vs
国际纸业（IP）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是国际纸业的1.3倍（$7.7B vs $6.0B），国际纸业净利率更高（1.0% vs 0.8%，领先0.2%），Smurfit Westrock同比增速更快（0.7% vs -0.6%），过去两年Smurfit Westrock的营收复合增速更高（61.2% vs 12.3%）
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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
IP vs SW — 直观对比
营收规模更大
SW
是对方的1.3倍
$6.0B
营收增速更快
SW
高出1.3%
-0.6%
净利率更高
IP
高出0.2%
0.8%
两年增速更快
SW
近两年复合增速
12.3%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $7.7B |
| 净利润 | $60.0M | $63.0M |
| 毛利率 | — | 16.4% |
| 营业利润率 | — | 3.3% |
| 净利率 | 1.0% | 0.8% |
| 营收同比 | -0.6% | 0.7% |
| 净利润同比 | 157.1% | 0.0% |
| 每股收益（稀释后） | $0.14 | $0.12 |
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IPSW
| Q1 26 | $6.0B | $7.7B | ||
| Q4 25 | $4.7B | $7.6B | ||
| Q3 25 | $6.2B | $8.0B | ||
| Q2 25 | $6.8B | $7.9B | ||
| Q1 25 | $5.9B | $7.7B | ||
| Q4 24 | $4.6B | $7.5B | ||
| Q3 24 | $4.7B | $7.7B | ||
| Q2 24 | $4.7B | $3.0B |
净利润IPSW
| Q1 26 | $60.0M | $63.0M | ||
| Q4 25 | $-2.4B | $97.0M | ||
| Q3 25 | $-1.1B | $246.0M | ||
| Q2 25 | $75.0M | $-28.0M | ||
| Q1 25 | $-105.0M | $384.0M | ||
| Q4 24 | $-147.0M | $146.0M | ||
| Q3 24 | $150.0M | $-150.0M | ||
| Q2 24 | $498.0M | $132.0M |
毛利率IPSW
| Q1 26 | — | 16.4% | ||
| Q4 25 | 32.2% | 18.2% | ||
| Q3 25 | 31.1% | 19.6% | ||
| Q2 25 | 27.9% | 19.1% | ||
| Q1 25 | 27.8% | 20.6% | ||
| Q4 24 | 29.0% | 19.1% | ||
| Q3 24 | 28.7% | 17.6% | ||
| Q2 24 | 29.0% | 23.3% |
营业利润率IPSW
| Q1 26 | — | 3.3% | ||
| Q4 25 | -56.4% | 5.1% | ||
| Q3 25 | -10.8% | 6.6% | ||
| Q2 25 | 1.7% | 3.2% | ||
| Q1 25 | -2.3% | 7.2% | ||
| Q4 24 | -4.9% | 5.3% | ||
| Q3 24 | 5.1% | 0.7% | ||
| Q2 24 | 6.8% | 8.2% |
净利率IPSW
| Q1 26 | 1.0% | 0.8% | ||
| Q4 25 | -50.3% | 1.3% | ||
| Q3 25 | -17.7% | 3.1% | ||
| Q2 25 | 1.1% | -0.4% | ||
| Q1 25 | -1.8% | 5.0% | ||
| Q4 24 | -3.2% | 1.9% | ||
| Q3 24 | 3.2% | -2.0% | ||
| Q2 24 | 10.5% | 4.4% |
每股收益（稀释后）IPSW
| Q1 26 | $0.14 | $0.12 | ||
| Q4 25 | $-4.76 | $0.18 | ||
| Q3 25 | $-2.09 | $0.47 | ||
| Q2 25 | $0.14 | $-0.05 | ||
| Q1 25 | $-0.24 | $0.73 | ||
| Q4 24 | $-0.42 | $-0.12 | ||
| Q3 24 | $0.42 | $-0.30 | ||
| Q2 24 | $1.41 | $0.51 |
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 | $980.0M |
| 股东权益账面价值 | $14.8B | $18.1B |
| 总资产 | $36.4B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.55× | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资IPSW
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $892.0M | ||
| Q3 25 | $995.0M | $851.0M | ||
| Q2 25 | $1.1B | $778.0M | ||
| Q1 25 | $1.2B | $797.0M | ||
