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国际纸业（IP）与梅西百货（M）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梅西百货的1.0倍（$4.7B vs $4.7B），梅西百货净利率更高（0.2% vs -50.3%，领先50.5%），国际纸业同比增速更快（3.6% vs -0.6%），国际纸业自由现金流更多（$255.0M vs $-101.0M），过去两年国际纸业的营收复合增速更高（1.3% vs -23.8%）
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。
梅西百货是美国知名百货控股集团，1929年成立时名为联合百货，最初持有Abraham & Straus、Lazarus等多个区域连锁百货品牌，次年布鲁明戴尔正式加入。集团早年频繁开展资产并购与剥离，1994年收购1858年创立的老牌百货梅西，随后更名并发展为美国头部百货零售企业。
IP vs M — 直观对比
营收规模更大
IP
是对方的1.0倍
$4.7B
营收增速更快
IP
高出4.2%
-0.6%
净利率更高
M
高出50.5%
-50.3%
自由现金流更多
IP
多$356.0M
$-101.0M
两年增速更快
IP
近两年复合增速
-23.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $4.7B |
| 净利润 | $-2.4B | $11.0M |
| 毛利率 | 32.2% | 39.4% |
| 营业利润率 | -56.4% | 0.9% |
| 净利率 | -50.3% | 0.2% |
| 营收同比 | 3.6% | -0.6% |
| 净利润同比 | -1521.8% | -60.7% |
| 每股收益（稀释后） | $-4.76 | $0.04 |
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IPM
| Q4 25 | $4.7B | $4.7B | ||
| Q3 25 | $6.2B | $4.8B | ||
| Q2 25 | $6.8B | $4.6B | ||
| Q1 25 | $5.9B | $7.8B | ||
| Q4 24 | $4.6B | $4.7B | ||
| Q3 24 | $4.7B | $4.9B | ||
| Q2 24 | $4.7B | $4.8B | ||
| Q1 24 | $4.6B | $8.1B |
净利润IPM
| Q4 25 | $-2.4B | $11.0M | ||
| Q3 25 | $-1.1B | $87.0M | ||
| Q2 25 | $75.0M | $38.0M | ||
| Q1 25 | $-105.0M | $342.0M | ||
| Q4 24 | $-147.0M | $28.0M | ||
| Q3 24 | $150.0M | $150.0M | ||
| Q2 24 | $498.0M | $62.0M | ||
| Q1 24 | $56.0M | $-71.0M |
毛利率IPM
| Q4 25 | 32.2% | 39.4% | ||
| Q3 25 | 31.1% | 39.7% | ||
| Q2 25 | 27.9% | 39.2% | ||
| Q1 25 | 27.8% | 35.7% | ||
| Q4 24 | 29.0% | 39.6% | ||
| Q3 24 | 28.7% | 40.5% | ||
| Q2 24 | 29.0% | 39.2% | ||
| Q1 24 | 25.9% | 37.5% |
营业利润率IPM
| Q4 25 | -56.4% | 0.9% | ||
| Q3 25 | -10.8% | 3.1% | ||
| Q2 25 | 1.7% | 2.0% | ||
| Q1 25 | -2.3% | 6.4% | ||
| Q4 24 | -4.9% | 1.3% | ||
| Q3 24 | 5.1% | 4.5% | ||
| Q2 24 | 6.8% | 2.6% | ||
| Q1 24 | 3.7% | -0.9% |
净利率IPM
| Q4 25 | -50.3% | 0.2% | ||
| Q3 25 | -17.7% | 1.8% | ||
| Q2 25 | 1.1% | 0.8% | ||
| Q1 25 | -1.8% | 4.4% | ||
| Q4 24 | -3.2% | 0.6% | ||
| Q3 24 | 3.2% | 3.0% | ||
| Q2 24 | 10.5% | 1.3% | ||
| Q1 24 | 1.2% | -0.9% |
每股收益（稀释后）IPM
| Q4 25 | $-4.76 | $0.04 | ||
| Q3 25 | $-2.09 | $0.31 | ||
| Q2 25 | $0.14 | $0.13 | ||
| Q1 25 | $-0.24 | $1.22 | ||
| Q4 24 | $-0.42 | $0.10 | ||
| Q3 24 | $0.42 | $0.53 | ||
| Q2 24 | $1.41 | $0.22 | ||
| Q1 24 | $0.16 | $-0.25 |
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 | $447.0M |
| 总债务越低越好 | $8.8B | $2.4B |
| 股东权益账面价值 | $14.8B | $4.3B |
| 总资产 | $38.0B | $17.1B |
| 负债/权益比越低杠杆越低 | 0.60× | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资IPM
| Q4 25 | $1.1B | $447.0M | ||
| Q3 25 | $995.0M | $829.0M | ||
