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国际纸业（IP）与万事达卡（MA）财务数据对比。点击上方公司名可切换其他公司
万事达卡的季度营收约是国际纸业的1.9倍（$8.8B vs $4.7B），万事达卡净利率更高（46.1% vs -50.3%，领先96.4%），万事达卡同比增速更快（17.6% vs 3.6%），万事达卡自由现金流更多（$4.9B vs $255.0M），过去两年万事达卡的营收复合增速更高（17.8% 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。
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
IP vs MA — 直观对比
营收规模更大
MA
是对方的1.9倍
$4.7B
营收增速更快
MA
高出14.0%
3.6%
净利率更高
MA
高出96.4%
-50.3%
自由现金流更多
MA
多$4.6B
$255.0M
两年增速更快
MA
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $8.8B |
| 净利润 | $-2.4B | $4.1B |
| 毛利率 | 32.2% | — |
| 营业利润率 | -56.4% | 55.8% |
| 净利率 | -50.3% | 46.1% |
| 营收同比 | 3.6% | 17.6% |
| 净利润同比 | -1521.8% | 21.5% |
| 每股收益（稀释后） | $-4.76 | $4.52 |
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IPMA
| Q4 25 | $4.7B | $8.8B | ||
| Q3 25 | $6.2B | $8.6B | ||
| Q2 25 | $6.8B | $8.1B | ||
| Q1 25 | $5.9B | $7.3B | ||
| Q4 24 | $4.6B | $7.5B | ||
| Q3 24 | $4.7B | $7.4B | ||
| Q2 24 | $4.7B | $7.0B | ||
| Q1 24 | $4.6B | $6.3B |
净利润IPMA
| Q4 25 | $-2.4B | $4.1B | ||
| Q3 25 | $-1.1B | $3.9B | ||
| Q2 25 | $75.0M | $3.7B | ||
| Q1 25 | $-105.0M | $3.3B | ||
| Q4 24 | $-147.0M | $3.3B | ||
| Q3 24 | $150.0M | $3.3B | ||
| Q2 24 | $498.0M | $3.3B | ||
| Q1 24 | $56.0M | $3.0B |
毛利率IPMA
| 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IPMA
| Q4 25 | -56.4% | 55.8% | ||
| Q3 25 | -10.8% | 58.8% | ||
| Q2 25 | 1.7% | 58.7% | ||
| Q1 25 | -2.3% | 57.2% | ||
| Q4 24 | -4.9% | 52.6% | ||
| Q3 24 | 5.1% | 54.3% | ||
| Q2 24 | 6.8% | 58.0% | ||
| Q1 24 | 3.7% | 56.8% |
净利率IPMA
| Q4 25 | -50.3% | 46.1% | ||
| Q3 25 | -17.7% | 45.7% | ||
| Q2 25 | 1.1% | 45.5% | ||
| Q1 25 | -1.8% | 45.2% | ||
| Q4 24 | -3.2% | 44.6% | ||
| Q3 24 | 3.2% | 44.3% | ||
| Q2 24 | 10.5% | 46.8% | ||
| Q1 24 | 1.2% | 47.4% |
每股收益（稀释后）IPMA
| Q4 25 | $-4.76 | $4.52 | ||
| Q3 25 | $-2.09 | $4.34 | ||
| Q2 25 | $0.14 | $4.07 | ||
| Q1 25 | $-0.24 | $3.59 | ||
| Q4 24 | $-0.42 | $3.64 | ||
| Q3 24 | $0.42 | $3.53 | ||
| Q2 24 | $1.41 | $3.50 | ||
| Q1 24 | $0.16 | $3.22 |
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 | $10.6B |
| 总债务越低越好 | $8.8B | — |
| 股东权益账面价值 | $14.8B | $7.7B |
| 总资产 | $38.0B | $54.2B |
| 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IPMA
| Q4 25 | $1.1B | $10.6B | ||
| Q3 25 | $995.0M | $10.3B | ||
| Q2 25 | $1.1B | $9.0B | ||
