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国际纸业（IP）与皇家加勒比集团（RCL）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皇家加勒比集团的1.3倍（$6.0B vs $4.5B），皇家加勒比集团净利率更高（21.3% vs 1.0%，领先20.3%），皇家加勒比集团同比增速更快（11.3% vs -0.6%），过去两年国际纸业的营收复合增速更高（12.3% vs 4.1%）
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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
IP vs RCL — 直观对比
营收规模更大
IP
是对方的1.3倍
$4.5B
营收增速更快
RCL
高出11.9%
-0.6%
净利率更高
RCL
高出20.3%
1.0%
两年增速更快
IP
近两年复合增速
4.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $4.5B |
| 净利润 | $60.0M | $950.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 26.1% |
| 净利率 | 1.0% | 21.3% |
| 营收同比 | -0.6% | 11.3% |
| 净利润同比 | 157.1% | 29.1% |
| 每股收益（稀释后） | $0.14 | $3.48 |
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IPRCL
| Q1 26 | $6.0B | $4.5B | ||
| Q4 25 | $4.7B | $4.3B | ||
| Q3 25 | $6.2B | $5.1B | ||
| Q2 25 | $6.8B | $4.5B | ||
| Q1 25 | $5.9B | $4.0B | ||
| Q4 24 | $4.6B | $3.8B | ||
| Q3 24 | $4.7B | $4.9B | ||
| Q2 24 | $4.7B | $4.1B |
净利润IPRCL
| Q1 26 | $60.0M | $950.0M | ||
| Q4 25 | $-2.4B | $753.0M | ||
| Q3 25 | $-1.1B | $1.6B | ||
| Q2 25 | $75.0M | $1.2B | ||
| Q1 25 | $-105.0M | $730.0M | ||
| Q4 24 | $-147.0M | $552.0M | ||
| Q3 24 | $150.0M | $1.1B | ||
| Q2 24 | $498.0M | $854.0M |
毛利率IPRCL
| Q1 26 | — | — | ||
| Q4 25 | 32.2% | 47.4% | ||
| Q3 25 | 31.1% | 51.8% | ||
| Q2 25 | 27.9% | 49.7% | ||
| Q1 25 | 27.8% | 48.0% | ||
| Q4 24 | 29.0% | 45.4% | ||
| Q3 24 | 28.7% | 51.1% | ||
| Q2 24 | 29.0% | 47.6% |
营业利润率IPRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | -56.4% | 21.9% | ||
| Q3 25 | -10.8% | 33.1% | ||
| Q2 25 | 1.7% | 29.3% | ||
| Q1 25 | -2.3% | 23.6% | ||
| Q4 24 | -4.9% | 16.6% | ||
| Q3 24 | 5.1% | 33.4% | ||
| Q2 24 | 6.8% | 26.7% |
净利率IPRCL
| Q1 26 | 1.0% | 21.3% | ||
| Q4 25 | -50.3% | 17.7% | ||
| Q3 25 | -17.7% | 30.6% | ||
| Q2 25 | 1.1% | 26.7% | ||
| Q1 25 | -1.8% | 18.3% | ||
| Q4 24 | -3.2% | 14.7% | ||
| Q3 24 | 3.2% | 22.7% | ||
| Q2 24 | 10.5% | 20.8% |
每股收益（稀释后）IPRCL
| Q1 26 | $0.14 | $3.48 | ||
| Q4 25 | $-4.76 | $2.76 | ||
| Q3 25 | $-2.09 | $5.74 | ||
| Q2 25 | $0.14 | $4.41 | ||
| Q1 25 | $-0.24 | $2.70 | ||
| Q4 24 | $-0.42 | $2.27 | ||
| Q3 24 | $0.42 | $4.21 | ||
| Q2 24 | $1.41 | $3.11 |
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 | — | $512.0M |
| 总债务越低越好 | $8.2B | $21.1B |
| 股东权益账面价值 | $14.8B | $10.0B |
| 总资产 | $36.4B | $42.0B |
| 负债/权益比越低杠杆越低 | 0.55× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资IPRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $1.1B | $825.0M | ||
| Q3 25 | $995.0M | $432.0M | ||
| Q2 25 | $1.1B | $735.0M | ||
| Q1 25 | $1.2B | $386.0M | ||
