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国际纸业（IP）与史密斯菲尔德食品（SFD）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史密斯菲尔德食品的1.2倍（$4.7B vs $3.8B），史密斯菲尔德食品净利率更高（6.6% vs -50.3%，领先56.8%），国际纸业同比增速更快（3.6% vs 0.8%），过去两年史密斯菲尔德食品的营收复合增速更高（5.5% 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。
史密斯菲尔德食品是全球规模最大的生猪养殖与猪肉加工企业，1936年由卢特父子创立，总部位于美国弗吉尼亚州史密斯菲尔德，现隶属于香港企业。公司在美国自营超500个农场，还与2000余家独立农场合作养殖生猪，业务覆盖墨西哥、波兰、德国等多个海外市场。
IP vs SFD — 直观对比
营收规模更大
IP
是对方的1.2倍
$3.8B
营收增速更快
IP
高出2.8%
0.8%
净利率更高
SFD
高出56.8%
-50.3%
两年增速更快
SFD
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $3.8B |
| 净利润 | $-2.4B | $249.0M |
| 毛利率 | 32.2% | 13.4% |
| 营业利润率 | -56.4% | 8.8% |
| 净利率 | -50.3% | 6.6% |
| 营收同比 | 3.6% | 0.8% |
| 净利润同比 | -1521.8% | 9.7% |
| 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IPSFD
| Q1 26 | — | $3.8B | ||
| Q4 25 | $4.7B | $4.2B | ||
| Q3 25 | $6.2B | $3.7B | ||
| Q2 25 | $6.8B | $3.8B | ||
| Q1 25 | $5.9B | $3.8B | ||
| Q4 24 | $4.6B | $4.0B | ||
| Q3 24 | $4.7B | $3.3B | ||
| Q2 24 | $4.7B | $3.4B |
净利润IPSFD
| Q1 26 | — | $249.0M | ||
| Q4 25 | $-2.4B | $327.0M | ||
| Q3 25 | $-1.1B | $248.0M | ||
| Q2 25 | $75.0M | $188.0M | ||
| Q1 25 | $-105.0M | $224.0M | ||
| Q4 24 | $-147.0M | $205.0M | ||
| Q3 24 | $150.0M | $291.0M | ||
| Q2 24 | $498.0M | $301.0M |
毛利率IPSFD
| Q1 26 | — | 13.4% | ||
| Q4 25 | 32.2% | 14.2% | ||
| Q3 25 | 31.1% | 12.8% | ||
| Q2 25 | 27.9% | 13.2% | ||
| Q1 25 | 27.8% | 13.5% | ||
| Q4 24 | 29.0% | 13.5% | ||
| Q3 24 | 28.7% | 14.3% | ||
| Q2 24 | 29.0% | 15.4% |
营业利润率IPSFD
| Q1 26 | — | 8.8% | ||
| Q4 25 | -56.4% | 9.5% | ||
| Q3 25 | -10.8% | 8.3% | ||
| Q2 25 | 1.7% | 6.9% | ||
| Q1 25 | -2.3% | 8.5% | ||
| Q4 24 | -4.9% | 8.5% | ||
| Q3 24 | 5.1% | 8.5% | ||
| Q2 24 | 6.8% | 9.8% |
净利率IPSFD
| Q1 26 | — | 6.6% | ||
| Q4 25 | -50.3% | 7.7% | ||
| Q3 25 | -17.7% | 6.6% | ||
| Q2 25 | 1.1% | 5.0% | ||
| Q1 25 | -1.8% | 5.9% | ||
| Q4 24 | -3.2% | 5.2% | ||
| Q3 24 | 3.2% | 8.7% | ||
| Q2 24 | 10.5% | 8.8% |
每股收益（稀释后）IPSFD
| Q1 26 | — | — | ||
| Q4 25 | $-4.76 | $0.83 | ||
| Q3 25 | $-2.09 | $0.63 | ||
| Q2 25 | $0.14 | $0.48 | ||
| Q1 25 | $-0.24 | $0.57 | ||
| Q4 24 | $-0.42 | $0.54 | ||
| Q3 24 | $0.42 | $0.77 | ||
| Q2 24 | $1.41 | $0.79 |
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 | $1.4B |
| 总债务越低越好 | $8.8B | — |
| 股东权益账面价值 | $14.8B | $6.9B |
| 总资产 | $38.0B | $12.0B |
