vs
国际纸业（IP）与MPLX LP（MPLX）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MPLX LP的2.4倍（$6.0B vs $2.5B），MPLX LP净利率更高（49.1% vs 1.0%，领先48.1%），MPLX LP同比增速更快（1.4% vs -0.6%），MPLX LP自由现金流更多（$782.0M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs 6.2%）
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。
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
IP vs MPLX — 直观对比
营收规模更大
IP
是对方的2.4倍
$2.5B
营收增速更快
MPLX
高出2.0%
-0.6%
净利率更高
MPLX
高出48.1%
1.0%
自由现金流更多
MPLX
多$688.0M
$94.0M
两年增速更快
IP
近两年复合增速
6.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $2.5B |
| 净利润 | $60.0M | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | — | 60.5% |
| 净利率 | 1.0% | 49.1% |
| 营收同比 | -0.6% | 1.4% |
| 净利润同比 | 157.1% | 8.5% |
| 每股收益（稀释后） | $0.14 | — |
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IPMPLX
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $2.5B | ||
| Q3 25 | $6.2B | $2.5B | ||
| Q2 25 | $6.8B | $2.4B | ||
| Q1 25 | $5.9B | $2.5B | ||
| Q4 24 | $4.6B | $2.4B | ||
| Q3 24 | $4.7B | $2.3B | ||
| Q2 24 | $4.7B | $2.3B |
净利润IPMPLX
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $1.2B | ||
| Q3 25 | $-1.1B | $1.6B | ||
| Q2 25 | $75.0M | $1.1B | ||
| Q1 25 | $-105.0M | $1.1B | ||
| Q4 24 | $-147.0M | $1.1B | ||
| Q3 24 | $150.0M | $1.0B | ||
| Q2 24 | $498.0M | $1.2B |
毛利率IPMPLX
| Q1 26 | — | — | ||
| 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% | — |
营业利润率IPMPLX
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 60.5% | ||
| Q3 25 | -10.8% | 73.2% | ||
| Q2 25 | 1.7% | 54.9% | ||
| Q1 25 | -2.3% | 55.5% | ||
| Q4 24 | -4.9% | 55.6% | ||
| Q3 24 | 5.1% | 54.4% | ||
| Q2 24 | 6.8% | 62.9% |
净利率IPMPLX
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | 49.1% | ||
| Q3 25 | -17.7% | 63.2% | ||
| Q2 25 | 1.1% | 44.9% | ||
| Q1 25 | -1.8% | 46.2% | ||
| Q4 24 | -3.2% | 45.9% | ||
| Q3 24 | 3.2% | 44.6% | ||
| Q2 24 | 10.5% | 52.6% |
每股收益（稀释后）IPMPLX
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | — | ||
| Q3 25 | $-2.09 | — | ||
| Q2 25 | $0.14 | — | ||
| Q1 25 | $-0.24 | — | ||
| Q4 24 | $-0.42 | — | ||
| Q3 24 | $0.42 | — | ||
| Q2 24 | $1.41 | — |
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 | — | $2.1B |
| 总债务越低越好 | $8.2B | $24.2B |
| 股东权益账面价值 | $14.8B | — |
| 总资产 | $36.4B | $43.0B |
| 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IPMPLX
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $2.1B | ||
| Q3 25 | $995.0M | $1.8B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $1.2B | $2.5B | ||
| Q4 24 | $1.2B | $1.5B | ||
| Q3 24 | $1.2B | $2.4B | ||
| Q2 24 | $1.0B | $2.5B |
总债务IPMPLX
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | $24.2B | ||
| Q3 25 | $9.0B | $24.1B | ||
| Q2 25 | $9.7B | $19.7B | ||
| Q1 25 | $9.2B | $19.7B | ||
| Q4 24 | $5.4B | $19.3B | ||
| Q3 24 | $5.3B | $19.3B | ||
| Q2 24 | $5.3B | $19.2B |
股东权益IPMPLX
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | — | ||
| Q3 25 | $17.3B | — | ||
| Q2 25 | $18.6B | — | ||
| Q1 25 | $18.1B | — | ||
| Q4 24 | $8.2B | — | ||
| Q3 24 | $8.6B | — | ||
| Q2 24 | $8.6B | — |
总资产IPMPLX
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $43.0B | ||
| Q3 25 | $40.6B | $43.2B | ||
| Q2 25 | $42.4B | $37.8B | ||
| Q1 25 | $41.2B | $39.0B | ||
| Q4 24 | $22.8B | $37.5B | ||
| Q3 24 | $23.2B | $38.5B | ||
| Q2 24 | $23.1B | $38.4B |
负债/权益比IPMPLX
| 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 | — | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $782.0M |
| 自由现金流率自由现金流/营收 | 1.6% | 31.9% |
| 资本支出强度资本支出/营收 | 8.7% | 29.1% |
| 现金转化率经营现金流/净利润 | — | 1.24× |
| 过去12个月自由现金流最近4个季度 | $553.0M | $4.1B |
8季度趋势，按日历期对齐
经营现金流IPMPLX
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $1.5B | ||
| Q3 25 | $605.0M | $1.4B | ||
| Q2 25 | $476.0M | $1.7B | ||
| Q1 25 | $-288.0M | $1.2B | ||
| Q4 24 | $397.0M | $1.7B | ||
| Q3 24 | $521.0M | $1.4B | ||
| Q2 24 | $365.0M | $1.6B |
自由现金流IPMPLX
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $782.0M | ||
| Q3 25 | $150.0M | $905.0M | ||
| Q2 25 | $54.0M | $1.4B | ||
| Q1 25 | $-618.0M | $979.0M | ||
| Q4 24 | $137.0M | $1.4B | ||
| Q3 24 | $309.0M | $1.1B | ||
| Q2 24 | $167.0M | $1.4B |
自由现金流率IPMPLX
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 31.9% | ||
| Q3 25 | 2.4% | 36.8% | ||
| Q2 25 | 0.8% | 60.9% | ||
| Q1 25 | -10.5% | 39.8% | ||
| Q4 24 | 3.0% | 56.6% | ||
| Q3 24 | 6.6% | 48.4% | ||
| Q2 24 | 3.5% | 60.0% |
资本支出强度IPMPLX
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 29.1% | ||
| Q3 25 | 7.3% | 21.4% | ||
| Q2 25 | 6.2% | 12.8% | ||
| Q1 25 | 5.6% | 10.9% | ||
| Q4 24 | 5.7% | 12.7% | ||
| Q3 24 | 4.5% | 11.9% | ||
| Q2 24 | 4.2% | 9.4% |
现金转化率IPMPLX
| Q1 26 | — | — | ||
| Q4 25 | — | 1.24× | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | 6.35× | 1.64× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.51× | ||
| Q3 24 | 3.47× | 1.35× | ||
| Q2 24 | 0.73× | 1.32× |
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% |
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
