vs
国际纸业（IP）与德事隆（TXT）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德事隆的1.1倍（$4.7B vs $4.2B），德事隆净利率更高（5.6% vs -50.3%，领先55.9%），德事隆同比增速更快（15.6% vs 3.6%），德事隆自由现金流更多（$527.0M vs $255.0M），过去两年德事隆的营收复合增速更高（15.4% 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。
德事隆是总部位于美国罗德岛州普罗维登斯的工业集团，1923年由罗亚尔·利特尔创立，前身为特种纱线公司。旗下拥有贝尔德事隆、考泰斯、德事隆航空、莱康明发动机等子公司，业务覆盖25个国家，2020年员工总数超3.3万人，2021年位列美国财富500强第265位。
IP vs TXT — 直观对比
营收规模更大
IP
是对方的1.1倍
$4.2B
营收增速更快
TXT
高出12.0%
3.6%
净利率更高
TXT
高出55.9%
-50.3%
自由现金流更多
TXT
多$272.0M
$255.0M
两年增速更快
TXT
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $4.2B |
| 净利润 | $-2.4B | $235.0M |
| 毛利率 | 32.2% | — |
| 营业利润率 | -56.4% | — |
| 净利率 | -50.3% | 5.6% |
| 营收同比 | 3.6% | 15.6% |
| 净利润同比 | -1521.8% | 66.7% |
| 每股收益（稀释后） | $-4.76 | — |
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IPTXT
| Q4 25 | $4.7B | $4.2B | ||
| Q3 25 | $6.2B | $3.6B | ||
| Q2 25 | $6.8B | $3.7B | ||
| Q1 25 | $5.9B | $3.3B | ||
| Q4 24 | $4.6B | $3.6B | ||
| Q3 24 | $4.7B | $3.4B | ||
| Q2 24 | $4.7B | $3.5B | ||
| Q1 24 | $4.6B | $3.1B |
净利润IPTXT
| Q4 25 | $-2.4B | $235.0M | ||
| Q3 25 | $-1.1B | $234.0M | ||
| Q2 25 | $75.0M | $245.0M | ||
| Q1 25 | $-105.0M | $207.0M | ||
| Q4 24 | $-147.0M | $141.0M | ||
| Q3 24 | $150.0M | $223.0M | ||
| Q2 24 | $498.0M | $259.0M | ||
| Q1 24 | $56.0M | $201.0M |
毛利率IPTXT
| Q4 25 | 32.2% | — | ||
| Q3 25 | 31.1% | — | ||
| Q2 25 | 27.9% | — | ||
| Q1 25 | 27.8% | — | ||
| Q4 24 | 29.0% | — | ||
| Q3 24 | 28.7% | — | ||
| Q2 24 | 29.0% | — | ||
| Q1 24 | 25.9% | — |
营业利润率IPTXT
| Q4 25 | -56.4% | — | ||
| Q3 25 | -10.8% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | -2.3% | — | ||
| Q4 24 | -4.9% | 3.6% | ||
| Q3 24 | 5.1% | 7.4% | ||
| Q2 24 | 6.8% | 9.2% | ||
| Q1 24 | 3.7% | 7.6% |
净利率IPTXT
| Q4 25 | -50.3% | 5.6% | ||
| Q3 25 | -17.7% | 6.5% | ||
| Q2 25 | 1.1% | 6.6% | ||
| Q1 25 | -1.8% | 6.3% | ||
| Q4 24 | -3.2% | 3.9% | ||
| Q3 24 | 3.2% | 6.5% | ||
| Q2 24 | 10.5% | 7.3% | ||
| Q1 24 | 1.2% | 6.4% |
每股收益（稀释后）IPTXT
| Q4 25 | $-4.76 | — | ||
| Q3 25 | $-2.09 | — | ||
| Q2 25 | $0.14 | — | ||
| Q1 25 | $-0.24 | $1.13 | ||
| Q4 24 | $-0.42 | — | ||
| Q3 24 | $0.42 | — | ||
| Q2 24 | $1.41 | — | ||
| Q1 24 | $0.16 | $1.03 |
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 | $8.8B | — |
| 股东权益账面价值 | $14.8B | — |
| 总资产 | $38.0B | — |
| 负债/权益比越低杠杆越低 | 0.60× | — |
8季度趋势，按日历期对齐
现金及短期投资IPTXT
| Q4 25 | $1.1B | — | ||
| Q3 25 | $995.0M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.1B | — |
总债务IPTXT
| Q4 25 | $8.8B | — | ||
| Q3 25 | $9.0B | — | ||
| Q2 25 | $9.7B | — | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | $5.5B | — |
股东权益IPTXT
| Q4 25 | $14.8B | — | ||
