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国际纸业（IP）与帕卡（PCAR）财务数据对比。点击上方公司名可切换其他公司
帕卡的季度营收约是国际纸业的1.4倍（$6.8B vs $4.7B），帕卡净利率更高（8.2% vs -50.3%，领先58.4%），国际纸业同比增速更快（3.6% vs -13.7%），帕卡自由现金流更多（$954.4M vs $255.0M），过去两年国际纸业的营收复合增速更高（1.3% vs -11.7%）
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。
帕卡是美国知名重型卡车制造企业，总部位于华盛顿州贝尔维尤，旗下拥有肯沃斯、彼得比尔特、DAF卡车三大核心子品牌，同时布局金融服务、工业零部件供应业务，在全球商用车领域占据重要市场地位。
IP vs PCAR — 直观对比
营收规模更大
PCAR
是对方的1.4倍
$4.7B
营收增速更快
IP
高出17.3%
-13.7%
净利率更高
PCAR
高出58.4%
-50.3%
自由现金流更多
PCAR
多$699.4M
$255.0M
两年增速更快
IP
近两年复合增速
-11.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $6.8B |
| 净利润 | $-2.4B | $556.9M |
| 毛利率 | 32.2% | 19.3% |
| 营业利润率 | -56.4% | 10.3% |
| 净利率 | -50.3% | 8.2% |
| 营收同比 | 3.6% | -13.7% |
| 净利润同比 | -1521.8% | -36.1% |
| 每股收益（稀释后） | $-4.76 | $1.06 |
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IPPCAR
| Q4 25 | $4.7B | $6.8B | ||
| Q3 25 | $6.2B | $6.7B | ||
| Q2 25 | $6.8B | $7.5B | ||
| Q1 25 | $5.9B | $7.4B | ||
| Q4 24 | $4.6B | $7.9B | ||
| Q3 24 | $4.7B | $8.2B | ||
| Q2 24 | $4.7B | $8.8B | ||
| Q1 24 | $4.6B | $8.7B |
净利润IPPCAR
| Q4 25 | $-2.4B | $556.9M | ||
| Q3 25 | $-1.1B | $590.0M | ||
| Q2 25 | $75.0M | $723.8M | ||
| Q1 25 | $-105.0M | $505.1M | ||
| Q4 24 | $-147.0M | $872.0M | ||
| Q3 24 | $150.0M | $972.1M | ||
| Q2 24 | $498.0M | $1.1B | ||
| Q1 24 | $56.0M | $1.2B |
毛利率IPPCAR
| Q4 25 | 32.2% | 19.3% | ||
| Q3 25 | 31.1% | 19.9% | ||
| Q2 25 | 27.9% | 20.2% | ||
| Q1 25 | 27.8% | 20.8% | ||
| Q4 24 | 29.0% | 21.6% | ||
| Q3 24 | 28.7% | 22.0% | ||
| Q2 24 | 29.0% | 22.8% | ||
| Q1 24 | 25.9% | 23.7% |
营业利润率IPPCAR
| Q4 25 | -56.4% | 10.3% | ||
| Q3 25 | -10.8% | 11.1% | ||
| Q2 25 | 1.7% | 12.4% | ||
| Q1 25 | -2.3% | 8.6% | ||
| Q4 24 | -4.9% | 14.5% | ||
| Q3 24 | 5.1% | 15.2% | ||
| Q2 24 | 6.8% | 16.7% | ||
| Q1 24 | 3.7% | 17.5% |
净利率IPPCAR
| Q4 25 | -50.3% | 8.2% | ||
| Q3 25 | -17.7% | 8.8% | ||
| Q2 25 | 1.1% | 9.6% | ||
| Q1 25 | -1.8% | 6.8% | ||
| Q4 24 | -3.2% | 11.0% | ||
| Q3 24 | 3.2% | 11.8% | ||
| Q2 24 | 10.5% | 12.8% | ||
| Q1 24 | 1.2% | 13.7% |
每股收益（稀释后）IPPCAR
| Q4 25 | $-4.76 | $1.06 | ||
| Q3 25 | $-2.09 | $1.12 | ||
| Q2 25 | $0.14 | $1.37 | ||
| Q1 25 | $-0.24 | $0.96 | ||
| Q4 24 | $-0.42 | $1.65 | ||
| Q3 24 | $0.42 | $1.85 | ||
| Q2 24 | $1.41 | $2.13 | ||
| Q1 24 | $0.16 | $2.27 |
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 | — |
| 总债务越低越好 | $8.8B | — |
| 股东权益账面价值 | $14.8B | $19.3B |
| 总资产 | $38.0B | $44.3B |
