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国际纸业（IP）与泰佩思琦（TPR）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泰佩思琦的2.4倍（$6.0B vs $2.5B），泰佩思琦净利率更高（22.4% vs 1.0%，领先21.4%），泰佩思琦同比增速更快（14.0% vs -0.6%），泰佩思琦自由现金流更多（$1.0B vs $94.0M），过去两年泰佩思琦的营收复合增速更高（29.9% 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。
Tapestry, Inc.是美国知名跨国奢侈品时尚控股企业，旗下拥有Coach、Kate Spade New York、Stuart Weitzman三大标志性生活方式品牌，主营高端手袋、服饰、鞋履、配饰及香水产品，销售渠道覆盖全球线下门店与线上电商平台。
IP vs TPR — 直观对比
营收规模更大
IP
是对方的2.4倍
$2.5B
营收增速更快
TPR
高出14.6%
-0.6%
净利率更高
TPR
高出21.4%
1.0%
自由现金流更多
TPR
多$943.5M
$94.0M
两年增速更快
TPR
近两年复合增速
12.3%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $2.5B |
| 净利润 | $60.0M | $561.3M |
| 毛利率 | — | 75.5% |
| 营业利润率 | — | 28.6% |
| 净利率 | 1.0% | 22.4% |
| 营收同比 | -0.6% | 14.0% |
| 净利润同比 | 157.1% | 80.8% |
| 每股收益（稀释后） | $0.14 | $2.68 |
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IPTPR
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $2.5B | ||
| Q3 25 | $6.2B | $1.7B | ||
| Q2 25 | $6.8B | $1.7B | ||
| Q1 25 | $5.9B | $1.6B | ||
| Q4 24 | $4.6B | $2.2B | ||
| Q3 24 | $4.7B | $1.5B | ||
| Q2 24 | $4.7B | $1.6B |
净利润IPTPR
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $561.3M | ||
| Q3 25 | $-1.1B | $274.8M | ||
| Q2 25 | $75.0M | $-517.1M | ||
| Q1 25 | $-105.0M | $203.3M | ||
| Q4 24 | $-147.0M | $310.4M | ||
| Q3 24 | $150.0M | $186.6M | ||
| Q2 24 | $498.0M | $159.3M |
毛利率IPTPR
| Q1 26 | — | — | ||
| Q4 25 | 32.2% | 75.5% | ||
| Q3 25 | 31.1% | 76.3% | ||
| Q2 25 | 27.9% | 76.3% | ||
| Q1 25 | 27.8% | 76.1% | ||
| Q4 24 | 29.0% | 74.4% | ||
| Q3 24 | 28.7% | 75.3% | ||
| Q2 24 | 29.0% | 74.9% |
营业利润率IPTPR
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 28.6% | ||
| Q3 25 | -10.8% | 19.3% | ||
| Q2 25 | 1.7% | -33.9% | ||
| Q1 25 | -2.3% | 16.0% | ||
| Q4 24 | -4.9% | 22.4% | ||
| Q3 24 | 5.1% | 16.7% | ||
| Q2 24 | 6.8% | 14.8% |
净利率IPTPR
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | 22.4% | ||
| Q3 25 | -17.7% | 16.1% | ||
| Q2 25 | 1.1% | -30.0% | ||
| Q1 25 | -1.8% | 12.8% | ||
| Q4 24 | -3.2% | 14.1% | ||
| Q3 24 | 3.2% | 12.4% | ||
| Q2 24 | 10.5% | 10.0% |
每股收益（稀释后）IPTPR
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | $2.68 | ||
| Q3 25 | $-2.09 | $1.28 | ||
| Q2 25 | $0.14 | $-2.30 | ||
| Q1 25 | $-0.24 | $0.95 | ||
| Q4 24 | $-0.42 | $1.38 | ||
| Q3 24 | $0.42 | $0.79 | ||
| Q2 24 | $1.41 | $0.67 |
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 | $8.2B | $2.4B |
| 股东权益账面价值 | $14.8B | $551.2M |
| 总资产 | $36.4B | $6.5B |
| 负债/权益比越低杠杆越低 | 0.55× | 4.32× |
8季度趋势，按日历期对齐
现金及短期投资IPTPR
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $995.0M | $743.2M | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.2B | $7.3B | ||
