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国际纸业（IP）与维谛技术（VRT）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维谛技术的1.8倍（$4.7B vs $2.6B），维谛技术净利率更高（14.7% vs -50.3%，领先65.0%），维谛技术同比增速更快（30.1% vs 3.6%），维谛技术自由现金流更多（$652.8M vs $255.0M），过去两年维谛技术的营收复合增速更高（16.5% 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。
维谛技术（Vertiv）是一家美国跨国企业，专注于为数据中心、通信网络、商业及工业场景提供关键基础设施及配套服务，旗下方案可有效保障各行业客户关键业务系统的稳定高效运行。
IP vs VRT — 直观对比
营收规模更大
IP
是对方的1.8倍
$2.6B
营收增速更快
VRT
高出26.6%
3.6%
净利率更高
VRT
高出65.0%
-50.3%
自由现金流更多
VRT
多$397.8M
$255.0M
两年增速更快
VRT
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $2.6B |
| 净利润 | $-2.4B | $390.1M |
| 毛利率 | 32.2% | 37.7% |
| 营业利润率 | -56.4% | — |
| 净利率 | -50.3% | 14.7% |
| 营收同比 | 3.6% | 30.1% |
| 净利润同比 | -1521.8% | 137.1% |
| 每股收益（稀释后） | $-4.76 | $0.99 |
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IPVRT
| Q1 26 | — | $2.6B | ||
| Q4 25 | $4.7B | $2.9B | ||
| Q3 25 | $6.2B | $2.7B | ||
| Q2 25 | $6.8B | $2.6B | ||
| Q1 25 | $5.9B | $2.0B | ||
| Q4 24 | $4.6B | $2.3B | ||
| Q3 24 | $4.7B | $2.1B | ||
| Q2 24 | $4.7B | $2.0B |
净利润IPVRT
| Q1 26 | — | $390.1M | ||
| Q4 25 | $-2.4B | $445.6M | ||
| Q3 25 | $-1.1B | $398.5M | ||
| Q2 25 | $75.0M | $324.2M | ||
| Q1 25 | $-105.0M | $164.5M | ||
| Q4 24 | $-147.0M | $147.0M | ||
| Q3 24 | $150.0M | $176.6M | ||
| Q2 24 | $498.0M | $178.1M |
毛利率IPVRT
| Q1 26 | — | 37.7% | ||
| Q4 25 | 32.2% | 38.9% | ||
| Q3 25 | 31.1% | 37.8% | ||
| Q2 25 | 27.9% | 34.0% | ||
| Q1 25 | 27.8% | 33.7% | ||
| Q4 24 | 29.0% | 37.1% | ||
| Q3 24 | 28.7% | 36.5% | ||
| Q2 24 | 29.0% | 38.0% |
营业利润率IPVRT
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 20.1% | ||
| Q3 25 | -10.8% | 19.3% | ||
| Q2 25 | 1.7% | 16.8% | ||
| Q1 25 | -2.3% | 14.3% | ||
| Q4 24 | -4.9% | 19.5% | ||
| Q3 24 | 5.1% | 17.9% | ||
| Q2 24 | 6.8% | 17.2% |
净利率IPVRT
| Q1 26 | — | 14.7% | ||
| Q4 25 | -50.3% | 15.5% | ||
| Q3 25 | -17.7% | 14.9% | ||
| Q2 25 | 1.1% | 12.3% | ||
| Q1 25 | -1.8% | 8.1% | ||
| Q4 24 | -3.2% | 6.3% | ||
| Q3 24 | 3.2% | 8.5% | ||
| Q2 24 | 10.5% | 9.1% |
每股收益（稀释后）IPVRT
| Q1 26 | — | $0.99 | ||
| Q4 25 | $-4.76 | $1.14 | ||
| Q3 25 | $-2.09 | $1.02 | ||
| Q2 25 | $0.14 | $0.83 | ||
| Q1 25 | $-0.24 | $0.42 | ||
| Q4 24 | $-0.42 | $0.38 | ||
| Q3 24 | $0.42 | $0.46 | ||
| Q2 24 | $1.41 | $0.46 |
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 | $2.5B |
| 总债务越低越好 | $8.8B | $0 |
| 股东权益账面价值 | $14.8B | $4.2B |
| 总资产 | $38.0B | $13.4B |
| 负债/权益比越低杠杆越低 | 0.60× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资IPVRT
| Q1 26 | — | $2.5B | ||
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $995.0M | $1.4B | ||
