| Q1 25 | $18.1B | $6.8B | ||
| Q4 24 | $8.2B | $6.8B | ||
| Q3 24 | $8.6B | $6.6B | ||
| Q2 24 | $8.6B | $6.4B |
总资产IPJLL
| Q1 26 | $36.4B | $17.9B | ||
| Q4 25 | $38.0B | $17.8B | ||
| Q3 25 | $40.6B | $17.2B | ||
| Q2 25 | $42.4B | $17.3B | ||
| Q1 25 | $41.2B | $16.6B | ||
| Q4 24 | $22.8B | $16.8B | ||
| Q3 24 | $23.2B | $17.8B | ||
| Q2 24 | $23.1B | $15.9B |
负债/权益比IPJLL
| Q1 26 | 0.55× | — | ||
| 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 | — | $-17.7M |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $-819.9M |
| 自由现金流率自由现金流/营收 | 1.6% | -12.8% |
| 资本支出强度资本支出/营收 | 8.7% | — |
| 现金转化率经营现金流/净利润 | — | -0.11× |
| 过去12个月自由现金流最近4个季度 | $553.0M | — |
8季度趋势，按日历期对齐
经营现金流IPJLL
| Q1 26 | — | $-17.7M | ||
| Q4 25 | $905.0M | $1.0B | ||
| Q3 25 | $605.0M | $617.1M | ||
| Q2 25 | $476.0M | $332.8M | ||
| Q1 25 | $-288.0M | $-767.6M | ||
| Q4 24 | $397.0M | $927.3M | ||
| Q3 24 | $521.0M | $261.6M | ||
| Q2 24 | $365.0M | $273.9M |
自由现金流IPJLL
| Q1 26 | $94.0M | $-819.9M | ||
| Q4 25 | $255.0M | — | ||
| Q3 25 | $150.0M | — | ||
| Q2 25 | $54.0M | — | ||
| Q1 25 | $-618.0M | — | ||
| Q4 24 | $137.0M | — | ||
| Q3 24 | $309.0M | — | ||
| Q2 24 | $167.0M | — |
自由现金流率IPJLL
| Q1 26 | 1.6% | -12.8% | ||
| Q4 25 | 5.4% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | -10.5% | — | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 3.5% | — |
资本支出强度IPJLL
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | — | ||
| Q3 25 | 7.3% | — | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | 5.6% | — | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 4.5% | — | ||
| Q2 24 | 4.2% | — |
现金转化率IPJLL
| Q1 26 | — | -0.11× | ||
| Q4 25 | — | 2.52× | ||
| Q3 25 | — | 2.77× | ||
| Q2 25 | 6.35× | 3.01× | ||
| Q1 25 | — | -13.35× | ||
| Q4 24 | — | 3.84× | ||
| Q3 24 | 3.47× | 1.69× | ||
| Q2 24 | 0.73× | 3.25× |
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% |
JLL
| Real Estate Management Services | $5.1B | 79% |
| Leasing Advisory | $686.3M | 11% |
| Capital Markets Services | $535.2M | 8% |
| Investment Management | $99.3M | 2% |
