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国际纸业（IP）与PLAINS ALL AMERICAN PIPELINE LP（PAA）财务数据对比。点击上方公司名可切换其他公司
PLAINS ALL AMERICAN PIPELINE LP的季度营收约是国际纸业的1.7倍（$10.0B vs $6.0B），PLAINS ALL AMERICAN PIPELINE LP净利率更高（3.4% vs 1.0%，领先2.4%），国际纸业同比增速更快（-0.6% vs -19.1%），PLAINS ALL AMERICAN PIPELINE LP自由现金流更多（$638.0M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs -8.6%）
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。
本公司为业主有限合伙企业，主营美国及加拿大地区液化石油气与石油的管道运输、销售及存储业务。旗下拥有总长度约29560公里的管线，原油、天然气凝液、天然气存储容量分别为7500万桶、2800万桶、680亿立方英尺，另有5座天然气加工厂，总部位于得克萨斯州休斯顿市中心艾伦中心。
IP vs PAA — 直观对比
营收规模更大
PAA
是对方的1.7倍
$6.0B
营收增速更快
IP
高出18.5%
-19.1%
净利率更高
PAA
高出2.4%
1.0%
自由现金流更多
PAA
多$544.0M
$94.0M
两年增速更快
IP
近两年复合增速
-8.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $10.0B |
| 净利润 | $60.0M | $341.0M |
| 毛利率 | — | 7.0% |
| 营业利润率 | — | 1.8% |
| 净利率 | 1.0% | 3.4% |
| 营收同比 | -0.6% | -19.1% |
| 净利润同比 | 157.1% | 847.2% |
| 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IPPAA
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $10.0B | ||
| Q3 25 | $6.2B | $11.6B | ||
| Q2 25 | $6.8B | $10.6B | ||
| Q1 25 | $5.9B | $12.0B | ||
| Q4 24 | $4.6B | $12.4B | ||
| Q3 24 | $4.7B | $12.7B | ||
| Q2 24 | $4.7B | $12.9B |
净利润IPPAA
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $341.0M | ||
| Q3 25 | $-1.1B | $441.0M | ||
| Q2 25 | $75.0M | $210.0M | ||
| Q1 25 | $-105.0M | $443.0M | ||
| Q4 24 | $-147.0M | $36.0M | ||
| Q3 24 | $150.0M | $220.0M | ||
| Q2 24 | $498.0M | $250.0M |
毛利率IPPAA
| Q1 26 | — | — | ||
| Q4 25 | 32.2% | 7.0% | ||
| Q3 25 | 31.1% | 8.6% | ||
| Q2 25 | 27.9% | 8.3% | ||
| Q1 25 | 27.8% | 10.4% | ||
| Q4 24 | 29.0% | 9.5% | ||
| Q3 24 | 28.7% | 9.3% | ||
| Q2 24 | 29.0% | 8.3% |
营业利润率IPPAA
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 1.8% | ||
| Q3 25 | -10.8% | 4.2% | ||
| Q2 25 | 1.7% | 2.2% | ||
| Q1 25 | -2.3% | 4.4% | ||
| Q4 24 | -4.9% | 0.7% | ||
| Q3 24 | 5.1% | 2.7% | ||
| Q2 24 | 6.8% | 2.9% |
净利率IPPAA
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | 3.4% | ||
| Q3 25 | -17.7% | 3.8% | ||
| Q2 25 | 1.1% | 2.0% | ||
| Q1 25 | -1.8% | 3.7% | ||
| Q4 24 | -3.2% | 0.3% | ||
| Q3 24 | 3.2% | 1.7% | ||
| Q2 24 | 10.5% | 1.9% |
每股收益（稀释后）IPPAA
| 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 | — | $328.0M |
| 总债务越低越好 | $8.2B | $10.7B |
| 股东权益账面价值 | $14.8B | — |
| 总资产 | $36.4B | $30.2B |
| 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IPPAA
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $328.0M | ||
| Q3 25 | $995.0M | $1.2B | ||
| Q2 25 | $1.1B | $459.0M | ||
| Q1 25 | $1.2B | $427.0M | ||
| Q4 24 | $1.2B | $348.0M | ||
| Q3 24 | $1.2B | $640.0M | ||
| Q2 24 | $1.0B | $553.0M |
总债务IPPAA
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | $10.7B | ||
| Q3 25 | $9.0B | $8.4B | ||
| Q2 25 | $9.7B | $8.2B | ||
| Q1 25 | $9.2B | $8.2B | ||
| Q4 24 | $5.4B | $7.2B | ||
| Q3 24 | $5.3B | $7.2B | ||
| Q2 24 | $5.3B | $7.2B |
股东权益IPPAA
| 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IPPAA
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $30.2B | ||
| Q3 25 | $40.6B | $28.1B | ||
| Q2 25 | $42.4B | $27.2B | ||
| Q1 25 | $41.2B | $27.1B | ||
| Q4 24 | $22.8B | $26.6B | ||
| Q3 24 | $23.2B | $27.2B | ||
| Q2 24 | $23.1B | $27.5B |
负债/权益比IPPAA
| 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 | — | $786.0M |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $638.0M |
| 自由现金流率自由现金流/营收 | 1.6% | 6.4% |
| 资本支出强度资本支出/营收 | 8.7% | 1.5% |
| 现金转化率经营现金流/净利润 | — | 2.30× |
| 过去12个月自由现金流最近4个季度 | $553.0M | $2.3B |
8季度趋势，按日历期对齐
经营现金流IPPAA
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $786.0M | ||
| Q3 25 | $605.0M | $817.0M | ||
| Q2 25 | $476.0M | $694.0M | ||
| Q1 25 | $-288.0M | $639.0M | ||
| Q4 24 | $397.0M | $727.0M | ||
| Q3 24 | $521.0M | $691.0M | ||
| Q2 24 | $365.0M | $653.0M |
自由现金流IPPAA
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $638.0M | ||
| Q3 25 | $150.0M | $632.0M | ||
| Q2 25 | $54.0M | $575.0M | ||
| Q1 25 | $-618.0M | $448.0M | ||
| Q4 24 | $137.0M | $561.0M | ||
| Q3 24 | $309.0M | $534.0M | ||
| Q2 24 | $167.0M | $514.0M |
自由现金流率IPPAA
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 6.4% | ||
| Q3 25 | 2.4% | 5.5% | ||
| Q2 25 | 0.8% | 5.4% | ||
| Q1 25 | -10.5% | 3.7% | ||
| Q4 24 | 3.0% | 4.5% | ||
| Q3 24 | 6.6% | 4.2% | ||
| Q2 24 | 3.5% | 4.0% |
资本支出强度IPPAA
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 1.5% | ||
| Q3 25 | 7.3% | 1.6% | ||
| Q2 25 | 6.2% | 1.1% | ||
| Q1 25 | 5.6% | 1.6% | ||
| Q4 24 | 5.7% | 1.3% | ||
| Q3 24 | 4.5% | 1.2% | ||
| Q2 24 | 4.2% | 1.1% |
现金转化率IPPAA
| Q1 26 | — | — | ||
| Q4 25 | — | 2.30× | ||
| Q3 25 | — | 1.85× | ||
| Q2 25 | 6.35× | 3.30× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 20.19× | ||
| Q3 24 | 3.47× | 3.14× | ||
| Q2 24 | 0.73× | 2.61× |
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% |
PAA
| Products | $9.6B | 96% |
| Transportation | $341.0M | 3% |
| Terminalling Storage And Other | $90.0M | 1% |
| Affiliated Entity | $14.0M | 0% |
