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国际纸业（IP）与道富集团（STT）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道富集团的1.3倍（$4.7B vs $3.7B），道富集团净利率更高（20.4% vs -50.3%，领先70.6%），道富集团同比增速更快（7.5% vs 3.6%），道富集团自由现金流更多（$9.8B vs $255.0M），过去两年道富集团的营收复合增速更高（8.1% 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。
道富集团是总部位于美国波士顿的跨国金融服务及银行控股公司，历史可追溯至1792年成立的联合银行，是美国运营历史第二悠久的存续银行。作为全球顶尖的资产管理与托管机构，截至2025年第三季度，其管理资产规模约5.4万亿美元，托管及管理资产总规模达51.7万亿美元。
IP vs STT — 直观对比
营收规模更大
IP
是对方的1.3倍
$3.7B
营收增速更快
STT
高出3.9%
3.6%
净利率更高
STT
高出70.6%
-50.3%
自由现金流更多
STT
多$9.5B
$255.0M
两年增速更快
STT
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $3.7B |
| 净利润 | $-2.4B | $747.0M |
| 毛利率 | 32.2% | — |
| 营业利润率 | -56.4% | 25.0% |
| 净利率 | -50.3% | 20.4% |
| 营收同比 | 3.6% | 7.5% |
| 净利润同比 | -1521.8% | -4.6% |
| 每股收益（稀释后） | $-4.76 | $2.41 |
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IPSTT
| Q4 25 | $4.7B | $3.7B | ||
| Q3 25 | $6.2B | $3.5B | ||
| Q2 25 | $6.8B | $3.4B | ||
| Q1 25 | $5.9B | $3.3B | ||
| Q4 24 | $4.6B | $3.4B | ||
| Q3 24 | $4.7B | $3.3B | ||
| Q2 24 | $4.7B | $3.2B | ||
| Q1 24 | $4.6B | $3.1B |
净利润IPSTT
| Q4 25 | $-2.4B | $747.0M | ||
| Q3 25 | $-1.1B | $861.0M | ||
| Q2 25 | $75.0M | $693.0M | ||
| Q1 25 | $-105.0M | $644.0M | ||
| Q4 24 | $-147.0M | $783.0M | ||
| Q3 24 | $150.0M | $730.0M | ||
| Q2 24 | $498.0M | $711.0M | ||
| Q1 24 | $56.0M | $463.0M |
毛利率IPSTT
| 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IPSTT
| Q4 25 | -56.4% | 25.0% | ||
| Q3 25 | -10.8% | 31.1% | ||
| Q2 25 | 1.7% | 25.8% | ||
| Q1 25 | -2.3% | 25.0% | ||
| Q4 24 | -4.9% | 28.1% | ||
| Q3 24 | 5.1% | 28.4% | ||
| Q2 24 | 6.8% | 28.6% | ||
| Q1 24 | 3.7% | 19.1% |
净利率IPSTT
| Q4 25 | -50.3% | 20.4% | ||
| Q3 25 | -17.7% | 24.3% | ||
| Q2 25 | 1.1% | 20.1% | ||
| Q1 25 | -1.8% | 19.6% | ||
| Q4 24 | -3.2% | 22.9% | ||
| Q3 24 | 3.2% | 22.4% | ||
| Q2 24 | 10.5% | 22.3% | ||
| Q1 24 | 1.2% | 14.8% |
每股收益（稀释后）IPSTT
| Q4 25 | $-4.76 | $2.41 | ||
| Q3 25 | $-2.09 | $2.78 | ||
| Q2 25 | $0.14 | $2.17 | ||
| Q1 25 | $-0.24 | $2.04 | ||
| Q4 24 | $-0.42 | $2.43 | ||
| Q3 24 | $0.42 | $2.26 | ||
| Q2 24 | $1.41 | $2.15 | ||
| Q1 24 | $0.16 | $1.37 |
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 | — |
| 总债务越低越好 | $8.8B | — |
| 股东权益账面价值 | $14.8B | $27.8B |
| 总资产 | $38.0B | $366.0B |
| 负债/权益比越低杠杆越低 | 0.60× | — |
8季度趋势，按日历期对齐
现金及短期投资IPSTT
| Q4 25 | $1.1B | — | ||
| Q3 25 | $995.0M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.1B | — |
总债务IPSTT
