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国际纸业（IP）与维萨（V）财务数据对比。点击上方公司名可切换其他公司
维萨的季度营收约是国际纸业的1.9倍（$11.2B vs $6.0B），维萨净利率更高（53.4% vs 1.0%，领先52.4%），维萨同比增速更快（17.0% vs -0.6%），过去两年国际纸业的营收复合增速更高（12.3% vs 8.1%）
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。
维萨（Visa Inc.）是总部位于美国加利福尼亚州旧金山的跨国支付卡服务企业，业务覆盖全球电子资金转账领域，旗下拥有Visa品牌的信用卡、借记卡、预付卡等多条产品线，为全球消费者及商户提供安全便捷的电子支付解决方案。
IP vs V — 直观对比
营收规模更大
V
是对方的1.9倍
$6.0B
营收增速更快
V
高出17.6%
-0.6%
净利率更高
V
高出52.4%
1.0%
两年增速更快
IP
近两年复合增速
8.1%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $11.2B |
| 净利润 | $60.0M | $6.0B |
| 毛利率 | — | — |
| 营业利润率 | — | 64.4% |
| 净利率 | 1.0% | 53.4% |
| 营收同比 | -0.6% | 17.0% |
| 净利润同比 | 157.1% | 32.0% |
| 每股收益（稀释后） | $0.14 | — |
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IPV
| Q2 26 | — | $11.2B | ||
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $10.9B | ||
| Q3 25 | $6.2B | $10.7B | ||
| Q2 25 | $6.8B | $10.2B | ||
| Q1 25 | $5.9B | $9.6B | ||
| Q4 24 | $4.6B | $9.5B | ||
| Q3 24 | $4.7B | $9.6B |
净利润IPV
| Q2 26 | — | $6.0B | ||
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $5.9B | ||
| Q3 25 | $-1.1B | $5.1B | ||
| Q2 25 | $75.0M | $5.3B | ||
| Q1 25 | $-105.0M | $4.6B | ||
| Q4 24 | $-147.0M | $5.1B | ||
| Q3 24 | $150.0M | $5.3B |
毛利率IPV
| Q2 26 | — | — | ||
| 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% | — |
营业利润率IPV
| Q2 26 | — | 64.4% | ||
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 61.8% | ||
| Q3 25 | -10.8% | 57.3% | ||
| Q2 25 | 1.7% | 60.7% | ||
| Q1 25 | -2.3% | 56.6% | ||
| Q4 24 | -4.9% | 65.6% | ||
| Q3 24 | 5.1% | 66.0% |
净利率IPV
| Q2 26 | — | 53.4% | ||
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | 53.7% | ||
| Q3 25 | -17.7% | 47.5% | ||
| Q2 25 | 1.1% | 51.8% | ||
| Q1 25 | -1.8% | 47.7% | ||
| Q4 24 | -3.2% | 53.8% | ||
| Q3 24 | 3.2% | 55.3% |
每股收益（稀释后）IPV
| Q2 26 | — | — | ||
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | — | ||
| Q3 25 | $-2.09 | — | ||
| Q2 25 | $0.14 | — | ||
| Q1 25 | $-0.24 | — | ||
| Q4 24 | $-0.42 | — | ||
| Q3 24 | $0.42 | — |
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 | — | $12.4B |
| 总债务越低越好 | $8.2B | $22.4B |
| 股东权益账面价值 | $14.8B | $35.7B |
| 总资产 | $36.4B | $95.0B |
| 负债/权益比越低杠杆越低 | 0.55× | 0.63× |
8季度趋势，按日历期对齐
现金及短期投资IPV
| Q2 26 | — | $12.4B | ||
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $14.8B | ||
| Q3 25 | $995.0M | $17.2B | ||
| Q2 25 | $1.1B | $17.1B | ||
| Q1 25 | $1.2B | $11.7B | ||
| Q4 24 | $1.2B | $12.4B | ||
| Q3 24 | $1.2B | $12.0B |
总债务IPV
| Q2 26 | — | $22.4B | ||
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | — | ||
| Q3 25 | $9.0B | — | ||
| Q2 25 | $9.7B | — | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.3B | — |
股东权益IPV
| Q2 26 | — | $35.7B | ||
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $38.8B | ||
| Q3 25 | $17.3B | $37.9B | ||
| Q2 25 | $18.6B | $38.7B | ||
| Q1 25 | $18.1B | $38.0B | ||
| Q4 24 | $8.2B | $38.3B | ||
| Q3 24 | $8.6B | $39.1B |
总资产IPV
| Q2 26 | — | $95.0B | ||
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $96.8B | ||
| Q3 25 | $40.6B | $99.6B | ||
| Q2 25 | $42.4B | $100.0B | ||
| Q1 25 | $41.2B | $92.9B | ||
| Q4 24 | $22.8B | $91.9B | ||
| Q3 24 | $23.2B | $94.5B |
负债/权益比IPV
| Q2 26 | — | 0.63× | ||
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.52× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 0.66× | — | ||
| Q3 24 | 0.62× | — |
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 | — |
| 自由现金流率自由现金流/营收 | 1.6% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流IPV
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $6.8B | ||
| Q3 25 | $605.0M | $6.2B | ||
| Q2 25 | $476.0M | $6.7B | ||
| Q1 25 | $-288.0M | $4.7B | ||
| Q4 24 | $397.0M | $5.4B | ||
| Q3 24 | $521.0M | $6.7B |
自由现金流IPV
| Q2 26 | — | — | ||
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $6.4B | ||
| Q3 25 | $150.0M | $5.8B | ||
| Q2 25 | $54.0M | $6.3B | ||
| Q1 25 | $-618.0M | $4.4B | ||
| Q4 24 | $137.0M | $5.1B | ||
| Q3 24 | $309.0M | $6.4B |
自由现金流率IPV
| Q2 26 | — | — | ||
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 58.7% | ||
| Q3 25 | 2.4% | 54.5% | ||
| Q2 25 | 0.8% | 62.0% | ||
| Q1 25 | -10.5% | 45.5% | ||
| Q4 24 | 3.0% | 53.1% | ||
| Q3 24 | 6.6% | 66.1% |
资本支出强度IPV
| Q2 26 | — | — | ||
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 3.5% | ||
| Q3 25 | 7.3% | 3.6% | ||
| Q2 25 | 6.2% | 4.1% | ||
| Q1 25 | 5.6% | 3.4% | ||
| Q4 24 | 5.7% | 3.6% | ||
| Q3 24 | 4.5% | 3.2% |
现金转化率IPV
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | — | 1.16× | ||
| Q3 25 | — | 1.23× | ||
| Q2 25 | 6.35× | 1.28× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | 3.47× | 1.25× |
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% |
V
| Data processing revenue | $5.5B | 49% |
| International transaction revenue | $3.6B | 32% |
| Other revenue | $1.3B | 12% |
| Other | $736.0M | 7% |
