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国际纸业（IP）与联合太平洋（UNP）财务数据对比。点击上方公司名可切换其他公司
联合太平洋的季度营收约是国际纸业的1.0倍（$6.2B vs $6.0B），联合太平洋净利率更高（27.4% vs 1.0%，领先26.4%），联合太平洋同比增速更快（3.2% vs -0.6%），联合太平洋自由现金流更多（$631.0M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs 1.7%）
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。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
IP vs UNP — 直观对比
营收规模更大
UNP
是对方的1.0倍
$6.0B
营收增速更快
UNP
高出3.7%
-0.6%
净利率更高
UNP
高出26.4%
1.0%
自由现金流更多
UNP
多$537.0M
$94.0M
两年增速更快
IP
近两年复合增速
1.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $6.2B |
| 净利润 | $60.0M | $1.7B |
| 毛利率 | — | — |
| 营业利润率 | — | 39.5% |
| 净利率 | 1.0% | 27.4% |
| 营收同比 | -0.6% | 3.2% |
| 净利润同比 | 157.1% | -2.1% |
| 每股收益（稀释后） | $0.14 | $2.87 |
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IPUNP
| Q1 26 | $6.0B | $6.2B | ||
| Q4 25 | $4.7B | $6.1B | ||
| Q3 25 | $6.2B | $6.2B | ||
| Q2 25 | $6.8B | $6.2B | ||
| Q1 25 | $5.9B | $6.0B | ||
| Q4 24 | $4.6B | $6.1B | ||
| Q3 24 | $4.7B | $6.1B | ||
| Q2 24 | $4.7B | $6.0B |
净利润IPUNP
| Q1 26 | $60.0M | $1.7B | ||
| Q4 25 | $-2.4B | $1.8B | ||
| Q3 25 | $-1.1B | $1.8B | ||
| Q2 25 | $75.0M | $1.9B | ||
| Q1 25 | $-105.0M | $1.6B | ||
| Q4 24 | $-147.0M | $1.8B | ||
| Q3 24 | $150.0M | $1.7B | ||
| Q2 24 | $498.0M | $1.7B |
毛利率IPUNP
| Q1 26 | — | — | ||
| 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% | — |
营业利润率IPUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | -56.4% | 39.5% | ||
| Q3 25 | -10.8% | 40.8% | ||
| Q2 25 | 1.7% | 41.0% | ||
| Q1 25 | -2.3% | 39.3% | ||
| Q4 24 | -4.9% | 41.3% | ||
| Q3 24 | 5.1% | 39.7% | ||
| Q2 24 | 6.8% | 40.0% |
净利率IPUNP
| Q1 26 | 1.0% | 27.4% | ||
| Q4 25 | -50.3% | 30.4% | ||
| Q3 25 | -17.7% | 28.6% | ||
| Q2 25 | 1.1% | 30.5% | ||
| Q1 25 | -1.8% | 27.0% | ||
| Q4 24 | -3.2% | 28.8% | ||
| Q3 24 | 3.2% | 27.4% | ||
| Q2 24 | 10.5% | 27.9% |
每股收益（稀释后）IPUNP
| Q1 26 | $0.14 | $2.87 | ||
| Q4 25 | $-4.76 | $3.12 | ||
| Q3 25 | $-2.09 | $3.01 | ||
| Q2 25 | $0.14 | $3.15 | ||
| Q1 25 | $-0.24 | $2.70 | ||
| Q4 24 | $-0.42 | $2.91 | ||
| Q3 24 | $0.42 | $2.75 | ||
| Q2 24 | $1.41 | $2.74 |
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 | — | $735.0M |
| 总债务越低越好 | $8.2B | — |
| 股东权益账面价值 | $14.8B | — |
| 总资产 | $36.4B | $69.6B |
| 负债/权益比越低杠杆越低 | 0.55× | — |
8季度趋势，按日历期对齐
现金及短期投资IPUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $995.0M | $808.0M | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.2B | $947.0M | ||
| Q2 24 | $1.0B | $1.1B |
