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国际纸业（IP）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是国际纸业的1.8倍（$10.6B vs $6.0B），高通净利率更高（69.5% vs 1.0%，领先68.5%），国际纸业同比增速更快（-0.6% vs -3.5%），过去两年国际纸业的营收复合增速更高（12.3% vs 6.2%）
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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
IP vs QCOM — 直观对比
营收规模更大
QCOM
是对方的1.8倍
$6.0B
营收增速更快
IP
高出2.9%
-3.5%
净利率更高
QCOM
高出68.5%
1.0%
两年增速更快
IP
近两年复合增速
6.2%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $10.6B |
| 净利润 | $60.0M | $7.4B |
| 毛利率 | — | 53.8% |
| 营业利润率 | — | 21.8% |
| 净利率 | 1.0% | 69.5% |
| 营收同比 | -0.6% | -3.5% |
| 净利润同比 | 157.1% | — |
| 每股收益（稀释后） | $0.14 | $6.88 |
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IPQCOM
| Q1 26 | $6.0B | $10.6B | ||
| Q4 25 | $4.7B | $12.3B | ||
| Q3 25 | $6.2B | $11.3B | ||
| Q2 25 | $6.8B | $10.4B | ||
| Q1 25 | $5.9B | $11.0B | ||
| Q4 24 | $4.6B | $11.7B | ||
| Q3 24 | $4.7B | $10.2B | ||
| Q2 24 | $4.7B | $9.4B |
净利润IPQCOM
| Q1 26 | $60.0M | $7.4B | ||
| Q4 25 | $-2.4B | $3.0B | ||
| Q3 25 | $-1.1B | $-3.1B | ||
| Q2 25 | $75.0M | $2.7B | ||
| Q1 25 | $-105.0M | $2.8B | ||
| Q4 24 | $-147.0M | $3.2B | ||
| Q3 24 | $150.0M | $2.9B | ||
| Q2 24 | $498.0M | $2.1B |
毛利率IPQCOM
| Q1 26 | — | 53.8% | ||
| Q4 25 | 32.2% | 54.6% | ||
| Q3 25 | 31.1% | 55.3% | ||
| Q2 25 | 27.9% | 55.6% | ||
| Q1 25 | 27.8% | 55.0% | ||
| Q4 24 | 29.0% | 55.8% | ||
| Q3 24 | 28.7% | 56.4% | ||
| Q2 24 | 29.0% | 55.6% |
营业利润率IPQCOM
| Q1 26 | — | 21.8% | ||
| Q4 25 | -56.4% | 27.5% | ||
| Q3 25 | -10.8% | 25.9% | ||
| Q2 25 | 1.7% | 26.6% | ||
| Q1 25 | -2.3% | 28.4% | ||
| Q4 24 | -4.9% | 30.5% | ||
| Q3 24 | 5.1% | 25.2% | ||
| Q2 24 | 6.8% | 23.6% |
净利率IPQCOM
| Q1 26 | 1.0% | 69.5% | ||
| Q4 25 | -50.3% | 24.5% | ||
| Q3 25 | -17.7% | -27.7% | ||
| Q2 25 | 1.1% | 25.7% | ||
| Q1 25 | -1.8% | 25.6% | ||
| Q4 24 | -3.2% | 27.3% | ||
| Q3 24 | 3.2% | 28.5% | ||
| Q2 24 | 10.5% | 22.7% |
每股收益（稀释后）IPQCOM
| Q1 26 | $0.14 | $6.88 | ||
| Q4 25 | $-4.76 | $2.78 | ||
| Q3 25 | $-2.09 | $-2.77 | ||
| Q2 25 | $0.14 | $2.43 | ||
| Q1 25 | $-0.24 | $2.52 | ||
| Q4 24 | $-0.42 | $2.83 | ||
| Q3 24 | $0.42 | $2.57 | ||
| Q2 24 | $1.41 | $1.88 |
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 | — | $5.4B |
| 总债务越低越好 | $8.2B | $15.3B |
| 股东权益账面价值 | $14.8B | $27.3B |
| 总资产 | $36.4B | $57.1B |
| 负债/权益比越低杠杆越低 | 0.55× | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资IPQCOM
| Q1 26 | — | $5.4B | ||
| Q4 25 | $1.1B | $11.8B | ||
| Q3 25 | $995.0M | $10.2B | ||
| Q2 25 | $1.1B | $10.0B | ||
| Q1 25 | $1.2B | $13.8B | ||
| Q4 24 | $1.2B | $14.3B | ||
