vs
国际纸业（IP）与KLA Corporation（KLAC）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KLA Corporation的1.4倍（$4.7B vs $3.3B），KLA Corporation净利率更高（34.7% vs -50.3%，领先85.0%），KLA Corporation同比增速更快（7.2% vs 3.6%），KLA Corporation自由现金流更多（$1.3B vs $255.0M），过去两年KLA Corporation的营收复合增速更高（18.2% vs 1.3%）
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。
KLA Corporation是总部位于美国加利福尼亚州米尔皮塔斯的企业，主营晶圆制造设备，为半导体及相关纳米电子行业提供过程控制与良率管理系统，产品及服务覆盖晶圆、光罩、集成电路、封装生产从研发到批量制造的全流程。
IP vs KLAC — 直观对比
营收规模更大
IP
是对方的1.4倍
$3.3B
营收增速更快
KLAC
高出3.6%
3.6%
净利率更高
KLAC
高出85.0%
-50.3%
自由现金流更多
KLAC
多$1.0B
$255.0M
两年增速更快
KLAC
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $3.3B |
| 净利润 | $-2.4B | $1.1B |
| 毛利率 | 32.2% | 61.4% |
| 营业利润率 | -56.4% | — |
| 净利率 | -50.3% | 34.7% |
| 营收同比 | 3.6% | 7.2% |
| 净利润同比 | -1521.8% | 39.0% |
| 每股收益（稀释后） | $-4.76 | $8.68 |
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IPKLAC
| Q4 25 | $4.7B | $3.3B | ||
| Q3 25 | $6.2B | $3.2B | ||
| Q2 25 | $6.8B | $3.2B | ||
| Q1 25 | $5.9B | $3.1B | ||
| Q4 24 | $4.6B | $3.1B | ||
| Q3 24 | $4.7B | $2.8B | ||
| Q2 24 | $4.7B | $2.6B | ||
| Q1 24 | $4.6B | $2.4B |
净利润IPKLAC
| Q4 25 | $-2.4B | $1.1B | ||
| Q3 25 | $-1.1B | $1.1B | ||
| Q2 25 | $75.0M | $1.2B | ||
| Q1 25 | $-105.0M | $1.1B | ||
| Q4 24 | $-147.0M | $824.5M | ||
| Q3 24 | $150.0M | $945.9M | ||
| Q2 24 | $498.0M | $836.4M | ||
| Q1 24 | $56.0M | $601.5M |
毛利率IPKLAC
| Q4 25 | 32.2% | 61.4% | ||
| Q3 25 | 31.1% | 61.3% | ||
| Q2 25 | 27.9% | 62.0% | ||
| Q1 25 | 27.8% | 61.6% | ||
| Q4 24 | 29.0% | 60.3% | ||
| Q3 24 | 28.7% | 59.6% | ||
| Q2 24 | 29.0% | 60.7% | ||
| Q1 24 | 25.9% | 57.9% |
营业利润率IPKLAC
| Q4 25 | -56.4% | — | ||
| Q3 25 | -10.8% | — | ||
| Q2 25 | 1.7% | 41.9% | ||
| Q1 25 | -2.3% | 41.3% | ||
| Q4 24 | -4.9% | 31.6% | ||
| Q3 24 | 5.1% | 38.0% | ||
| Q2 24 | 6.8% | 36.8% | ||
| Q1 24 | 3.7% | 29.7% |
净利率IPKLAC
| Q4 25 | -50.3% | 34.7% | ||
| Q3 25 | -17.7% | 34.9% | ||
| Q2 25 | 1.1% | 37.9% | ||
| Q1 25 | -1.8% | 35.5% | ||
| Q4 24 | -3.2% | 26.8% | ||
| Q3 24 | 3.2% | 33.3% | ||
| Q2 24 | 10.5% | 32.6% | ||
| Q1 24 | 1.2% | 25.5% |
每股收益（稀释后）IPKLAC
| Q4 25 | $-4.76 | $8.68 | ||
| Q3 25 | $-2.09 | $8.47 | ||
| Q2 25 | $0.14 | $9.04 | ||
| Q1 25 | $-0.24 | $8.16 | ||
| Q4 24 | $-0.42 | $6.16 | ||
| Q3 24 | $0.42 | $7.01 | ||
| Q2 24 | $1.41 | $6.16 | ||
| Q1 24 | $0.16 | $4.43 |
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 | $2.5B |
| 总债务越低越好 | $8.8B | $5.9B |
| 股东权益账面价值 | $14.8B | $5.5B |
| 总资产 | $38.0B | $16.7B |
| 负债/权益比越低杠杆越低 | 0.60× | 1.08× |
8季度趋势，按日历期对齐
现金及短期投资IPKLAC
| Q4 25 | $1.1B | $2.5B | ||
| Q3 25 | $995.0M | $1.9B | ||
| Q2 25 | $1.1B | $2.1B | ||
| Q1 25 | $1.2B | $1.9B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $1.2B | $2.0B | ||
| Q2 24 | $1.0B | $2.0B | ||
