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国际纸业（IP）与QVC INC（QVCD）财务数据对比。点击上方公司名可切换其他公司
国际纸业的季度营收约是QVC INC的2.0倍（$4.7B vs $2.4B），QVC INC净利率更高（1.5% vs -50.3%，领先51.8%），国际纸业同比增速更快（3.6% vs -8.9%），过去两年QVC INC的营收复合增速更高（7.1% 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。
QVC集团是一家美国媒体 conglomerate，由公司董事长约翰·C·马龙控股，马龙持有该集团多数有表决权股份，业务覆盖媒体相关领域，是美国颇具影响力的传媒企业集团。
IP vs QVCD — 直观对比
营收规模更大
IP
是对方的2.0倍
$2.4B
营收增速更快
IP
高出12.5%
-8.9%
净利率更高
QVCD
高出51.8%
-50.3%
两年增速更快
QVCD
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $2.4B |
| 净利润 | $-2.4B | $37.0M |
| 毛利率 | 32.2% | 32.5% |
| 营业利润率 | -56.4% | 5.6% |
| 净利率 | -50.3% | 1.5% |
| 营收同比 | 3.6% | -8.9% |
| 净利润同比 | -1521.8% | 103.0% |
| 每股收益（稀释后） | $-4.76 | — |
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IPQVCD
| Q4 25 | $4.7B | $2.4B | ||
| Q3 25 | $6.2B | $2.0B | ||
| Q2 25 | $6.8B | $2.0B | ||
| Q1 25 | $5.9B | $1.9B | ||
| Q4 24 | $4.6B | $2.7B | ||
| Q3 24 | $4.7B | $2.1B | ||
| Q2 24 | $4.7B | $2.1B | ||
| Q1 24 | $4.6B | $2.1B |
净利润IPQVCD
| Q4 25 | $-2.4B | $37.0M | ||
| Q3 25 | $-1.1B | $2.0M | ||
| Q2 25 | $75.0M | $-2.2B | ||
| Q1 25 | $-105.0M | $-42.0M | ||
| Q4 24 | $-147.0M | $-1.2B | ||
| Q3 24 | $150.0M | $51.0M | ||
| Q2 24 | $498.0M | $53.0M | ||
| Q1 24 | $56.0M | $51.0M |
毛利率IPQVCD
| Q4 25 | 32.2% | 32.5% | ||
| Q3 25 | 31.1% | 33.6% | ||
| Q2 25 | 27.9% | 35.4% | ||
| Q1 25 | 27.8% | 33.3% | ||
| Q4 24 | 29.0% | 32.6% | ||
| Q3 24 | 28.7% | 34.7% | ||
| Q2 24 | 29.0% | 35.6% | ||
| Q1 24 | 25.9% | 35.0% |
营业利润率IPQVCD
| Q4 25 | -56.4% | 5.6% | ||
| Q3 25 | -10.8% | 4.6% | ||
| Q2 25 | 1.7% | -114.5% | ||
| Q1 25 | -2.3% | 1.5% | ||
| Q4 24 | -4.9% | -47.1% | ||
| Q3 24 | 5.1% | 7.8% | ||
| Q2 24 | 6.8% | 7.6% | ||
| Q1 24 | 3.7% | 7.4% |
净利率IPQVCD
| Q4 25 | -50.3% | 1.5% | ||
| Q3 25 | -17.7% | 0.1% | ||
| Q2 25 | 1.1% | -109.1% | ||
| Q1 25 | -1.8% | -2.2% | ||
| Q4 24 | -3.2% | -46.0% | ||
| Q3 24 | 3.2% | 2.4% | ||
| Q2 24 | 10.5% | 2.5% | ||
| Q1 24 | 1.2% | 2.4% |
每股收益（稀释后）IPQVCD
| 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 | — | ||
| Q1 24 | $0.16 | — |
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 | $1.5B |
| 总债务越低越好 | $8.8B | $1.0M |
| 股东权益账面价值 | $14.8B | $1.2B |
| 总资产 | $38.0B | $8.5B |
| 负债/权益比越低杠杆越低 | 0.60× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资IPQVCD
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $995.0M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | $297.0M | ||
| Q3 24 | $1.2B | $297.0M | ||
| Q2 24 | $1.0B | $315.0M | ||
| Q1 24 | $1.1B | $311.0M |
总债务IPQVCD
