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国际纸业（IP）与豪士科（OSK）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豪士科的1.8倍（$4.7B vs $2.7B），豪士科净利率更高（5.0% vs -50.3%，领先55.2%），国际纸业同比增速更快（3.6% vs 3.5%），豪士科自由现金流更多（$540.3M vs $255.0M），过去两年豪士科的营收复合增速更高（2.8% 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。
豪士科（原称豪士科卡车）是美国知名工业企业，主营特种卡车、军用车辆、机场消防设备、高空作业设备等产品的设计与制造。旗下拥有威斯康星州的消防车制造商Pierce Manufacturing，以及生产各类升降作业设备的JLG工业公司。
IP vs OSK — 直观对比
营收规模更大
IP
是对方的1.8倍
$2.7B
营收增速更快
IP
高出0.1%
3.5%
净利率更高
OSK
高出55.2%
-50.3%
自由现金流更多
OSK
多$285.3M
$255.0M
两年增速更快
OSK
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $2.7B |
| 净利润 | $-2.4B | $133.8M |
| 毛利率 | 32.2% | 15.8% |
| 营业利润率 | -56.4% | 7.9% |
| 净利率 | -50.3% | 5.0% |
| 营收同比 | 3.6% | 3.5% |
| 净利润同比 | -1521.8% | -12.6% |
| 每股收益（稀释后） | $-4.76 | — |
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IPOSK
| Q4 25 | $4.7B | $2.7B | ||
| Q3 25 | $6.2B | $2.7B | ||
| Q2 25 | $6.8B | $2.7B | ||
| Q1 25 | $5.9B | $2.3B | ||
| Q4 24 | $4.6B | $2.6B | ||
| Q3 24 | $4.7B | $2.7B | ||
| Q2 24 | $4.7B | $2.8B | ||
| Q1 24 | $4.6B | $2.5B |
净利润IPOSK
| Q4 25 | $-2.4B | $133.8M | ||
| Q3 25 | $-1.1B | $196.2M | ||
| Q2 25 | $75.0M | $204.8M | ||
| Q1 25 | $-105.0M | $112.2M | ||
| Q4 24 | $-147.0M | $153.1M | ||
| Q3 24 | $150.0M | $180.3M | ||
| Q2 24 | $498.0M | $168.6M | ||
| Q1 24 | $56.0M | $179.4M |
毛利率IPOSK
| Q4 25 | 32.2% | 15.8% | ||
| Q3 25 | 31.1% | 17.5% | ||
| Q2 25 | 27.9% | 19.2% | ||
| Q1 25 | 27.8% | 17.3% | ||
| Q4 24 | 29.0% | 17.2% | ||
| Q3 24 | 28.7% | 18.5% | ||
| Q2 24 | 29.0% | 19.2% | ||
| Q1 24 | 25.9% | 18.5% |
营业利润率IPOSK
| Q4 25 | -56.4% | 7.9% | ||
| Q3 25 | -10.8% | 9.7% | ||
| Q2 25 | 1.7% | 10.7% | ||
| Q1 25 | -2.3% | 7.6% | ||
| Q4 24 | -4.9% | 8.6% | ||
| Q3 24 | 5.1% | 9.7% | ||
| Q2 24 | 6.8% | 9.2% | ||
| Q1 24 | 3.7% | 10.2% |
净利率IPOSK
| Q4 25 | -50.3% | 5.0% | ||
| Q3 25 | -17.7% | 7.3% | ||
| Q2 25 | 1.1% | 7.5% | ||
| Q1 25 | -1.8% | 4.9% | ||
| Q4 24 | -3.2% | 5.9% | ||
| Q3 24 | 3.2% | 6.6% | ||
| Q2 24 | 10.5% | 5.9% | ||
| Q1 24 | 1.2% | 7.1% |
每股收益（稀释后）IPOSK
| 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 | — | ||
| Q1 24 | $0.16 | — |
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 | $479.8M |
| 总债务越低越好 | $8.8B | — |
| 股东权益账面价值 | $14.8B | $4.5B |
| 总资产 | $38.0B | $10.1B |
| 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IPOSK
| Q4 25 | $1.1B | $479.8M | ||
| Q3 25 | $995.0M | $211.8M | ||
| Q2 25 | $1.1B | $191.7M | ||
| Q1 25 | $1.2B | $210.3M | ||
| Q4 24 | $1.2B | $204.9M | ||
| Q3 24 | $1.2B | $160.9M | ||
| Q2 24 | $1.0B | $141.4M | ||
| Q1 24 | $1.1B | $69.9M |
总债务IPOSK
| Q4 25 | $8.8B | — | ||
| Q3 25 | $9.0B | — | ||
| Q2 25 | $9.7B | — | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.3B | $602.3M | ||
