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国际纸业（IP）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是国际纸业的1.0倍（$6.0B vs $6.0B），3M净利率更高（10.8% vs 1.0%，领先9.8%），3M同比增速更快（1.3% vs -0.6%），3M自由现金流更多（$2.0B vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs -1.8%）
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。
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
IP vs MMM — 直观对比
营收规模更大
MMM
是对方的1.0倍
$6.0B
营收增速更快
MMM
高出1.9%
-0.6%
净利率更高
MMM
高出9.8%
1.0%
自由现金流更多
MMM
多$1.9B
$94.0M
两年增速更快
IP
近两年复合增速
-1.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $6.0B |
| 净利润 | $60.0M | $653.0M |
| 毛利率 | — | 40.7% |
| 营业利润率 | — | 23.2% |
| 净利率 | 1.0% | 10.8% |
| 营收同比 | -0.6% | 1.3% |
| 净利润同比 | 157.1% | -41.5% |
| 每股收益（稀释后） | $0.14 | $1.23 |
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IPMMM
| Q1 26 | $6.0B | $6.0B | ||
| Q4 25 | $4.7B | $6.1B | ||
| Q3 25 | $6.2B | $6.5B | ||
| Q2 25 | $6.8B | $6.3B | ||
| Q1 25 | $5.9B | $6.0B | ||
| Q4 24 | $4.6B | $6.0B | ||
| Q3 24 | $4.7B | $6.3B | ||
| Q2 24 | $4.7B | $6.3B |
净利润IPMMM
| Q1 26 | $60.0M | $653.0M | ||
| Q4 25 | $-2.4B | $577.0M | ||
| Q3 25 | $-1.1B | $834.0M | ||
| Q2 25 | $75.0M | $723.0M | ||
| Q1 25 | $-105.0M | $1.1B | ||
| Q4 24 | $-147.0M | $728.0M | ||
| Q3 24 | $150.0M | $1.4B | ||
| Q2 24 | $498.0M | $1.1B |
毛利率IPMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | 32.2% | 33.6% | ||
| Q3 25 | 31.1% | 41.8% | ||
| Q2 25 | 27.9% | 42.5% | ||
| Q1 25 | 27.8% | 41.6% | ||
| Q4 24 | 29.0% | 51.7% | ||
| Q3 24 | 28.7% | 42.1% | ||
| Q2 24 | 29.0% | 42.9% |
营业利润率IPMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | -56.4% | 13.0% | ||
| Q3 25 | -10.8% | 22.2% | ||
| Q2 25 | 1.7% | 18.0% | ||
| Q1 25 | -2.3% | 20.9% | ||
| Q4 24 | -4.9% | 12.2% | ||
| Q3 24 | 5.1% | 20.9% | ||
| Q2 24 | 6.8% | 20.3% |
净利率IPMMM
| Q1 26 | 1.0% | 10.8% | ||
| Q4 25 | -50.3% | 9.4% | ||
| Q3 25 | -17.7% | 12.8% | ||
| Q2 25 | 1.1% | 11.4% | ||
| Q1 25 | -1.8% | 18.7% | ||
| Q4 24 | -3.2% | 12.1% | ||
| Q3 24 | 3.2% | 21.8% | ||
| Q2 24 | 10.5% | 18.3% |
每股收益（稀释后）IPMMM
| Q1 26 | $0.14 | $1.23 | ||
| Q4 25 | $-4.76 | $1.07 | ||
| Q3 25 | $-2.09 | $1.55 | ||
| Q2 25 | $0.14 | $1.34 | ||
| Q1 25 | $-0.24 | $2.04 | ||
| Q4 24 | $-0.42 | $1.33 | ||
| Q3 24 | $0.42 | $2.48 | ||
| Q2 24 | $1.41 | $2.07 |
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 | — | $3.7B |
| 总债务越低越好 | $8.2B | $10.9B |
| 股东权益账面价值 | $14.8B | $3.3B |
| 总资产 | $36.4B | $35.4B |
| 负债/权益比越低杠杆越低 | 0.55× | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资IPMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $995.0M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.0B | — |
