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国际纸业（IP）与Leidos（LDOS）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Leidos的1.4倍（$6.0B vs $4.2B），Leidos净利率更高（7.8% vs 1.0%，领先6.8%），国际纸业同比增速更快（-0.6% vs -3.5%），Leidos自由现金流更多（$452.0M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs 3.1%）
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。
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT服务提供商。
IP vs LDOS — 直观对比
营收规模更大
IP
是对方的1.4倍
$4.2B
营收增速更快
IP
高出2.9%
-3.5%
净利率更高
LDOS
高出6.8%
1.0%
自由现金流更多
LDOS
多$358.0M
$94.0M
两年增速更快
IP
近两年复合增速
3.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $4.2B |
| 净利润 | $60.0M | $327.0M |
| 毛利率 | — | 17.4% |
| 营业利润率 | — | 11.3% |
| 净利率 | 1.0% | 7.8% |
| 营收同比 | -0.6% | -3.5% |
| 净利润同比 | 157.1% | 15.1% |
| 每股收益（稀释后） | $0.14 | $2.54 |
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IPLDOS
| Q1 26 | $6.0B | $4.2B | ||
| Q4 25 | $4.7B | $4.4B | ||
| Q3 25 | $6.2B | $4.2B | ||
| Q2 25 | $6.8B | $4.2B | ||
| Q1 25 | $5.9B | $4.3B | ||
| Q4 24 | $4.6B | — | ||
| Q3 24 | $4.7B | $4.2B | ||
| Q2 24 | $4.7B | $4.1B |
净利润IPLDOS
| Q1 26 | $60.0M | $327.0M | ||
| Q4 25 | $-2.4B | $367.0M | ||
| Q3 25 | $-1.1B | $391.0M | ||
| Q2 25 | $75.0M | $363.0M | ||
| Q1 25 | $-105.0M | $284.0M | ||
| Q4 24 | $-147.0M | — | ||
| Q3 24 | $150.0M | $364.0M | ||
| Q2 24 | $498.0M | $322.0M |
毛利率IPLDOS
| Q1 26 | — | 17.4% | ||
| Q4 25 | 32.2% | 18.0% | ||
| Q3 25 | 31.1% | 18.0% | ||
| Q2 25 | 27.9% | 17.5% | ||
| Q1 25 | 27.8% | 15.6% | ||
| Q4 24 | 29.0% | — | ||
| Q3 24 | 28.7% | 17.8% | ||
| Q2 24 | 29.0% | 16.6% |
营业利润率IPLDOS
| Q1 26 | — | 11.3% | ||
| Q4 25 | -56.4% | 12.0% | ||
| Q3 25 | -10.8% | 13.5% | ||
| Q2 25 | 1.7% | 12.5% | ||
| Q1 25 | -2.3% | 9.7% | ||
| Q4 24 | -4.9% | — | ||
| Q3 24 | 5.1% | 12.4% | ||
| Q2 24 | 6.8% | 11.6% |
净利率IPLDOS
| Q1 26 | 1.0% | 7.8% | ||
| Q4 25 | -50.3% | 8.2% | ||
| Q3 25 | -17.7% | 9.2% | ||
| Q2 25 | 1.1% | 8.6% | ||
| Q1 25 | -1.8% | 6.5% | ||
| Q4 24 | -3.2% | — | ||
| Q3 24 | 3.2% | 8.7% | ||
| Q2 24 | 10.5% | 7.8% |
每股收益（稀释后）IPLDOS
| Q1 26 | $0.14 | $2.54 | ||
| Q4 25 | $-4.76 | $2.82 | ||
| Q3 25 | $-2.09 | $3.01 | ||
| Q2 25 | $0.14 | $2.77 | ||
| Q1 25 | $-0.24 | $2.10 | ||
| Q4 24 | $-0.42 | — | ||
| Q3 24 | $0.42 | $2.68 | ||
| Q2 24 | $1.41 | $2.37 |
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 | $8.2B | $4.6B |
| 股东权益账面价值 | $14.8B | $4.9B |
| 总资产 | $36.4B | $13.5B |
| 负债/权益比越低杠杆越低 | 0.55× | 0.94× |
8季度趋势，按日历期对齐
现金及短期投资IPLDOS
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.1B | $974.0M | ||
| Q3 25 | $995.0M | $930.0M | ||
| Q2 25 | $1.1B | $842.0M | ||
| Q1 25 | $1.2B | $943.0M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.0B | $823.0M |
总债务IPLDOS
| Q1 26 | $8.2B | $4.6B | ||
| Q4 25 | $8.8B | $4.6B | ||
| Q3 25 | $9.0B | $5.0B | ||
| Q2 25 | $9.7B | $5.0B | ||
