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国际纸业（IP）与菲利普莫里斯国际（PM）财务数据对比。点击上方公司名可切换其他公司
菲利普莫里斯国际的季度营收约是国际纸业的1.7倍（$10.1B vs $6.0B），菲利普莫里斯国际净利率更高（24.0% vs 1.0%，领先23.0%），菲利普莫里斯国际同比增速更快（9.1% vs -0.6%），过去两年国际纸业的营收复合增速更高（12.3% vs 3.5%）
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。
菲利普莫里斯国际是全球头部烟草企业，产品销往180余个国家和地区，旗下万宝路是全球最知名的烟草品牌，2023年第四季度加热不燃烧产品IQOS贡献了最高营收，位列2025年财富美国500强第121位。
IP vs PM — 直观对比
营收规模更大
PM
是对方的1.7倍
$6.0B
营收增速更快
PM
高出9.7%
-0.6%
净利率更高
PM
高出23.0%
1.0%
两年增速更快
IP
近两年复合增速
3.5%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $10.1B |
| 净利润 | $60.0M | $2.4B |
| 毛利率 | — | 68.1% |
| 营业利润率 | — | 38.4% |
| 净利率 | 1.0% | 24.0% |
| 营收同比 | -0.6% | 9.1% |
| 净利润同比 | 157.1% | -9.0% |
| 每股收益（稀释后） | $0.14 | $1.56 |
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IPPM
| Q1 26 | $6.0B | $10.1B | ||
| Q4 25 | $4.7B | $10.4B | ||
| Q3 25 | $6.2B | $10.8B | ||
| Q2 25 | $6.8B | $10.1B | ||
| Q1 25 | $5.9B | $9.3B | ||
| Q4 24 | $4.6B | $9.7B | ||
| Q3 24 | $4.7B | $9.9B | ||
| Q2 24 | $4.7B | $9.5B |
净利润IPPM
| Q1 26 | $60.0M | $2.4B | ||
| Q4 25 | $-2.4B | $2.1B | ||
| Q3 25 | $-1.1B | $3.5B | ||
| Q2 25 | $75.0M | $3.0B | ||
| Q1 25 | $-105.0M | $2.7B | ||
| Q4 24 | $-147.0M | $-579.0M | ||
| Q3 24 | $150.0M | $3.1B | ||
| Q2 24 | $498.0M | $2.4B |
毛利率IPPM
| Q1 26 | — | 68.1% | ||
| Q4 25 | 32.2% | 65.6% | ||
| Q3 25 | 31.1% | 67.8% | ||
| Q2 25 | 27.9% | 67.7% | ||
| Q1 25 | 27.8% | 67.3% | ||
| Q4 24 | 29.0% | 64.7% | ||
| Q3 24 | 28.7% | 66.0% | ||
| Q2 24 | 29.0% | 64.7% |
营业利润率IPPM
| Q1 26 | — | 38.4% | ||
| Q4 25 | -56.4% | 32.6% | ||
| Q3 25 | -10.8% | 39.3% | ||
| Q2 25 | 1.7% | 36.6% | ||
| Q1 25 | -2.3% | 38.1% | ||
| Q4 24 | -4.9% | 33.6% | ||
| Q3 24 | 5.1% | 36.9% | ||
| Q2 24 | 6.8% | 36.4% |
净利率IPPM
| Q1 26 | 1.0% | 24.0% | ||
| Q4 25 | -50.3% | 20.7% | ||
| Q3 25 | -17.7% | 32.1% | ||
| Q2 25 | 1.1% | 30.0% | ||
| Q1 25 | -1.8% | 28.9% | ||
| Q4 24 | -3.2% | -6.0% | ||
| Q3 24 | 3.2% | 31.1% | ||
| Q2 24 | 10.5% | 25.4% |
每股收益（稀释后）IPPM
| Q1 26 | $0.14 | $1.56 | ||
| Q4 25 | $-4.76 | $1.36 | ||
| Q3 25 | $-2.09 | $2.23 | ||
| Q2 25 | $0.14 | $1.95 | ||
| Q1 25 | $-0.24 | $1.72 | ||
| Q4 24 | $-0.42 | $-0.37 | ||
| Q3 24 | $0.42 | $1.97 | ||
| Q2 24 | $1.41 | $1.54 |
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 | — | $5.5B |
| 总债务越低越好 | $8.2B | $49.5B |
| 股东权益账面价值 | $14.8B | — |
| 总资产 | $36.4B | $68.9B |
| 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IPPM
| Q1 26 | — | $5.5B | ||