总债务IPUNP
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | $30.3B | ||
| Q3 25 | $9.0B | $30.3B | ||
| Q2 25 | $9.7B | $30.3B | ||
| Q1 25 | $9.2B | $30.6B | ||
| Q4 24 | $5.4B | $29.8B | ||
| Q3 24 | $5.3B | $29.8B | ||
| Q2 24 | $5.3B | $31.2B |
股东权益IPUNP
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $18.5B | ||
| Q3 25 | $17.3B | $17.3B | ||
| Q2 25 | $18.6B | $16.3B | ||
| Q1 25 | $18.1B | $16.0B | ||
| Q4 24 | $8.2B | $16.9B | ||
| Q3 24 | $8.6B | $16.6B | ||
| Q2 24 | $8.6B | $16.5B |
总资产IPUNP
| Q1 26 | $36.4B | $69.6B | ||
| Q4 25 | $38.0B | $69.7B | ||
| Q3 25 | $40.6B | $68.6B | ||
| Q2 25 | $42.4B | $68.6B | ||
| Q1 25 | $41.2B | $68.5B | ||
| Q4 24 | $22.8B | $67.7B | ||
| Q3 24 | $23.2B | $67.6B | ||
| Q2 24 | $23.1B | $67.8B |
负债/权益比IPUNP
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.60× | 1.64× | ||
| Q3 25 | 0.52× | 1.75× | ||
| Q2 25 | 0.52× | 1.86× | ||
| Q1 25 | 0.51× | 1.91× | ||
| Q4 24 | 0.66× | 1.76× | ||
| Q3 24 | 0.62× | 1.79× | ||
| Q2 24 | 0.62× | 1.89× |
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 | $631.0M |
| 自由现金流率自由现金流/营收 | 1.6% | 10.1% |
| 资本支出强度资本支出/营收 | 8.7% | — |
| 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 | $4.8B |
8季度趋势，按日历期对齐
经营现金流IPUNP
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $2.2B | ||
| Q3 25 | $605.0M | $2.5B | ||
| Q2 25 | $476.0M | $2.3B | ||
| Q1 25 | $-288.0M | $2.2B | ||
| Q4 24 | $397.0M | $2.7B | ||
| Q3 24 | $521.0M | $2.7B | ||
| Q2 24 | $365.0M | $1.9B |
自由现金流IPUNP
| Q1 26 | $94.0M | $631.0M | ||
| Q4 25 | $255.0M | $1.2B | ||
| Q3 25 | $150.0M | $1.6B | ||
| Q2 25 | $54.0M | $1.4B | ||
| Q1 25 | $-618.0M | $1.3B | ||
| Q4 24 | $137.0M | $1.7B | ||
| Q3 24 | $309.0M | $1.8B | ||
| Q2 24 | $167.0M | $1.0B |
自由现金流率IPUNP
| Q1 26 | 1.6% | 10.1% | ||
| Q4 25 | 5.4% | 20.1% | ||
| Q3 25 | 2.4% | 25.2% | ||
| Q2 25 | 0.8% | 22.7% | ||
| Q1 25 | -10.5% | 21.6% | ||
| Q4 24 | 3.0% | 28.4% | ||
| Q3 24 | 6.6% | 29.9% | ||
| Q2 24 | 3.5% | 16.8% |
资本支出强度IPUNP
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 16.4% | ||
| Q3 25 | 7.3% | 15.2% | ||
| Q2 25 | 6.2% | 15.2% | ||
| Q1 25 | 5.6% | 15.0% | ||
| Q4 24 | 5.7% | 15.1% | ||
| Q3 24 | 4.5% | 13.6% | ||
| Q2 24 | 4.2% | 15.0% |
现金转化率IPUNP
| Q1 26 | — | — | ||
| Q4 25 | — | 1.20× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | 6.35× | 1.24× | ||
| Q1 25 | — | 1.36× | ||
| Q4 24 | — | 1.51× | ||
| Q3 24 | 3.47× | 1.59× | ||
| Q2 24 | 0.73× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