| Q1 24 | $1.1B | $1.8B |
总债务IPKLAC
| Q4 25 | $8.8B | $5.9B | ||
| Q3 25 | $9.0B | $5.9B | ||
| Q2 25 | $9.7B | $5.9B | ||
| Q1 25 | $9.2B | $5.9B | ||
| Q4 24 | $5.4B | $5.9B | ||
| Q3 24 | $5.3B | $5.9B | ||
| Q2 24 | $5.3B | $5.9B | ||
| Q1 24 | $5.5B | $5.9B |
股东权益IPKLAC
| Q4 25 | $14.8B | $5.5B | ||
| Q3 25 | $17.3B | $5.0B | ||
| Q2 25 | $18.6B | $4.7B | ||
| Q1 25 | $18.1B | $4.0B | ||
| Q4 24 | $8.2B | $3.6B | ||
| Q3 24 | $8.6B | $3.6B | ||
| Q2 24 | $8.6B | $3.4B | ||
| Q1 24 | $8.3B | $3.1B |
总资产IPKLAC
| Q4 25 | $38.0B | $16.7B | ||
| Q3 25 | $40.6B | $16.3B | ||
| Q2 25 | $42.4B | $16.1B | ||
| Q1 25 | $41.2B | $15.2B | ||
| Q4 24 | $22.8B | $15.0B | ||
| Q3 24 | $23.2B | $15.7B | ||
| Q2 24 | $23.1B | $15.4B | ||
| Q1 24 | $23.0B | $15.0B |
负债/权益比IPKLAC
| Q4 25 | 0.60× | 1.08× | ||
| Q3 25 | 0.52× | 1.18× | ||
| Q2 25 | 0.52× | 1.25× | ||
| Q1 25 | 0.51× | 1.47× | ||
| Q4 24 | 0.66× | 1.64× | ||
| Q3 24 | 0.62× | 1.65× | ||
| Q2 24 | 0.62× | 1.75× | ||
| Q1 24 | 0.66× | 1.90× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $1.3B |
| 自由现金流率自由现金流/营收 | 5.4% | 38.3% |
| 资本支出强度资本支出/营收 | 13.7% | 3.2% |
| 现金转化率经营现金流/净利润 | — | 1.19× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $4.4B |
8季度趋势，按日历期对齐
经营现金流IPKLAC
| Q4 25 | $905.0M | $1.4B | ||
| Q3 25 | $605.0M | $1.2B | ||
| Q2 25 | $476.0M | $1.2B | ||
| Q1 25 | $-288.0M | $1.1B | ||
| Q4 24 | $397.0M | $849.5M | ||
| Q3 24 | $521.0M | $995.2M | ||
| Q2 24 | $365.0M | $892.6M | ||
| Q1 24 | $395.0M | $910.0M |
自由现金流IPKLAC
| Q4 25 | $255.0M | $1.3B | ||
| Q3 25 | $150.0M | $1.1B | ||
| Q2 25 | $54.0M | $1.1B | ||
| Q1 25 | $-618.0M | $990.0M | ||
| Q4 24 | $137.0M | $757.2M | ||
| Q3 24 | $309.0M | $934.8M | ||
| Q2 24 | $167.0M | $831.9M | ||
| Q1 24 | $144.0M | $838.2M |
自由现金流率IPKLAC
| Q4 25 | 5.4% | 38.3% | ||
| Q3 25 | 2.4% | 33.2% | ||
| Q2 25 | 0.8% | 33.5% | ||
| Q1 25 | -10.5% | 32.3% | ||
| Q4 24 | 3.0% | 24.6% | ||
| Q3 24 | 6.6% | 32.9% | ||
| Q2 24 | 3.5% | 32.4% | ||
| Q1 24 | 3.1% | 35.5% |
资本支出强度IPKLAC
| Q4 25 | 13.7% | 3.2% | ||
| Q3 25 | 7.3% | 3.0% | ||
| Q2 25 | 6.2% | 3.2% | ||
| Q1 25 | 5.6% | 2.7% | ||
| Q4 24 | 5.7% | 3.0% | ||
| Q3 24 | 4.5% | 2.1% | ||
| Q2 24 | 4.2% | 2.4% | ||
| Q1 24 | 5.4% | 3.0% |
现金转化率IPKLAC
| Q4 25 | — | 1.19× | ||
| Q3 25 | — | 1.04× | ||
| Q2 25 | 6.35× | 0.97× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | 3.47× | 1.05× | ||
| Q2 24 | 0.73× | 1.07× | ||
| Q1 24 | 7.05× | 1.51× |
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% |
KLAC
| Wafer Inspection | $1.6B | 48% |
| Services | $786.1M | 24% |
| Patterning | $696.2M | 21% |
| Specialty Semiconductor Process | $121.6M | 4% |
| PCB And Component Inspection | $80.3M | 2% |
| Other Revenue | $40.2M | 1% |
