vs
国际纸业（IP）与标普全球（SPGI）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标普全球的1.4倍（$6.0B vs $4.2B），标普全球净利率更高（36.1% vs 1.0%，领先35.1%），标普全球同比增速更快（10.0% vs -0.6%），标普全球自由现金流更多（$919.0M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs 8.4%）
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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
IP vs SPGI — 直观对比
营收规模更大
IP
是对方的1.4倍
$4.2B
营收增速更快
SPGI
高出10.6%
-0.6%
净利率更高
SPGI
高出35.1%
1.0%
自由现金流更多
SPGI
多$825.0M
$94.0M
两年增速更快
IP
近两年复合增速
8.4%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $4.2B |
| 净利润 | $60.0M | $1.5B |
| 毛利率 | — | — |
| 营业利润率 | — | 48.0% |
| 净利率 | 1.0% | 36.1% |
| 营收同比 | -0.6% | 10.0% |
| 净利润同比 | 157.1% | 28.0% |
| 每股收益（稀释后） | $0.14 | $4.69 |
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IPSPGI
| Q1 26 | $6.0B | $4.2B | ||
| Q4 25 | $4.7B | $3.9B | ||
| Q3 25 | $6.2B | $3.9B | ||
| Q2 25 | $6.8B | $3.8B | ||
| Q1 25 | $5.9B | $3.8B | ||
| Q4 24 | $4.6B | $3.6B | ||
| Q3 24 | $4.7B | $3.6B | ||
| Q2 24 | $4.7B | $3.5B |
净利润IPSPGI
| Q1 26 | $60.0M | $1.5B | ||
| Q4 25 | $-2.4B | $1.1B | ||
| Q3 25 | $-1.1B | $1.2B | ||
| Q2 25 | $75.0M | $1.1B | ||
| Q1 25 | $-105.0M | $1.1B | ||
| Q4 24 | $-147.0M | $879.0M | ||
| Q3 24 | $150.0M | $971.0M | ||
| Q2 24 | $498.0M | $1.0B |
毛利率IPSPGI
| Q1 26 | — | — | ||
| Q4 25 | 32.2% | 70.1% | ||
| Q3 25 | 31.1% | 71.2% | ||
| Q2 25 | 27.9% | 70.2% | ||
| Q1 25 | 27.8% | 69.5% | ||
| Q4 24 | 29.0% | 69.8% | ||
| Q3 24 | 28.7% | 70.0% | ||
| Q2 24 | 29.0% | 69.4% |
营业利润率IPSPGI
| Q1 26 | — | 48.0% | ||
| Q4 25 | -56.4% | 42.7% | ||
| Q3 25 | -10.8% | 43.1% | ||
| Q2 25 | 1.7% | 41.3% | ||
| Q1 25 | -2.3% | 41.8% | ||
| Q4 24 | -4.9% | 36.4% | ||
| Q3 24 | 5.1% | 40.1% | ||
| Q2 24 | 6.8% | 40.9% |
净利率IPSPGI
| Q1 26 | 1.0% | 36.1% | ||
| Q4 25 | -50.3% | 28.9% | ||
| Q3 25 | -17.7% | 30.2% | ||
| Q2 25 | 1.1% | 28.5% | ||
| Q1 25 | -1.8% | 28.9% | ||
| Q4 24 | -3.2% | 24.5% | ||
| Q3 24 | 3.2% | 27.2% | ||
| Q2 24 | 10.5% | 28.5% |
每股收益（稀释后）IPSPGI
| Q1 26 | $0.14 | $4.69 | ||
| Q4 25 | $-4.76 | $3.76 | ||
| Q3 25 | $-2.09 | $3.86 | ||
| Q2 25 | $0.14 | $3.50 | ||
| Q1 25 | $-0.24 | $3.54 | ||
| Q4 24 | $-0.42 | $2.85 | ||
| Q3 24 | $0.42 | $3.11 | ||
| Q2 24 | $1.41 | $3.23 |
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 | — | — |
| 总债务越低越好 | $8.2B | $13.3B |
| 股东权益账面价值 | $14.8B | $31.3B |
| 总资产 | $36.4B | $60.8B |
| 负债/权益比越低杠杆越低 | 0.55× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资IPSPGI
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $995.0M | $1.7B | ||
| Q2 25 | $1.1B | $1.8B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $1.0B | $2.0B |
总债务IPSPGI
| Q1 26 | $8.2B | $13.3B | ||
