vs
国际纸业（IP）与麦当劳（MCD）财务数据对比。点击上方公司名可切换其他公司
麦当劳的季度营收约是国际纸业的1.2倍（$7.0B vs $6.0B），麦当劳净利率更高（30.9% vs 1.0%，领先29.9%），麦当劳同比增速更快（9.7% vs -0.6%），麦当劳自由现金流更多（$1.6B vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs 6.6%）
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。
麦当劳是源自美国的知名跨国连锁快餐品牌，主营汉堡、薯条、炸鸡等快餐食品，业务覆盖全球多个国家和地区。截至2024年，其全球门店数量在所有餐饮连锁品牌中位列第二，仅次于中国本土品牌蜜雪冰城。
IP vs MCD — 直观对比
营收规模更大
MCD
是对方的1.2倍
$6.0B
营收增速更快
MCD
高出10.3%
-0.6%
净利率更高
MCD
高出29.9%
1.0%
自由现金流更多
MCD
多$1.5B
$94.0M
两年增速更快
IP
近两年复合增速
6.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $7.0B |
| 净利润 | $60.0M | $2.2B |
| 毛利率 | — | — |
| 营业利润率 | — | 45.0% |
| 净利率 | 1.0% | 30.9% |
| 营收同比 | -0.6% | 9.7% |
| 净利润同比 | 157.1% | 7.3% |
| 每股收益（稀释后） | $0.14 | $3.03 |
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IPMCD
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $7.0B | ||
| Q3 25 | $6.2B | $7.1B | ||
| Q2 25 | $6.8B | $6.8B | ||
| Q1 25 | $5.9B | $6.0B | ||
| Q4 24 | $4.6B | $6.4B | ||
| Q3 24 | $4.7B | $6.9B | ||
| Q2 24 | $4.7B | $6.5B |
净利润IPMCD
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $2.2B | ||
| Q3 25 | $-1.1B | $2.3B | ||
| Q2 25 | $75.0M | $2.3B | ||
| Q1 25 | $-105.0M | $1.9B | ||
| Q4 24 | $-147.0M | $2.0B | ||
| Q3 24 | $150.0M | $2.3B | ||
| Q2 24 | $498.0M | $2.0B |
毛利率IPMCD
| Q1 26 | — | — | ||
| Q4 25 | 32.2% | — | ||
| Q3 25 | 31.1% | 90.6% | ||
| Q2 25 | 27.9% | 90.4% | ||
| Q1 25 | 27.8% | 89.6% | ||
| Q4 24 | 29.0% | — | ||
| Q3 24 | 28.7% | 90.6% | ||
| Q2 24 | 29.0% | 90.3% |
营业利润率IPMCD
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 45.0% | ||
| Q3 25 | -10.8% | 47.4% | ||
| Q2 25 | 1.7% | 47.2% | ||
| Q1 25 | -2.3% | 44.5% | ||
| Q4 24 | -4.9% | 44.9% | ||
| Q3 24 | 5.1% | 46.4% | ||
| Q2 24 | 6.8% | 45.0% |
净利率IPMCD
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | 30.9% | ||
| Q3 25 | -17.7% | 32.2% | ||
| Q2 25 | 1.1% | 32.9% | ||
| Q1 25 | -1.8% | 31.4% | ||
| Q4 24 | -3.2% | 31.6% | ||
| Q3 24 | 3.2% | 32.8% | ||
| Q2 24 | 10.5% | 31.2% |
每股收益（稀释后）IPMCD
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | $3.03 | ||
| Q3 25 | $-2.09 | $3.18 | ||
| Q2 25 | $0.14 | $3.14 | ||
| Q1 25 | $-0.24 | $2.60 | ||
| Q4 24 | $-0.42 | $2.80 | ||
| Q3 24 | $0.42 | $3.13 | ||
| Q2 24 | $1.41 | $2.80 |
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 | — | $774.0M |
| 总债务越低越好 | $8.2B | $40.0B |
| 股东权益账面价值 | $14.8B | $-1.8B |
| 总资产 | $36.4B | $59.5B |
| 负债/权益比越低杠杆越低 | 0.55× | — |
8季度趋势，按日历期对齐
现金及短期投资IPMCD
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $774.0M | ||
| Q3 25 | $995.0M | $2.4B | ||