| Q4 24 | $1.2B | $855.0M | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.0B | $26.8K |
总债务IPSW
| Q1 26 | $8.2B | $980.0M | ||
| Q4 25 | $8.8B | $13.4B | ||
| Q3 25 | $9.0B | $13.3B | ||
| Q2 25 | $9.7B | $13.3B | ||
| Q1 25 | $9.2B | $12.9B | ||
| Q4 24 | $5.4B | $12.5B | ||
| Q3 24 | $5.3B | $13.2B | ||
| Q2 24 | $5.3B | — |
股东权益IPSW
| Q1 26 | $14.8B | $18.1B | ||
| Q4 25 | $14.8B | $18.3B | ||
| Q3 25 | $17.3B | $18.4B | ||
| Q2 25 | $18.6B | $18.3B | ||
| Q1 25 | $18.1B | $17.9B | ||
| Q4 24 | $8.2B | $17.4B | ||
| Q3 24 | $8.6B | $18.0B | ||
| Q2 24 | $8.6B | $14.5K |
总资产IPSW
| Q1 26 | $36.4B | $45.2B | ||
| Q4 25 | $38.0B | $45.2B | ||
| Q3 25 | $40.6B | $45.6B | ||
| Q2 25 | $42.4B | $45.7B | ||
| Q1 25 | $41.2B | $44.6B | ||
| Q4 24 | $22.8B | $43.8B | ||
| Q3 24 | $23.2B | $45.0B | ||
| Q2 24 | $23.1B | $26.8K |
负债/权益比IPSW
| Q1 26 | 0.55× | 0.05× | ||
| Q4 25 | 0.60× | 0.73× | ||
| Q3 25 | 0.52× | 0.72× | ||
| Q2 25 | 0.52× | 0.73× | ||
| Q1 25 | 0.51× | 0.72× | ||
| Q4 24 | 0.66× | 0.72× | ||
| Q3 24 | 0.62× | 0.73× | ||
| 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 | — | $204.0M |
| 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 | — | 3.24× |
| 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IPSW
| Q1 26 | — | $204.0M | ||
| Q4 25 | $905.0M | $1.2B | ||
| Q3 25 | $605.0M | $1.1B | ||
| Q2 25 | $476.0M | $829.0M | ||
| Q1 25 | $-288.0M | $235.0M | ||
| Q4 24 | $397.0M | $781.0M | ||
| Q3 24 | $521.0M | $320.0M | ||
| Q2 24 | $365.0M | $340.0M |
自由现金流IPSW
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $612.0M | ||
| Q3 25 | $150.0M | $523.0M | ||
| Q2 25 | $54.0M | $307.0M | ||
| Q1 25 | $-618.0M | $-242.0M | ||
| Q4 24 | $137.0M | $212.0M | ||
| Q3 24 | $309.0M | $-192.0M | ||
| Q2 24 | $167.0M | $163.0M |
自由现金流率IPSW
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 8.1% | ||
| Q3 25 | 2.4% | 6.5% | ||
| Q2 25 | 0.8% | 3.9% | ||
| Q1 25 | -10.5% | -3.2% | ||
| Q4 24 | 3.0% | 2.8% | ||
| Q3 24 | 6.6% | -2.5% | ||
| Q2 24 | 3.5% | 5.5% |
资本支出强度IPSW
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 7.7% | ||
| Q3 25 | 7.3% | 7.6% | ||
| Q2 25 | 6.2% | 6.6% | ||
| Q1 25 | 5.6% | 6.2% | ||
| Q4 24 | 5.7% | 7.5% | ||
| Q3 24 | 4.5% | 6.7% | ||
| Q2 24 | 4.2% | 6.0% |
现金转化率IPSW
| Q1 26 | — | 3.24× | ||
| Q4 25 | — | 12.32× | ||
| Q3 25 | — | 4.61× | ||
| Q2 25 | 6.35× | — | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | — | 5.35× | ||
| Q3 24 | 3.47× | — | ||
| Q2 24 | 0.73× | 2.58× |
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% |
SW
暂无分部数据
