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国际纸业（IP）与United Rentals（URI）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United Rentals的1.2倍（$4.7B vs $4.0B），United Rentals净利率更高（13.3% vs -50.3%，领先63.6%），United Rentals同比增速更快（7.2% vs 3.6%），United Rentals自由现金流更多（$1.1B vs $255.0M），过去两年United Rentals的营收复合增速更高（114.0% 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。
United Rentals是美国设备租赁企业，2022年占据北美市场约16%的份额。截至2025年，该公司拥有全球规模最大的租赁车队，覆盖约4800类设备，原始设备成本总计约205.9亿美元，在全球共设1625个营业网点，业务覆盖北美、欧洲、澳大利亚及新西兰。
IP vs URI — 直观对比
营收规模更大
IP
是对方的1.2倍
$4.0B
营收增速更快
URI
高出3.6%
3.6%
净利率更高
URI
高出63.6%
-50.3%
自由现金流更多
URI
多$799.0M
$255.0M
两年增速更快
URI
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $4.0B |
| 净利润 | $-2.4B | $531.0M |
| 毛利率 | 32.2% | 36.9% |
| 营业利润率 | -56.4% | 21.8% |
| 净利率 | -50.3% | 13.3% |
| 营收同比 | 3.6% | 7.2% |
| 净利润同比 | -1521.8% | 2.5% |
| 每股收益（稀释后） | $-4.76 | $8.43 |
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IPURI
| Q1 26 | — | $4.0B | ||
| Q4 25 | $4.7B | $992.0M | ||
| Q3 25 | $6.2B | $938.0M | ||
| Q2 25 | $6.8B | $872.0M | ||
| Q1 25 | $5.9B | $893.0M | ||
| Q4 24 | $4.6B | $1.0B | ||
| Q3 24 | $4.7B | $874.0M | ||
| Q2 24 | $4.7B | $870.0M |
净利润IPURI
| Q1 26 | — | $531.0M | ||
| Q4 25 | $-2.4B | $653.0M | ||
| Q3 25 | $-1.1B | $701.0M | ||
| Q2 25 | $75.0M | $622.0M | ||
| Q1 25 | $-105.0M | $518.0M | ||
| Q4 24 | $-147.0M | $689.0M | ||
| Q3 24 | $150.0M | $708.0M | ||
| Q2 24 | $498.0M | $636.0M |
毛利率IPURI
| Q1 26 | — | 36.9% | ||
| 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IPURI
| Q1 26 | — | 21.8% | ||
| Q4 25 | -56.4% | — | ||
| Q3 25 | -10.8% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | -2.3% | 90.0% | ||
| Q4 24 | -4.9% | — | ||
| Q3 24 | 5.1% | — | ||
| Q2 24 | 6.8% | — |
净利率IPURI
| Q1 26 | — | 13.3% | ||
| Q4 25 | -50.3% | 65.8% | ||
| Q3 25 | -17.7% | 74.7% | ||
| Q2 25 | 1.1% | 71.3% | ||
| Q1 25 | -1.8% | 58.0% | ||
| Q4 24 | -3.2% | 67.6% | ||
| Q3 24 | 3.2% | 81.0% | ||
| Q2 24 | 10.5% | 73.1% |
每股收益（稀释后）IPURI
| Q1 26 | — | $8.43 | ||
| Q4 25 | $-4.76 | $10.20 | ||
| Q3 25 | $-2.09 | $10.91 | ||
| Q2 25 | $0.14 | $9.59 | ||
| Q1 25 | $-0.24 | $7.91 | ||
| Q4 24 | $-0.42 | $10.41 | ||
| Q3 24 | $0.42 | $10.70 | ||
| Q2 24 | $1.41 | $9.54 |
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 | $156.0M |
| 总债务越低越好 | $8.8B | $13.9B |
| 股东权益账面价值 | $14.8B | $9.0B |
| 总资产 | $38.0B | $29.9B |
| 负债/权益比越低杠杆越低 | 0.60× | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资IPURI
| Q1 26 | — | $156.0M | ||
| Q4 25 | $1.1B | $459.0M | ||
| Q3 25 | $995.0M | $512.0M | ||
| Q2 25 | $1.1B | $548.0M | ||
| Q1 25 | $1.2B | $542.0M | ||
| Q4 24 | $1.2B | $457.0M | ||
| Q3 24 | $1.2B | $479.0M | ||
| Q2 24 | $1.0B | $467.0M |
