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国际纸业（IP）与摩托罗拉解决方案（MSI）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摩托罗拉解决方案的1.4倍（$4.7B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs -50.3%，领先69.5%），摩托罗拉解决方案同比增速更快（12.3% vs 3.6%），摩托罗拉解决方案自由现金流更多（$1.1B vs $255.0M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% 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。
摩托罗拉解决方案是美国科技企业，总部位于伊利诺伊州芝加哥，2011年由摩托罗拉公司拆分成立。公司面向公共安全部门及企业客户，提供关键通信、视频安防、指挥中心技术等安全防护类产品与服务。
IP vs MSI — 直观对比
营收规模更大
IP
是对方的1.4倍
$3.4B
营收增速更快
MSI
高出8.7%
3.6%
净利率更高
MSI
高出69.5%
-50.3%
自由现金流更多
MSI
多$887.0M
$255.0M
两年增速更快
MSI
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $3.4B |
| 净利润 | $-2.4B | $649.0M |
| 毛利率 | 32.2% | 52.3% |
| 营业利润率 | -56.4% | 27.9% |
| 净利率 | -50.3% | 19.2% |
| 营收同比 | 3.6% | 12.3% |
| 净利润同比 | -1521.8% | 6.2% |
| 每股收益（稀释后） | $-4.76 | $3.85 |
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IPMSI
| Q4 25 | $4.7B | $3.4B | ||
| Q3 25 | $6.2B | $3.0B | ||
| Q2 25 | $6.8B | $2.8B | ||
| Q1 25 | $5.9B | $2.5B | ||
| Q4 24 | $4.6B | $3.0B | ||
| Q3 24 | $4.7B | $2.8B | ||
| Q2 24 | $4.7B | $2.6B | ||
| Q1 24 | $4.6B | $2.4B |
净利润IPMSI
| Q4 25 | $-2.4B | $649.0M | ||
| Q3 25 | $-1.1B | $562.0M | ||
| Q2 25 | $75.0M | $513.0M | ||
| Q1 25 | $-105.0M | $430.0M | ||
| Q4 24 | $-147.0M | $611.0M | ||
| Q3 24 | $150.0M | $562.0M | ||
| Q2 24 | $498.0M | $443.0M | ||
| Q1 24 | $56.0M | $-39.0M |
毛利率IPMSI
| Q4 25 | 32.2% | 52.3% | ||
| Q3 25 | 31.1% | 51.6% | ||
| Q2 25 | 27.9% | 51.1% | ||
| Q1 25 | 27.8% | 51.4% | ||
| Q4 24 | 29.0% | 51.4% | ||
| Q3 24 | 28.7% | 51.4% | ||
| Q2 24 | 29.0% | 51.0% | ||
| Q1 24 | 25.9% | 49.9% |
营业利润率IPMSI
| Q4 25 | -56.4% | 27.9% | ||
| Q3 25 | -10.8% | 25.6% | ||
| Q2 25 | 1.7% | 25.0% | ||
| Q1 25 | -2.3% | 23.0% | ||
| Q4 24 | -4.9% | 27.0% | ||
| Q3 24 | 5.1% | 25.5% | ||
| Q2 24 | 6.8% | 24.5% | ||
| Q1 24 | 3.7% | 21.7% |
净利率IPMSI
| Q4 25 | -50.3% | 19.2% | ||
| Q3 25 | -17.7% | 18.7% | ||
| Q2 25 | 1.1% | 18.6% | ||
| Q1 25 | -1.8% | 17.0% | ||
| Q4 24 | -3.2% | 20.3% | ||
| Q3 24 | 3.2% | 20.1% | ||
| Q2 24 | 10.5% | 16.9% | ||
| Q1 24 | 1.2% | -1.6% |
每股收益（稀释后）IPMSI
| Q4 25 | $-4.76 | $3.85 | ||
| Q3 25 | $-2.09 | $3.33 | ||
| Q2 25 | $0.14 | $3.04 | ||
| Q1 25 | $-0.24 | $2.53 | ||
| Q4 24 | $-0.42 | $3.57 | ||
| Q3 24 | $0.42 | $3.29 | ||
| Q2 24 | $1.41 | $2.60 | ||
| Q1 24 | $0.16 | $-0.23 |
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 | $1.2B |
| 总债务越低越好 | $8.8B | — |
| 股东权益账面价值 | $14.8B | $2.4B |
| 总资产 | $38.0B | $19.4B |
