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国际纸业（IP）与托尔工业（THO）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托尔工业的2.0倍（$4.7B vs $2.4B），托尔工业净利率更高（0.9% vs -50.3%，领先51.2%），托尔工业同比增速更快（11.5% vs 3.6%），国际纸业自由现金流更多（$255.0M vs $-74.8M），过去两年托尔工业的营收复合增速更高（4.0% 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。
托尔工业是美国知名休闲房车（RV）生产商，旗下拥有Airstream、Heartland RV、Jayco等多个子品牌，主营拖挂式及自行式休闲房车的生产销售，总部位于印第安纳州埃尔克哈特，在密歇根、俄亥俄、爱达荷、俄勒冈等多个州设有生产基地。
IP vs THO — 直观对比
营收规模更大
IP
是对方的2.0倍
$2.4B
营收增速更快
THO
高出7.9%
3.6%
净利率更高
THO
高出51.2%
-50.3%
自由现金流更多
IP
多$329.8M
$-74.8M
两年增速更快
THO
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $2.4B |
| 净利润 | $-2.4B | $21.7M |
| 毛利率 | 32.2% | 13.4% |
| 营业利润率 | -56.4% | 1.4% |
| 净利率 | -50.3% | 0.9% |
| 营收同比 | 3.6% | 11.5% |
| 净利润同比 | -1521.8% | 1282.8% |
| 每股收益（稀释后） | $-4.76 | $0.41 |
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IPTHO
| Q4 25 | $4.7B | $2.4B | ||
| Q3 25 | $6.2B | $2.5B | ||
| Q2 25 | $6.8B | $2.9B | ||
| Q1 25 | $5.9B | $2.0B | ||
| Q4 24 | $4.6B | $2.1B | ||
| Q3 24 | $4.7B | $2.5B | ||
| Q2 24 | $4.7B | $2.8B | ||
| Q1 24 | $4.6B | $2.2B |
净利润IPTHO
| Q4 25 | $-2.4B | $21.7M | ||
| Q3 25 | $-1.1B | $125.8M | ||
| Q2 25 | $75.0M | $135.2M | ||
| Q1 25 | $-105.0M | $-551.0K | ||
| Q4 24 | $-147.0M | $-1.8M | ||
| Q3 24 | $150.0M | $90.0M | ||
| Q2 24 | $498.0M | $114.5M | ||
| Q1 24 | $56.0M | $7.2M |
毛利率IPTHO
| Q4 25 | 32.2% | 13.4% | ||
| Q3 25 | 31.1% | 14.7% | ||
| Q2 25 | 27.9% | 15.3% | ||
| Q1 25 | 27.8% | 12.1% | ||
| Q4 24 | 29.0% | 13.1% | ||
| Q3 24 | 28.7% | 15.8% | ||
| Q2 24 | 29.0% | 15.1% | ||
| Q1 24 | 25.9% | 12.3% |
营业利润率IPTHO
| Q4 25 | -56.4% | 1.4% | ||
| Q3 25 | -10.8% | 5.7% | ||
| Q2 25 | 1.7% | 5.4% | ||
| Q1 25 | -2.3% | -0.1% | ||
| Q4 24 | -4.9% | -0.1% | ||
| Q3 24 | 5.1% | 5.0% | ||
| Q2 24 | 6.8% | 5.1% | ||
| Q1 24 | 3.7% | 0.3% |
净利率IPTHO
| Q4 25 | -50.3% | 0.9% | ||
| Q3 25 | -17.7% | 5.0% | ||
| Q2 25 | 1.1% | 4.7% | ||
| Q1 25 | -1.8% | -0.0% | ||
| Q4 24 | -3.2% | -0.1% | ||
| Q3 24 | 3.2% | 3.6% | ||
| Q2 24 | 10.5% | 4.1% | ||
| Q1 24 | 1.2% | 0.3% |
每股收益（稀释后）IPTHO
| Q4 25 | $-4.76 | $0.41 | ||
| Q3 25 | $-2.09 | $2.35 | ||
| Q2 25 | $0.14 | $2.53 | ||
| Q1 25 | $-0.24 | $-0.01 | ||
| Q4 24 | $-0.42 | $-0.03 | ||
| Q3 24 | $0.42 | $1.69 | ||
| Q2 24 | $1.41 | $2.13 | ||
| 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 | $509.9M |
| 总债务越低越好 | $8.8B | $916.0M |
| 股东权益账面价值 | $14.8B | $4.3B |
| 总资产 | $38.0B | $7.0B |
| 负债/权益比越低杠杆越低 | 0.60× | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资IPTHO
| Q4 25 | $1.1B | $509.9M | ||
| Q3 25 | $995.0M | $586.6M | ||
| Q2 25 | $1.1B | $508.3M | ||
| Q1 25 | $1.2B | $373.8M | ||
| Q4 24 | $1.2B | $445.2M | ||
| Q3 24 | $1.2B | $501.3M | ||
| Q2 24 | $1.0B | $371.8M | ||
| Q1 24 | $1.1B | $340.2M |
总债务IPTHO
| Q4 25 | $8.8B | $916.0M | ||
