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国际纸业（IP）与福泰制药（VRTX）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福泰制药的1.5倍（$4.7B vs $3.2B），福泰制药净利率更高（37.3% vs -50.3%，领先87.6%），福泰制药同比增速更快（9.5% vs 3.6%），福泰制药自由现金流更多（$348.6M vs $255.0M），过去两年福泰制药的营收复合增速更高（8.9% 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。
福泰制药是总部位于美国马萨诸塞州波士顿的生物制药企业，是全球首批明确采用理性药物设计策略、而非组合化学方法开发药物的生物技术公司之一。除波士顿总部外，公司还在加州圣迭戈、英国牛津郡米尔顿公园设有三处研发中心。
IP vs VRTX — 直观对比
营收规模更大
IP
是对方的1.5倍
$3.2B
营收增速更快
VRTX
高出6.0%
3.6%
净利率更高
VRTX
高出87.6%
-50.3%
自由现金流更多
VRTX
多$93.6M
$255.0M
两年增速更快
VRTX
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $3.2B |
| 净利润 | $-2.4B | $1.2B |
| 毛利率 | 32.2% | 85.4% |
| 营业利润率 | -56.4% | 37.8% |
| 净利率 | -50.3% | 37.3% |
| 营收同比 | 3.6% | 9.5% |
| 净利润同比 | -1521.8% | 30.5% |
| 每股收益（稀释后） | $-4.76 | $4.64 |
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IPVRTX
| Q4 25 | $4.7B | $3.2B | ||
| Q3 25 | $6.2B | $3.1B | ||
| Q2 25 | $6.8B | $3.0B | ||
| Q1 25 | $5.9B | $2.8B | ||
| Q4 24 | $4.6B | $2.9B | ||
| Q3 24 | $4.7B | $2.8B | ||
| Q2 24 | $4.7B | $2.6B | ||
| Q1 24 | $4.6B | $2.7B |
净利润IPVRTX
| Q4 25 | $-2.4B | $1.2B | ||
| Q3 25 | $-1.1B | $1.1B | ||
| Q2 25 | $75.0M | $1.0B | ||
| Q1 25 | $-105.0M | $646.3M | ||
| Q4 24 | $-147.0M | $913.0M | ||
| Q3 24 | $150.0M | $1.0B | ||
| Q2 24 | $498.0M | $-3.6B | ||
| Q1 24 | $56.0M | $1.1B |
毛利率IPVRTX
| Q4 25 | 32.2% | 85.4% | ||
| Q3 25 | 31.1% | 86.5% | ||
| Q2 25 | 27.9% | 86.3% | ||
| Q1 25 | 27.8% | 86.9% | ||
| Q4 24 | 29.0% | 85.5% | ||
| Q3 24 | 28.7% | 85.8% | ||
| Q2 24 | 29.0% | 85.9% | ||
| Q1 24 | 25.9% | 87.3% |
营业利润率IPVRTX
| Q4 25 | -56.4% | 37.8% | ||
| Q3 25 | -10.8% | 38.6% | ||
| Q2 25 | 1.7% | 38.8% | ||
| Q1 25 | -2.3% | 22.7% | ||
| Q4 24 | -4.9% | 35.2% | ||
| Q3 24 | 5.1% | 40.3% | ||
| Q2 24 | 6.8% | -132.9% | ||
| Q1 24 | 3.7% | 42.4% |
净利率IPVRTX
| Q4 25 | -50.3% | 37.3% | ||
| Q3 25 | -17.7% | 35.2% | ||
| Q2 25 | 1.1% | 34.8% | ||
| Q1 25 | -1.8% | 23.3% | ||
| Q4 24 | -3.2% | 31.4% | ||
| Q3 24 | 3.2% | 37.7% | ||
| Q2 24 | 10.5% | -135.8% | ||
| Q1 24 | 1.2% | 40.9% |
每股收益（稀释后）IPVRTX
| Q4 25 | $-4.76 | $4.64 | ||
| Q3 25 | $-2.09 | $4.20 | ||
| Q2 25 | $0.14 | $3.99 | ||
| Q1 25 | $-0.24 | $2.49 | ||
| Q4 24 | $-0.42 | $3.62 | ||
| Q3 24 | $0.42 | $4.01 | ||