| Q4 25 | $8.8B | $1.0M | ||
| Q3 25 | $9.0B | $5.0B | ||
| Q2 25 | $9.7B | $4.0B | ||
| Q1 25 | $9.2B | $4.0B | ||
| Q4 24 | $5.4B | $3.3B | ||
| Q3 24 | $5.3B | $3.4B | ||
| Q2 24 | $5.3B | $3.7B | ||
| Q1 24 | $5.5B | $3.8B |
股东权益IPQVCD
| Q4 25 | $14.8B | $1.2B | ||
| Q3 25 | $17.3B | $1.2B | ||
| Q2 25 | $18.6B | $1.2B | ||
| Q1 25 | $18.1B | $3.3B | ||
| Q4 24 | $8.2B | $3.3B | ||
| Q3 24 | $8.6B | $4.6B | ||
| Q2 24 | $8.6B | $4.3B | ||
| Q1 24 | $8.3B | $4.2B |
总资产IPQVCD
| Q4 25 | $38.0B | $8.5B | ||
| Q3 25 | $40.6B | $8.3B | ||
| Q2 25 | $42.4B | $7.4B | ||
| Q1 25 | $41.2B | $9.7B | ||
| Q4 24 | $22.8B | $9.9B | ||
| Q3 24 | $23.2B | $9.9B | ||
| Q2 24 | $23.1B | $11.2B | ||
| Q1 24 | $23.0B | $11.4B |
负债/权益比IPQVCD
| Q4 25 | 0.60× | 0.00× | ||
| Q3 25 | 0.52× | 4.30× | ||
| Q2 25 | 0.52× | 3.42× | ||
| Q1 25 | 0.51× | 1.22× | ||
| Q4 24 | 0.66× | 1.01× | ||
| Q3 24 | 0.62× | 0.73× | ||
| Q2 24 | 0.62× | 0.87× | ||
| Q1 24 | 0.66× | 0.89× |
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 | $245.0M |
| 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 | — | 6.62× |
| 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IPQVCD
| Q4 25 | $905.0M | $245.0M | ||
| Q3 25 | $605.0M | $76.0M | ||
| Q2 25 | $476.0M | $52.0M | ||
| Q1 25 | $-288.0M | $46.0M | ||
| Q4 24 | $397.0M | $189.0M | ||
| Q3 24 | $521.0M | $98.0M | ||
| Q2 24 | $365.0M | $164.0M | ||
| Q1 24 | $395.0M | $84.0M |
自由现金流IPQVCD
| Q4 25 | $255.0M | — | ||
| Q3 25 | $150.0M | — | ||
| Q2 25 | $54.0M | — | ||
| Q1 25 | $-618.0M | — | ||
| Q4 24 | $137.0M | — | ||
| Q3 24 | $309.0M | — | ||
| Q2 24 | $167.0M | — | ||
| Q1 24 | $144.0M | — |
自由现金流率IPQVCD
| Q4 25 | 5.4% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | -10.5% | — | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 3.5% | — | ||
| Q1 24 | 3.1% | — |
资本支出强度IPQVCD
| Q4 25 | 13.7% | — | ||
| Q3 25 | 7.3% | — | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | 5.6% | — | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 4.5% | — | ||
| Q2 24 | 4.2% | — | ||
| Q1 24 | 5.4% | — |
现金转化率IPQVCD
| Q4 25 | — | 6.62× | ||
| Q3 25 | — | 38.00× | ||
| Q2 25 | 6.35× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.47× | 1.92× | ||
| Q2 24 | 0.73× | 3.09× | ||
| Q1 24 | 7.05× | 1.65× |
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% |
QVCD
| Home | $754.0M | 31% |
| QVC International | $661.0M | 27% |
| Beauty | $260.0M | 11% |
| Apparel | $254.0M | 10% |
| Electronics | $187.0M | 8% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 4% |
| Otherrevenue | $38.0M | 2% |
