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国际纸业（IP）与ServiceNow（NOW）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ServiceNow的1.3倍（$4.7B vs $3.8B），ServiceNow净利率更高（12.4% vs -50.3%，领先62.7%），国际纸业同比增速更快（3.6% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $255.0M），过去两年ServiceNow的营收复合增速更高（19.8% 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。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
IP vs NOW — 直观对比
营收规模更大
IP
是对方的1.3倍
$3.8B
营收增速更快
IP
高出0.8%
2.8%
净利率更高
NOW
高出62.7%
-50.3%
自由现金流更多
NOW
多$1.4B
$255.0M
两年增速更快
NOW
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $3.8B |
| 净利润 | $-2.4B | $469.0M |
| 毛利率 | 32.2% | 75.1% |
| 营业利润率 | -56.4% | 13.3% |
| 净利率 | -50.3% | 12.4% |
| 营收同比 | 3.6% | 2.8% |
| 净利润同比 | -1521.8% | -53.7% |
| 每股收益（稀释后） | $-4.76 | $1.04 |
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IPNOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | $4.7B | $3.6B | ||
| Q3 25 | $6.2B | $3.4B | ||
| Q2 25 | $6.8B | $3.2B | ||
| Q1 25 | $5.9B | $3.1B | ||
| Q4 24 | $4.6B | $3.0B | ||
| Q3 24 | $4.7B | $2.8B | ||
| Q2 24 | $4.7B | $2.6B |
净利润IPNOW
| Q1 26 | — | $469.0M | ||
| Q4 25 | $-2.4B | $401.0M | ||
| Q3 25 | $-1.1B | $502.0M | ||
| Q2 25 | $75.0M | $385.0M | ||
| Q1 25 | $-105.0M | $460.0M | ||
| Q4 24 | $-147.0M | $384.0M | ||
| Q3 24 | $150.0M | $432.0M | ||
| Q2 24 | $498.0M | $262.0M |
毛利率IPNOW
| Q1 26 | — | 75.1% | ||
| Q4 25 | 32.2% | 76.6% | ||
| Q3 25 | 31.1% | 77.3% | ||
| Q2 25 | 27.9% | 77.5% | ||
| Q1 25 | 27.8% | 78.9% | ||
| Q4 24 | 29.0% | 78.7% | ||
| Q3 24 | 28.7% | 79.1% | ||
| Q2 24 | 29.0% | 79.0% |
营业利润率IPNOW
| Q1 26 | — | 13.3% | ||
| Q4 25 | -56.4% | 12.4% | ||
| Q3 25 | -10.8% | 16.8% | ||
| Q2 25 | 1.7% | 11.1% | ||
| Q1 25 | -2.3% | 14.6% | ||
| Q4 24 | -4.9% | 12.6% | ||
| Q3 24 | 5.1% | 14.9% | ||
| Q2 24 | 6.8% | 9.1% |
净利率IPNOW
| Q1 26 | — | 12.4% | ||
| Q4 25 | -50.3% | 11.2% | ||
| Q3 25 | -17.7% | 14.7% | ||
| Q2 25 | 1.1% | 12.0% | ||
| Q1 25 | -1.8% | 14.9% | ||
| Q4 24 | -3.2% | 13.0% | ||
| Q3 24 | 3.2% | 15.4% | ||
| Q2 24 | 10.5% | 10.0% |
每股收益（稀释后）IPNOW
| Q1 26 | — | $1.04 | ||
| Q4 25 | $-4.76 | $-4.77 | ||
| Q3 25 | $-2.09 | $2.40 | ||
| Q2 25 | $0.14 | $1.84 | ||
| Q1 25 | $-0.24 | $2.20 | ||
| Q4 24 | $-0.42 | $1.84 | ||
| Q3 24 | $0.42 | $2.07 | ||
| Q2 24 | $1.41 | $1.26 |
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 | $2.7B |
| 总债务越低越好 | $8.8B | — |
| 股东权益账面价值 | $14.8B | $11.7B |
| 总资产 | $38.0B | $24.4B |
| 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IPNOW
