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国际纸业（IP）与Keurig Dr Pepper（KDP）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Keurig Dr Pepper的1.5倍（$6.0B vs $4.0B），Keurig Dr Pepper净利率更高（6.8% vs 1.0%，领先5.8%），Keurig Dr Pepper同比增速更快（9.4% vs -0.6%），Keurig Dr Pepper自由现金流更多（$184.0M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs 0.7%）
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。
Keurig Dr Pepper是美国上市的饮品与咖啡机综合企业，2018年由克里格绿山和胡椒博士斯奈普集团合并成立，在马萨诸塞州伯灵顿及得克萨斯州弗里斯科设有双总部，旗下拥有超125款冷热饮品，加拿大区域业务由当地子公司负责运营。
IP vs KDP — 直观对比
营收规模更大
IP
是对方的1.5倍
$4.0B
营收增速更快
KDP
高出10.0%
-0.6%
净利率更高
KDP
高出5.8%
1.0%
自由现金流更多
KDP
多$90.0M
$94.0M
两年增速更快
IP
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $4.0B |
| 净利润 | $60.0M | $270.0M |
| 毛利率 | — | 52.8% |
| 营业利润率 | — | 19.0% |
| 净利率 | 1.0% | 6.8% |
| 营收同比 | -0.6% | 9.4% |
| 净利润同比 | 157.1% | -47.8% |
| 每股收益（稀释后） | $0.14 | $0.20 |
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IPKDP
| Q1 26 | $6.0B | $4.0B | ||
| Q4 25 | $4.7B | $4.5B | ||
| Q3 25 | $6.2B | $4.3B | ||
| Q2 25 | $6.8B | $4.2B | ||
| Q1 25 | $5.9B | $3.6B | ||
| Q4 24 | $4.6B | $4.1B | ||
| Q3 24 | $4.7B | $3.9B | ||
| Q2 24 | $4.7B | $3.9B |
净利润IPKDP
| Q1 26 | $60.0M | $270.0M | ||
| Q4 25 | $-2.4B | $353.0M | ||
| Q3 25 | $-1.1B | $662.0M | ||
| Q2 25 | $75.0M | $547.0M | ||
| Q1 25 | $-105.0M | $517.0M | ||
| Q4 24 | $-147.0M | $-144.0M | ||
| Q3 24 | $150.0M | $616.0M | ||
| Q2 24 | $498.0M | $515.0M |
毛利率IPKDP
| Q1 26 | — | 52.8% | ||
| Q4 25 | 32.2% | 53.8% | ||
| Q3 25 | 31.1% | 54.3% | ||
| Q2 25 | 27.9% | 54.2% | ||
| Q1 25 | 27.8% | 54.6% | ||
| Q4 24 | 29.0% | 55.9% | ||
| Q3 24 | 28.7% | 55.0% | ||
| Q2 24 | 29.0% | 55.4% |
营业利润率IPKDP
| Q1 26 | — | 19.0% | ||
| Q4 25 | -56.4% | 19.6% | ||
| Q3 25 | -10.8% | 23.1% | ||
| Q2 25 | 1.7% | 21.6% | ||
| Q1 25 | -2.3% | 22.0% | ||
| Q4 24 | -4.9% | 1.5% | ||
| Q3 24 | 5.1% | 23.2% | ||
| Q2 24 | 6.8% | 22.0% |
净利率IPKDP
| Q1 26 | 1.0% | 6.8% | ||
| Q4 25 | -50.3% | 7.8% | ||
| Q3 25 | -17.7% | 15.4% | ||
| Q2 25 | 1.1% | 13.1% | ||
| Q1 25 | -1.8% | 14.2% | ||
| Q4 24 | -3.2% | -3.5% | ||
| Q3 24 | 3.2% | 15.8% | ||
| Q2 24 | 10.5% | 13.1% |
每股收益（稀释后）IPKDP
| Q1 26 | $0.14 | $0.20 | ||
| Q4 25 | $-4.76 | $0.26 | ||
| Q3 25 | $-2.09 | $0.49 | ||
| Q2 25 | $0.14 | $0.40 | ||
| Q1 25 | $-0.24 | $0.38 | ||
| Q4 24 | $-0.42 | $-0.11 | ||
| Q3 24 | $0.42 | $0.45 | ||
| Q2 24 | $1.41 | $0.38 |
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 | — | $898.0M |
| 总债务越低越好 | $8.2B | — |
| 股东权益账面价值 | $14.8B | $25.3B |
| 总资产 | $36.4B | $73.1B |