| Q4 25 | $8.8B | $13.1B | ||
| Q3 25 | $9.0B | $11.4B | ||
| Q2 25 | $9.7B | $11.4B | ||
| Q1 25 | $9.2B | $11.4B | ||
| Q4 24 | $5.4B | $11.4B | ||
| Q3 24 | $5.3B | $11.4B | ||
| Q2 24 | $5.3B | $11.4B |
股东权益IPSPGI
| Q1 26 | $14.8B | $31.3B | ||
| Q4 25 | $14.8B | $31.1B | ||
| Q3 25 | $17.3B | $33.1B | ||
| Q2 25 | $18.6B | $33.4B | ||
| Q1 25 | $18.1B | $33.4B | ||
| Q4 24 | $8.2B | $33.2B | ||
| Q3 24 | $8.6B | $34.0B | ||
| Q2 24 | $8.6B | $34.9B |
总资产IPSPGI
| Q1 26 | $36.4B | $60.8B | ||
| Q4 25 | $38.0B | $61.2B | ||
| Q3 25 | $40.6B | $59.7B | ||
| Q2 25 | $42.4B | $60.4B | ||
| Q1 25 | $41.2B | $59.9B | ||
| Q4 24 | $22.8B | $60.2B | ||
| Q3 24 | $23.2B | $60.4B | ||
| Q2 24 | $23.1B | $61.0B |
负债/权益比IPSPGI
| Q1 26 | 0.55× | 0.43× | ||
| Q4 25 | 0.60× | 0.42× | ||
| Q3 25 | 0.52× | 0.34× | ||
| Q2 25 | 0.52× | 0.34× | ||
| Q1 25 | 0.51× | 0.34× | ||
| Q4 24 | 0.66× | 0.34× | ||
| Q3 24 | 0.62× | 0.34× | ||
| Q2 24 | 0.62× | 0.33× |
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 | — | — |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $919.0M |
| 自由现金流率自由现金流/营收 | 1.6% | 22.0% |
| 资本支出强度资本支出/营收 | 8.7% | 0.6% |
| 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 | $553.0M | $5.5B |
8季度趋势，按日历期对齐
经营现金流IPSPGI
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $1.7B | ||
| Q3 25 | $605.0M | $1.5B | ||
| Q2 25 | $476.0M | $1.4B | ||
| Q1 25 | $-288.0M | $953.0M | ||
| Q4 24 | $397.0M | $1.7B | ||
| Q3 24 | $521.0M | $1.4B | ||
| Q2 24 | $365.0M | $1.6B |
自由现金流IPSPGI
| Q1 26 | $94.0M | $919.0M | ||
| Q4 25 | $255.0M | $1.7B | ||
| Q3 25 | $150.0M | $1.5B | ||
| Q2 25 | $54.0M | $1.4B | ||
| Q1 25 | $-618.0M | $910.0M | ||
| Q4 24 | $137.0M | $1.7B | ||
| Q3 24 | $309.0M | $1.4B | ||
| Q2 24 | $167.0M | $1.5B |
自由现金流率IPSPGI
| Q1 26 | 1.6% | 22.0% | ||
| Q4 25 | 5.4% | 43.5% | ||
| Q3 25 | 2.4% | 37.6% | ||
| Q2 25 | 0.8% | 36.9% | ||
| Q1 25 | -10.5% | 24.1% | ||
| Q4 24 | 3.0% | 47.5% | ||
| Q3 24 | 6.6% | 39.4% | ||
| Q2 24 | 3.5% | 42.9% |
资本支出强度IPSPGI
| Q1 26 | 8.7% | 0.6% | ||
| Q4 25 | 13.7% | 1.2% | ||
| Q3 25 | 7.3% | 1.2% | ||
| Q2 25 | 6.2% | 1.6% | ||
| Q1 25 | 5.6% | 1.1% | ||
| Q4 24 | 5.7% | 0.9% | ||
| Q3 24 | 4.5% | 1.0% | ||
| Q2 24 | 4.2% | 0.9% |
现金转化率IPSPGI
| Q1 26 | — | — | ||
| Q4 25 | — | 1.54× | ||
| Q3 25 | — | 1.28× | ||
| Q2 25 | 6.35× | 1.35× | ||
| Q1 25 | — | 0.87× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | 3.47× | 1.49× | ||
| Q2 24 | 0.73× | 1.54× |
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% |
SPGI
| Ratings | $1.3B | 31% |
| Market Intelligence | $1.3B | 31% |
| Energy | $652.0M | 16% |
| Indices | $519.0M | 12% |
| Mobility | $454.0M | 11% |
