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国际纸业（IP）与Southern Company（SO）财务数据对比。点击上方公司名可切换其他公司
Southern Company的季度营收约是国际纸业的1.5倍（$7.0B vs $4.7B），Southern Company净利率更高（4.9% vs -50.3%，领先55.1%），Southern Company同比增速更快（10.1% vs 3.6%），国际纸业自由现金流更多（$255.0M vs $-1.7B），过去两年Southern Company的营收复合增速更高（2.5% 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。
Southern Company是美国燃气电力公用事业控股企业，总部位于佐治亚州亚特兰大，在阿拉巴马州伯明翰设有行政办公室。截至2021年按用户规模计为美国第二大公用事业公司，旗下子公司覆盖6个州，为900万燃气及电力用户提供服务，供电区域达12万平方英里。
IP vs SO — 直观对比
营收规模更大
SO
是对方的1.5倍
$4.7B
营收增速更快
SO
高出6.5%
3.6%
净利率更高
SO
高出55.1%
-50.3%
自由现金流更多
IP
多$1.9B
$-1.7B
两年增速更快
SO
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $7.0B |
| 净利润 | $-2.4B | $341.0M |
| 毛利率 | 32.2% | — |
| 营业利润率 | -56.4% | 13.1% |
| 净利率 | -50.3% | 4.9% |
| 营收同比 | 3.6% | 10.1% |
| 净利润同比 | -1521.8% | -26.8% |
| 每股收益（稀释后） | $-4.76 | $0.38 |
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IPSO
| Q4 25 | $4.7B | $7.0B | ||
| Q3 25 | $6.2B | $7.8B | ||
| Q2 25 | $6.8B | $7.0B | ||
| Q1 25 | $5.9B | $7.8B | ||
| Q4 24 | $4.6B | $6.3B | ||
| Q3 24 | $4.7B | $7.3B | ||
| Q2 24 | $4.7B | $6.5B | ||
| Q1 24 | $4.6B | $6.6B |
净利润IPSO
| Q4 25 | $-2.4B | $341.0M | ||
| Q3 25 | $-1.1B | $1.7B | ||
| Q2 25 | $75.0M | $880.0M | ||
| Q1 25 | $-105.0M | $1.3B | ||
| Q4 24 | $-147.0M | $466.0M | ||
| Q3 24 | $150.0M | $1.5B | ||
| Q2 24 | $498.0M | $1.2B | ||
| Q1 24 | $56.0M | $1.1B |
毛利率IPSO
| 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% | — | ||
| Q1 24 | 25.9% | — |
营业利润率IPSO
| Q4 25 | -56.4% | 13.1% | ||
| Q3 25 | -10.8% | 33.2% | ||
| Q2 25 | 1.7% | 25.3% | ||
| Q1 25 | -2.3% | 25.9% | ||
| Q4 24 | -4.9% | 16.7% | ||
| Q3 24 | 5.1% | 32.6% | ||
| Q2 24 | 6.8% | 30.0% | ||
| Q1 24 | 3.7% | 25.6% |
净利率IPSO
| Q4 25 | -50.3% | 4.9% | ||
| Q3 25 | -17.7% | 21.9% | ||
| Q2 25 | 1.1% | 12.6% | ||
| Q1 25 | -1.8% | 16.3% | ||
| Q4 24 | -3.2% | 7.3% | ||
| Q3 24 | 3.2% | 21.1% | ||
| Q2 24 | 10.5% | 18.6% | ||
| Q1 24 | 1.2% | 16.1% |
每股收益（稀释后）IPSO
| Q4 25 | $-4.76 | $0.38 | ||
| Q3 25 | $-2.09 | $1.54 | ||
| Q2 25 | $0.14 | $0.79 | ||
| Q1 25 | $-0.24 | $1.21 | ||
| Q4 24 | $-0.42 | $0.48 | ||
| Q3 24 | $0.42 | $1.39 | ||
| Q2 24 | $1.41 | $1.09 | ||
| Q1 24 | $0.16 | $1.03 |
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 | $1.6B |
| 总债务越低越好 | $8.8B | $65.6B |
| 股东权益账面价值 | $14.8B | $36.0B |
| 总资产 | $38.0B | $155.7B |
| 负债/权益比越低杠杆越低 | 0.60× | 1.82× |
8季度趋势，按日历期对齐
现金及短期投资IPSO
| Q4 25 | $1.1B | $1.6B | ||
| Q3 25 | $995.0M | $3.3B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $1.2B | $2.3B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.2B | $1.0B | ||
| Q2 24 | $1.0B | $1.2B | ||
| Q1 24 | $1.1B | $713.0M |
总债务IPSO
| Q4 25 | $8.8B | $65.6B | ||
| Q3 25 | $9.0B | $64.6B | ||
| Q2 25 | $9.7B | $63.0B | ||
| Q1 25 | $9.2B | $62.9B | ||
| Q4 24 | $5.4B | $58.8B | ||
| Q3 24 | $5.3B | $61.3B | ||
| Q2 24 | $5.3B | $59.9B | ||
