vs
国际纸业（IP）与威富集团（VFC）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威富集团的1.6倍（$4.7B vs $2.9B），威富集团净利率更高（10.5% vs -50.3%，领先60.7%），国际纸业同比增速更快（3.6% vs 1.5%），威富集团自由现金流更多（$977.9M vs $255.0M），过去两年威富集团的营收复合增速更高（10.1% 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。
威富集团前身为F.W.伍尔沃斯公司，是全球知名零售企业，也是五分一角平价商店业态的先驱之一。作为美国乃至全球最成功的平价零售企业之一，它曾引领行业发展潮流，构建了如今全球各地门店普遍遵循的现代零售模式。
IP vs VFC — 直观对比
营收规模更大
IP
是对方的1.6倍
$2.9B
营收增速更快
IP
高出2.1%
1.5%
净利率更高
VFC
高出60.7%
-50.3%
自由现金流更多
VFC
多$722.9M
$255.0M
两年增速更快
VFC
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $2.9B |
| 净利润 | $-2.4B | $300.8M |
| 毛利率 | 32.2% | 56.6% |
| 营业利润率 | -56.4% | 10.1% |
| 净利率 | -50.3% | 10.5% |
| 营收同比 | 3.6% | 1.5% |
| 净利润同比 | -1521.8% | 79.3% |
| 每股收益（稀释后） | $-4.76 | $0.76 |
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IPVFC
| Q4 25 | $4.7B | $2.9B | ||
| Q3 25 | $6.2B | $2.8B | ||
| Q2 25 | $6.8B | $1.8B | ||
| Q1 25 | $5.9B | $2.0B | ||
| Q4 24 | $4.6B | $2.8B | ||
| Q3 24 | $4.7B | $2.8B | ||
| Q2 24 | $4.7B | $1.9B | ||
| Q1 24 | $4.6B | $2.4B |
净利润IPVFC
| Q4 25 | $-2.4B | $300.8M | ||
| Q3 25 | $-1.1B | $189.8M | ||
| Q2 25 | $75.0M | $-116.4M | ||
| Q1 25 | $-105.0M | $-150.8M | ||
| Q4 24 | $-147.0M | $167.8M | ||
| Q3 24 | $150.0M | $52.2M | ||
| Q2 24 | $498.0M | $-258.9M | ||
| Q1 24 | $56.0M | $-418.3M |
毛利率IPVFC
| Q4 25 | 32.2% | 56.6% | ||
| Q3 25 | 31.1% | 52.2% | ||
| Q2 25 | 27.9% | 53.9% | ||
| Q1 25 | 27.8% | 52.7% | ||
| Q4 24 | 29.0% | 56.3% | ||
| Q3 24 | 28.7% | 52.2% | ||
| Q2 24 | 29.0% | 52.0% | ||
| Q1 24 | 25.9% | 48.4% |
营业利润率IPVFC
| Q4 25 | -56.4% | 10.1% | ||
| Q3 25 | -10.8% | 11.2% | ||
| Q2 25 | 1.7% | -4.9% | ||
| Q1 25 | -2.3% | 2.2% | ||
| Q4 24 | -4.9% | 8.0% | ||
| Q3 24 | 5.1% | 9.9% | ||
| Q2 24 | 6.8% | -12.6% | ||
| Q1 24 | 3.7% | -15.0% |
净利率IPVFC
| Q4 25 | -50.3% | 10.5% | ||
| Q3 25 | -17.7% | 6.8% | ||
| Q2 25 | 1.1% | -6.6% | ||
| Q1 25 | -1.8% | -7.5% | ||
| Q4 24 | -3.2% | 5.9% | ||
| Q3 24 | 3.2% | 1.9% | ||
| Q2 24 | 10.5% | -13.6% | ||
| Q1 24 | 1.2% | -17.6% |
每股收益（稀释后）IPVFC
| Q4 25 | $-4.76 | $0.76 | ||
| Q3 25 | $-2.09 | $0.48 | ||
| Q2 25 | $0.14 | $-0.30 | ||
| Q1 25 | $-0.24 | $-0.37 | ||
| Q4 24 | $-0.42 | $0.43 | ||
| Q3 24 | $0.42 | $0.13 | ||
| Q2 24 | $1.41 | $-0.67 | ||
| Q1 24 | $0.16 | $-1.07 |
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 | $1.5B |
| 总债务越低越好 | $8.8B | $3.6B |
| 股东权益账面价值 | $14.8B | $1.8B |
| 总资产 | $38.0B | $10.4B |
| 负债/权益比越低杠杆越低 | 0.60× | 1.99× |
8季度趋势，按日历期对齐
现金及短期投资IPVFC
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $995.0M | $419.1M | ||
| Q2 25 | $1.1B | $642.4M | ||
| Q1 25 | $1.2B | $429.4M | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.2B | $492.2M | ||
