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国际纸业（IP）与斯伦贝谢（SLB）财务数据对比。点击上方公司名可切换其他公司
斯伦贝谢的季度营收约是国际纸业的1.8倍（$8.7B vs $4.7B），斯伦贝谢净利率更高（8.6% vs -50.3%，领先58.9%），国际纸业同比增速更快（3.6% vs 2.7%），国际纸业自由现金流更多（$255.0M vs $103.0M），过去两年国际纸业的营收复合增速更高（1.3% vs -2.3%）
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。
SLB前身为斯伦贝谢，是全球知名的跨国油田服务企业。1926年创立于法国，现注册地为库拉索威廉斯塔德，在巴黎、休斯敦、伦敦、海牙四地设有核心行政办公室，截至2022年按营收计算是全球最大的海上钻井企业及海上钻井承包商。
IP vs SLB — 直观对比
营收规模更大
SLB
是对方的1.8倍
$4.7B
营收增速更快
IP
高出0.9%
2.7%
净利率更高
SLB
高出58.9%
-50.3%
自由现金流更多
IP
多$152.0M
$103.0M
两年增速更快
IP
近两年复合增速
-2.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $8.7B |
| 净利润 | $-2.4B | $752.0M |
| 毛利率 | 32.2% | — |
| 营业利润率 | -56.4% | — |
| 净利率 | -50.3% | 8.6% |
| 营收同比 | 3.6% | 2.7% |
| 净利润同比 | -1521.8% | -5.6% |
| 每股收益（稀释后） | $-4.76 | $0.50 |
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IPSLB
| Q1 26 | — | $8.7B | ||
| Q4 25 | $4.7B | $9.7B | ||
| Q3 25 | $6.2B | $8.9B | ||
| Q2 25 | $6.8B | $8.5B | ||
| Q1 25 | $5.9B | $8.5B | ||
| Q4 24 | $4.6B | $9.3B | ||
| Q3 24 | $4.7B | $9.2B | ||
| Q2 24 | $4.7B | $9.1B |
净利润IPSLB
| Q1 26 | — | $752.0M | ||
| Q4 25 | $-2.4B | $824.0M | ||
| Q3 25 | $-1.1B | $739.0M | ||
| Q2 25 | $75.0M | $1.0B | ||
| Q1 25 | $-105.0M | $797.0M | ||
| Q4 24 | $-147.0M | $1.1B | ||
| Q3 24 | $150.0M | $1.2B | ||
| Q2 24 | $498.0M | $1.1B |
毛利率IPSLB
| Q1 26 | — | — | ||
| Q4 25 | 32.2% | — | ||
| Q3 25 | 31.1% | — | ||
| Q2 25 | 27.9% | — | ||
| Q1 25 | 27.8% | — | ||
| Q4 24 | 29.0% | — | ||
| Q3 24 | 28.7% | — | ||
| Q2 24 | 29.0% | — |
营业利润率IPSLB
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 9.7% | ||
| Q3 25 | -10.8% | 11.2% | ||
| Q2 25 | 1.7% | 15.0% | ||
| Q1 25 | -2.3% | 12.5% | ||
| Q4 24 | -4.9% | 14.9% | ||
| Q3 24 | 5.1% | 16.5% | ||
| Q2 24 | 6.8% | 15.5% |
净利率IPSLB
| Q1 26 | — | 8.6% | ||
| Q4 25 | -50.3% | 8.5% | ||
| Q3 25 | -17.7% | 8.3% | ||
| Q2 25 | 1.1% | 11.9% | ||
| Q1 25 | -1.8% | 9.4% | ||
| Q4 24 | -3.2% | 11.8% | ||
| Q3 24 | 3.2% | 12.9% | ||
| Q2 24 | 10.5% | 12.2% |
每股收益（稀释后）IPSLB
| Q1 26 | — | $0.50 | ||
| Q4 25 | $-4.76 | $0.53 | ||
| Q3 25 | $-2.09 | $0.50 | ||
| Q2 25 | $0.14 | $0.74 | ||
| Q1 25 | $-0.24 | $0.58 | ||
| Q4 24 | $-0.42 | $0.77 | ||
| Q3 24 | $0.42 | $0.83 | ||
| Q2 24 | $1.41 | $0.77 |
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 | $3.4B |
| 总债务越低越好 | $8.8B | $9.7B |
| 股东权益账面价值 | $14.8B | $27.4B |
| 总资产 | $38.0B | $19.3B |