| Q1 25 | $1.2B | $7.6B | ||
| Q4 24 | $1.2B | $8.4B | ||
| Q3 24 | $1.2B | $11.1B | ||
| Q2 24 | $1.0B | $7.0B | ||
| Q1 24 | $1.1B | $7.3B |
总债务IPMA
| 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IPMA
| Q4 25 | $14.8B | $7.7B | ||
| Q3 25 | $17.3B | $7.9B | ||
| Q2 25 | $18.6B | $7.9B | ||
| Q1 25 | $18.1B | $6.7B | ||
| Q4 24 | $8.2B | $6.5B | ||
| Q3 24 | $8.6B | $7.4B | ||
| Q2 24 | $8.6B | $7.4B | ||
| Q1 24 | $8.3B | $7.2B |
总资产IPMA
| Q4 25 | $38.0B | $54.2B | ||
| Q3 25 | $40.6B | $53.3B | ||
| Q2 25 | $42.4B | $51.4B | ||
| Q1 25 | $41.2B | $48.5B | ||
| Q4 24 | $22.8B | $48.1B | ||
| Q3 24 | $23.2B | $47.2B | ||
| Q2 24 | $23.1B | $42.3B | ||
| Q1 24 | $23.0B | $42.6B |
负债/权益比IPMA
| 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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $4.9B |
| 自由现金流率自由现金流/营收 | 5.4% | 55.5% |
| 资本支出强度资本支出/营收 | 13.7% | 1.3% |
| 现金转化率经营现金流/净利润 | — | 1.23× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $17.2B |
8季度趋势，按日历期对齐
经营现金流IPMA
| Q4 25 | $905.0M | $5.0B | ||
| Q3 25 | $605.0M | $5.7B | ||
| Q2 25 | $476.0M | $4.6B | ||
| Q1 25 | $-288.0M | $2.4B | ||
| Q4 24 | $397.0M | $4.8B | ||
| Q3 24 | $521.0M | $5.1B | ||
| Q2 24 | $365.0M | $3.1B | ||
| Q1 24 | $395.0M | $1.7B |
自由现金流IPMA
| Q4 25 | $255.0M | $4.9B | ||
| Q3 25 | $150.0M | $5.5B | ||
| Q2 25 | $54.0M | $4.6B | ||
| Q1 25 | $-618.0M | $2.2B | ||
| Q4 24 | $137.0M | $4.7B | ||
| Q3 24 | $309.0M | $5.0B | ||
| Q2 24 | $167.0M | $3.0B | ||
| Q1 24 | $144.0M | $1.5B |
自由现金流率IPMA
| Q4 25 | 5.4% | 55.5% | ||
| Q3 25 | 2.4% | 63.8% | ||
| Q2 25 | 0.8% | 56.1% | ||
| Q1 25 | -10.5% | 30.6% | ||
| Q4 24 | 3.0% | 63.3% | ||
| Q3 24 | 6.6% | 68.2% | ||
| Q2 24 | 3.5% | 43.4% | ||
| Q1 24 | 3.1% | 23.9% |
资本支出强度IPMA
| Q4 25 | 13.7% | 1.3% | ||
| Q3 25 | 7.3% | 2.1% | ||
| Q2 25 | 6.2% | 0.5% | ||
| Q1 25 | 5.6% | 2.2% | ||
| Q4 24 | 5.7% | 1.3% | ||
| Q3 24 | 4.5% | 1.5% | ||
| Q2 24 | 4.2% | 1.7% | ||
| Q1 24 | 5.4% | 2.5% |
现金转化率IPMA
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | 1.44× | ||
| Q2 25 | 6.35× | 1.24× | ||
| Q1 25 | — | 0.73× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | 3.47× | 1.57× | ||
| Q2 24 | 0.73× | 0.96× | ||
| Q1 24 | 7.05× | 0.56× |
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% |
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
