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国际纸业（IP）与史丹利百得（SWK）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史丹利百得的1.3倍（$4.7B vs $3.8B），史丹利百得净利率更高（1.4% vs -50.3%，领先51.6%），国际纸业同比增速更快（3.6% vs 0.1%），国际纸业自由现金流更多（$255.0M vs $155.3M），过去两年国际纸业的营收复合增速更高（1.3% vs 0.3%）
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。
史丹利百得是美国知名的工业工具、家用五金产品制造商，同时提供安防类产品，前身为史丹利工具有限公司，由史丹利与百得于2010年3月12日合并而来，总部位于康涅狄格州大哈特福德地区的新不列颠市。
IP vs SWK — 直观对比
营收规模更大
IP
是对方的1.3倍
$3.8B
营收增速更快
IP
高出3.5%
0.1%
净利率更高
SWK
高出51.6%
-50.3%
自由现金流更多
IP
多$99.7M
$155.3M
两年增速更快
IP
近两年复合增速
0.3%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $3.8B |
| 净利润 | $-2.4B | $51.4M |
| 毛利率 | 32.2% | 31.4% |
| 营业利润率 | -56.4% | — |
| 净利率 | -50.3% | 1.4% |
| 营收同比 | 3.6% | 0.1% |
| 净利润同比 | -1521.8% | -43.6% |
| 每股收益（稀释后） | $-4.76 | $0.34 |
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IPSWK
| Q4 25 | $4.7B | — | ||
| Q3 25 | $6.2B | $3.8B | ||
| Q2 25 | $6.8B | $3.9B | ||
| Q1 25 | $5.9B | $3.7B | ||
| Q4 24 | $4.6B | $3.7B | ||
| Q3 24 | $4.7B | $3.8B | ||
| Q2 24 | $4.7B | $4.0B | ||
| Q1 24 | $4.6B | $3.9B |
净利润IPSWK
| Q4 25 | $-2.4B | — | ||
| Q3 25 | $-1.1B | $51.4M | ||
| Q2 25 | $75.0M | $101.9M | ||
| Q1 25 | $-105.0M | $90.4M | ||
| Q4 24 | $-147.0M | $194.9M | ||
| Q3 24 | $150.0M | $91.1M | ||
| Q2 24 | $498.0M | $-11.2M | ||
| Q1 24 | $56.0M | $19.5M |
毛利率IPSWK
| Q4 25 | 32.2% | — | ||
| Q3 25 | 31.1% | 31.4% | ||
| Q2 25 | 27.9% | 27.0% | ||
| Q1 25 | 27.8% | 29.9% | ||
| Q4 24 | 29.0% | 30.8% | ||
| Q3 24 | 28.7% | 29.9% | ||
| Q2 24 | 29.0% | 28.4% | ||
| Q1 24 | 25.9% | 28.6% |
营业利润率IPSWK
| Q4 25 | -56.4% | — | ||
| Q3 25 | -10.8% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | -2.3% | — | ||
| Q4 24 | -4.9% | 3.4% | ||
| Q3 24 | 5.1% | 10.6% | ||
| Q2 24 | 6.8% | 9.5% | ||
| Q1 24 | 3.7% | 8.3% |
净利率IPSWK
| Q4 25 | -50.3% | — | ||
| Q3 25 | -17.7% | 1.4% | ||
| Q2 25 | 1.1% | 2.6% | ||
| Q1 25 | -1.8% | 2.4% | ||
| Q4 24 | -3.2% | 5.2% | ||
| Q3 24 | 3.2% | 2.4% | ||
| Q2 24 | 10.5% | -0.3% | ||
| Q1 24 | 1.2% | 0.5% |
每股收益（稀释后）IPSWK
| Q4 25 | $-4.76 | — | ||
| Q3 25 | $-2.09 | $0.34 | ||
| Q2 25 | $0.14 | $0.67 | ||
| Q1 25 | $-0.24 | $0.60 | ||
| Q4 24 | $-0.42 | $1.29 | ||
| Q3 24 | $0.42 | $0.60 | ||
| Q2 24 | $1.41 | $-0.07 | ||
| Q1 24 | $0.16 | $0.13 |
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 | $268.3M |
| 总债务越低越好 | $8.8B | $5.3B |
| 股东权益账面价值 | $14.8B | $9.0B |
| 总资产 | $38.0B | $21.8B |
| 负债/权益比越低杠杆越低 | 0.60× | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资IPSWK
| Q4 25 | $1.1B | — | ||
| Q3 25 | $995.0M | $268.3M | ||
| Q2 25 | $1.1B | $311.8M | ||
| Q1 25 | $1.2B | $344.8M | ||
| Q4 24 | $1.2B | $290.5M | ||
| Q3 24 | $1.2B | $298.7M | ||