| Q2 24 | $1.0B | $637.4M | ||
| Q1 24 | $1.1B | $674.6M |
总债务IPVFC
| Q4 25 | $8.8B | $3.6B | ||
| Q3 25 | $9.0B | $3.5B | ||
| Q2 25 | $9.7B | $3.6B | ||
| Q1 25 | $9.2B | $3.4B | ||
| Q4 24 | $5.4B | $3.9B | ||
| Q3 24 | $5.3B | $4.0B | ||
| Q2 24 | $5.3B | $3.9B | ||
| Q1 24 | $5.5B | $4.7B |
股东权益IPVFC
| Q4 25 | $14.8B | $1.8B | ||
| Q3 25 | $17.3B | $1.5B | ||
| Q2 25 | $18.6B | $1.3B | ||
| Q1 25 | $18.1B | $1.5B | ||
| Q4 24 | $8.2B | $1.7B | ||
| Q3 24 | $8.6B | $1.4B | ||
| Q2 24 | $8.6B | $1.4B | ||
| Q1 24 | $8.3B | $1.7B |
总资产IPVFC
| Q4 25 | $38.0B | $10.4B | ||
| Q3 25 | $40.6B | $10.6B | ||
| Q2 25 | $42.4B | $10.2B | ||
| Q1 25 | $41.2B | $9.4B | ||
| Q4 24 | $22.8B | $10.6B | ||
| Q3 24 | $23.2B | $12.2B | ||
| Q2 24 | $23.1B | $11.5B | ||
| Q1 24 | $23.0B | $11.6B |
负债/权益比IPVFC
| Q4 25 | 0.60× | 1.99× | ||
| Q3 25 | 0.52× | 2.40× | ||
| Q2 25 | 0.52× | 2.76× | ||
| Q1 25 | 0.51× | 2.30× | ||
| Q4 24 | 0.66× | 2.31× | ||
| Q3 24 | 0.62× | 2.86× | ||
| Q2 24 | 0.62× | 2.84× | ||
| Q1 24 | 0.66× | 2.84× |
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 | $1.0B |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $977.9M |
| 自由现金流率自由现金流/营收 | 5.4% | 34.0% |
| 资本支出强度资本支出/营收 | 13.7% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 3.36× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $357.6M |
8季度趋势，按日历期对齐
经营现金流IPVFC
| Q4 25 | $905.0M | $1.0B | ||
| Q3 25 | $605.0M | $-227.0M | ||
| Q2 25 | $476.0M | $-145.5M | ||
| Q1 25 | $-288.0M | $-171.1M | ||
| Q4 24 | $397.0M | $918.1M | ||
| Q3 24 | $521.0M | $-301.6M | ||
| Q2 24 | $365.0M | $19.8M | ||
| Q1 24 | $395.0M | — |
自由现金流IPVFC
| Q4 25 | $255.0M | $977.9M | ||
| Q3 25 | $150.0M | $-253.5M | ||
| Q2 25 | $54.0M | $-173.7M | ||
| Q1 25 | $-618.0M | $-193.0M | ||
| Q4 24 | $137.0M | $899.7M | ||
| Q3 24 | $309.0M | $-322.4M | ||
| Q2 24 | $167.0M | $-5.4M | ||
| Q1 24 | $144.0M | — |
自由现金流率IPVFC
| Q4 25 | 5.4% | 34.0% | ||
| Q3 25 | 2.4% | -9.0% | ||
| Q2 25 | 0.8% | -9.9% | ||
| Q1 25 | -10.5% | -9.6% | ||
| Q4 24 | 3.0% | 31.7% | ||
| Q3 24 | 6.6% | -11.7% | ||
| Q2 24 | 3.5% | -0.3% | ||
| Q1 24 | 3.1% | — |
资本支出强度IPVFC
| Q4 25 | 13.7% | 1.1% | ||
| Q3 25 | 7.3% | 0.9% | ||
| Q2 25 | 6.2% | 1.6% | ||
| Q1 25 | 5.6% | 1.1% | ||
| Q4 24 | 5.7% | 0.6% | ||
| Q3 24 | 4.5% | 0.8% | ||
| Q2 24 | 4.2% | 1.3% | ||
| Q1 24 | 5.4% | — |
现金转化率IPVFC
| Q4 25 | — | 3.36× | ||
| Q3 25 | — | -1.20× | ||
| Q2 25 | 6.35× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.47× | ||
| Q3 24 | 3.47× | -5.78× | ||
| 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% |
VFC
| Outdoor | $1.9B | 67% |
| Sales Channel Through Intermediary | $813.4M | 28% |
| Other | $136.3M | 5% |
