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国际纸业（IP）与标普全球（VG）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标普全球的1.3倍（$6.0B vs $4.4B），标普全球净利率更高（26.8% vs 1.0%，领先25.8%），标普全球同比增速更快（191.7% vs -0.6%），国际纸业自由现金流更多（$94.0M vs $-1.5B），过去两年标普全球的营收复合增速更高（77.3% vs 12.3%）
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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
IP vs VG — 直观对比
营收规模更大
IP
是对方的1.3倍
$4.4B
营收增速更快
VG
高出192.2%
-0.6%
净利率更高
VG
高出25.8%
1.0%
自由现金流更多
IP
多$1.6B
$-1.5B
两年增速更快
VG
近两年复合增速
12.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $4.4B |
| 净利润 | $60.0M | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | — | 38.7% |
| 净利率 | 1.0% | 26.8% |
| 营收同比 | -0.6% | 191.7% |
| 净利润同比 | 157.1% | 20.3% |
| 每股收益（稀释后） | $0.14 | $0.41 |
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IPVG
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $4.4B | ||
| Q3 25 | $6.2B | $3.3B | ||
| Q2 25 | $6.8B | $3.1B | ||
| Q1 25 | $5.9B | $2.9B | ||
| Q4 24 | $4.6B | $1.5B | ||
| Q3 24 | $4.7B | $926.0M | ||
| Q2 24 | $4.7B | $1.1B |
净利润IPVG
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $1.2B | ||
| Q3 25 | $-1.1B | $550.0M | ||
| Q2 25 | $75.0M | $475.0M | ||
| Q1 25 | $-105.0M | $517.0M | ||
| Q4 24 | $-147.0M | $990.0M | ||
| Q3 24 | $150.0M | $-294.0M | ||
| Q2 24 | $498.0M | $352.0M |
毛利率IPVG
| 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IPVG
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 38.7% | ||
| Q3 25 | -10.8% | 39.7% | ||
| Q2 25 | 1.7% | 33.5% | ||
| Q1 25 | -2.3% | 37.3% | ||
| Q4 24 | -4.9% | 39.0% | ||
| Q3 24 | 5.1% | 20.4% | ||
| Q2 24 | 6.8% | 32.8% |
净利率IPVG
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | 26.8% | ||
| Q3 25 | -17.7% | 16.5% | ||
| Q2 25 | 1.1% | 15.3% | ||
| Q1 25 | -1.8% | 17.9% | ||
| Q4 24 | -3.2% | 65.0% | ||
| Q3 24 | 3.2% | -31.7% | ||
| Q2 24 | 10.5% | 31.8% |
每股收益（稀释后）IPVG
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | $0.41 | ||
| Q3 25 | $-2.09 | $0.16 | ||
| Q2 25 | $0.14 | $0.14 | ||
| Q1 25 | $-0.24 | $0.15 | ||
| Q4 24 | $-0.42 | $0.35 | ||
| Q3 24 | $0.42 | $-0.15 | ||
| Q2 24 | $1.41 | $0.12 |
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 | — | $2.4B |
| 总债务越低越好 | $8.2B | $34.2B |
| 股东权益账面价值 | $14.8B | $6.7B |
| 总资产 | $36.4B | $53.4B |
| 负债/权益比越低杠杆越低 | 0.55× | 5.07× |
8季度趋势，按日历期对齐
现金及短期投资IPVG
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $2.4B | ||
| Q3 25 | $995.0M | $1.9B | ||
| Q2 25 | $1.1B | $2.2B | ||
| Q1 25 | $1.2B | $3.6B | ||
| Q4 24 | $1.2B | $3.6B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.0B | — |
总债务IPVG
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | $34.2B | ||
| Q3 25 | $9.0B | $32.6B | ||
| Q2 25 | $9.7B | $30.0B | ||
| Q1 25 | $9.2B | $29.3B | ||
| Q4 24 | $5.4B | $29.3B | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | — |
股东权益IPVG
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $6.7B | ||
| Q3 25 | $17.3B | $5.7B | ||
| Q2 25 | $18.6B | $5.3B | ||
| Q1 25 | $18.1B | $4.9B | ||
| Q4 24 | $8.2B | $2.9B | ||
| Q3 24 | $8.6B | — | ||
| Q2 24 | $8.6B | — |
总资产IPVG
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $53.4B | ||
| Q3 25 | $40.6B | $50.1B | ||
| Q2 25 | $42.4B | $46.5B | ||
| Q1 25 | $41.2B | $45.1B | ||
| Q4 24 | $22.8B | $43.5B | ||
| Q3 24 | $23.2B | — | ||
| Q2 24 | $23.1B | — |
负债/权益比IPVG
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.60× | 5.07× | ||
| Q3 25 | 0.52× | 5.73× | ||
| Q2 25 | 0.52× | 5.69× | ||
| Q1 25 | 0.51× | 6.01× | ||
| Q4 24 | 0.66× | 10.11× | ||
| Q3 24 | 0.62× | — | ||
| Q2 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 | — | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $-1.5B |
| 自由现金流率自由现金流/营收 | 1.6% | -34.1% |
| 资本支出强度资本支出/营收 | 8.7% | 81.6% |
| 现金转化率经营现金流/净利润 | — | 1.77× |
| 过去12个月自由现金流最近4个季度 | $553.0M | $-6.8B |
8季度趋势，按日历期对齐
经营现金流IPVG
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $2.1B | ||
| Q3 25 | $605.0M | $1.9B | ||
| Q2 25 | $476.0M | $1.5B | ||
| Q1 25 | $-288.0M | $1.1B | ||
| Q4 24 | $397.0M | — | ||
| Q3 24 | $521.0M | — | ||
| Q2 24 | $365.0M | — |
自由现金流IPVG
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $-1.5B | ||
| Q3 25 | $150.0M | $-1.4B | ||
| Q2 25 | $54.0M | $-1.5B | ||
| Q1 25 | $-618.0M | $-2.4B | ||
| Q4 24 | $137.0M | — | ||
| Q3 24 | $309.0M | — | ||
| Q2 24 | $167.0M | — |
自由现金流率IPVG
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | -34.1% | ||
| Q3 25 | 2.4% | -42.4% | ||
| Q2 25 | 0.8% | -49.1% | ||
| Q1 25 | -10.5% | -81.3% | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 3.5% | — |
资本支出强度IPVG
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 81.6% | ||
| Q3 25 | 7.3% | 98.9% | ||
| Q2 25 | 6.2% | 96.1% | ||
| Q1 25 | 5.6% | 119.8% | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 4.5% | — | ||
| Q2 24 | 4.2% | — |
现金转化率IPVG
| Q1 26 | — | — | ||
| Q4 25 | — | 1.77× | ||
| Q3 25 | — | 3.42× | ||
| Q2 25 | 6.35× | 3.07× | ||
| Q1 25 | — | 2.15× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.47× | — | ||
| Q2 24 | 0.73× | — |
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% |
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