| Q1 25 | $9.2B | $4.1B | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.3B | $4.1B | ||
| Q2 24 | $5.3B | $4.1B |
股东权益IPLDOS
| Q1 26 | $14.8B | $4.9B | ||
| Q4 25 | $14.8B | $4.9B | ||
| Q3 25 | $17.3B | $4.7B | ||
| Q2 25 | $18.6B | $4.3B | ||
| Q1 25 | $18.1B | $4.4B | ||
| Q4 24 | $8.2B | — | ||
| Q3 24 | $8.6B | $4.6B | ||
| Q2 24 | $8.6B | $4.5B |
总资产IPLDOS
| Q1 26 | $36.4B | $13.5B | ||
| Q4 25 | $38.0B | $13.5B | ||
| Q3 25 | $40.6B | $13.5B | ||
| Q2 25 | $42.4B | $13.2B | ||
| Q1 25 | $41.2B | $13.1B | ||
| Q4 24 | $22.8B | — | ||
| Q3 24 | $23.2B | $13.3B | ||
| Q2 24 | $23.1B | $12.9B |
负债/权益比IPLDOS
| Q1 26 | 0.55× | 0.94× | ||
| Q4 25 | 0.60× | 0.94× | ||
| Q3 25 | 0.52× | 1.07× | ||
| Q2 25 | 0.52× | 1.18× | ||
| Q1 25 | 0.51× | 0.92× | ||
| Q4 24 | 0.66× | — | ||
| Q3 24 | 0.62× | 0.88× | ||
| Q2 24 | 0.62× | 0.92× |
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 | — | $495.0M |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $452.0M |
| 自由现金流率自由现金流/营收 | 1.6% | 10.8% |
| 资本支出强度资本支出/营收 | 8.7% | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.51× |
| 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IPLDOS
| Q1 26 | — | $495.0M | ||
| Q4 25 | $905.0M | — | ||
| Q3 25 | $605.0M | $711.0M | ||
| Q2 25 | $476.0M | $58.0M | ||
| Q1 25 | $-288.0M | $299.0M | ||
| Q4 24 | $397.0M | — | ||
| Q3 24 | $521.0M | $656.0M | ||
| Q2 24 | $365.0M | $374.0M |
自由现金流IPLDOS
| Q1 26 | $94.0M | $452.0M | ||
| Q4 25 | $255.0M | — | ||
| Q3 25 | $150.0M | $680.0M | ||
| Q2 25 | $54.0M | $36.0M | ||
| Q1 25 | $-618.0M | $213.0M | ||
| Q4 24 | $137.0M | — | ||
| Q3 24 | $309.0M | $633.0M | ||
| Q2 24 | $167.0M | $351.0M |
自由现金流率IPLDOS
| Q1 26 | 1.6% | 10.8% | ||
| Q4 25 | 5.4% | — | ||
| Q3 25 | 2.4% | 16.1% | ||
| Q2 25 | 0.8% | 0.9% | ||
| Q1 25 | -10.5% | 4.9% | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 6.6% | 15.2% | ||
| Q2 24 | 3.5% | 8.5% |
资本支出强度IPLDOS
| Q1 26 | 8.7% | 1.0% | ||
| Q4 25 | 13.7% | — | ||
| Q3 25 | 7.3% | 0.7% | ||
| Q2 25 | 6.2% | 0.5% | ||
| Q1 25 | 5.6% | 2.0% | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 4.5% | 0.6% | ||
| Q2 24 | 4.2% | 0.6% |
现金转化率IPLDOS
| Q1 26 | — | 1.51× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.82× | ||
| Q2 25 | 6.35× | 0.16× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.47× | 1.80× | ||
| Q2 24 | 0.73× | 1.16× |
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% |
LDOS
| US Do D And US Intelligence Community | $1.4B | 32% |
| Cost Reimbursement And Fixed Price Incentive Fee | $1.0B | 24% |
| Commercial And International Segment | $609.0M | 15% |
| Defense Systems Segment | $546.0M | 13% |
| Other | $358.0M | 9% |
| Time And Materials And Fixed Price Level Of Effort | $295.0M | 7% |
| Commercial And Non US Customers | $38.0M | 1% |