| 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IPSFD
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $995.0M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.0B | — |
总债务IPSFD
| Q1 26 | — | — | ||
| Q4 25 | $8.8B | $2.0B | ||
| Q3 25 | $9.0B | $2.0B | ||
| Q2 25 | $9.7B | $2.0B | ||
| Q1 25 | $9.2B | $2.0B | ||
| Q4 24 | $5.4B | $2.0B | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | — |
股东权益IPSFD
| Q1 26 | — | $6.9B | ||
| Q4 25 | $14.8B | $6.8B | ||
| Q3 25 | $17.3B | $6.5B | ||
| Q2 25 | $18.6B | $6.3B | ||
| Q1 25 | $18.1B | $6.2B | ||
| Q4 24 | $8.2B | $5.8B | ||
| Q3 24 | $8.6B | — | ||
| Q2 24 | $8.6B | — |
总资产IPSFD
| Q1 26 | — | $12.0B | ||
| Q4 25 | $38.0B | $12.2B | ||
| Q3 25 | $40.6B | $11.5B | ||
| Q2 25 | $42.4B | $11.2B | ||
| Q1 25 | $41.2B | $11.1B | ||
| Q4 24 | $22.8B | $11.1B | ||
| Q3 24 | $23.2B | — | ||
| Q2 24 | $23.1B | — |
负债/权益比IPSFD
| Q1 26 | — | — | ||
| Q4 25 | 0.60× | 0.29× | ||
| Q3 25 | 0.52× | 0.31× | ||
| Q2 25 | 0.52× | 0.32× | ||
| Q1 25 | 0.51× | 0.32× | ||
| Q4 24 | 0.66× | 0.34× | ||
| 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% | 2.3% |
| 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IPSFD
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $938.0M | ||
| Q3 25 | $605.0M | $13.0M | ||
| Q2 25 | $476.0M | $274.0M | ||
| Q1 25 | $-288.0M | $-166.0M | ||
| Q4 24 | $397.0M | — | ||
| Q3 24 | $521.0M | — | ||
| Q2 24 | $365.0M | — |
自由现金流IPSFD
| Q1 26 | — | — | ||
| Q4 25 | $255.0M | $842.0M | ||
| Q3 25 | $150.0M | $-75.0M | ||
| Q2 25 | $54.0M | $196.0M | ||
| Q1 25 | $-618.0M | $-245.0M | ||
| Q4 24 | $137.0M | — | ||
| Q3 24 | $309.0M | — | ||
| Q2 24 | $167.0M | — |
自由现金流率IPSFD
| Q1 26 | — | — | ||
| Q4 25 | 5.4% | 19.9% | ||
| Q3 25 | 2.4% | -2.0% | ||
| Q2 25 | 0.8% | 5.2% | ||
| Q1 25 | -10.5% | -6.5% | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 3.5% | — |
资本支出强度IPSFD
| Q1 26 | — | 2.3% | ||
| Q4 25 | 13.7% | 2.3% | ||
| Q3 25 | 7.3% | 2.3% | ||
| Q2 25 | 6.2% | 2.1% | ||
| Q1 25 | 5.6% | 2.1% | ||
| Q4 24 | 5.7% | 2.1% | ||
| Q3 24 | 4.5% | 2.8% | ||
| Q2 24 | 4.2% | 2.3% |
现金转化率IPSFD
| Q1 26 | — | — | ||
| Q4 25 | — | 2.87× | ||
| Q3 25 | — | 0.05× | ||
| Q2 25 | 6.35× | 1.46× | ||
| Q1 25 | — | -0.74× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.47× | — | ||
| Q2 24 | 0.73× | — |
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% |
SFD
暂无分部数据