| Q1 24 | $5.5B | $59.4B |
股东权益IPSO
| Q4 25 | $14.8B | $36.0B | ||
| Q3 25 | $17.3B | $38.3B | ||
| Q2 25 | $18.6B | $37.3B | ||
| Q1 25 | $18.1B | $37.2B | ||
| Q4 24 | $8.2B | $33.2B | ||
| Q3 24 | $8.6B | $36.9B | ||
| Q2 24 | $8.6B | $36.1B | ||
| Q1 24 | $8.3B | $35.6B |
总资产IPSO
| Q4 25 | $38.0B | $155.7B | ||
| Q3 25 | $40.6B | $153.2B | ||
| Q2 25 | $42.4B | $148.9B | ||
| Q1 25 | $41.2B | $148.1B | ||
| Q4 24 | $22.8B | $145.2B | ||
| Q3 24 | $23.2B | $144.0B | ||
| Q2 24 | $23.1B | $141.9B | ||
| Q1 24 | $23.0B | $140.1B |
负债/权益比IPSO
| Q4 25 | 0.60× | 1.82× | ||
| Q3 25 | 0.52× | 1.69× | ||
| Q2 25 | 0.52× | 1.69× | ||
| Q1 25 | 0.51× | 1.69× | ||
| Q4 24 | 0.66× | 1.77× | ||
| Q3 24 | 0.62× | 1.66× | ||
| Q2 24 | 0.62× | 1.66× | ||
| Q1 24 | 0.66× | 1.67× |
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 | $2.6B |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $-1.7B |
| 自由现金流率自由现金流/营收 | 5.4% | -24.2% |
| 资本支出强度资本支出/营收 | 13.7% | 61.4% |
| 现金转化率经营现金流/净利润 | — | 7.62× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $-2.9B |
8季度趋势，按日历期对齐
经营现金流IPSO
| Q4 25 | $905.0M | $2.6B | ||
| Q3 25 | $605.0M | $3.8B | ||
| Q2 25 | $476.0M | $2.2B | ||
| Q1 25 | $-288.0M | $1.3B | ||
| Q4 24 | $397.0M | $2.2B | ||
| Q3 24 | $521.0M | $3.6B | ||
| Q2 24 | $365.0M | $2.7B | ||
| Q1 24 | $395.0M | $1.3B |
自由现金流IPSO
| Q4 25 | $255.0M | $-1.7B | ||
| Q3 25 | $150.0M | $559.0M | ||
| Q2 25 | $54.0M | $-619.0M | ||
| Q1 25 | $-618.0M | $-1.2B | ||
| Q4 24 | $137.0M | $-576.0M | ||
| Q3 24 | $309.0M | $1.3B | ||
| Q2 24 | $167.0M | $563.0M | ||
| Q1 24 | $144.0M | $-459.0M |
自由现金流率IPSO
| Q4 25 | 5.4% | -24.2% | ||
| Q3 25 | 2.4% | 7.1% | ||
| Q2 25 | 0.8% | -8.9% | ||
| Q1 25 | -10.5% | -15.3% | ||
| Q4 24 | 3.0% | -9.1% | ||
| Q3 24 | 6.6% | 17.9% | ||
| Q2 24 | 3.5% | 8.7% | ||
| Q1 24 | 3.1% | -6.9% |
资本支出强度IPSO
| Q4 25 | 13.7% | 61.4% | ||
| Q3 25 | 7.3% | 41.1% | ||
| Q2 25 | 6.2% | 40.2% | ||
| Q1 25 | 5.6% | 31.3% | ||
| Q4 24 | 5.7% | 43.4% | ||
| Q3 24 | 4.5% | 31.8% | ||
| Q2 24 | 4.2% | 32.9% | ||
| Q1 24 | 5.4% | 26.6% |
现金转化率IPSO
| Q4 25 | — | 7.62× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | 6.35× | 2.48× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 4.66× | ||
| Q3 24 | 3.47× | 2.36× | ||
| Q2 24 | 0.73× | 2.23× | ||
| Q1 24 | 7.05× | 1.22× |
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% |
SO
| Other | $3.9B | 57% |
| Retail Electric Commercial | $1.6B | 23% |
| Natural Gas Distribution Residential | $689.0M | 10% |
| Natural Gas Distribution Transportation | $371.0M | 5% |
| Wholesale Non Affiliates | $123.0M | 2% |
| Natural Gas Distribution Other | $76.0M | 1% |
| Wholesale Electric Non PPA Revenues | $62.0M | 1% |
| Wholesale Affiliates | $55.0M | 1% |
| Retail Electric Other | $31.0M | 0% |
| Alternative Energy | $20.0M | 0% |
| Natural Gas Distribution Industrial | $15.0M | 0% |