| Q2 25 | $1.1B | $1.6B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.2B | $908.7M | ||
| Q2 24 | $1.0B | $579.7M |
总债务IPVRT
| Q1 26 | — | $0 | ||
| Q4 25 | $8.8B | $2.9B | ||
| Q3 25 | $9.0B | $2.9B | ||
| Q2 25 | $9.7B | $2.9B | ||
| Q1 25 | $9.2B | $2.9B | ||
| Q4 24 | $5.4B | $2.9B | ||
| Q3 24 | $5.3B | $2.9B | ||
| Q2 24 | $5.3B | $2.9B |
股东权益IPVRT
| Q1 26 | — | $4.2B | ||
| Q4 25 | $14.8B | $3.9B | ||
| Q3 25 | $17.3B | $3.5B | ||
| Q2 25 | $18.6B | $3.1B | ||
| Q1 25 | $18.1B | $2.7B | ||
| Q4 24 | $8.2B | $2.4B | ||
| Q3 24 | $8.6B | $1.8B | ||
| Q2 24 | $8.6B | $1.5B |
总资产IPVRT
| Q1 26 | — | $13.4B | ||
| Q4 25 | $38.0B | $12.2B | ||
| Q3 25 | $40.6B | $10.8B | ||
| Q2 25 | $42.4B | $10.4B | ||
| Q1 25 | $41.2B | $9.5B | ||
| Q4 24 | $22.8B | $9.1B | ||
| Q3 24 | $23.2B | $8.9B | ||
| Q2 24 | $23.1B | $8.1B |
负债/权益比IPVRT
| Q1 26 | — | 0.00× | ||
| Q4 25 | 0.60× | 0.74× | ||
| Q3 25 | 0.52× | 0.83× | ||
| Q2 25 | 0.52× | 0.93× | ||
| Q1 25 | 0.51× | 1.10× | ||
| Q4 24 | 0.66× | 1.20× | ||
| Q3 24 | 0.62× | 1.62× | ||
| Q2 24 | 0.62× | 1.91× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $652.8M |
| 自由现金流率自由现金流/营收 | 5.4% | 24.6% |
| 资本支出强度资本支出/营收 | 13.7% | 4.2% |
| 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 | $-159.0M | $2.3B |
8季度趋势，按日历期对齐
经营现金流IPVRT
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $978.9M | ||
| Q3 25 | $605.0M | $508.7M | ||
| Q2 25 | $476.0M | $322.9M | ||
| Q1 25 | $-288.0M | $303.3M | ||
| Q4 24 | $397.0M | $425.2M | ||
| Q3 24 | $521.0M | $378.2M | ||
| Q2 24 | $365.0M | $378.4M |
自由现金流IPVRT
| Q1 26 | — | $652.8M | ||
| Q4 25 | $255.0M | $885.6M | ||
| Q3 25 | $150.0M | $463.5M | ||
| Q2 25 | $54.0M | $277.9M | ||
| Q1 25 | $-618.0M | $266.8M | ||
| Q4 24 | $137.0M | $364.5M | ||
| Q3 24 | $309.0M | $341.8M | ||
| Q2 24 | $167.0M | $344.3M |
自由现金流率IPVRT
| Q1 26 | — | 24.6% | ||
| Q4 25 | 5.4% | 30.8% | ||
| Q3 25 | 2.4% | 17.3% | ||
| Q2 25 | 0.8% | 10.5% | ||
| Q1 25 | -10.5% | 13.1% | ||
| Q4 24 | 3.0% | 15.5% | ||
| Q3 24 | 6.6% | 16.5% | ||
| Q2 24 | 3.5% | 17.6% |
资本支出强度IPVRT
| Q1 26 | — | 4.2% | ||
| Q4 25 | 13.7% | 3.2% | ||
| Q3 25 | 7.3% | 1.7% | ||
| Q2 25 | 6.2% | 1.7% | ||
| Q1 25 | 5.6% | 1.8% | ||
| Q4 24 | 5.7% | 2.6% | ||
| Q3 24 | 4.5% | 1.8% | ||
| Q2 24 | 4.2% | 1.7% |
现金转化率IPVRT
| Q1 26 | — | — | ||
| Q4 25 | — | 2.20× | ||
| Q3 25 | — | 1.28× | ||
| Q2 25 | 6.35× | 1.00× | ||
| Q1 25 | — | 1.84× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | 3.47× | 2.14× | ||
| Q2 24 | 0.73× | 2.12× |
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% |
VRT
暂无分部数据
