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国际纸业（IP）与Norfolk Southern（NSC）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Norfolk Southern的2.0倍（$6.0B vs $3.0B），Norfolk Southern净利率更高（21.7% vs 1.0%，领先20.6%），国际纸业同比增速更快（-0.6% vs -1.7%），Norfolk Southern自由现金流更多（$334.0M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs -0.5%）
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。
诺福克南方铁路是美国一级货运铁路运营商，总部位于亚特兰大，1982年由诺福克西部铁路与南方铁路合并组建。公司运营线路总长19420英里（约31250公里），覆盖美国东部22个州及华盛顿哥伦比亚特区，同时拥有加拿大太平洋堪萨斯城铁路奥尔巴尼至蒙特利尔线路的通行使用权。
IP vs NSC — 直观对比
营收规模更大
IP
是对方的2.0倍
$3.0B
营收增速更快
IP
高出1.1%
-1.7%
净利率更高
NSC
高出20.6%
1.0%
自由现金流更多
NSC
多$240.0M
$94.0M
两年增速更快
IP
近两年复合增速
-0.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $3.0B |
| 净利润 | $60.0M | $644.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 31.5% |
| 净利率 | 1.0% | 21.7% |
| 营收同比 | -0.6% | -1.7% |
| 净利润同比 | 157.1% | -12.1% |
| 每股收益（稀释后） | $0.14 | $2.87 |
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IPNSC
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $3.0B | ||
| Q3 25 | $6.2B | $3.1B | ||
| Q2 25 | $6.8B | $3.1B | ||
| Q1 25 | $5.9B | $3.0B | ||
| Q4 24 | $4.6B | $3.0B | ||
| Q3 24 | $4.7B | $3.1B | ||
| Q2 24 | $4.7B | $3.0B |
净利润IPNSC
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $644.0M | ||
| Q3 25 | $-1.1B | $711.0M | ||
| Q2 25 | $75.0M | $768.0M | ||
| Q1 25 | $-105.0M | $750.0M | ||
| Q4 24 | $-147.0M | $733.0M | ||
| Q3 24 | $150.0M | $1.1B | ||
| Q2 24 | $498.0M | $737.0M |
毛利率IPNSC
| 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IPNSC
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 31.5% | ||
| Q3 25 | -10.8% | 35.4% | ||
| Q2 25 | 1.7% | 37.8% | ||
| Q1 25 | -2.3% | 38.3% | ||
| Q4 24 | -4.9% | 37.4% | ||
| Q3 24 | 5.1% | 52.3% | ||
| Q2 24 | 6.8% | 37.2% |
净利率IPNSC
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | 21.7% | ||
| Q3 25 | -17.7% | 22.9% | ||
| Q2 25 | 1.1% | 24.7% | ||
| Q1 25 | -1.8% | 25.1% | ||
| Q4 24 | -3.2% | 24.2% | ||
| Q3 24 | 3.2% | 36.0% | ||
| Q2 24 | 10.5% | 24.2% |
每股收益（稀释后）IPNSC
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | $2.87 | ||
| Q3 25 | $-2.09 | $3.16 | ||
| Q2 25 | $0.14 | $3.41 | ||
| Q1 25 | $-0.24 | $3.31 | ||
| Q4 24 | $-0.42 | $3.24 | ||
| Q3 24 | $0.42 | $4.85 | ||
| Q2 24 | $1.41 | $3.25 |
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 | — | $1.5B |
| 总债务越低越好 | $8.2B | $16.5B |
| 股东权益账面价值 | $14.8B | $15.5B |
| 总资产 | $36.4B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.55× | 1.06× |
8季度趋势，按日历期对齐
现金及短期投资IPNSC
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $995.0M | $1.4B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $1.2B | $1.0B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.2B | $975.0M | ||
| Q2 24 | $1.0B | $659.0M |
总债务IPNSC