| Q2 24 | $1.0B | $318.5M | ||
| Q1 24 | $1.1B | $476.6M |
总债务IPSWK
| Q4 25 | $8.8B | — | ||
| Q3 25 | $9.0B | $5.3B | ||
| Q2 25 | $9.7B | $5.6B | ||
| Q1 25 | $9.2B | $5.6B | ||
| Q4 24 | $5.4B | $6.1B | ||
| Q3 24 | $5.3B | $6.1B | ||
| Q2 24 | $5.3B | $6.1B | ||
| Q1 24 | $5.5B | $6.1B |
股东权益IPSWK
| Q4 25 | $14.8B | — | ||
| Q3 25 | $17.3B | $9.0B | ||
| Q2 25 | $18.6B | $9.1B | ||
| Q1 25 | $18.1B | $8.8B | ||
| Q4 24 | $8.2B | $8.7B | ||
| Q3 24 | $8.6B | $8.9B | ||
| Q2 24 | $8.6B | $8.7B | ||
| Q1 24 | $8.3B | $8.9B |
总资产IPSWK
| Q4 25 | $38.0B | — | ||
| Q3 25 | $40.6B | $21.8B | ||
| Q2 25 | $42.4B | $22.5B | ||
| Q1 25 | $41.2B | $22.5B | ||
| Q4 24 | $22.8B | $21.8B | ||
| Q3 24 | $23.2B | $22.5B | ||
| Q2 24 | $23.1B | $22.5B | ||
| Q1 24 | $23.0B | $23.9B |
负债/权益比IPSWK
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.52× | 0.59× | ||
| Q2 25 | 0.52× | 0.62× | ||
| Q1 25 | 0.51× | 0.63× | ||
| Q4 24 | 0.66× | 0.70× | ||
| Q3 24 | 0.62× | 0.69× | ||
| Q2 24 | 0.62× | 0.70× | ||
| Q1 24 | 0.66× | 0.69× |
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 | $221.2M |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $155.3M |
| 自由现金流率自由现金流/营收 | 5.4% | 4.1% |
| 资本支出强度资本支出/营收 | 13.7% | 1.8% |
| 现金转化率经营现金流/净利润 | — | 4.30× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $369.6M |
8季度趋势，按日历期对齐
经营现金流IPSWK
| Q4 25 | $905.0M | — | ||
| Q3 25 | $605.0M | $221.2M | ||
| Q2 25 | $476.0M | $214.3M | ||
| Q1 25 | $-288.0M | $-420.0M | ||
| Q4 24 | $397.0M | $679.1M | ||
| Q3 24 | $521.0M | $285.8M | ||
| Q2 24 | $365.0M | $573.0M | ||
| Q1 24 | $395.0M | $-431.0M |
自由现金流IPSWK
| Q4 25 | $255.0M | — | ||
| Q3 25 | $150.0M | $155.3M | ||
| Q2 25 | $54.0M | $134.7M | ||
| Q1 25 | $-618.0M | $-485.0M | ||
| Q4 24 | $137.0M | $564.6M | ||
| Q3 24 | $309.0M | $199.3M | ||
| Q2 24 | $167.0M | $485.8M | ||
| Q1 24 | $144.0M | $-496.7M |
自由现金流率IPSWK
| Q4 25 | 5.4% | — | ||
| Q3 25 | 2.4% | 4.1% | ||
| Q2 25 | 0.8% | 3.4% | ||
| Q1 25 | -10.5% | -13.0% | ||
| Q4 24 | 3.0% | 15.2% | ||
| Q3 24 | 6.6% | 5.3% | ||
| Q2 24 | 3.5% | 12.1% | ||
| Q1 24 | 3.1% | -12.8% |
资本支出强度IPSWK
| Q4 25 | 13.7% | — | ||
| Q3 25 | 7.3% | 1.8% | ||
| Q2 25 | 6.2% | 2.0% | ||
| Q1 25 | 5.6% | 1.7% | ||
| Q4 24 | 5.7% | 3.1% | ||
| Q3 24 | 4.5% | 2.3% | ||
| Q2 24 | 4.2% | 2.2% | ||
| Q1 24 | 5.4% | 1.7% |
现金转化率IPSWK
| Q4 25 | — | — | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | 6.35× | 2.10× | ||
| Q1 25 | — | -4.65× | ||
| Q4 24 | — | 3.48× | ||
| Q3 24 | 3.47× | 3.14× | ||
| Q2 24 | 0.73× | — | ||
| Q1 24 | 7.05× | -22.10× |
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% |
SWK
| Tools And Outdoor Segment | $3.3B | 87% |
| Engineered Fastening Segment | $500.5M | 13% |