| Q3 25 | $17.3B | $7.5B | ||
| Q2 25 | $18.6B | $7.4B | ||
| Q1 25 | $18.1B | $7.3B | ||
| Q4 24 | $8.2B | $7.2B | ||
| Q3 24 | $8.6B | $7.0B | ||
| Q2 24 | $8.6B | $6.9B | ||
| Q1 24 | $8.3B | $6.9B |
总资产IPTXT
| Q4 25 | $38.0B | — | ||
| Q3 25 | $40.6B | $17.4B | ||
| Q2 25 | $42.4B | $17.1B | ||
| Q1 25 | $41.2B | $16.9B | ||
| Q4 24 | $22.8B | $16.8B | ||
| Q3 24 | $23.2B | $16.5B | ||
| Q2 24 | $23.1B | $16.4B | ||
| Q1 24 | $23.0B | $16.4B |
负债/权益比IPTXT
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.52× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 0.66× | — | ||
| Q3 24 | 0.62× | — | ||
| Q2 24 | 0.62× | — | ||
| Q1 24 | 0.66× | — |
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 | $700.0M |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $527.0M |
| 自由现金流率自由现金流/营收 | 5.4% | 12.6% |
| 资本支出强度资本支出/营收 | 13.7% | 4.1% |
| 现金转化率经营现金流/净利润 | — | 2.98× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $929.0M |
8季度趋势，按日历期对齐
经营现金流IPTXT
| Q4 25 | $905.0M | $700.0M | ||
| Q3 25 | $605.0M | $349.0M | ||
| Q2 25 | $476.0M | $387.0M | ||
| Q1 25 | $-288.0M | $-124.0M | ||
| Q4 24 | $397.0M | $446.0M | ||
| Q3 24 | $521.0M | $208.0M | ||
| Q2 24 | $365.0M | $367.0M | ||
| Q1 24 | $395.0M | $-7.0M |
自由现金流IPTXT
| Q4 25 | $255.0M | $527.0M | ||
| Q3 25 | $150.0M | $273.0M | ||
| Q2 25 | $54.0M | $309.0M | ||
| Q1 25 | $-618.0M | $-180.0M | ||
| Q4 24 | $137.0M | $293.0M | ||
| Q3 24 | $309.0M | $137.0M | ||
| Q2 24 | $167.0M | $293.0M | ||
| Q1 24 | $144.0M | $-73.0M |
自由现金流率IPTXT
| Q4 25 | 5.4% | 12.6% | ||
| Q3 25 | 2.4% | 7.6% | ||
| Q2 25 | 0.8% | 8.3% | ||
| Q1 25 | -10.5% | -5.4% | ||
| Q4 24 | 3.0% | 8.1% | ||
| Q3 24 | 6.6% | 4.0% | ||
| Q2 24 | 3.5% | 8.3% | ||
| Q1 24 | 3.1% | -2.3% |
资本支出强度IPTXT
| Q4 25 | 13.7% | 4.1% | ||
| Q3 25 | 7.3% | 2.1% | ||
| Q2 25 | 6.2% | 2.1% | ||
| Q1 25 | 5.6% | 1.7% | ||
| Q4 24 | 5.7% | 4.2% | ||
| Q3 24 | 4.5% | 2.1% | ||
| Q2 24 | 4.2% | 2.1% | ||
| Q1 24 | 5.4% | 2.1% |
现金转化率IPTXT
| Q4 25 | — | 2.98× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | 6.35× | 1.58× | ||
| Q1 25 | — | -0.60× | ||
| Q4 24 | — | 3.16× | ||
| Q3 24 | 3.47× | 0.93× | ||
| Q2 24 | 0.73× | 1.42× | ||
| Q1 24 | 7.05× | -0.03× |
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% |
TXT
| Aircraft | $1.2B | 29% |
| Military Aircraft And Support Programs | $655.0M | 16% |
| Aftermarket Parts And Services | $551.0M | 13% |
| Services | $507.0M | 12% |
| Fuel Systems And Functional Components | $480.0M | 11% |
| Textron Systems | $323.0M | 8% |
| Other | $317.0M | 8% |
| US Government | $119.0M | 3% |
| Finance | $18.0M | 0% |
| Textron E Aviation Segment | $7.0M | 0% |