总债务IPMMM
| Q1 26 | $8.2B | $10.9B | ||
| Q4 25 | $8.8B | $12.6B | ||
| Q3 25 | $9.0B | $12.6B | ||
| Q2 25 | $9.7B | $13.1B | ||
| Q1 25 | $9.2B | $13.5B | ||
| Q4 24 | $5.4B | $13.0B | ||
| Q3 24 | $5.3B | $13.2B | ||
| Q2 24 | $5.3B | $13.1B |
股东权益IPMMM
| Q1 26 | $14.8B | $3.3B | ||
| Q4 25 | $14.8B | $4.7B | ||
| Q3 25 | $17.3B | $4.6B | ||
| Q2 25 | $18.6B | $4.3B | ||
| Q1 25 | $18.1B | $4.5B | ||
| Q4 24 | $8.2B | $3.8B | ||
| Q3 24 | $8.6B | $4.6B | ||
| Q2 24 | $8.6B | $3.9B |
总资产IPMMM
| Q1 26 | $36.4B | $35.4B | ||
| Q4 25 | $38.0B | $37.7B | ||
| Q3 25 | $40.6B | $37.6B | ||
| Q2 25 | $42.4B | $38.0B | ||
| Q1 25 | $41.2B | $40.0B | ||
| Q4 24 | $22.8B | $39.9B | ||
| Q3 24 | $23.2B | $40.9B | ||
| Q2 24 | $23.1B | $43.4B |
负债/权益比IPMMM
| Q1 26 | 0.55× | 3.29× | ||
| Q4 25 | 0.60× | 2.68× | ||
| Q3 25 | 0.52× | 2.72× | ||
| Q2 25 | 0.52× | 3.06× | ||
| Q1 25 | 0.51× | 3.02× | ||
| Q4 24 | 0.66× | 3.40× | ||
| Q3 24 | 0.62× | 2.84× | ||
| Q2 24 | 0.62× | 3.34× |
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 | — | — |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $2.0B |
| 自由现金流率自由现金流/营收 | 1.6% | 33.6% |
| 资本支出强度资本支出/营收 | 8.7% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $553.0M | $3.7B |
8季度趋势，按日历期对齐
经营现金流IPMMM
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $1.6B | ||
| Q3 25 | $605.0M | $1.8B | ||
| Q2 25 | $476.0M | $-954.0M | ||
| Q1 25 | $-288.0M | $-79.0M | ||
| Q4 24 | $397.0M | $1.8B | ||
| Q3 24 | $521.0M | $-1.8B | ||
| Q2 24 | $365.0M | $1.0B |
自由现金流IPMMM
| Q1 26 | $94.0M | $2.0B | ||
| Q4 25 | $255.0M | $1.3B | ||
| Q3 25 | $150.0M | $1.5B | ||
| Q2 25 | $54.0M | $-1.2B | ||
| Q1 25 | $-618.0M | $-315.0M | ||
| Q4 24 | $137.0M | $1.5B | ||
| Q3 24 | $309.0M | $-2.0B | ||
| Q2 24 | $167.0M | $752.0M |
自由现金流率IPMMM
| Q1 26 | 1.6% | 33.6% | ||
| Q4 25 | 5.4% | 21.8% | ||
| Q3 25 | 2.4% | 23.6% | ||
| Q2 25 | 0.8% | -18.3% | ||
| Q1 25 | -10.5% | -5.3% | ||
| Q4 24 | 3.0% | 25.4% | ||
| Q3 24 | 6.6% | -32.3% | ||
| Q2 24 | 3.5% | 12.0% |
资本支出强度IPMMM
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 4.0% | ||
| Q3 25 | 7.3% | 3.3% | ||
| Q2 25 | 6.2% | 3.3% | ||
| Q1 25 | 5.6% | 4.0% | ||
| Q4 24 | 5.7% | 4.8% | ||
| Q3 24 | 4.5% | 3.9% | ||
| Q2 24 | 4.2% | 4.3% |
现金转化率IPMMM
| Q1 26 | — | — | ||
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | 2.11× | ||
| Q2 25 | 6.35× | -1.32× | ||
| Q1 25 | — | -0.07× | ||
| Q4 24 | — | 2.50× | ||
| Q3 24 | 3.47× | -1.30× | ||
| Q2 24 | 0.73× | 0.89× |
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% |
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