| Q2 24 | $5.3B | $599.1M | ||
| Q1 24 | $5.5B | $598.9M |
股东权益IPOSK
| Q4 25 | $14.8B | $4.5B | ||
| Q3 25 | $17.3B | $4.5B | ||
| Q2 25 | $18.6B | $4.5B | ||
| Q1 25 | $18.1B | $4.2B | ||
| Q4 24 | $8.2B | $4.2B | ||
| Q3 24 | $8.6B | $4.1B | ||
| Q2 24 | $8.6B | $3.9B | ||
| Q1 24 | $8.3B | $3.8B |
总资产IPOSK
| Q4 25 | $38.0B | $10.1B | ||
| Q3 25 | $40.6B | $9.8B | ||
| Q2 25 | $42.4B | $10.0B | ||
| Q1 25 | $41.2B | $9.8B | ||
| Q4 24 | $22.8B | $9.4B | ||
| Q3 24 | $23.2B | $9.9B | ||
| Q2 24 | $23.1B | $9.7B | ||
| Q1 24 | $23.0B | $9.5B |
负债/权益比IPOSK
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.52× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 0.66× | — | ||
| Q3 24 | 0.62× | 0.15× | ||
| Q2 24 | 0.62× | 0.15× | ||
| Q1 24 | 0.66× | 0.16× |
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 | $600.1M |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $540.3M |
| 自由现金流率自由现金流/营收 | 5.4% | 20.1% |
| 资本支出强度资本支出/营收 | 13.7% | 2.2% |
| 现金转化率经营现金流/净利润 | — | 4.49× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $618.0M |
8季度趋势，按日历期对齐
经营现金流IPOSK
| Q4 25 | $905.0M | $600.1M | ||
| Q3 25 | $605.0M | $489.0M | ||
| Q2 25 | $476.0M | $89.2M | ||
| Q1 25 | $-288.0M | $-394.9M | ||
| Q4 24 | $397.0M | $790.8M | ||
| Q3 24 | $521.0M | $326.1M | ||
| Q2 24 | $365.0M | $-211.0M | ||
| Q1 24 | $395.0M | $-355.8M |
自由现金流IPOSK
| Q4 25 | $255.0M | $540.3M | ||
| Q3 25 | $150.0M | $464.3M | ||
| Q2 25 | $54.0M | $48.6M | ||
| Q1 25 | $-618.0M | $-435.2M | ||
| Q4 24 | $137.0M | $703.3M | ||
| Q3 24 | $309.0M | $272.2M | ||
| Q2 24 | $167.0M | $-250.5M | ||
| Q1 24 | $144.0M | $-455.9M |
自由现金流率IPOSK
| Q4 25 | 5.4% | 20.1% | ||
| Q3 25 | 2.4% | 17.3% | ||
| Q2 25 | 0.8% | 1.8% | ||
| Q1 25 | -10.5% | -18.8% | ||
| Q4 24 | 3.0% | 27.1% | ||
| Q3 24 | 6.6% | 9.9% | ||
| Q2 24 | 3.5% | -8.8% | ||
| Q1 24 | 3.1% | -17.9% |
资本支出强度IPOSK
| Q4 25 | 13.7% | 2.2% | ||
| Q3 25 | 7.3% | 0.9% | ||
| Q2 25 | 6.2% | 1.5% | ||
| Q1 25 | 5.6% | 1.7% | ||
| Q4 24 | 5.7% | 3.4% | ||
| Q3 24 | 4.5% | 2.0% | ||
| Q2 24 | 4.2% | 1.4% | ||
| Q1 24 | 5.4% | 3.9% |
现金转化率IPOSK
| Q4 25 | — | 4.49× | ||
| Q3 25 | — | 2.49× | ||
| Q2 25 | 6.35× | 0.44× | ||
| Q1 25 | — | -3.52× | ||
| Q4 24 | — | 5.17× | ||
| Q3 24 | 3.47× | 1.81× | ||
| Q2 24 | 0.73× | -1.25× | ||
| Q1 24 | 7.05× | -1.98× |
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% |
OSK
| Vocational Segment | $922.4M | 34% |
| Aerial Works Platforms | $548.6M | 20% |
| Other Access Equipment | $311.8M | 12% |
| Telehandlers | $311.2M | 12% |
| Airport Products | $252.7M | 9% |
| Delivery Vehicles | $165.0M | 6% |
| Other Vocational | $130.7M | 5% |
| Transferred Over Time | $23.5M | 1% |
