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国际纸业（IP）与特灵科技（TT）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特灵科技的1.2倍（$6.0B vs $5.0B），特灵科技净利率更高（11.9% vs 1.0%，领先10.9%），特灵科技同比增速更快（6.0% vs -0.6%），特灵科技自由现金流更多（$573.0M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs -3.2%）
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。
特灵科技是一家注册地位于爱尔兰的企业，核心业务覆盖采暖、通风、空调及制冷系统领域。品牌历史可追溯至150多年前，历经多次并购与分拆：2008年暖通空调厂商特灵被美国工业工具制造商英格索兰收购，2020年工具业务分拆独立为英格索兰，剩余业务正式更名特灵科技。
IP vs TT — 直观对比
营收规模更大
IP
是对方的1.2倍
$5.0B
营收增速更快
TT
高出6.6%
-0.6%
净利率更高
TT
高出10.9%
1.0%
自由现金流更多
TT
多$479.0M
$94.0M
两年增速更快
IP
近两年复合增速
-3.2%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $5.0B |
| 净利润 | $60.0M | $589.5M |
| 毛利率 | — | 165.2% |
| 营业利润率 | — | 15.6% |
| 净利率 | 1.0% | 11.9% |
| 营收同比 | -0.6% | 6.0% |
| 净利润同比 | 157.1% | -3.4% |
| 每股收益（稀释后） | $0.14 | — |
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IPTT
| Q1 26 | $6.0B | $5.0B | ||
| Q4 25 | $4.7B | $5.1B | ||
| Q3 25 | $6.2B | $5.7B | ||
| Q2 25 | $6.8B | $5.7B | ||
| Q1 25 | $5.9B | $4.7B | ||
| Q4 24 | $4.6B | $4.9B | ||
| Q3 24 | $4.7B | $5.4B | ||
| Q2 24 | $4.7B | $5.3B |
净利润IPTT
| Q1 26 | $60.0M | $589.5M | ||
| Q4 25 | $-2.4B | $591.3M | ||
| Q3 25 | $-1.1B | $847.6M | ||
| Q2 25 | $75.0M | $874.8M | ||
| Q1 25 | $-105.0M | $604.9M | ||
| Q4 24 | $-147.0M | $604.3M | ||
| Q3 24 | $150.0M | $772.0M | ||
| Q2 24 | $498.0M | $755.3M |
毛利率IPTT
| Q1 26 | — | 165.2% | ||
| Q4 25 | 32.2% | — | ||
| Q3 25 | 31.1% | 36.9% | ||
| Q2 25 | 27.9% | 37.6% | ||
| Q1 25 | 27.8% | 35.8% | ||
| Q4 24 | 29.0% | — | ||
| Q3 24 | 28.7% | 36.3% | ||
| Q2 24 | 29.0% | 36.5% |
营业利润率IPTT
| Q1 26 | — | 15.6% | ||
| Q4 25 | -56.4% | 15.9% | ||
| Q3 25 | -10.8% | 20.3% | ||
| Q2 25 | 1.7% | 20.3% | ||
| Q1 25 | -2.3% | 17.5% | ||
| Q4 24 | -4.9% | 16.6% | ||
| Q3 24 | 5.1% | 18.8% | ||
| Q2 24 | 6.8% | 19.5% |
净利率IPTT
| Q1 26 | 1.0% | 11.9% | ||
| Q4 25 | -50.3% | 11.5% | ||
| Q3 25 | -17.7% | 14.8% | ||
| Q2 25 | 1.1% | 15.2% | ||
| Q1 25 | -1.8% | 12.9% | ||
| Q4 24 | -3.2% | 12.4% | ||
| Q3 24 | 3.2% | 14.2% | ||
| Q2 24 | 10.5% | 14.2% |
每股收益（稀释后）IPTT
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | $2.64 | ||
| Q3 25 | $-2.09 | $3.78 | ||
| Q2 25 | $0.14 | $3.89 | ||
| Q1 25 | $-0.24 | $2.67 | ||
| Q4 24 | $-0.42 | $2.65 | ||
| Q3 24 | $0.42 | $3.39 | ||
| Q2 24 | $1.41 | $3.30 |
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 | $4.6B |
| 股东权益账面价值 | $14.8B | $8.6B |
| 总资产 | $36.4B | $22.8B |
| 负债/权益比越低杠杆越低 | 0.55× | 0.54× |
8季度趋势，按日历期对齐
现金及短期投资IPTT
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $995.0M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.0B | — |
