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国际纸业（IP）与Steel Dynamics（STLD）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Steel Dynamics的1.1倍（$6.0B vs $5.2B），Steel Dynamics净利率更高（7.7% vs 1.0%，领先6.7%），Steel Dynamics同比增速更快（17.9% vs -0.6%），过去两年国际纸业的营收复合增速更高（12.3% vs 6.0%）
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。
Steel Dynamics是总部位于美国印第安纳州韦恩堡的钢铁生产企业，钢铁产能达1300万吨，为美国第三大碳钢产品生产商，按利润率及每吨运营利润率计算属于美国盈利能力最强的钢企之一，凭借2021年营收位列2022年财富美国500强第196位。
IP vs STLD — 直观对比
营收规模更大
IP
是对方的1.1倍
$5.2B
营收增速更快
STLD
高出18.5%
-0.6%
净利率更高
STLD
高出6.7%
1.0%
两年增速更快
IP
近两年复合增速
6.0%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $5.2B |
| 净利润 | $60.0M | $400.1M |
| 毛利率 | — | 14.7% |
| 营业利润率 | — | 10.3% |
| 净利率 | 1.0% | 7.7% |
| 营收同比 | -0.6% | 17.9% |
| 净利润同比 | 157.1% | 51.3% |
| 每股收益（稀释后） | $0.14 | $2.78 |
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IPSTLD
| Q1 26 | $6.0B | $5.2B | ||
| Q4 25 | $4.7B | $4.4B | ||
| Q3 25 | $6.2B | $4.8B | ||
| Q2 25 | $6.8B | $4.6B | ||
| Q1 25 | $5.9B | $4.4B | ||
| Q4 24 | $4.6B | $3.9B | ||
| Q3 24 | $4.7B | $4.3B | ||
| Q2 24 | $4.7B | $4.6B |
净利润IPSTLD
| Q1 26 | $60.0M | $400.1M | ||
| Q4 25 | $-2.4B | $266.0M | ||
| Q3 25 | $-1.1B | $403.7M | ||
| Q2 25 | $75.0M | $298.7M | ||
| Q1 25 | $-105.0M | $217.2M | ||
| Q4 24 | $-147.0M | $207.3M | ||
| Q3 24 | $150.0M | $317.8M | ||
| Q2 24 | $498.0M | $428.0M |
毛利率IPSTLD
| Q1 26 | — | 14.7% | ||
| Q4 25 | 32.2% | 12.0% | ||
| Q3 25 | 31.1% | 15.7% | ||
| Q2 25 | 27.9% | 13.5% | ||
| Q1 25 | 27.8% | 11.1% | ||
| Q4 24 | 29.0% | 11.4% | ||
| Q3 24 | 28.7% | 13.9% | ||
| Q2 24 | 29.0% | 16.7% |
营业利润率IPSTLD
| Q1 26 | — | 10.3% | ||
| Q4 25 | -56.4% | 7.0% | ||
| Q3 25 | -10.8% | 10.5% | ||
| Q2 25 | 1.7% | 8.4% | ||
| Q1 25 | -2.3% | 6.3% | ||
| Q4 24 | -4.9% | 6.1% | ||
| Q3 24 | 5.1% | 9.1% | ||
| Q2 24 | 6.8% | 12.1% |
净利率IPSTLD
| Q1 26 | 1.0% | 7.7% | ||
| Q4 25 | -50.3% | 6.0% | ||
| Q3 25 | -17.7% | 8.4% | ||
| Q2 25 | 1.1% | 6.5% | ||
| Q1 25 | -1.8% | 5.0% | ||
| Q4 24 | -3.2% | 5.4% | ||
| Q3 24 | 3.2% | 7.3% | ||
| Q2 24 | 10.5% | 9.2% |
每股收益（稀释后）IPSTLD
| Q1 26 | $0.14 | $2.78 | ||
| Q4 25 | $-4.76 | $1.80 | ||
| Q3 25 | $-2.09 | $2.74 | ||
| Q2 25 | $0.14 | $2.01 | ||
| Q1 25 | $-0.24 | $1.44 | ||
| Q4 24 | $-0.42 | $1.40 | ||
| Q3 24 | $0.42 | $2.05 | ||
| Q2 24 | $1.41 | $2.72 |
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 | — | $556.5M |
| 总债务越低越好 | $8.2B | $4.2B |
| 股东权益账面价值 | $14.8B | $9.0B |
| 总资产 | $36.4B | $16.7B |
| 负债/权益比越低杠杆越低 | 0.55× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资IPSTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | $1.1B | $769.9M | ||
| Q3 25 | $995.0M | $770.4M | ||