| 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IPKDP
| Q1 26 | — | $898.0M | ||
| Q4 25 | $1.1B | $1.0B | ||
| Q3 25 | $995.0M | $516.0M | ||
| Q2 25 | $1.1B | $509.0M | ||
| Q1 25 | $1.2B | $653.0M | ||
| Q4 24 | $1.2B | $510.0M | ||
| Q3 24 | $1.2B | $552.0M | ||
| Q2 24 | $1.0B | $438.0M |
总债务IPKDP
| 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IPKDP
| Q1 26 | $14.8B | $25.3B | ||
| Q4 25 | $14.8B | $25.5B | ||
| Q3 25 | $17.3B | $25.3B | ||
| Q2 25 | $18.6B | $25.0B | ||
| Q1 25 | $18.1B | $24.4B | ||
| Q4 24 | $8.2B | $24.2B | ||
| Q3 24 | $8.6B | $25.0B | ||
| Q2 24 | $8.6B | $24.7B |
总资产IPKDP
| Q1 26 | $36.4B | $73.1B | ||
| Q4 25 | $38.0B | $55.5B | ||
| Q3 25 | $40.6B | $54.6B | ||
| Q2 25 | $42.4B | $54.4B | ||
| Q1 25 | $41.2B | $53.7B | ||
| Q4 24 | $22.8B | $53.4B | ||
| Q3 24 | $23.2B | $52.7B | ||
| Q2 24 | $23.1B | $52.3B |
负债/权益比IPKDP
| 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 | — | $281.0M |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $184.0M |
| 自由现金流率自由现金流/营收 | 1.6% | 4.6% |
| 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 | — | 1.04× |
| 过去12个月自由现金流最近4个季度 | $553.0M | $1.6B |
8季度趋势，按日历期对齐
经营现金流IPKDP
| Q1 26 | — | $281.0M | ||
| Q4 25 | $905.0M | $712.0M | ||
| Q3 25 | $605.0M | $639.0M | ||
| Q2 25 | $476.0M | $431.0M | ||
| Q1 25 | $-288.0M | $209.0M | ||
| Q4 24 | $397.0M | $849.0M | ||
| Q3 24 | $521.0M | $628.0M | ||
| Q2 24 | $365.0M | $657.0M |
自由现金流IPKDP
| Q1 26 | $94.0M | $184.0M | ||
| Q4 25 | $255.0M | $564.0M | ||
| Q3 25 | $150.0M | $527.0M | ||
| Q2 25 | $54.0M | $325.0M | ||
| Q1 25 | $-618.0M | $89.0M | ||
| Q4 24 | $137.0M | $684.0M | ||
| Q3 24 | $309.0M | $503.0M | ||
| Q2 24 | $167.0M | $542.0M |
自由现金流率IPKDP
| Q1 26 | 1.6% | 4.6% | ||
| Q4 25 | 5.4% | 12.5% | ||
| Q3 25 | 2.4% | 12.2% | ||
| Q2 25 | 0.8% | 7.8% | ||
| Q1 25 | -10.5% | 2.4% | ||
| Q4 24 | 3.0% | 16.8% | ||
| Q3 24 | 6.6% | 12.9% | ||
| Q2 24 | 3.5% | 13.8% |
资本支出强度IPKDP
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 3.3% | ||
| Q3 25 | 7.3% | 2.6% | ||
| Q2 25 | 6.2% | 2.5% | ||
| Q1 25 | 5.6% | 3.3% | ||
| Q4 24 | 5.7% | 4.1% | ||
| Q3 24 | 4.5% | 3.2% | ||
| Q2 24 | 4.2% | 2.9% |
现金转化率IPKDP
| Q1 26 | — | 1.04× | ||
| Q4 25 | — | 2.02× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | 6.35× | 0.79× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.47× | 1.02× | ||
| Q2 24 | 0.73× | 1.28× |
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% |
KDP
| U.S. Refreshment Beverages | $2.6B | 65% |
| U.S. Coffee | $857.0M | 22% |
| International | $520.0M | 13% |
