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国际纸业（IP）与KKR & Co.（KKR）财务数据对比。点击上方公司名可切换其他公司
KKR & Co.的季度营收约是国际纸业的1.2倍（$5.7B vs $4.7B），KKR & Co.净利率更高（20.0% vs -50.3%，领先70.2%），KKR & Co.同比增速更快（76.1% vs 3.6%），过去两年国际纸业的营收复合增速更高（1.3% vs -22.9%）
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。
KKR（全称Kohlberg Kravis Roberts & Co.）是源自美国的全球知名私募股权投资机构，截至2024年12月31日，已累计完成770笔私募股权投资，对应总企业价值约7900亿美元，资产管理规模达5530亿美元，其中付费资产管理规模为4460亿美元。
IP vs KKR — 直观对比
营收规模更大
KKR
是对方的1.2倍
$4.7B
营收增速更快
KKR
高出72.6%
3.6%
净利率更高
KKR
高出70.2%
-50.3%
两年增速更快
IP
近两年复合增速
-22.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $5.7B |
| 净利润 | $-2.4B | $1.1B |
| 毛利率 | 32.2% | — |
| 营业利润率 | -56.4% | 45.3% |
| 净利率 | -50.3% | 20.0% |
| 营收同比 | 3.6% | 76.1% |
| 净利润同比 | -1521.8% | 1.8% |
| 每股收益（稀释后） | $-4.76 | — |
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IPKKR
| Q4 25 | $4.7B | $5.7B | ||
| Q3 25 | $6.2B | $5.5B | ||
| Q2 25 | $6.8B | $5.1B | ||
| Q1 25 | $5.9B | $3.1B | ||
| Q4 24 | $4.6B | $3.3B | ||
| Q3 24 | $4.7B | $4.8B | ||
| Q2 24 | $4.7B | $4.2B | ||
| Q1 24 | $4.6B | $9.7B |
净利润IPKKR
| Q4 25 | $-2.4B | $1.1B | ||
| Q3 25 | $-1.1B | $900.4M | ||
| Q2 25 | $75.0M | $510.1M | ||
| Q1 25 | $-105.0M | $-185.9M | ||
| Q4 24 | $-147.0M | $1.1B | ||
| Q3 24 | $150.0M | $600.5M | ||
| Q2 24 | $498.0M | $667.9M | ||
| Q1 24 | $56.0M | $682.2M |
毛利率IPKKR
| 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% | — | ||
| Q1 24 | 25.9% | — |
营业利润率IPKKR
| Q4 25 | -56.4% | 45.3% | ||
| Q3 25 | -10.8% | 39.8% | ||
| Q2 25 | 1.7% | 30.0% | ||
| Q1 25 | -2.3% | 24.8% | ||
| Q4 24 | -4.9% | 50.4% | ||
| Q3 24 | 5.1% | 34.3% | ||
| Q2 24 | 6.8% | 29.0% | ||
| Q1 24 | 3.7% | 14.1% |
净利率IPKKR
| Q4 25 | -50.3% | 20.0% | ||
| Q3 25 | -17.7% | 16.3% | ||
| Q2 25 | 1.1% | 10.0% | ||
| Q1 25 | -1.8% | -6.0% | ||
| Q4 24 | -3.2% | 34.5% | ||
| Q3 24 | 3.2% | 12.5% | ||
| Q2 24 | 10.5% | 16.0% | ||
| Q1 24 | 1.2% | 7.1% |
每股收益（稀释后）IPKKR
| Q4 25 | $-4.76 | — | ||
| Q3 25 | $-2.09 | — | ||
| Q2 25 | $0.14 | — | ||
| Q1 25 | $-0.24 | — | ||
| Q4 24 | $-0.42 | — | ||
| Q3 24 | $0.42 | — | ||
| Q2 24 | $1.41 | — | ||
| Q1 24 | $0.16 | — |
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 | — |
| 总债务越低越好 | $8.8B | — |
| 股东权益账面价值 | $14.8B | $30.9B |
| 总资产 | $38.0B | $410.1B |
| 负债/权益比越低杠杆越低 | 0.60× | — |
8季度趋势，按日历期对齐
现金及短期投资IPKKR
| Q4 25 | $1.1B | — | ||
| Q3 25 | $995.0M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.1B | — |
总债务IPKKR
| 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 | — | ||
| Q1 24 | $5.5B | — |
股东权益IPKKR
| Q4 25 | $14.8B | $30.9B | ||
| Q3 25 | $17.3B | $29.7B | ||
| Q2 25 | $18.6B | $28.2B | ||
| Q1 25 | $18.1B | $27.5B | ||
| Q4 24 | $8.2B | $23.7B | ||
| Q3 24 | $8.6B | $24.1B | ||
| Q2 24 | $8.6B | $21.7B | ||
| Q1 24 | $8.3B | $21.4B |
总资产IPKKR
| Q4 25 | $38.0B | $410.1B | ||
| Q3 25 | $40.6B | $398.5B | ||
| Q2 25 | $42.4B | $380.9B | ||
| Q1 25 | $41.2B | $372.4B | ||
| Q4 24 | $22.8B | $360.1B | ||
| Q3 24 | $23.2B | $360.7B | ||
| Q2 24 | $23.1B | $348.5B | ||
| Q1 24 | $23.0B | $339.8B |
负债/权益比IPKKR
| 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× | — | ||
| Q1 24 | 0.66× | — |
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 | $-4.9B |
| 自由现金流经营现金流 - 资本支出 | $255.0M | — |
| 自由现金流率自由现金流/营收 | 5.4% | — |
| 资本支出强度资本支出/营收 | 13.7% | — |
| 现金转化率经营现金流/净利润 | — | -4.28× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | — |
8季度趋势，按日历期对齐
经营现金流IPKKR
| Q4 25 | $905.0M | $-4.9B | ||
| Q3 25 | $605.0M | $2.4B | ||
| Q2 25 | $476.0M | $438.8M | ||
| Q1 25 | $-288.0M | $2.5B | ||
| Q4 24 | $397.0M | $-111.7M | ||
| Q3 24 | $521.0M | $1.9B | ||
| Q2 24 | $365.0M | $3.4B | ||
| Q1 24 | $395.0M | $1.5B |
自由现金流IPKKR
| 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 | — | ||
| Q1 24 | $144.0M | — |
自由现金流率IPKKR
| 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% | — | ||
| Q1 24 | 3.1% | — |
资本支出强度IPKKR
| 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% | — | ||
| Q1 24 | 5.4% | — |
现金转化率IPKKR
| Q4 25 | — | -4.28× | ||
| Q3 25 | — | 2.65× | ||
| Q2 25 | 6.35× | 0.86× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.10× | ||
| Q3 24 | 3.47× | 3.12× | ||
| Q2 24 | 0.73× | 5.03× | ||
| Q1 24 | 7.05× | 2.24× |
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% |
KKR
| Insurance Segment | $3.5B | 61% |
| Asset Management1 | $703.7M | 12% |
| Transaction Fee | $512.0M | 9% |
| Transaction And Monitoring Fees | $268.7M | 5% |
| Fee Credit | $230.1M | 4% |
| Other | $201.5M | 4% |
| Fixed Annuity | $77.0M | 1% |
| Asset Management Segment | $56.9M | 1% |
| Monitoring Fee | $53.5M | 1% |
| Investment Advice | $40.6M | 1% |
| Fee Related Performance | $33.6M | 1% |
| Interest Sensitive Life | $21.7M | 0% |
| Incentive Fee | $11.0M | 0% |
