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国际纸业（IP）与SHOPIFY INC.（SHOP）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SHOPIFY INC.的1.6倍（$6.0B vs $3.7B），SHOPIFY INC.净利率更高（20.2% vs 1.0%，领先19.2%），SHOPIFY INC.同比增速更快（30.6% vs -0.6%），SHOPIFY INC.自由现金流更多（$715.0M vs $94.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 12.3%）
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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
IP vs SHOP — 直观对比
营收规模更大
IP
是对方的1.6倍
$3.7B
营收增速更快
SHOP
高出31.2%
-0.6%
净利率更高
SHOP
高出19.2%
1.0%
自由现金流更多
SHOP
多$621.0M
$94.0M
两年增速更快
SHOP
近两年复合增速
12.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $3.7B |
| 净利润 | $60.0M | $743.0M |
| 毛利率 | — | 46.1% |
| 营业利润率 | — | 17.2% |
| 净利率 | 1.0% | 20.2% |
| 营收同比 | -0.6% | 30.6% |
| 净利润同比 | 157.1% | -42.5% |
| 每股收益（稀释后） | $0.14 | $0.58 |
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IPSHOP
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $3.7B | ||
| Q3 25 | $6.2B | $2.8B | ||
| Q2 25 | $6.8B | $2.7B | ||
| Q1 25 | $5.9B | $2.4B | ||
| Q4 24 | $4.6B | $2.8B | ||
| Q3 24 | $4.7B | $2.2B | ||
| Q2 24 | $4.7B | $2.0B |
净利润IPSHOP
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $743.0M | ||
| Q3 25 | $-1.1B | $264.0M | ||
| Q2 25 | $75.0M | $906.0M | ||
| Q1 25 | $-105.0M | $-682.0M | ||
| Q4 24 | $-147.0M | $1.3B | ||
| Q3 24 | $150.0M | $828.0M | ||
| Q2 24 | $498.0M | $171.0M |
毛利率IPSHOP
| Q1 26 | — | — | ||
| Q4 25 | 32.2% | 46.1% | ||
| Q3 25 | 31.1% | 48.9% | ||
| Q2 25 | 27.9% | 48.6% | ||
| Q1 25 | 27.8% | 49.5% | ||
| Q4 24 | 29.0% | 48.1% | ||
| Q3 24 | 28.7% | 51.7% | ||
| Q2 24 | 29.0% | 51.1% |
营业利润率IPSHOP
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 17.2% | ||
| Q3 25 | -10.8% | 12.1% | ||
| Q2 25 | 1.7% | 10.9% | ||
| Q1 25 | -2.3% | 8.6% | ||
| Q4 24 | -4.9% | 16.5% | ||
| Q3 24 | 5.1% | 13.1% | ||
| Q2 24 | 6.8% | 11.8% |
净利率IPSHOP
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | 20.2% | ||
| Q3 25 | -17.7% | 9.3% | ||
| Q2 25 | 1.1% | 33.8% | ||
| Q1 25 | -1.8% | -28.9% | ||
| Q4 24 | -3.2% | 46.0% | ||
| Q3 24 | 3.2% | 38.3% | ||
| Q2 24 | 10.5% | 8.4% |
每股收益（稀释后）IPSHOP
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | $0.58 | ||
| Q3 25 | $-2.09 | $0.20 | ||
| Q2 25 | $0.14 | $0.69 | ||
| Q1 25 | $-0.24 | $-0.53 | ||
| Q4 24 | $-0.42 | $0.99 | ||
| Q3 24 | $0.42 | $0.64 | ||
| Q2 24 | $1.41 | $0.13 |
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 | — | $5.8B |
| 总债务越低越好 | $8.2B | — |
| 股东权益账面价值 | $14.8B | $13.5B |
| 总资产 | $36.4B | $15.2B |
| 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IPSHOP
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $5.8B | ||
| Q3 25 | $995.0M | $6.3B | ||
| Q2 25 | $1.1B | $5.8B | ||
| Q1 25 | $1.2B | $5.5B | ||
| Q4 24 | $1.2B | $5.5B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.0B | — |
总债务IPSHOP
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | — | ||
| Q3 25 | $9.0B | — | ||
| Q2 25 | $9.7B | — | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | — |
股东权益IPSHOP
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $13.5B | ||
| Q3 25 | $17.3B | $12.5B | ||
| Q2 25 | $18.6B | $12.1B | ||
| Q1 25 | $18.1B | $11.1B | ||
| Q4 24 | $8.2B | $11.6B | ||
| Q3 24 | $8.6B | $10.1B | ||
| Q2 24 | $8.6B | $9.2B |
总资产IPSHOP
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $15.2B | ||
| Q3 25 | $40.6B | $15.0B | ||
| Q2 25 | $42.4B | $14.6B | ||
| Q1 25 | $41.2B | $13.4B | ||
| Q4 24 | $22.8B | $13.9B | ||
| Q3 24 | $23.2B | — | ||
| Q2 24 | $23.1B | — |
负债/权益比IPSHOP
| 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 | — | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $715.0M |
| 自由现金流率自由现金流/营收 | 1.6% | 19.5% |
| 资本支出强度资本支出/营收 | 8.7% | 0.3% |
| 现金转化率经营现金流/净利润 | — | 0.98× |
| 过去12个月自由现金流最近4个季度 | $553.0M | $2.0B |
8季度趋势，按日历期对齐
经营现金流IPSHOP
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $725.0M | ||
| Q3 25 | $605.0M | $513.0M | ||
| Q2 25 | $476.0M | $428.0M | ||
| Q1 25 | $-288.0M | $367.0M | ||
| Q4 24 | $397.0M | $615.0M | ||
| Q3 24 | $521.0M | $423.0M | ||
| Q2 24 | $365.0M | $340.0M |
自由现金流IPSHOP
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $715.0M | ||
| Q3 25 | $150.0M | $507.0M | ||
| Q2 25 | $54.0M | $422.0M | ||
| Q1 25 | $-618.0M | $363.0M | ||
| Q4 24 | $137.0M | $611.0M | ||
| Q3 24 | $309.0M | $421.0M | ||
| Q2 24 | $167.0M | $333.0M |
自由现金流率IPSHOP
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 19.5% | ||
| Q3 25 | 2.4% | 17.8% | ||
| Q2 25 | 0.8% | 15.7% | ||
| Q1 25 | -10.5% | 15.4% | ||
| Q4 24 | 3.0% | 21.7% | ||
| Q3 24 | 6.6% | 19.5% | ||
| Q2 24 | 3.5% | 16.3% |
资本支出强度IPSHOP
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 0.3% | ||
| Q3 25 | 7.3% | 0.2% | ||
| Q2 25 | 6.2% | 0.2% | ||
| Q1 25 | 5.6% | 0.2% | ||
| Q4 24 | 5.7% | 0.1% | ||
| Q3 24 | 4.5% | 0.1% | ||
| Q2 24 | 4.2% | 0.3% |
现金转化率IPSHOP
| Q1 26 | — | — | ||
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | 6.35× | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | 3.47× | 0.51× | ||
| Q2 24 | 0.73× | 1.99× |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