| Q3 24 | $1.2B | $13.3B | ||
| Q2 24 | $1.0B | $13.0B |
总债务IPQCOM
| Q1 26 | $8.2B | $15.3B | ||
| Q4 25 | $8.8B | $14.8B | ||
| Q3 25 | $9.0B | $14.8B | ||
| Q2 25 | $9.7B | $14.8B | ||
| Q1 25 | $9.2B | $13.3B | ||
| Q4 24 | $5.4B | $13.2B | ||
| Q3 24 | $5.3B | $13.3B | ||
| Q2 24 | $5.3B | $13.2B |
股东权益IPQCOM
| Q1 26 | $14.8B | $27.3B | ||
| Q4 25 | $14.8B | $23.1B | ||
| Q3 25 | $17.3B | $21.2B | ||
| Q2 25 | $18.6B | $27.2B | ||
| Q1 25 | $18.1B | $27.7B | ||
| Q4 24 | $8.2B | $26.9B | ||
| Q3 24 | $8.6B | $26.3B | ||
| Q2 24 | $8.6B | $24.7B |
总资产IPQCOM
| Q1 26 | $36.4B | $57.1B | ||
| Q4 25 | $38.0B | $53.0B | ||
| Q3 25 | $40.6B | $50.1B | ||
| Q2 25 | $42.4B | $54.9B | ||
| Q1 25 | $41.2B | $55.4B | ||
| Q4 24 | $22.8B | $55.6B | ||
| Q3 24 | $23.2B | $55.2B | ||
| Q2 24 | $23.1B | $52.7B |
负债/权益比IPQCOM
| Q1 26 | 0.55× | 0.56× | ||
| Q4 25 | 0.60× | 0.64× | ||
| Q3 25 | 0.52× | 0.70× | ||
| Q2 25 | 0.52× | 0.54× | ||
| Q1 25 | 0.51× | 0.48× | ||
| Q4 24 | 0.66× | 0.49× | ||
| Q3 24 | 0.62× | 0.51× | ||
| Q2 24 | 0.62× | 0.53× |
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 | — | $7.4B |
| 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% | 10.2% |
| 现金转化率经营现金流/净利润 | — | 1.01× |
| 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IPQCOM
| Q1 26 | — | $7.4B | ||
| Q4 25 | $905.0M | $5.0B | ||
| Q3 25 | $605.0M | $4.0B | ||
| Q2 25 | $476.0M | $2.9B | ||
| Q1 25 | $-288.0M | $2.6B | ||
| Q4 24 | $397.0M | $4.6B | ||
| Q3 24 | $521.0M | $2.6B | ||
| Q2 24 | $365.0M | $3.1B |
自由现金流IPQCOM
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $4.4B | ||
| Q3 25 | $150.0M | $3.6B | ||
| Q2 25 | $54.0M | $2.6B | ||
| Q1 25 | $-618.0M | $2.3B | ||
| Q4 24 | $137.0M | $4.3B | ||
| Q3 24 | $309.0M | $2.4B | ||
| Q2 24 | $167.0M | $2.7B |
自由现金流率IPQCOM
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 36.0% | ||
| Q3 25 | 2.4% | 31.8% | ||
| Q2 25 | 0.8% | 24.9% | ||
| Q1 25 | -10.5% | 21.3% | ||
| Q4 24 | 3.0% | 36.9% | ||
| Q3 24 | 6.6% | 23.3% | ||
| Q2 24 | 3.5% | 28.4% |
资本支出强度IPQCOM
| Q1 26 | 8.7% | 10.2% | ||
| Q4 25 | 13.7% | 4.5% | ||
| Q3 25 | 7.3% | 3.6% | ||
| Q2 25 | 6.2% | 2.8% | ||
| Q1 25 | 5.6% | 1.9% | ||
| Q4 24 | 5.7% | 2.4% | ||
| Q3 24 | 4.5% | 2.5% | ||
| Q2 24 | 4.2% | 4.1% |
现金转化率IPQCOM
| Q1 26 | — | 1.01× | ||
| Q4 25 | — | 1.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | 6.35× | 1.08× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | 3.47× | 0.91× | ||
| Q2 24 | 0.73× | 1.43× |
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% |
QCOM
| Equipment and services | $9.1B | 85% |
| Licensing | $1.5B | 15% |