| Q2 25 | $1.1B | $932.0M | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.2B | $315.0M | ||
| Q3 24 | $1.2B | $646.0M | ||
| Q2 24 | $1.0B | $876.0M | ||
| Q1 24 | $1.1B | $1.0B |
总债务IPM
| Q4 25 | $8.8B | $2.4B | ||
| Q3 25 | $9.0B | $2.4B | ||
| Q2 25 | $9.7B | $2.8B | ||
| Q1 25 | $9.2B | $2.8B | ||
| Q4 24 | $5.4B | $2.8B | ||
| Q3 24 | $5.3B | $3.0B | ||
| Q2 24 | $5.3B | $3.0B | ||
| Q1 24 | $5.5B | $3.0B |
股东权益IPM
| Q4 25 | $14.8B | $4.3B | ||
| Q3 25 | $17.3B | $4.5B | ||
| Q2 25 | $18.6B | $4.5B | ||
| Q1 25 | $18.1B | $4.6B | ||
| Q4 24 | $8.2B | $4.1B | ||
| Q3 24 | $8.6B | $4.3B | ||
| Q2 24 | $8.6B | $4.2B | ||
| Q1 24 | $8.3B | $4.1B |
总资产IPM
| Q4 25 | $38.0B | $17.1B | ||
| Q3 25 | $40.6B | $15.6B | ||
| Q2 25 | $42.4B | $16.1B | ||
| Q1 25 | $41.2B | $16.4B | ||
| Q4 24 | $22.8B | $17.3B | ||
| Q3 24 | $23.2B | $15.8B | ||
| Q2 24 | $23.1B | $16.4B | ||
| Q1 24 | $23.0B | $16.2B |
负债/权益比IPM
| Q4 25 | 0.60× | 0.56× | ||
| Q3 25 | 0.52× | 0.55× | ||
| Q2 25 | 0.52× | 0.62× | ||
| Q1 25 | 0.51× | 0.61× | ||
| Q4 24 | 0.66× | 0.67× | ||
| Q3 24 | 0.62× | 0.70× | ||
| Q2 24 | 0.62× | 0.72× | ||
| Q1 24 | 0.66× | 0.72× |
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 | $-8.0M |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $-101.0M |
| 自由现金流率自由现金流/营收 | 5.4% | -2.1% |
| 资本支出强度资本支出/营收 | 13.7% | 2.0% |
| 现金转化率经营现金流/净利润 | — | -0.73× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流IPM
| Q4 25 | $905.0M | $-8.0M | ||
| Q3 25 | $605.0M | $319.0M | ||
| Q2 25 | $476.0M | $-64.0M | ||
| Q1 25 | $-288.0M | $1.3B | ||
| Q4 24 | $397.0M | $-167.0M | ||
| Q3 24 | $521.0M | $8.0M | ||
| Q2 24 | $365.0M | $129.0M | ||
| Q1 24 | $395.0M | $1.1B |
自由现金流IPM
| Q4 25 | $255.0M | $-101.0M | ||
| Q3 25 | $150.0M | $240.0M | ||
| Q2 25 | $54.0M | $-164.0M | ||
| Q1 25 | $-618.0M | $1.2B | ||
| Q4 24 | $137.0M | $-295.0M | ||
| Q3 24 | $309.0M | $-109.0M | ||
| Q2 24 | $167.0M | $-25.0M | ||
| Q1 24 | $144.0M | $1.0B |
自由现金流率IPM
| Q4 25 | 5.4% | -2.1% | ||
| Q3 25 | 2.4% | 5.0% | ||
| Q2 25 | 0.8% | -3.6% | ||
| Q1 25 | -10.5% | 15.3% | ||
| Q4 24 | 3.0% | -6.2% | ||
| Q3 24 | 6.6% | -2.2% | ||
| Q2 24 | 3.5% | -0.5% | ||
| Q1 24 | 3.1% | 12.3% |
资本支出强度IPM
| Q4 25 | 13.7% | 2.0% | ||
| Q3 25 | 7.3% | 1.6% | ||
| Q2 25 | 6.2% | 2.2% | ||
| Q1 25 | 5.6% | 1.5% | ||
| Q4 24 | 5.7% | 2.7% | ||
| Q3 24 | 4.5% | 2.4% | ||
| Q2 24 | 4.2% | 3.2% | ||
| Q1 24 | 5.4% | 1.8% |
现金转化率IPM
| Q4 25 | — | -0.73× | ||
| Q3 25 | — | 3.67× | ||
| Q2 25 | 6.35× | -1.68× | ||
| Q1 25 | — | 3.82× | ||
| Q4 24 | — | -5.96× | ||
| Q3 24 | 3.47× | 0.05× | ||
| Q2 24 | 0.73× | 2.08× | ||
| 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% |
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