| Q1 26 | — | $2.7B | ||
| Q4 25 | $1.1B | $3.7B | ||
| Q3 25 | $995.0M | $2.7B | ||
| Q2 25 | $1.1B | $3.1B | ||
| Q1 25 | $1.2B | $3.4B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $1.2B | $1.9B | ||
| Q2 24 | $1.0B | $2.2B |
总债务IPNOW
| Q1 26 | — | — | ||
| 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 | — |
股东权益IPNOW
| Q1 26 | — | $11.7B | ||
| Q4 25 | $14.8B | $13.0B | ||
| Q3 25 | $17.3B | $11.3B | ||
| Q2 25 | $18.6B | $10.9B | ||
| Q1 25 | $18.1B | $10.1B | ||
| Q4 24 | $8.2B | $9.6B | ||
| Q3 24 | $8.6B | $9.3B | ||
| Q2 24 | $8.6B | $8.7B |
总资产IPNOW
| Q1 26 | — | $24.4B | ||
| Q4 25 | $38.0B | $26.0B | ||
| Q3 25 | $40.6B | $21.8B | ||
| Q2 25 | $42.4B | $22.1B | ||
| Q1 25 | $41.2B | $21.0B | ||
| Q4 24 | $22.8B | $20.4B | ||
| Q3 24 | $23.2B | $18.4B | ||
| Q2 24 | $23.1B | $18.2B |
负债/权益比IPNOW
| Q1 26 | — | — | ||
| 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 | $905.0M | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $1.7B |
| 自由现金流率自由现金流/营收 | 5.4% | 44.2% |
| 资本支出强度资本支出/营收 | 13.7% | — |
| 现金转化率经营现金流/净利润 | — | 3.56× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $4.8B |
8季度趋势，按日历期对齐
经营现金流IPNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $905.0M | $2.2B | ||
| Q3 25 | $605.0M | $813.0M | ||
| Q2 25 | $476.0M | $716.0M | ||
| Q1 25 | $-288.0M | $1.7B | ||
| Q4 24 | $397.0M | $1.6B | ||
| Q3 24 | $521.0M | $671.0M | ||
| Q2 24 | $365.0M | $620.0M |
自由现金流IPNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $255.0M | $2.0B | ||
| Q3 25 | $150.0M | $578.0M | ||
| Q2 25 | $54.0M | $526.0M | ||
| Q1 25 | $-618.0M | $1.5B | ||
| Q4 24 | $137.0M | $1.4B | ||
| Q3 24 | $309.0M | $469.0M | ||
| Q2 24 | $167.0M | $358.0M |
自由现金流率IPNOW
| Q1 26 | — | 44.2% | ||
| Q4 25 | 5.4% | 56.1% | ||
| Q3 25 | 2.4% | 17.0% | ||
| Q2 25 | 0.8% | 16.4% | ||
| Q1 25 | -10.5% | 47.7% | ||
| Q4 24 | 3.0% | 46.7% | ||
| Q3 24 | 6.6% | 16.8% | ||
| Q2 24 | 3.5% | 13.6% |
资本支出强度IPNOW
| Q1 26 | — | — | ||
| Q4 25 | 13.7% | 6.7% | ||
| Q3 25 | 7.3% | 6.9% | ||
| Q2 25 | 6.2% | 5.9% | ||
| Q1 25 | 5.6% | 6.6% | ||
| Q4 24 | 5.7% | 8.6% | ||
| Q3 24 | 4.5% | 7.2% | ||
| Q2 24 | 4.2% | 10.0% |
现金转化率IPNOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | — | 5.58× | ||
| Q3 25 | — | 1.62× | ||
| Q2 25 | 6.35× | 1.86× | ||
| Q1 25 | — | 3.65× | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | 3.47× | 1.55× | ||
| Q2 24 | 0.73× | 2.37× |
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% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
