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国际纸业（IP）与PG&E Corporation（PCG）财务数据对比。点击上方公司名可切换其他公司
PG&E Corporation的季度营收约是国际纸业的1.5倍（$6.9B vs $4.7B），PG&E Corporation净利率更高（12.9% vs -50.3%，领先63.1%），PG&E Corporation同比增速更快（15.0% vs 3.6%），过去两年PG&E Corporation的营收复合增速更高（7.2% 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。
PG&E Corporation是美国由投资者持有运营的公用事业企业，总部坐落于加利福尼亚州奥克兰市凯撒中心，为加州北部三分之二区域的520万户家庭提供天然气与电力供应服务，服务范围涵盖贝克斯菲尔德、圣巴巴拉县北部，几乎延伸至俄勒冈州与内华达州的州界。
IP vs PCG — 直观对比
营收规模更大
PCG
是对方的1.5倍
$4.7B
营收增速更快
PCG
高出11.4%
3.6%
净利率更高
PCG
高出63.1%
-50.3%
两年增速更快
PCG
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $6.9B |
| 净利润 | $-2.4B | $885.0M |
| 毛利率 | 32.2% | — |
| 营业利润率 | -56.4% | 21.4% |
| 净利率 | -50.3% | 12.9% |
| 营收同比 | 3.6% | 15.0% |
| 净利润同比 | -1521.8% | 39.6% |
| 每股收益（稀释后） | $-4.76 | $0.39 |
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IPPCG
| Q1 26 | — | $6.9B | ||
| Q4 25 | $4.7B | $6.8B | ||
| Q3 25 | $6.2B | $6.3B | ||
| Q2 25 | $6.8B | $5.9B | ||
| Q1 25 | $5.9B | $6.0B | ||
| Q4 24 | $4.6B | $6.6B | ||
| Q3 24 | $4.7B | $5.9B | ||
| Q2 24 | $4.7B | $6.0B |
净利润IPPCG
| Q1 26 | — | $885.0M | ||
| Q4 25 | $-2.4B | $670.0M | ||
| Q3 25 | $-1.1B | $850.0M | ||
| Q2 25 | $75.0M | $549.0M | ||
| Q1 25 | $-105.0M | $634.0M | ||
| Q4 24 | $-147.0M | $674.0M | ||
| Q3 24 | $150.0M | $579.0M | ||
| Q2 24 | $498.0M | $524.0M |
毛利率IPPCG
| 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IPPCG
| Q1 26 | — | 21.4% | ||
| Q4 25 | -56.4% | 18.0% | ||
| Q3 25 | -10.8% | 19.3% | ||
| Q2 25 | 1.7% | 18.6% | ||
| Q1 25 | -2.3% | 20.4% | ||
| Q4 24 | -4.9% | 15.4% | ||
| Q3 24 | 5.1% | 17.3% | ||
| Q2 24 | 6.8% | 18.9% |
净利率IPPCG
| Q1 26 | — | 12.9% | ||
| Q4 25 | -50.3% | 9.8% | ||
| Q3 25 | -17.7% | 13.6% | ||
| Q2 25 | 1.1% | 9.3% | ||
| Q1 25 | -1.8% | 10.6% | ||
| Q4 24 | -3.2% | 10.2% | ||
| Q3 24 | 3.2% | 9.7% | ||
| Q2 24 | 10.5% | 8.8% |
每股收益（稀释后）IPPCG
| Q1 26 | — | $0.39 | ||
| Q4 25 | $-4.76 | $0.29 | ||
| Q3 25 | $-2.09 | $0.37 | ||
| Q2 25 | $0.14 | $0.24 | ||
| Q1 25 | $-0.24 | $0.28 | ||
| Q4 24 | $-0.42 | $0.30 | ||
| Q3 24 | $0.42 | $0.27 | ||
| Q2 24 | $1.41 | $0.24 |
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 | — |
| 总资产 | $38.0B | — |
| 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IPPCG
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $713.0M | ||
| Q3 25 | $995.0M | $404.0M | ||
| Q2 25 | $1.1B | $494.0M | ||
| Q1 25 | $1.2B | $2.0B | ||
| Q4 24 | $1.2B | $940.0M | ||
