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国际纸业（IP）与UNITED NATURAL FOODS INC（UNFI）财务数据对比。点击上方公司名可切换其他公司
UNITED NATURAL FOODS INC的季度营收约是国际纸业的1.7倍（$7.8B vs $4.7B），UNITED NATURAL FOODS INC净利率更高（-0.1% vs -50.3%，领先50.2%），国际纸业同比增速更快（3.6% vs -0.4%），国际纸业自由现金流更多（$255.0M vs $-54.0M），过去两年国际纸业的营收复合增速更高（1.3% vs 0.4%）
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。
联合天然食品公司（UNFI）总部位于美国罗德岛州普罗维登斯，是北美知名的天然有机食品企业，也是美国和加拿大规模最大的上市健康及特色食品批发经销商，是全食超市的核心供应商，2018年来自全食的业务收入占其总营收的三分之一以上。
IP vs UNFI — 直观对比
营收规模更大
UNFI
是对方的1.7倍
$4.7B
营收增速更快
IP
高出4.0%
-0.4%
净利率更高
UNFI
高出50.2%
-50.3%
自由现金流更多
IP
多$309.0M
$-54.0M
两年增速更快
IP
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $7.8B |
| 净利润 | $-2.4B | $-4.0M |
| 毛利率 | 32.2% | 13.4% |
| 营业利润率 | -56.4% | 0.2% |
| 净利率 | -50.3% | -0.1% |
| 营收同比 | 3.6% | -0.4% |
| 净利润同比 | -1521.8% | 81.0% |
| 每股收益（稀释后） | $-4.76 | $-0.06 |
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IPUNFI
| Q4 25 | $4.7B | $7.8B | ||
| Q3 25 | $6.2B | $7.7B | ||
| Q2 25 | $6.8B | $8.1B | ||
| Q1 25 | $5.9B | $8.2B | ||
| Q4 24 | $4.6B | $7.9B | ||
| Q3 24 | $4.7B | $8.2B | ||
| Q2 24 | $4.7B | $7.5B | ||
| Q1 24 | $4.6B | $7.8B |
净利润IPUNFI
| Q4 25 | $-2.4B | $-4.0M | ||
| Q3 25 | $-1.1B | $-87.0M | ||
| Q2 25 | $75.0M | $-7.0M | ||
| Q1 25 | $-105.0M | $-3.0M | ||
| Q4 24 | $-147.0M | $-21.0M | ||
| Q3 24 | $150.0M | $-37.0M | ||
| Q2 24 | $498.0M | $-21.0M | ||
| Q1 24 | $56.0M | $-15.0M |
毛利率IPUNFI
| Q4 25 | 32.2% | 13.4% | ||
| Q3 25 | 31.1% | 13.4% | ||
| Q2 25 | 27.9% | 13.4% | ||
| Q1 25 | 27.8% | 13.1% | ||
| Q4 24 | 29.0% | 13.2% | ||
| Q3 24 | 28.7% | 13.7% | ||
| Q2 24 | 29.0% | 13.6% | ||
| Q1 24 | 25.9% | 13.3% |
营业利润率IPUNFI
| Q4 25 | -56.4% | 0.2% | ||
| Q3 25 | -10.8% | -1.0% | ||
| Q2 25 | 1.7% | 0.2% | ||
| Q1 25 | -2.3% | 0.3% | ||
| Q4 24 | -4.9% | 0.1% | ||
| Q3 24 | 5.1% | 0.0% | ||
| Q2 24 | 6.8% | 0.1% | ||
| Q1 24 | 3.7% | 0.2% |
净利率IPUNFI
| Q4 25 | -50.3% | -0.1% | ||
| Q3 25 | -17.7% | -1.1% | ||
| Q2 25 | 1.1% | -0.1% | ||
| Q1 25 | -1.8% | -0.0% | ||
| Q4 24 | -3.2% | -0.3% | ||
| Q3 24 | 3.2% | -0.5% | ||
| Q2 24 | 10.5% | -0.3% | ||
| Q1 24 | 1.2% | -0.2% |
每股收益（稀释后）IPUNFI
| Q4 25 | $-4.76 | $-0.06 | ||
| Q3 25 | $-2.09 | $-1.43 | ||
| Q2 25 | $0.14 | $-0.12 | ||
| Q1 25 | $-0.24 | $-0.05 | ||
| Q4 24 | $-0.42 | $-0.35 | ||
| Q3 24 | $0.42 | $-0.63 | ||
| Q2 24 | $1.41 | $-0.34 | ||
| Q1 24 | $0.16 | $-0.25 |
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 | $38.0M |
| 总债务越低越好 | $8.8B | $1.9B |
| 股东权益账面价值 | $14.8B | $1.5B |
| 总资产 | $38.0B | $7.6B |
| 负债/权益比越低杠杆越低 | 0.60× | 1.24× |
8季度趋势，按日历期对齐
现金及短期投资IPUNFI
| Q4 25 | $1.1B | $38.0M | ||
| Q3 25 | $995.0M | $44.0M | ||
| Q2 25 | $1.1B | $52.0M | ||
| Q1 25 | $1.2B | $44.0M | ||