| 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 | — | ||
| Q1 24 | $5.5B | — |
股东权益IPSTT
| Q4 25 | $14.8B | $27.8B | ||
| Q3 25 | $17.3B | $27.6B | ||
| Q2 25 | $18.6B | $27.3B | ||
| Q1 25 | $18.1B | $26.7B | ||
| Q4 24 | $8.2B | $25.3B | ||
| Q3 24 | $8.6B | $25.8B | ||
| Q2 24 | $8.6B | $24.8B | ||
| Q1 24 | $8.3B | $24.4B |
总资产IPSTT
| Q4 25 | $38.0B | $366.0B | ||
| Q3 25 | $40.6B | $371.1B | ||
| Q2 25 | $42.4B | $376.7B | ||
| Q1 25 | $41.2B | $372.7B | ||
| Q4 24 | $22.8B | $353.2B | ||
| Q3 24 | $23.2B | $338.5B | ||
| Q2 24 | $23.1B | $325.6B | ||
| Q1 24 | $23.0B | $338.0B |
负债/权益比IPSTT
| 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× | — | ||
| Q1 24 | 0.66× | — |
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 | $10.0B |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $9.8B |
| 自由现金流率自由现金流/营收 | 5.4% | 266.6% |
| 资本支出强度资本支出/营收 | 13.7% | 7.3% |
| 现金转化率经营现金流/净利润 | — | 13.44× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $10.8B |
8季度趋势，按日历期对齐
经营现金流IPSTT
| Q4 25 | $905.0M | $10.0B | ||
| Q3 25 | $605.0M | $7.9B | ||
| Q2 25 | $476.0M | $-8.4B | ||
| Q1 25 | $-288.0M | $2.4B | ||
| Q4 24 | $397.0M | $-7.4B | ||
| Q3 24 | $521.0M | $2.7B | ||
| Q2 24 | $365.0M | $-7.6B | ||
| Q1 24 | $395.0M | $-844.0M |
自由现金流IPSTT
| Q4 25 | $255.0M | $9.8B | ||
| Q3 25 | $150.0M | $7.7B | ||
| Q2 25 | $54.0M | $-8.8B | ||
| Q1 25 | $-618.0M | $2.2B | ||
| Q4 24 | $137.0M | $-7.7B | ||
| Q3 24 | $309.0M | $2.5B | ||
| Q2 24 | $167.0M | $-7.9B | ||
| Q1 24 | $144.0M | $-1.1B |
自由现金流率IPSTT
| Q4 25 | 5.4% | 266.6% | ||
| Q3 25 | 2.4% | 216.0% | ||
| Q2 25 | 0.8% | -254.1% | ||
| Q1 25 | -10.5% | 66.1% | ||
| Q4 24 | 3.0% | -225.1% | ||
| Q3 24 | 6.6% | 75.9% | ||
| Q2 24 | 3.5% | -246.2% | ||
| Q1 24 | 3.1% | -34.2% |
资本支出强度IPSTT
| Q4 25 | 13.7% | 7.3% | ||
| Q3 25 | 7.3% | 6.9% | ||
| Q2 25 | 6.2% | 9.3% | ||
| Q1 25 | 5.6% | 6.9% | ||
| Q4 24 | 5.7% | 7.3% | ||
| Q3 24 | 4.5% | 7.2% | ||
| Q2 24 | 4.2% | 6.7% | ||
| Q1 24 | 5.4% | 7.3% |
现金转化率IPSTT
| Q4 25 | — | 13.44× | ||
| Q3 25 | — | 9.18× | ||
| Q2 25 | 6.35× | -12.18× | ||
| Q1 25 | — | 3.72× | ||
| Q4 24 | — | -9.49× | ||
| Q3 24 | 3.47× | 3.71× | ||
| Q2 24 | 0.73× | -10.75× | ||
| Q1 24 | 7.05× | -1.82× |
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% |
STT
| Other | $2.2B | 59% |
| Investment Management | $729.0M | 20% |
| Management Services | $662.0M | 18% |
| Other Fee Revenue | $56.0M | 2% |
| Securities Financing Services | $54.0M | 1% |