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | $16.5B | ||
| Q3 25 | $9.0B | $16.5B | ||
| Q2 25 | $9.7B | $16.5B | ||
| Q1 25 | $9.2B | $16.7B | ||
| Q4 24 | $5.4B | $16.7B | ||
| Q3 24 | $5.3B | $16.6B | ||
| Q2 24 | $5.3B | $16.9B |
股东权益IPNSC
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $15.5B | ||
| Q3 25 | $17.3B | $15.1B | ||
| Q2 25 | $18.6B | $14.8B | ||
| Q1 25 | $18.1B | $14.5B | ||
| Q4 24 | $8.2B | $14.3B | ||
| Q3 24 | $8.6B | $13.8B | ||
| Q2 24 | $8.6B | $13.0B |
总资产IPNSC
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $45.2B | ||
| Q3 25 | $40.6B | $44.6B | ||
| Q2 25 | $42.4B | $44.2B | ||
| Q1 25 | $41.2B | $43.8B | ||
| Q4 24 | $22.8B | $43.7B | ||
| Q3 24 | $23.2B | $43.3B | ||
| Q2 24 | $23.1B | $42.6B |
负债/权益比IPNSC
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.60× | 1.06× | ||
| Q3 25 | 0.52× | 1.09× | ||
| Q2 25 | 0.52× | 1.11× | ||
| Q1 25 | 0.51× | 1.15× | ||
| Q4 24 | 0.66× | 1.16× | ||
| Q3 24 | 0.62× | 1.21× | ||
| Q2 24 | 0.62× | 1.30× |
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 | — | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $334.0M |
| 自由现金流率自由现金流/营收 | 1.6% | 11.2% |
| 资本支出强度资本支出/营收 | 8.7% | 24.5% |
| 现金转化率经营现金流/净利润 | — | 1.65× |
| 过去12个月自由现金流最近4个季度 | $553.0M | $2.2B |
8季度趋势，按日历期对齐
经营现金流IPNSC
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $1.1B | ||
| Q3 25 | $605.0M | $1.3B | ||
| Q2 25 | $476.0M | $1.1B | ||
| Q1 25 | $-288.0M | $950.0M | ||
| Q4 24 | $397.0M | $951.0M | ||
| Q3 24 | $521.0M | $1.2B | ||
| Q2 24 | $365.0M | $1.0B |
自由现金流IPNSC
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $334.0M | ||
| Q3 25 | $150.0M | $720.0M | ||
| Q2 25 | $54.0M | $602.0M | ||
| Q1 25 | $-618.0M | $501.0M | ||
| Q4 24 | $137.0M | $276.0M | ||
| Q3 24 | $309.0M | $645.0M | ||
| Q2 24 | $167.0M | $468.0M |
自由现金流率IPNSC
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 11.2% | ||
| Q3 25 | 2.4% | 23.2% | ||
| Q2 25 | 0.8% | 19.4% | ||
| Q1 25 | -10.5% | 16.7% | ||
| Q4 24 | 3.0% | 9.1% | ||
| Q3 24 | 6.6% | 21.1% | ||
| Q2 24 | 3.5% | 15.4% |
资本支出强度IPNSC
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 24.5% | ||
| Q3 25 | 7.3% | 17.8% | ||
| Q2 25 | 6.2% | 15.3% | ||
| Q1 25 | 5.6% | 15.0% | ||
| Q4 24 | 5.7% | 22.3% | ||
| Q3 24 | 4.5% | 19.0% | ||
| Q2 24 | 4.2% | 18.7% |
现金转化率IPNSC
| Q1 26 | — | — | ||
| Q4 25 | — | 1.65× | ||
| Q3 25 | — | 1.79× | ||
| Q2 25 | 6.35× | 1.40× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | 3.47× | 1.12× | ||
| Q2 24 | 0.73× | 1.41× |
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% |
NSC
| Railway Operating Revenues Market Group Merchandise | $1.9B | 63% |
| Metals And Construction | $404.0M | 14% |
| Railway Operating Revenues Market Group Coal | $347.0M | 12% |
| Automotive | $293.0M | 10% |