| Q2 24 | $1.0B | $7.2B |
总债务IPTPR
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | $2.4B | ||
| Q3 25 | $9.0B | $2.4B | ||
| Q2 25 | $9.7B | $2.4B | ||
| Q1 25 | $9.2B | $2.4B | ||
| Q4 24 | $5.4B | $2.4B | ||
| Q3 24 | $5.3B | $7.0B | ||
| Q2 24 | $5.3B | $6.9B |
股东权益IPTPR
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $551.2M | ||
| Q3 25 | $17.3B | $399.5M | ||
| Q2 25 | $18.6B | $857.8M | ||
| Q1 25 | $18.1B | $1.5B | ||
| Q4 24 | $8.2B | $1.3B | ||
| Q3 24 | $8.6B | $3.0B | ||
| Q2 24 | $8.6B | $2.9B |
总资产IPTPR
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $6.5B | ||
| Q3 25 | $40.6B | $6.4B | ||
| Q2 25 | $42.4B | $6.6B | ||
| Q1 25 | $41.2B | $7.3B | ||
| Q4 24 | $22.8B | $7.3B | ||
| Q3 24 | $23.2B | $13.7B | ||
| Q2 24 | $23.1B | $13.4B |
负债/权益比IPTPR
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.60× | 4.32× | ||
| Q3 25 | 0.52× | 5.95× | ||
| Q2 25 | 0.52× | 2.77× | ||
| Q1 25 | 0.51× | 1.59× | ||
| Q4 24 | 0.66× | 1.78× | ||
| Q3 24 | 0.62× | 2.35× | ||
| Q2 24 | 0.62× | 2.39× |
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 | — | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $1.0B |
| 自由现金流率自由现金流/营收 | 1.6% | 41.5% |
| 资本支出强度资本支出/营收 | 8.7% | 1.7% |
| 现金转化率经营现金流/净利润 | — | 1.93× |
| 过去12个月自由现金流最近4个季度 | $553.0M | $1.6B |
8季度趋势，按日历期对齐
经营现金流IPTPR
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $1.1B | ||
| Q3 25 | $605.0M | $112.6M | ||
| Q2 25 | $476.0M | $446.8M | ||
| Q1 25 | $-288.0M | $144.3M | ||
| Q4 24 | $397.0M | $506.0M | ||
| Q3 24 | $521.0M | $119.5M | ||
| Q2 24 | $365.0M | $256.0M |
自由现金流IPTPR
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $1.0B | ||
| Q3 25 | $150.0M | $80.2M | ||
| Q2 25 | $54.0M | $411.5M | ||
| Q1 25 | $-618.0M | $113.4M | ||
| Q4 24 | $137.0M | $475.1M | ||
| Q3 24 | $309.0M | $93.9M | ||
| Q2 24 | $167.0M | $209.8M |
自由现金流率IPTPR
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 41.5% | ||
| Q3 25 | 2.4% | 4.7% | ||
| Q2 25 | 0.8% | 23.9% | ||
| Q1 25 | -10.5% | 7.2% | ||
| Q4 24 | 3.0% | 21.6% | ||
| Q3 24 | 6.6% | 6.2% | ||
| Q2 24 | 3.5% | 13.2% |
资本支出强度IPTPR
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 1.7% | ||
| Q3 25 | 7.3% | 1.9% | ||
| Q2 25 | 6.2% | 2.0% | ||
| Q1 25 | 5.6% | 2.0% | ||
| Q4 24 | 5.7% | 1.4% | ||
| Q3 24 | 4.5% | 1.7% | ||
| Q2 24 | 4.2% | 2.9% |
现金转化率IPTPR
| Q1 26 | — | — | ||
| Q4 25 | — | 1.93× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | 6.35× | — | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 1.63× | ||
| Q3 24 | 3.47× | 0.64× | ||
| Q2 24 | 0.73× | 1.61× |
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% |
TPR
| Coach | $1.4B | 57% |
| Other | $787.0M | 31% |
| Kate Spade Company | $290.0M | 12% |