| 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IPMSI
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $995.0M | $894.0M | ||
| Q2 25 | $1.1B | $3.2B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.0B | $1.4B | ||
| Q1 24 | $1.1B | $1.5B |
总债务IPMSI
| 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IPMSI
| Q4 25 | $14.8B | $2.4B | ||
| Q3 25 | $17.3B | $2.3B | ||
| Q2 25 | $18.6B | $2.0B | ||
| Q1 25 | $18.1B | $1.6B | ||
| Q4 24 | $8.2B | $1.7B | ||
| Q3 24 | $8.6B | $1.3B | ||
| Q2 24 | $8.6B | $802.0M | ||
| Q1 24 | $8.3B | $521.0M |
总资产IPMSI
| Q4 25 | $38.0B | $19.4B | ||
| Q3 25 | $40.6B | $18.8B | ||
| Q2 25 | $42.4B | $16.4B | ||
| Q1 25 | $41.2B | $14.4B | ||
| Q4 24 | $22.8B | $14.6B | ||
| Q3 24 | $23.2B | $13.9B | ||
| Q2 24 | $23.1B | $13.3B | ||
| Q1 24 | $23.0B | $13.3B |
负债/权益比IPMSI
| 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 | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $1.1B |
| 自由现金流率自由现金流/营收 | 5.4% | 33.8% |
| 资本支出强度资本支出/营收 | 13.7% | 3.4% |
| 现金转化率经营现金流/净利润 | — | 1.94× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $2.6B |
8季度趋势，按日历期对齐
经营现金流IPMSI
| Q4 25 | $905.0M | $1.3B | ||
| Q3 25 | $605.0M | $798.0M | ||
| Q2 25 | $476.0M | $273.0M | ||
| Q1 25 | $-288.0M | $510.0M | ||
| Q4 24 | $397.0M | $1.1B | ||
| Q3 24 | $521.0M | $759.0M | ||
| Q2 24 | $365.0M | $180.0M | ||
| Q1 24 | $395.0M | $382.0M |
自由现金流IPMSI
| Q4 25 | $255.0M | $1.1B | ||
| Q3 25 | $150.0M | $732.0M | ||
| Q2 25 | $54.0M | $225.0M | ||
| Q1 25 | $-618.0M | $473.0M | ||
| Q4 24 | $137.0M | $984.0M | ||
| Q3 24 | $309.0M | $702.0M | ||
| Q2 24 | $167.0M | $112.0M | ||
| Q1 24 | $144.0M | $336.0M |
自由现金流率IPMSI
| Q4 25 | 5.4% | 33.8% | ||
| Q3 25 | 2.4% | 24.3% | ||
| Q2 25 | 0.8% | 8.1% | ||
| Q1 25 | -10.5% | 18.7% | ||
| Q4 24 | 3.0% | 32.7% | ||
| Q3 24 | 6.6% | 25.2% | ||
| Q2 24 | 3.5% | 4.3% | ||
| Q1 24 | 3.1% | 14.1% |
资本支出强度IPMSI
| Q4 25 | 13.7% | 3.4% | ||
| Q3 25 | 7.3% | 2.2% | ||
| Q2 25 | 6.2% | 1.7% | ||
| Q1 25 | 5.6% | 1.5% | ||
| Q4 24 | 5.7% | 2.9% | ||
| Q3 24 | 4.5% | 2.0% | ||
| Q2 24 | 4.2% | 2.6% | ||
| Q1 24 | 5.4% | 1.9% |
现金转化率IPMSI
| Q4 25 | — | 1.94× | ||
| Q3 25 | — | 1.42× | ||
| Q2 25 | 6.35× | 0.53× | ||
| Q1 25 | — | 1.19× | ||
| Q4 24 | — | 1.75× | ||
| Q3 24 | 3.47× | 1.35× | ||
| Q2 24 | 0.73× | 0.41× | ||
| 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% |
MSI
| Product And Systems Integration Segment | $1.5B | 45% |
| Services And Software Segment | $833.0M | 25% |
| Sales Channel Through Intermediary | $772.0M | 23% |
| Command Center Software | $258.0M | 8% |