| 负债/权益比越低杠杆越低 | 0.60× | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资IPSLB
| Q1 26 | — | $3.4B | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $995.0M | $571.0M | ||
| Q2 25 | $1.1B | $511.0M | ||
| Q1 25 | $1.2B | $961.0M | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.0B | $1.1B |
总债务IPSLB
| Q1 26 | — | $9.7B | ||
| 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IPSLB
| Q1 26 | — | $27.4B | ||
| Q4 25 | $14.8B | $26.1B | ||
| Q3 25 | $17.3B | $25.6B | ||
| Q2 25 | $18.6B | $20.3B | ||
| Q1 25 | $18.1B | $19.5B | ||
| Q4 24 | $8.2B | $21.1B | ||
| Q3 24 | $8.6B | $21.5B | ||
| Q2 24 | $8.6B | $21.1B |
总资产IPSLB
| Q1 26 | — | $19.3B | ||
| Q4 25 | $38.0B | $54.9B | ||
| Q3 25 | $40.6B | $55.1B | ||
| Q2 25 | $42.4B | $48.8B | ||
| Q1 25 | $41.2B | $49.0B | ||
| Q4 24 | $22.8B | $48.9B | ||
| Q3 24 | $23.2B | $49.8B | ||
| Q2 24 | $23.1B | $49.4B |
负债/权益比IPSLB
| Q1 26 | — | 0.35× | ||
| 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 | $905.0M | — |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $103.0M |
| 自由现金流率自由现金流/营收 | 5.4% | 1.2% |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $4.6B |
8季度趋势，按日历期对齐
经营现金流IPSLB
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $3.0B | ||
| Q3 25 | $605.0M | $1.7B | ||
| Q2 25 | $476.0M | $1.1B | ||
| Q1 25 | $-288.0M | $660.0M | ||
| Q4 24 | $397.0M | $2.4B | ||
| Q3 24 | $521.0M | $2.4B | ||
| Q2 24 | $365.0M | $1.4B |
自由现金流IPSLB
| Q1 26 | — | $103.0M | ||
| Q4 25 | $255.0M | $2.5B | ||
| Q3 25 | $150.0M | $1.3B | ||
| Q2 25 | $54.0M | $771.0M | ||
| Q1 25 | $-618.0M | $262.0M | ||
| Q4 24 | $137.0M | $1.8B | ||
| Q3 24 | $309.0M | $2.0B | ||
| Q2 24 | $167.0M | $973.0M |
自由现金流率IPSLB
| Q1 26 | — | 1.2% | ||
| Q4 25 | 5.4% | 25.5% | ||
| Q3 25 | 2.4% | 14.3% | ||
| Q2 25 | 0.8% | 9.0% | ||
| Q1 25 | -10.5% | 3.1% | ||
| Q4 24 | 3.0% | 19.2% | ||
| Q3 24 | 6.6% | 21.7% | ||
| Q2 24 | 3.5% | 10.6% |
资本支出强度IPSLB
| Q1 26 | — | — | ||
| Q4 25 | 13.7% | 5.3% | ||
| Q3 25 | 7.3% | 4.6% | ||
| Q2 25 | 6.2% | 4.3% | ||
| Q1 25 | 5.6% | 4.7% | ||
| Q4 24 | 5.7% | 6.6% | ||
| Q3 24 | 4.5% | 5.0% | ||
| Q2 24 | 4.2% | 5.1% |
现金转化率IPSLB
| Q1 26 | — | — | ||
| Q4 25 | — | 3.65× | ||
| Q3 25 | — | 2.28× | ||
| Q2 25 | 6.35× | 1.13× | ||
| Q1 25 | — | 0.83× | ||
| Q4 24 | — | 2.18× | ||
| Q3 24 | 3.47× | 2.06× | ||
| Q2 24 | 0.73× | 1.29× |
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% |
SLB
暂无分部数据