总债务IPTT
| Q1 26 | $8.2B | $4.6B | ||
| Q4 25 | $8.8B | $4.6B | ||
| Q3 25 | $9.0B | — | ||
| Q2 25 | $9.7B | — | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $5.4B | $4.8B | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | — |
股东权益IPTT
| Q1 26 | $14.8B | $8.6B | ||
| Q4 25 | $14.8B | $8.6B | ||
| Q3 25 | $17.3B | $8.3B | ||
| Q2 25 | $18.6B | $7.8B | ||
| Q1 25 | $18.1B | $7.5B | ||
| Q4 24 | $8.2B | $7.5B | ||
| Q3 24 | $8.6B | $7.6B | ||
| Q2 24 | $8.6B | $6.9B |
总资产IPTT
| Q1 26 | $36.4B | $22.8B | ||
| Q4 25 | $38.0B | $21.4B | ||
| Q3 25 | $40.6B | $21.4B | ||
| Q2 25 | $42.4B | $21.0B | ||
| Q1 25 | $41.2B | $20.1B | ||
| Q4 24 | $22.8B | $20.1B | ||
| Q3 24 | $23.2B | $20.9B | ||
| Q2 24 | $23.1B | $20.2B |
负债/权益比IPTT
| Q1 26 | 0.55× | 0.54× | ||
| Q4 25 | 0.60× | 0.54× | ||
| Q3 25 | 0.52× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 0.66× | 0.64× | ||
| Q3 24 | 0.62× | — | ||
| 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 | — | — |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $573.0M |
| 自由现金流率自由现金流/营收 | 1.6% | 11.5% |
| 资本支出强度资本支出/营收 | 8.7% | 1.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 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IPTT
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $1.2B | ||
| Q3 25 | $605.0M | $1.0B | ||
| Q2 25 | $476.0M | $692.1M | ||
| Q1 25 | $-288.0M | $339.5M | ||
| Q4 24 | $397.0M | $899.9M | ||
| Q3 24 | $521.0M | $1.3B | ||
| Q2 24 | $365.0M | $695.9M |
自由现金流IPTT
| Q1 26 | $94.0M | $573.0M | ||
| Q4 25 | $255.0M | — | ||
| Q3 25 | $150.0M | $935.6M | ||
| Q2 25 | $54.0M | $602.2M | ||
| Q1 25 | $-618.0M | $220.6M | ||
| Q4 24 | $137.0M | $774.3M | ||
| Q3 24 | $309.0M | $1.2B | ||
| Q2 24 | $167.0M | $623.0M |
自由现金流率IPTT
| Q1 26 | 1.6% | 11.5% | ||
| Q4 25 | 5.4% | — | ||
| Q3 25 | 2.4% | 16.3% | ||
| Q2 25 | 0.8% | 10.5% | ||
| Q1 25 | -10.5% | 4.7% | ||
| Q4 24 | 3.0% | 15.9% | ||
| Q3 24 | 6.6% | 22.3% | ||
| Q2 24 | 3.5% | 11.7% |
资本支出强度IPTT
| Q1 26 | 8.7% | 1.6% | ||
| Q4 25 | 13.7% | — | ||
| Q3 25 | 7.3% | 1.2% | ||
| Q2 25 | 6.2% | 1.6% | ||
| Q1 25 | 5.6% | 2.5% | ||
| Q4 24 | 5.7% | 2.6% | ||
| Q3 24 | 4.5% | 1.6% | ||
| Q2 24 | 4.2% | 1.4% |
现金转化率IPTT
| Q1 26 | — | — | ||
| Q4 25 | — | 1.96× | ||
| Q3 25 | — | 1.18× | ||
| Q2 25 | 6.35× | 0.79× | ||
| Q1 25 | — | 0.56× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | 3.47× | 1.69× | ||
| Q2 24 | 0.73× | 0.92× |
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% |
TT
| Americas | $4.0B | 80% |
| EMEA | $639.5M | 13% |
| Asia Pacific | $331.5M | 7% |