| Q4 24 | $1.2B | $37.0M | ||
| Q3 24 | $1.2B | $40.0M | ||
| Q2 24 | $1.0B | $39.0M | ||
| Q1 24 | $1.1B | $34.0M |
总债务IPUNFI
| Q4 25 | $8.8B | $1.9B | ||
| Q3 25 | $9.0B | $1.9B | ||
| Q2 25 | $9.7B | $2.0B | ||
| Q1 25 | $9.2B | $2.1B | ||
| Q4 24 | $5.4B | $2.2B | ||
| Q3 24 | $5.3B | $2.1B | ||
| Q2 24 | $5.3B | $2.1B | ||
| Q1 24 | $5.5B | $2.2B |
股东权益IPUNFI
| Q4 25 | $14.8B | $1.5B | ||
| Q3 25 | $17.3B | $1.6B | ||
| Q2 25 | $18.6B | $1.6B | ||
| Q1 25 | $18.1B | $1.6B | ||
| Q4 24 | $8.2B | $1.6B | ||
| Q3 24 | $8.6B | $1.6B | ||
| Q2 24 | $8.6B | $1.7B | ||
| Q1 24 | $8.3B | $1.7B |
总资产IPUNFI
| Q4 25 | $38.0B | $7.6B | ||
| Q3 25 | $40.6B | $7.6B | ||
| Q2 25 | $42.4B | $7.6B | ||
| Q1 25 | $41.2B | $7.7B | ||
| Q4 24 | $22.8B | $8.0B | ||
| Q3 24 | $23.2B | $7.5B | ||
| Q2 24 | $23.1B | $7.6B | ||
| Q1 24 | $23.0B | $7.7B |
负债/权益比IPUNFI
| Q4 25 | 0.60× | 1.24× | ||
| Q3 25 | 0.52× | 1.20× | ||
| Q2 25 | 0.52× | 1.21× | ||
| Q1 25 | 0.51× | 1.27× | ||
| Q4 24 | 0.66× | 1.38× | ||
| Q3 24 | 0.62× | 1.27× | ||
| Q2 24 | 0.62× | 1.28× | ||
| Q1 24 | 0.66× | 1.29× |
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 | $-38.0M |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $-54.0M |
| 自由现金流率自由现金流/营收 | 5.4% | -0.7% |
| 资本支出强度资本支出/营收 | 13.7% | 0.2% |
| 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 | $-159.0M | $344.0M |
8季度趋势，按日历期对齐
经营现金流IPUNFI
| Q4 25 | $905.0M | $-38.0M | ||
| Q3 25 | $605.0M | $160.0M | ||
| Q2 25 | $476.0M | $173.0M | ||
| Q1 25 | $-288.0M | $247.0M | ||
| Q4 24 | $397.0M | $-110.0M | ||
| Q3 24 | $521.0M | $199.0M | ||
| Q2 24 | $365.0M | $125.0M | ||
| Q1 24 | $395.0M | $183.0M |
自由现金流IPUNFI
| Q4 25 | $255.0M | $-54.0M | ||
| Q3 25 | $150.0M | $86.0M | ||
| Q2 25 | $54.0M | $119.0M | ||
| Q1 25 | $-618.0M | $193.0M | ||
| Q4 24 | $137.0M | $-159.0M | ||
| Q3 24 | $309.0M | $71.0M | ||
| Q2 24 | $167.0M | $49.0M | ||
| Q1 24 | $144.0M | $116.0M |
自由现金流率IPUNFI
| Q4 25 | 5.4% | -0.7% | ||
| Q3 25 | 2.4% | 1.1% | ||
| Q2 25 | 0.8% | 1.5% | ||
| Q1 25 | -10.5% | 2.4% | ||
| Q4 24 | 3.0% | -2.0% | ||
| Q3 24 | 6.6% | 0.9% | ||
| Q2 24 | 3.5% | 0.7% | ||
| Q1 24 | 3.1% | 1.5% |
资本支出强度IPUNFI
| Q4 25 | 13.7% | 0.2% | ||
| Q3 25 | 7.3% | 1.0% | ||
| Q2 25 | 6.2% | 0.7% | ||
| Q1 25 | 5.6% | 0.7% | ||
| Q4 24 | 5.7% | 0.6% | ||
| Q3 24 | 4.5% | 1.6% | ||
| Q2 24 | 4.2% | 1.0% | ||
| Q1 24 | 5.4% | 0.9% |
现金转化率IPUNFI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 6.35× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.47× | — | ||
| Q2 24 | 0.73× | — | ||
| Q1 24 | 7.05× | — |
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% |
UNFI
| Natural Segment | $4.3B | 55% |
| Conventional Segment | $3.1B | 40% |
| Retail Segment | $560.0M | 7% |