| Q2 25 | $1.1B | $497.6M | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.2B | $737.3M | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $1.0B | $1.2B |
总债务IPSTLD
| Q1 26 | $8.2B | $4.2B | ||
| Q4 25 | $8.8B | $4.2B | ||
| Q3 25 | $9.0B | $3.8B | ||
| Q2 25 | $9.7B | $3.8B | ||
| Q1 25 | $9.2B | $4.2B | ||
| Q4 24 | $5.4B | $3.2B | ||
| Q3 24 | $5.3B | $3.7B | ||
| Q2 24 | $5.3B | $3.1B |
股东权益IPSTLD
| Q1 26 | $14.8B | $9.0B | ||
| Q4 25 | $14.8B | $9.0B | ||
| Q3 25 | $17.3B | $9.0B | ||
| Q2 25 | $18.6B | $8.9B | ||
| Q1 25 | $18.1B | $8.8B | ||
| Q4 24 | $8.2B | $8.9B | ||
| Q3 24 | $8.6B | $9.1B | ||
| Q2 24 | $8.6B | $9.1B |
总资产IPSTLD
| Q1 26 | $36.4B | $16.7B | ||
| Q4 25 | $38.0B | $16.4B | ||
| Q3 25 | $40.6B | $16.0B | ||
| Q2 25 | $42.4B | $15.5B | ||
| Q1 25 | $41.2B | $15.9B | ||
| Q4 24 | $22.8B | $14.9B | ||
| Q3 24 | $23.2B | $15.7B | ||
| Q2 24 | $23.1B | $15.1B |
负债/权益比IPSTLD
| Q1 26 | 0.55× | 0.47× | ||
| Q4 25 | 0.60× | 0.47× | ||
| Q3 25 | 0.52× | 0.42× | ||
| Q2 25 | 0.52× | 0.43× | ||
| Q1 25 | 0.51× | 0.48× | ||
| Q4 24 | 0.66× | 0.36× | ||
| Q3 24 | 0.62× | 0.41× | ||
| Q2 24 | 0.62× | 0.34× |
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 | — | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $94.0M | — |
| 自由现金流率自由现金流/营收 | 1.6% | — |
| 资本支出强度资本支出/营收 | 8.7% | — |
| 现金转化率经营现金流/净利润 | — | 0.37× |
| 过去12个月自由现金流最近4个季度 | $553.0M | — |
8季度趋势，按日历期对齐
经营现金流IPSTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $905.0M | $272.7M | ||
| Q3 25 | $605.0M | $722.6M | ||
| Q2 25 | $476.0M | $301.6M | ||
| Q1 25 | $-288.0M | $152.6M | ||
| Q4 24 | $397.0M | $346.9M | ||
| Q3 24 | $521.0M | $759.9M | ||
| Q2 24 | $365.0M | $382.6M |
自由现金流IPSTLD
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $84.2M | ||
| Q3 25 | $150.0M | $556.9M | ||
| Q2 25 | $54.0M | $13.3M | ||
| Q1 25 | $-618.0M | $-152.9M | ||
| Q4 24 | $137.0M | $-106.3M | ||
| Q3 24 | $309.0M | $138.5M | ||
| Q2 24 | $167.0M | $-36.6M |
自由现金流率IPSTLD
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 1.9% | ||
| Q3 25 | 2.4% | 11.5% | ||
| Q2 25 | 0.8% | 0.3% | ||
| Q1 25 | -10.5% | -3.5% | ||
| Q4 24 | 3.0% | -2.7% | ||
| Q3 24 | 6.6% | 3.2% | ||
| Q2 24 | 3.5% | -0.8% |
资本支出强度IPSTLD
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 4.3% | ||
| Q3 25 | 7.3% | 3.4% | ||
| Q2 25 | 6.2% | 6.3% | ||
| Q1 25 | 5.6% | 7.0% | ||
| Q4 24 | 5.7% | 11.7% | ||
| Q3 24 | 4.5% | 14.3% | ||
| Q2 24 | 4.2% | 9.0% |
现金转化率IPSTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | — | 1.03× | ||
| Q3 25 | — | 1.79× | ||
| Q2 25 | 6.35× | 1.01× | ||
| Q1 25 | — | 0.70× | ||
| Q4 24 | — | 1.67× | ||
| Q3 24 | 3.47× | 2.39× | ||
| Q2 24 | 0.73× | 0.89× |
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% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