| Q2 25 | $1.1B | $1.9B | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.0B | $792.0M |
总债务IPMCD
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | $40.0B | ||
| Q3 25 | $9.0B | — | ||
| Q2 25 | $9.7B | — | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $5.4B | $38.4B | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | — |
股东权益IPMCD
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $-1.8B | ||
| Q3 25 | $17.3B | $-2.2B | ||
| Q2 25 | $18.6B | $-2.8B | ||
| Q1 25 | $18.1B | $-3.5B | ||
| Q4 24 | $8.2B | $-3.8B | ||
| Q3 24 | $8.6B | $-5.2B | ||
| Q2 24 | $8.6B | $-4.8B |
总资产IPMCD
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $59.5B | ||
| Q3 25 | $40.6B | $60.6B | ||
| Q2 25 | $42.4B | $59.6B | ||
| Q1 25 | $41.2B | $56.3B | ||
| Q4 24 | $22.8B | $55.2B | ||
| Q3 24 | $23.2B | $56.2B | ||
| Q2 24 | $23.1B | $53.8B |
负债/权益比IPMCD
| Q1 26 | 0.55× | — | ||
| 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× | — |
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 | — | $2.7B |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $1.6B |
| 自由现金流率自由现金流/营收 | 1.6% | 23.4% |
| 资本支出强度资本支出/营收 | 8.7% | 15.1% |
| 现金转化率经营现金流/净利润 | — | 1.25× |
| 过去12个月自由现金流最近4个季度 | $553.0M | $7.2B |
8季度趋势，按日历期对齐
经营现金流IPMCD
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $2.7B | ||
| Q3 25 | $605.0M | $3.4B | ||
| Q2 25 | $476.0M | $2.0B | ||
| Q1 25 | $-288.0M | $2.4B | ||
| Q4 24 | $397.0M | $2.6B | ||
| Q3 24 | $521.0M | $2.7B | ||
| Q2 24 | $365.0M | $1.7B |
自由现金流IPMCD
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $1.6B | ||
| Q3 25 | $150.0M | $2.4B | ||
| Q2 25 | $54.0M | $1.3B | ||
| Q1 25 | $-618.0M | $1.9B | ||
| Q4 24 | $137.0M | $1.8B | ||
| Q3 24 | $309.0M | $1.9B | ||
| Q2 24 | $167.0M | $1.1B |
自由现金流率IPMCD
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 23.4% | ||
| Q3 25 | 2.4% | 34.1% | ||
| Q2 25 | 0.8% | 18.3% | ||
| Q1 25 | -10.5% | 31.5% | ||
| Q4 24 | 3.0% | 28.6% | ||
| Q3 24 | 6.6% | 28.3% | ||
| Q2 24 | 3.5% | 16.3% |
资本支出强度IPMCD
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 15.1% | ||
| Q3 25 | 7.3% | 14.3% | ||
| Q2 25 | 6.2% | 10.9% | ||
| Q1 25 | 5.6% | 9.3% | ||
| Q4 24 | 5.7% | 12.6% | ||
| Q3 24 | 4.5% | 11.6% | ||
| Q2 24 | 4.2% | 9.7% |
现金转化率IPMCD
| Q1 26 | — | — | ||
| Q4 25 | — | 1.25× | ||
| Q3 25 | — | 1.50× | ||
| Q2 25 | 6.35× | 0.89× | ||
| Q1 25 | — | 1.30× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | 3.47× | 1.21× | ||
| Q2 24 | 0.73× | 0.84× |
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% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