| Q3 24 | $1.2B | $895.0M | ||
| Q2 24 | $1.0B | $1.3B |
总债务IPPCG
| Q1 26 | — | — | ||
| Q4 25 | $8.8B | $57.4B | ||
| Q3 25 | $9.0B | — | ||
| Q2 25 | $9.7B | — | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $5.4B | $53.6B | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | — |
股东权益IPPCG
| Q1 26 | — | — | ||
| Q4 25 | $14.8B | $32.5B | ||
| Q3 25 | $17.3B | $32.0B | ||
| Q2 25 | $18.6B | $31.2B | ||
| Q1 25 | $18.1B | $30.7B | ||
| Q4 24 | $8.2B | $30.1B | ||
| Q3 24 | $8.6B | $26.8B | ||
| Q2 24 | $8.6B | $26.3B |
总资产IPPCG
| Q1 26 | — | — | ||
| Q4 25 | $38.0B | $141.6B | ||
| Q3 25 | $40.6B | $138.2B | ||
| Q2 25 | $42.4B | $136.4B | ||
| Q1 25 | $41.2B | $135.4B | ||
| Q4 24 | $22.8B | $133.7B | ||
| Q3 24 | $23.2B | $132.3B | ||
| Q2 24 | $23.1B | $130.8B |
负债/权益比IPPCG
| Q1 26 | — | — | ||
| Q4 25 | 0.60× | 1.76× | ||
| Q3 25 | 0.52× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 0.66× | 1.78× | ||
| 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 | — |
| 自由现金流经营现金流 - 资本支出 | $255.0M | — |
| 自由现金流率自由现金流/营收 | 5.4% | — |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | $-159.0M | — |
8季度趋势，按日历期对齐
经营现金流IPPCG
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $2.0B | ||
| Q3 25 | $605.0M | $2.9B | ||
| Q2 25 | $476.0M | $1.1B | ||
| Q1 25 | $-288.0M | $2.8B | ||
| Q4 24 | $397.0M | $1.9B | ||
| Q3 24 | $521.0M | $3.1B | ||
| Q2 24 | $365.0M | $711.0M |
自由现金流IPPCG
| Q1 26 | — | — | ||
| Q4 25 | $255.0M | $-1.2B | ||
| Q3 25 | $150.0M | $-80.0M | ||
| Q2 25 | $54.0M | $-2.0B | ||
| Q1 25 | $-618.0M | $213.0M | ||
| Q4 24 | $137.0M | $-896.0M | ||
| Q3 24 | $309.0M | $526.0M | ||
| Q2 24 | $167.0M | $-1.6B |
自由现金流率IPPCG
| Q1 26 | — | — | ||
| Q4 25 | 5.4% | -17.6% | ||
| Q3 25 | 2.4% | -1.3% | ||
| Q2 25 | 0.8% | -34.0% | ||
| Q1 25 | -10.5% | 3.6% | ||
| Q4 24 | 3.0% | -13.5% | ||
| Q3 24 | 6.6% | 8.9% | ||
| Q2 24 | 3.5% | -26.5% |
资本支出强度IPPCG
| Q1 26 | — | — | ||
| Q4 25 | 13.7% | 46.4% | ||
| Q3 25 | 7.3% | 46.9% | ||
| Q2 25 | 6.2% | 52.0% | ||
| Q1 25 | 5.6% | 44.0% | ||
| Q4 24 | 5.7% | 42.6% | ||
| Q3 24 | 4.5% | 43.8% | ||
| Q2 24 | 4.2% | 38.4% |
现金转化率IPPCG
| Q1 26 | — | — | ||
| Q4 25 | — | 2.93× | ||
| Q3 25 | — | 3.35× | ||
| Q2 25 | 6.35× | 1.93× | ||
| Q1 25 | — | 4.49× | ||
| Q4 24 | — | 2.87× | ||
| Q3 24 | 3.47× | 5.41× | ||
| Q2 24 | 0.73× | 1.36× |
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% |
PCG
| Electric | $5.0B | 72% |
| Other | $1.9B | 28% |
