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国际纸业（IP）与勤达睿（KD）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勤达睿的1.2倍（$4.7B vs $3.9B），勤达睿净利率更高（1.5% vs -50.3%，领先51.7%），国际纸业同比增速更快（3.6% vs 3.1%），国际纸业自由现金流更多（$255.0M vs $208.0M），过去两年国际纸业的营收复合增速更高（1.3% vs 0.1%）
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。
勤达睿是总部位于美国纽约的跨国IT基础设施服务提供商，2021年由IBM的基础设施服务业务分拆独立成立。公司业务涵盖大型信息系统的设计、搭建、运维与开发，同时提供商业咨询服务，是目前全球最大的IT基础设施服务提供商、全球第五大咨询服务提供商。
IP vs KD — 直观对比
营收规模更大
IP
是对方的1.2倍
$3.9B
营收增速更快
IP
高出0.5%
3.1%
净利率更高
KD
高出51.7%
-50.3%
自由现金流更多
IP
多$47.0M
$208.0M
两年增速更快
IP
近两年复合增速
0.1%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $3.9B |
| 净利润 | $-2.4B | $57.0M |
| 毛利率 | 32.2% | 21.8% |
| 营业利润率 | -56.4% | 2.4% |
| 净利率 | -50.3% | 1.5% |
| 营收同比 | 3.6% | 3.1% |
| 净利润同比 | -1521.8% | -73.5% |
| 每股收益（稀释后） | $-4.76 | $0.25 |
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IPKD
| Q4 25 | $4.7B | $3.9B | ||
| Q3 25 | $6.2B | $3.7B | ||
| Q2 25 | $6.8B | $3.7B | ||
| Q1 25 | $5.9B | $3.8B | ||
| Q4 24 | $4.6B | $3.7B | ||
| Q3 24 | $4.7B | $3.8B | ||
| Q2 24 | $4.7B | $3.7B | ||
| Q1 24 | $4.6B | $3.9B |
净利润IPKD
| Q4 25 | $-2.4B | $57.0M | ||
| Q3 25 | $-1.1B | $68.0M | ||
| Q2 25 | $75.0M | $56.0M | ||
| Q1 25 | $-105.0M | $69.0M | ||
| Q4 24 | $-147.0M | $215.0M | ||
| Q3 24 | $150.0M | $-43.0M | ||
| Q2 24 | $498.0M | $11.0M | ||
| Q1 24 | $56.0M | $-45.0M |
毛利率IPKD
| Q4 25 | 32.2% | 21.8% | ||
| Q3 25 | 31.1% | 21.5% | ||
| Q2 25 | 27.9% | 21.3% | ||
| Q1 25 | 27.8% | 21.7% | ||
| Q4 24 | 29.0% | 20.4% | ||
| Q3 24 | 28.7% | 19.9% | ||
| Q2 24 | 29.0% | 21.5% | ||
| Q1 24 | 25.9% | 18.6% |
营业利润率IPKD
| Q4 25 | -56.4% | 2.4% | ||
| Q3 25 | -10.8% | 2.6% | ||
| Q2 25 | 1.7% | 2.5% | ||
| Q1 25 | -2.3% | 3.1% | ||
| Q4 24 | -4.9% | 6.9% | ||
| Q3 24 | 5.1% | -0.1% | ||
| Q2 24 | 6.8% | 1.7% | ||
| Q1 24 | 3.7% | -0.1% |
净利率IPKD
| Q4 25 | -50.3% | 1.5% | ||
| Q3 25 | -17.7% | 1.8% | ||
| Q2 25 | 1.1% | 1.5% | ||
| Q1 25 | -1.8% | 1.8% | ||
| Q4 24 | -3.2% | 5.7% | ||
| Q3 24 | 3.2% | -1.1% | ||
| Q2 24 | 10.5% | 0.3% | ||
| Q1 24 | 1.2% | -1.2% |
每股收益（稀释后）IPKD
| Q4 25 | $-4.76 | $0.25 | ||
| Q3 25 | $-2.09 | $0.29 | ||
| Q2 25 | $0.14 | $0.23 | ||
| Q1 25 | $-0.24 | $0.30 | ||
| Q4 24 | $-0.42 | $0.89 | ||
| Q3 24 | $0.42 | $-0.19 | ||
| Q2 24 | $1.41 | $0.05 | ||
| Q1 24 | $0.16 | $-0.19 |
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 | $1.3B |
| 总债务越低越好 | $8.8B | $2.3B |
| 股东权益账面价值 | $14.8B | $1.2B |
| 总资产 | $38.0B | $11.3B |
| 负债/权益比越低杠杆越低 | 0.60× | 1.92× |
8季度趋势，按日历期对齐
现金及短期投资IPKD
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $995.0M | $1.3B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $1.2B | $1.8B | ||
| Q4 24 | $1.2B | $1.5B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.0B | $1.3B | ||