| 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IPPCAR
| Q4 25 | $1.1B | — | ||
| Q3 25 | $995.0M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.1B | — |
总债务IPPCAR
| 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IPPCAR
| Q4 25 | $14.8B | $19.3B | ||
| Q3 25 | $17.3B | $19.4B | ||
| Q2 25 | $18.6B | $18.9B | ||
| Q1 25 | $18.1B | $18.0B | ||
| Q4 24 | $8.2B | $17.5B | ||
| Q3 24 | $8.6B | $18.7B | ||
| Q2 24 | $8.6B | $17.7B | ||
| Q1 24 | $8.3B | $16.9B |
总资产IPPCAR
| Q4 25 | $38.0B | $44.3B | ||
| Q3 25 | $40.6B | $44.2B | ||
| Q2 25 | $42.4B | $44.1B | ||
| Q1 25 | $41.2B | $42.7B | ||
| Q4 24 | $22.8B | $43.4B | ||
| Q3 24 | $23.2B | $43.3B | ||
| Q2 24 | $23.1B | $41.2B | ||
| Q1 24 | $23.0B | $40.4B |
负债/权益比IPPCAR
| 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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $954.4M |
| 自由现金流率自由现金流/营收 | 5.4% | 14.0% |
| 资本支出强度资本支出/营收 | 13.7% | 2.8% |
| 现金转化率经营现金流/净利润 | — | 2.05× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $3.7B |
8季度趋势，按日历期对齐
经营现金流IPPCAR
| Q4 25 | $905.0M | $1.1B | ||
| Q3 25 | $605.0M | $1.5B | ||
| Q2 25 | $476.0M | $833.4M | ||
| Q1 25 | $-288.0M | $910.3M | ||
| Q4 24 | $397.0M | $1.4B | ||
| Q3 24 | $521.0M | $1.3B | ||
| Q2 24 | $365.0M | $440.0M | ||
| Q1 24 | $395.0M | $1.5B |
自由现金流IPPCAR
| Q4 25 | $255.0M | $954.4M | ||
| Q3 25 | $150.0M | $1.4B | ||
| Q2 25 | $54.0M | $611.3M | ||
| Q1 25 | $-618.0M | $745.2M | ||
| Q4 24 | $137.0M | $1.2B | ||
| Q3 24 | $309.0M | $1.1B | ||
| Q2 24 | $167.0M | $219.7M | ||
| Q1 24 | $144.0M | $1.3B |
自由现金流率IPPCAR
| Q4 25 | 5.4% | 14.0% | ||
| Q3 25 | 2.4% | 20.4% | ||
| Q2 25 | 0.8% | 8.1% | ||
| Q1 25 | -10.5% | 10.0% | ||
| Q4 24 | 3.0% | 15.3% | ||
| Q3 24 | 6.6% | 13.3% | ||
| Q2 24 | 3.5% | 2.5% | ||
| Q1 24 | 3.1% | 14.6% |
资本支出强度IPPCAR
| Q4 25 | 13.7% | 2.8% | ||
| Q3 25 | 7.3% | 2.5% | ||
| Q2 25 | 6.2% | 3.0% | ||
| Q1 25 | 5.6% | 2.2% | ||
| Q4 24 | 5.7% | 3.0% | ||
| Q3 24 | 4.5% | 2.4% | ||
| Q2 24 | 4.2% | 2.5% | ||
| Q1 24 | 5.4% | 2.2% |
现金转化率IPPCAR
| Q4 25 | — | 2.05× | ||
| Q3 25 | — | 2.59× | ||
| Q2 25 | 6.35× | 1.15× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 1.66× | ||
| Q3 24 | 3.47× | 1.32× | ||
| Q2 24 | 0.73× | 0.39× | ||
| Q1 24 | 7.05× | 1.23× |
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% |
PCAR
| Truck Subsegment | $4.5B | 66% |
| Parts Subsegment | $1.7B | 25% |
| Other | $359.4M | 5% |
| Financial Services | $208.1M | 3% |
