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国际纸业（IP）与US Foods Holding Corp.（USFD）财务数据对比。点击上方公司名可切换其他公司
US Foods Holding Corp.的季度营收约是国际纸业的1.6倍（$9.8B vs $6.0B），US Foods Holding Corp.净利率更高（1.9% vs 1.0%，领先0.9%），US Foods Holding Corp.同比增速更快（3.3% vs -0.6%），US Foods Holding Corp.自由现金流更多（$159.0M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs 4.6%）
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。
US Foods Holding Corp.是美国第二大食品服务分销商，规模仅次于Sysco。公司服务覆盖独立餐厅、连锁餐饮、医疗保健、酒店、教育机构等共计25万个场点，为各类客户提供食品配送及相关供应链服务，业务覆盖场景十分多元。
IP vs USFD — 直观对比
营收规模更大
USFD
是对方的1.6倍
$6.0B
营收增速更快
USFD
高出3.8%
-0.6%
净利率更高
USFD
高出0.9%
1.0%
自由现金流更多
USFD
多$65.0M
$94.0M
两年增速更快
IP
近两年复合增速
4.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $9.8B |
| 净利润 | $60.0M | $184.0M |
| 毛利率 | — | 17.6% |
| 营业利润率 | — | 3.3% |
| 净利率 | 1.0% | 1.9% |
| 营收同比 | -0.6% | 3.3% |
| 净利润同比 | 157.1% | 178.8% |
| 每股收益（稀释后） | $0.14 | $0.82 |
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IPUSFD
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $9.8B | ||
| Q3 25 | $6.2B | $10.2B | ||
| Q2 25 | $6.8B | $10.1B | ||
| Q1 25 | $5.9B | $9.4B | ||
| Q4 24 | $4.6B | $9.5B | ||
| Q3 24 | $4.7B | $9.7B | ||
| Q2 24 | $4.7B | $9.7B |
净利润IPUSFD
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $184.0M | ||
| Q3 25 | $-1.1B | $153.0M | ||
| Q2 25 | $75.0M | $224.0M | ||
| Q1 25 | $-105.0M | $115.0M | ||
| Q4 24 | $-147.0M | $66.0M | ||
| Q3 24 | $150.0M | $148.0M | ||
| Q2 24 | $498.0M | $198.0M |
毛利率IPUSFD
| Q1 26 | — | — | ||
| Q4 25 | 32.2% | 17.6% | ||
| Q3 25 | 31.1% | 17.2% | ||
| Q2 25 | 27.9% | 17.6% | ||
| Q1 25 | 27.8% | 17.3% | ||
| Q4 24 | 29.0% | 17.6% | ||
| Q3 24 | 28.7% | 17.1% | ||
| Q2 24 | 29.0% | 17.6% |
营业利润率IPUSFD
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 3.3% | ||
| Q3 25 | -10.8% | 2.8% | ||
| Q2 25 | 1.7% | 3.7% | ||
| Q1 25 | -2.3% | 2.4% | ||
| Q4 24 | -4.9% | 3.2% | ||
| Q3 24 | 5.1% | 2.9% | ||
| Q2 24 | 6.8% | 3.6% |
净利率IPUSFD
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | 1.9% | ||
| Q3 25 | -17.7% | 1.5% | ||
| Q2 25 | 1.1% | 2.2% | ||
| Q1 25 | -1.8% | 1.2% | ||
| Q4 24 | -3.2% | 0.7% | ||
| Q3 24 | 3.2% | 1.5% | ||
| Q2 24 | 10.5% | 2.0% |
每股收益（稀释后）IPUSFD
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | $0.82 | ||
| Q3 25 | $-2.09 | $0.67 | ||
| Q2 25 | $0.14 | $0.96 | ||
| Q1 25 | $-0.24 | $0.49 | ||
| Q4 24 | $-0.42 | $0.28 | ||
| Q3 24 | $0.42 | $0.61 | ||
| Q2 24 | $1.41 | $0.80 |
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 | — | $41.0M |
| 总债务越低越好 | $8.2B | $5.1B |
| 股东权益账面价值 | $14.8B | $4.3B |
| 总资产 | $36.4B | $13.9B |
| 负债/权益比越低杠杆越低 | 0.55× | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资IPUSFD
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $41.0M | ||
| Q3 25 | $995.0M | $56.0M | ||
| Q2 25 | $1.1B | $61.0M | ||
| Q1 25 | $1.2B | $101.0M | ||
| Q4 24 | $1.2B | $59.0M | ||