总债务IPURI
| Q1 26 | — | $13.9B | ||
| Q4 25 | $8.8B | $12.7B | ||
| Q3 25 | $9.0B | $12.6B | ||
| Q2 25 | $9.7B | $12.1B | ||
| Q1 25 | $9.2B | $11.5B | ||
| Q4 24 | $5.4B | $12.2B | ||
| Q3 24 | $5.3B | $11.9B | ||
| Q2 24 | $5.3B | $11.5B |
股东权益IPURI
| Q1 26 | — | $9.0B | ||
| Q4 25 | $14.8B | $9.0B | ||
| Q3 25 | $17.3B | $9.0B | ||
| Q2 25 | $18.6B | $9.0B | ||
| Q1 25 | $18.1B | $8.8B | ||
| Q4 24 | $8.2B | $8.6B | ||
| Q3 24 | $8.6B | $8.6B | ||
| Q2 24 | $8.6B | $8.3B |
总资产IPURI
| Q1 26 | — | $29.9B | ||
| Q4 25 | $38.0B | $29.9B | ||
| Q3 25 | $40.6B | $30.1B | ||
| Q2 25 | $42.4B | $29.2B | ||
| Q1 25 | $41.2B | $28.1B | ||
| Q4 24 | $22.8B | $28.2B | ||
| Q3 24 | $23.2B | $28.4B | ||
| Q2 24 | $23.1B | $27.6B |
负债/权益比IPURI
| Q1 26 | — | 1.55× | ||
| Q4 25 | 0.60× | 1.41× | ||
| Q3 25 | 0.52× | 1.40× | ||
| Q2 25 | 0.52× | 1.34× | ||
| Q1 25 | 0.51× | 1.31× | ||
| Q4 24 | 0.66× | 1.42× | ||
| Q3 24 | 0.62× | 1.38× | ||
| Q2 24 | 0.62× | 1.39× |
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 | $905.0M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $1.1B |
| 自由现金流率自由现金流/营收 | 5.4% | 26.4% |
| 资本支出强度资本支出/营收 | 13.7% | — |
| 现金转化率经营现金流/净利润 | — | 2.85× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | — |
8季度趋势，按日历期对齐
经营现金流IPURI
| Q1 26 | — | $1.5B | ||
| Q4 25 | $905.0M | $1.3B | ||
| Q3 25 | $605.0M | $1.2B | ||
| Q2 25 | $476.0M | $1.3B | ||
| Q1 25 | $-288.0M | $1.4B | ||
| Q4 24 | $397.0M | $1.0B | ||
| Q3 24 | $521.0M | $1.2B | ||
| Q2 24 | $365.0M | $1.3B |
自由现金流IPURI
| Q1 26 | — | $1.1B | ||
| Q4 25 | $255.0M | — | ||
| Q3 25 | $150.0M | — | ||
| Q2 25 | $54.0M | — | ||
| Q1 25 | $-618.0M | — | ||
| Q4 24 | $137.0M | $471.0M | ||
| Q3 24 | $309.0M | $-168.0M | ||
| Q2 24 | $167.0M | $-263.0M |
自由现金流率IPURI
| Q1 26 | — | 26.4% | ||
| Q4 25 | 5.4% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | -10.5% | — | ||
| Q4 24 | 3.0% | 46.2% | ||
| Q3 24 | 6.6% | -19.2% | ||
| Q2 24 | 3.5% | -30.2% |
资本支出强度IPURI
| Q1 26 | — | — | ||
| Q4 25 | 13.7% | — | ||
| Q3 25 | 7.3% | — | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | 5.6% | — | ||
| Q4 24 | 5.7% | 56.6% | ||
| Q3 24 | 4.5% | 157.0% | ||
| Q2 24 | 4.2% | 175.6% |
现金转化率IPURI
| Q1 26 | — | 2.85× | ||
| Q4 25 | — | 1.92× | ||
| Q3 25 | — | 1.68× | ||
| Q2 25 | 6.35× | 2.14× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | — | 1.52× | ||
| Q3 24 | 3.47× | 1.70× | ||
| Q2 24 | 0.73× | 1.99× |
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% |
URI
| Equipment rentals | $3.4B | 86% |
| Sales of rental equipment | $350.0M | 9% |
| Service and other revenues | $92.0M | 2% |
| Sales of new equipment | $84.0M | 2% |
| Contractor supplies sales | $40.0M | 1% |