| Q3 25 | $9.0B | $923.0M | ||
| Q2 25 | $9.7B | $1.0B | ||
| Q1 25 | $9.2B | $1.0B | ||
| Q4 24 | $5.4B | $1.1B | ||
| Q3 24 | $5.3B | $1.1B | ||
| Q2 24 | $5.3B | $1.2B | ||
| Q1 24 | $5.5B | $1.4B |
股东权益IPTHO
| Q4 25 | $14.8B | $4.3B | ||
| Q3 25 | $17.3B | $4.3B | ||
| Q2 25 | $18.6B | $4.2B | ||
| Q1 25 | $18.1B | $4.0B | ||
| Q4 24 | $8.2B | $4.1B | ||
| Q3 24 | $8.6B | $4.1B | ||
| Q2 24 | $8.6B | $4.0B | ||
| Q1 24 | $8.3B | $3.9B |
总资产IPTHO
| Q4 25 | $38.0B | $7.0B | ||
| Q3 25 | $40.6B | $7.1B | ||
| Q2 25 | $42.4B | $7.2B | ||
| Q1 25 | $41.2B | $6.7B | ||
| Q4 24 | $22.8B | $6.9B | ||
| Q3 24 | $23.2B | $7.0B | ||
| Q2 24 | $23.1B | $7.2B | ||
| Q1 24 | $23.0B | $7.2B |
负债/权益比IPTHO
| Q4 25 | 0.60× | 0.21× | ||
| Q3 25 | 0.52× | 0.22× | ||
| Q2 25 | 0.52× | 0.24× | ||
| Q1 25 | 0.51× | 0.26× | ||
| Q4 24 | 0.66× | 0.27× | ||
| Q3 24 | 0.62× | 0.28× | ||
| Q2 24 | 0.62× | 0.31× | ||
| Q1 24 | 0.66× | 0.36× |
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 | $-44.9M |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $-74.8M |
| 自由现金流率自由现金流/营收 | 5.4% | -3.1% |
| 资本支出强度资本支出/营收 | 13.7% | 1.3% |
| 现金转化率经营现金流/净利润 | — | -2.07× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $375.1M |
8季度趋势，按日历期对齐
经营现金流IPTHO
| Q4 25 | $905.0M | $-44.9M | ||
| Q3 25 | $605.0M | $258.7M | ||
| Q2 25 | $476.0M | $257.7M | ||
| Q1 25 | $-288.0M | $30.8M | ||
| Q4 24 | $397.0M | $30.7M | ||
| Q3 24 | $521.0M | $338.0M | ||
| Q2 24 | $365.0M | $251.7M | ||
| Q1 24 | $395.0M | $-103.9M |
自由现金流IPTHO
| Q4 25 | $255.0M | $-74.8M | ||
| Q3 25 | $150.0M | $221.6M | ||
| Q2 25 | $54.0M | $222.5M | ||
| Q1 25 | $-618.0M | $5.8M | ||
| Q4 24 | $137.0M | $6.4M | ||
| Q3 24 | $309.0M | $301.3M | ||
| Q2 24 | $167.0M | $225.4M | ||
| Q1 24 | $144.0M | $-140.2M |
自由现金流率IPTHO
| Q4 25 | 5.4% | -3.1% | ||
| Q3 25 | 2.4% | 8.8% | ||
| Q2 25 | 0.8% | 7.7% | ||
| Q1 25 | -10.5% | 0.3% | ||
| Q4 24 | 3.0% | 0.3% | ||
| Q3 24 | 6.6% | 11.9% | ||
| Q2 24 | 3.5% | 8.0% | ||
| Q1 24 | 3.1% | -6.4% |
资本支出强度IPTHO
| Q4 25 | 13.7% | 1.3% | ||
| Q3 25 | 7.3% | 1.5% | ||
| Q2 25 | 6.2% | 1.2% | ||
| Q1 25 | 5.6% | 1.2% | ||
| Q4 24 | 5.7% | 1.1% | ||
| Q3 24 | 4.5% | 1.4% | ||
| Q2 24 | 4.2% | 0.9% | ||
| Q1 24 | 5.4% | 1.6% |
现金转化率IPTHO
| Q4 25 | — | -2.07× | ||
| Q3 25 | — | 2.06× | ||
| Q2 25 | 6.35× | 1.91× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.47× | 3.76× | ||
| Q2 24 | 0.73× | 2.20× | ||
| Q1 24 | 7.05× | -14.39× |
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% |
THO
| Other | $417.1M | 17% |
| Travel Trailers | $403.6M | 17% |
| Motorcaravan | $391.9M | 16% |
| Fifth Wheels Towables | $306.9M | 13% |
| Classc Motorized | $297.2M | 12% |
| Campervan | $188.3M | 8% |
| Classa Motorized | $169.9M | 7% |
| Classb Motorized | $110.0M | 5% |
| Other Rv Related | $70.0M | 3% |
| Caravan | $34.3M | 1% |