| Q3 24 | $1.2B | $81.0M | ||
| Q2 24 | $1.0B | $405.0M |
总债务IPUSFD
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | $5.1B | ||
| Q3 25 | $9.0B | $4.8B | ||
| Q2 25 | $9.7B | $4.7B | ||
| Q1 25 | $9.2B | $4.7B | ||
| Q4 24 | $5.4B | $4.8B | ||
| Q3 24 | $5.3B | $4.7B | ||
| Q2 24 | $5.3B | $4.6B |
股东权益IPUSFD
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $4.3B | ||
| Q3 25 | $17.3B | $4.5B | ||
| Q2 25 | $18.6B | $4.6B | ||
| Q1 25 | $18.1B | $4.6B | ||
| Q4 24 | $8.2B | $4.5B | ||
| Q3 24 | $8.6B | $4.6B | ||
| Q2 24 | $8.6B | $5.0B |
总资产IPUSFD
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $13.9B | ||
| Q3 25 | $40.6B | $14.0B | ||
| Q2 25 | $42.4B | $13.8B | ||
| Q1 25 | $41.2B | $13.7B | ||
| Q4 24 | $22.8B | $13.4B | ||
| Q3 24 | $23.2B | $13.5B | ||
| Q2 24 | $23.1B | $13.7B |
负债/权益比IPUSFD
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.60× | 1.18× | ||
| Q3 25 | 0.52× | 1.08× | ||
| Q2 25 | 0.52× | 1.02× | ||
| Q1 25 | 0.51× | 1.02× | ||
| Q4 24 | 0.66× | 1.06× | ||
| Q3 24 | 0.62× | 1.01× | ||
| Q2 24 | 0.62× | 0.92× |
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 | — | $293.0M |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $159.0M |
| 自由现金流率自由现金流/营收 | 1.6% | 1.6% |
| 资本支出强度资本支出/营收 | 8.7% | 1.4% |
| 现金转化率经营现金流/净利润 | — | 1.59× |
| 过去12个月自由现金流最近4个季度 | $553.0M | $959.0M |
8季度趋势，按日历期对齐
经营现金流IPUSFD
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $293.0M | ||
| Q3 25 | $605.0M | $351.0M | ||
| Q2 25 | $476.0M | $334.0M | ||
| Q1 25 | $-288.0M | $391.0M | ||
| Q4 24 | $397.0M | $283.0M | ||
| Q3 24 | $521.0M | $270.0M | ||
| Q2 24 | $365.0M | $482.0M |
自由现金流IPUSFD
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $159.0M | ||
| Q3 25 | $150.0M | $236.0M | ||
| Q2 25 | $54.0M | $257.0M | ||
| Q1 25 | $-618.0M | $307.0M | ||
| Q4 24 | $137.0M | $178.0M | ||
| Q3 24 | $309.0M | $190.0M | ||
| Q2 24 | $167.0M | $413.0M |
自由现金流率IPUSFD
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 1.6% | ||
| Q3 25 | 2.4% | 2.3% | ||
| Q2 25 | 0.8% | 2.5% | ||
| Q1 25 | -10.5% | 3.3% | ||
| Q4 24 | 3.0% | 1.9% | ||
| Q3 24 | 6.6% | 2.0% | ||
| Q2 24 | 3.5% | 4.3% |
资本支出强度IPUSFD
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 1.4% | ||
| Q3 25 | 7.3% | 1.1% | ||
| Q2 25 | 6.2% | 0.8% | ||
| Q1 25 | 5.6% | 0.9% | ||
| Q4 24 | 5.7% | 1.1% | ||
| Q3 24 | 4.5% | 0.8% | ||
| Q2 24 | 4.2% | 0.7% |
现金转化率IPUSFD
| Q1 26 | — | — | ||
| Q4 25 | — | 1.59× | ||
| Q3 25 | — | 2.29× | ||
| Q2 25 | 6.35× | 1.49× | ||
| Q1 25 | — | 3.40× | ||
| Q4 24 | — | 4.29× | ||
| Q3 24 | 3.47× | 1.82× | ||
| Q2 24 | 0.73× | 2.43× |
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% |
USFD
| Product One | $3.5B | 36% |
| Product Two | $1.7B | 17% |
| Product Three | $1.7B | 17% |
| Product Four | $985.0M | 10% |
| Product Five | $901.0M | 9% |
| Product Six | $580.0M | 6% |
| Product Seven | $485.0M | 5% |