| Q4 25 | $1.1B | $4.9B | ||
| Q3 25 | $995.0M | $4.0B | ||
| Q2 25 | $1.1B | $4.1B | ||
| Q1 25 | $1.2B | $4.4B | ||
| Q4 24 | $1.2B | $4.2B | ||
| Q3 24 | $1.2B | $4.3B | ||
| Q2 24 | $1.0B | $4.8B |
总债务IPPM
| Q1 26 | $8.2B | $49.5B | ||
| Q4 25 | $8.8B | $45.1B | ||
| Q3 25 | $9.0B | $41.9B | ||
| Q2 25 | $9.7B | $42.4B | ||
| Q1 25 | $9.2B | $38.8B | ||
| Q4 24 | $5.4B | $42.2B | ||
| Q3 24 | $5.3B | $44.2B | ||
| Q2 24 | $5.3B | $44.6B |
股东权益IPPM
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $-10.0B | ||
| Q3 25 | $17.3B | $-10.9B | ||
| Q2 25 | $18.6B | $-12.0B | ||
| Q1 25 | $18.1B | $-10.9B | ||
| Q4 24 | $8.2B | $-11.8B | ||
| Q3 24 | $8.6B | $-9.7B | ||
| Q2 24 | $8.6B | $-9.7B |
总资产IPPM
| Q1 26 | $36.4B | $68.9B | ||
| Q4 25 | $38.0B | $69.2B | ||
| Q3 25 | $40.6B | $67.1B | ||
| Q2 25 | $42.4B | $68.5B | ||
| Q1 25 | $41.2B | $65.1B | ||
| Q4 24 | $22.8B | $61.8B | ||
| Q3 24 | $23.2B | $66.9B | ||
| Q2 24 | $23.1B | $65.8B |
负债/权益比IPPM
| 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 | — | — |
| 自由现金流经营现金流 - 资本支出 | $94.0M | — |
| 自由现金流率自由现金流/营收 | 1.6% | — |
| 资本支出强度资本支出/营收 | 8.7% | — |
| 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 | $553.0M | — |
8季度趋势，按日历期对齐
经营现金流IPPM
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $4.7B | ||
| Q3 25 | $605.0M | $4.5B | ||
| Q2 25 | $476.0M | $3.4B | ||
| Q1 25 | $-288.0M | $-350.0M | ||
| Q4 24 | $397.0M | $4.0B | ||
| Q3 24 | $521.0M | $3.3B | ||
| Q2 24 | $365.0M | $4.6B |
自由现金流IPPM
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $4.3B | ||
| Q3 25 | $150.0M | $4.1B | ||
| Q2 25 | $54.0M | $3.1B | ||
| Q1 25 | $-618.0M | $-754.0M | ||
| Q4 24 | $137.0M | $3.7B | ||
| Q3 24 | $309.0M | $3.0B | ||
| Q2 24 | $167.0M | $4.3B |
自由现金流率IPPM
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 41.2% | ||
| Q3 25 | 2.4% | 37.8% | ||
| Q2 25 | 0.8% | 30.1% | ||
| Q1 25 | -10.5% | -8.1% | ||
| Q4 24 | 3.0% | 38.4% | ||
| Q3 24 | 6.6% | 29.9% | ||
| Q2 24 | 3.5% | 45.0% |
资本支出强度IPPM
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 4.3% | ||
| Q3 25 | 7.3% | 3.4% | ||
| Q2 25 | 6.2% | 3.5% | ||
| Q1 25 | 5.6% | 4.3% | ||
| Q4 24 | 5.7% | 2.9% | ||
| Q3 24 | 4.5% | 3.8% | ||
| Q2 24 | 4.2% | 3.9% |
现金转化率IPPM
| Q1 26 | — | — | ||
| Q4 25 | — | 2.20× | ||
| Q3 25 | — | 1.28× | ||
| Q2 25 | 6.35× | 1.12× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.47× | 1.08× | ||
| Q2 24 | 0.73× | 1.93× |
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% |
PM
暂无分部数据