| Q4 24 | $1.2B | $388.0M | ||
| Q3 24 | $1.2B | $418.0M | ||
| Q2 24 | $1.0B | $391.0M |
总债务IPRCL
| Q1 26 | $8.2B | $21.1B | ||
| Q4 25 | $8.8B | $18.2B | ||
| Q3 25 | $9.0B | $17.2B | ||
| Q2 25 | $9.7B | $17.6B | ||
| Q1 25 | $9.2B | $18.0B | ||
| Q4 24 | $5.4B | $18.5B | ||
| Q3 24 | $5.3B | $19.0B | ||
| Q2 24 | $5.3B | $19.8B |
股东权益IPRCL
| Q1 26 | $14.8B | $10.0B | ||
| Q4 25 | $14.8B | $10.0B | ||
| Q3 25 | $17.3B | $10.1B | ||
| Q2 25 | $18.6B | $9.2B | ||
| Q1 25 | $18.1B | $8.0B | ||
| Q4 24 | $8.2B | $7.6B | ||
| Q3 24 | $8.6B | $7.0B | ||
| Q2 24 | $8.6B | $6.0B |
总资产IPRCL
| Q1 26 | $36.4B | $42.0B | ||
| Q4 25 | $38.0B | $41.6B | ||
| Q3 25 | $40.6B | $40.1B | ||
| Q2 25 | $42.4B | $38.5B | ||
| Q1 25 | $41.2B | $37.5B | ||
| Q4 24 | $22.8B | $37.1B | ||
| Q3 24 | $23.2B | $37.1B | ||
| Q2 24 | $23.1B | $37.0B |
负债/权益比IPRCL
| Q1 26 | 0.55× | 2.11× | ||
| Q4 25 | 0.60× | 1.81× | ||
| Q3 25 | 0.52× | 1.70× | ||
| Q2 25 | 0.52× | 1.92× | ||
| Q1 25 | 0.51× | 2.26× | ||
| Q4 24 | 0.66× | 2.44× | ||
| Q3 24 | 0.62× | 2.69× | ||
| Q2 24 | 0.62× | 3.29× |
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 | — | $1.8B |
| 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 | — | 1.93× |
| 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IPRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $905.0M | $1.6B | ||
| Q3 25 | $605.0M | $1.5B | ||
| Q2 25 | $476.0M | $1.7B | ||
| Q1 25 | $-288.0M | $1.6B | ||
| Q4 24 | $397.0M | $1.5B | ||
| Q3 24 | $521.0M | $897.0M | ||
| Q2 24 | $365.0M | $1.6B |
自由现金流IPRCL
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $116.0M | ||
| Q3 25 | $150.0M | $-989.0M | ||
| Q2 25 | $54.0M | $910.0M | ||
| Q1 25 | $-618.0M | $1.2B | ||
| Q4 24 | $137.0M | $915.0M | ||
| Q3 24 | $309.0M | $563.0M | ||
| Q2 24 | $167.0M | $-567.0M |
自由现金流率IPRCL
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 2.7% | ||
| Q3 25 | 2.4% | -19.2% | ||
| Q2 25 | 0.8% | 20.1% | ||
| Q1 25 | -10.5% | 30.0% | ||
| Q4 24 | 3.0% | 24.3% | ||
| Q3 24 | 6.6% | 11.5% | ||
| Q2 24 | 3.5% | -13.8% |
资本支出强度IPRCL
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 35.4% | ||
| Q3 25 | 7.3% | 47.8% | ||
| Q2 25 | 6.2% | 18.4% | ||
| Q1 25 | 5.6% | 10.7% | ||
| Q4 24 | 5.7% | 14.7% | ||
| Q3 24 | 4.5% | 6.8% | ||
| Q2 24 | 4.2% | 52.1% |
现金转化率IPRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | — | 2.16× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | 6.35× | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | — | 2.66× | ||
| Q3 24 | 3.47× | 0.81× | ||
| Q2 24 | 0.73× | 1.84× |
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% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