| Q1 24 | $1.1B | $1.6B |
总债务IPKD
| Q4 25 | $8.8B | $2.3B | ||
| Q3 25 | $9.0B | $3.0B | ||
| Q2 25 | $9.7B | $3.0B | ||
| Q1 25 | $9.2B | $3.0B | ||
| Q4 24 | $5.4B | $3.1B | ||
| Q3 24 | $5.3B | $3.1B | ||
| Q2 24 | $5.3B | $3.1B | ||
| Q1 24 | $5.5B | $3.1B |
股东权益IPKD
| Q4 25 | $14.8B | $1.2B | ||
| Q3 25 | $17.3B | $1.2B | ||
| Q2 25 | $18.6B | $1.2B | ||
| Q1 25 | $18.1B | $1.2B | ||
| Q4 24 | $8.2B | $1.1B | ||
| Q3 24 | $8.6B | $1.1B | ||
| Q2 24 | $8.6B | $996.0M | ||
| Q1 24 | $8.3B | $1.0B |
总资产IPKD
| Q4 25 | $38.0B | $11.3B | ||
| Q3 25 | $40.6B | $11.2B | ||
| Q2 25 | $42.4B | $11.5B | ||
| Q1 25 | $41.2B | $10.5B | ||
| Q4 24 | $22.8B | $9.9B | ||
| Q3 24 | $23.2B | $10.4B | ||
| Q2 24 | $23.1B | $10.2B | ||
| Q1 24 | $23.0B | $10.6B |
负债/权益比IPKD
| Q4 25 | 0.60× | 1.92× | ||
| Q3 25 | 0.52× | 2.45× | ||
| Q2 25 | 0.52× | 2.44× | ||
| Q1 25 | 0.51× | 2.50× | ||
| Q4 24 | 0.66× | 2.81× | ||
| Q3 24 | 0.62× | 2.92× | ||
| Q2 24 | 0.62× | 3.12× | ||
| Q1 24 | 0.66× | 3.07× |
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 | $428.0M |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $208.0M |
| 自由现金流率自由现金流/营收 | 5.4% | 5.4% |
| 资本支出强度资本支出/营收 | 13.7% | 5.7% |
| 现金转化率经营现金流/净利润 | — | 7.51× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $299.0M |
8季度趋势，按日历期对齐
经营现金流IPKD
| Q4 25 | $905.0M | $428.0M | ||
| Q3 25 | $605.0M | $146.0M | ||
| Q2 25 | $476.0M | $-124.0M | ||
| Q1 25 | $-288.0M | $581.0M | ||
| Q4 24 | $397.0M | $260.0M | ||
| Q3 24 | $521.0M | $149.0M | ||
| Q2 24 | $365.0M | $-48.0M | ||
| Q1 24 | $395.0M | $145.0M |
自由现金流IPKD
| Q4 25 | $255.0M | $208.0M | ||
| Q3 25 | $150.0M | $17.0M | ||
| Q2 25 | $54.0M | $-267.0M | ||
| Q1 25 | $-618.0M | $341.0M | ||
| Q4 24 | $137.0M | $151.0M | ||
| Q3 24 | $309.0M | $15.0M | ||
| Q2 24 | $167.0M | $-170.0M | ||
| Q1 24 | $144.0M | $-57.0M |
自由现金流率IPKD
| Q4 25 | 5.4% | 5.4% | ||
| Q3 25 | 2.4% | 0.5% | ||
| Q2 25 | 0.8% | -7.1% | ||
| Q1 25 | -10.5% | 9.0% | ||
| Q4 24 | 3.0% | 4.0% | ||
| Q3 24 | 6.6% | 0.4% | ||
| Q2 24 | 3.5% | -4.5% | ||
| Q1 24 | 3.1% | -1.5% |
资本支出强度IPKD
| Q4 25 | 13.7% | 5.7% | ||
| Q3 25 | 7.3% | 3.5% | ||
| Q2 25 | 6.2% | 3.8% | ||
| Q1 25 | 5.6% | 6.3% | ||
| Q4 24 | 5.7% | 2.9% | ||
| Q3 24 | 4.5% | 3.6% | ||
| Q2 24 | 4.2% | 3.3% | ||
| Q1 24 | 5.4% | 5.2% |
现金转化率IPKD
| Q4 25 | — | 7.51× | ||
| Q3 25 | — | 2.15× | ||
| Q2 25 | 6.35× | -2.21× | ||
| Q1 25 | — | 8.42× | ||
| Q4 24 | — | 1.21× | ||
| Q3 24 | 3.47× | — | ||
| Q2 24 | 0.73× | -4.36× | ||
| 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% |
KD
| Principal Markets Segment | $1.4B | 37% |
| United States Segment | $958.0M | 25% |
| Strategic Markets Segment | $905.0M | 23% |
| Other | $568.0M | 15% |