| Q2 24 | $1.41 | $-13.92 | ||
| Q1 24 | $0.16 | $4.21 |
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 | $6.6B |
| 总债务越低越好 | $8.8B | — |
| 股东权益账面价值 | $14.8B | $18.7B |
| 总资产 | $38.0B | $25.6B |
| 负债/权益比越低杠杆越低 | 0.60× | — |
8季度趋势，按日历期对齐
现金及短期投资IPVRTX
| Q4 25 | $1.1B | $6.6B | ||
| Q3 25 | $995.0M | $6.3B | ||
| Q2 25 | $1.1B | $6.4B | ||
| Q1 25 | $1.2B | $6.2B | ||
| Q4 24 | $1.2B | $6.1B | ||
| Q3 24 | $1.2B | $6.5B | ||
| Q2 24 | $1.0B | $5.8B | ||
| Q1 24 | $1.1B | $10.2B |
总债务IPVRTX
| Q4 25 | $8.8B | — | ||
| Q3 25 | $9.0B | — | ||
| Q2 25 | $9.7B | — | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | $5.5B | — |
股东权益IPVRTX
| Q4 25 | $14.8B | $18.7B | ||
| Q3 25 | $17.3B | $17.3B | ||
| Q2 25 | $18.6B | $17.2B | ||
| Q1 25 | $18.1B | $16.5B | ||
| Q4 24 | $8.2B | $16.4B | ||
| Q3 24 | $8.6B | $15.6B | ||
| Q2 24 | $8.6B | $14.8B | ||
| Q1 24 | $8.3B | $18.5B |
总资产IPVRTX
| Q4 25 | $38.0B | $25.6B | ||
| Q3 25 | $40.6B | $24.9B | ||
| Q2 25 | $42.4B | $24.0B | ||
| Q1 25 | $41.2B | $22.9B | ||
| Q4 24 | $22.8B | $22.5B | ||
| Q3 24 | $23.2B | $22.2B | ||
| Q2 24 | $23.1B | $20.1B | ||
| Q1 24 | $23.0B | $23.9B |
负债/权益比IPVRTX
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.52× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 0.66× | — | ||
| Q3 24 | 0.62× | — | ||
| Q2 24 | 0.62× | — | ||
| Q1 24 | 0.66× | — |
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 | $498.0M |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $348.6M |
| 自由现金流率自由现金流/营收 | 5.4% | 10.9% |
| 资本支出强度资本支出/营收 | 13.7% | 4.7% |
| 现金转化率经营现金流/净利润 | — | 0.42× |
| 过去12个月自由现金流最近4个季度 | $-159.0M | $3.2B |
8季度趋势，按日历期对齐
经营现金流IPVRTX
| Q4 25 | $905.0M | $498.0M | ||
| Q3 25 | $605.0M | $1.2B | ||
| Q2 25 | $476.0M | $1.1B | ||
| Q1 25 | $-288.0M | $818.9M | ||
| Q4 24 | $397.0M | $584.6M | ||
| Q3 24 | $521.0M | $1.4B | ||
| Q2 24 | $365.0M | $-3.8B | ||
| Q1 24 | $395.0M | $1.3B |
自由现金流IPVRTX
| Q4 25 | $255.0M | $348.6M | ||
| Q3 25 | $150.0M | $1.1B | ||
| Q2 25 | $54.0M | $927.4M | ||
| Q1 25 | $-618.0M | $778.2M | ||
| Q4 24 | $137.0M | $492.0M | ||
| Q3 24 | $309.0M | $1.3B | ||
| Q2 24 | $167.0M | $-3.8B | ||
| Q1 24 | $144.0M | $1.2B |
自由现金流率IPVRTX
| Q4 25 | 5.4% | 10.9% | ||
| Q3 25 | 2.4% | 37.0% | ||
| Q2 25 | 0.8% | 31.3% | ||
| Q1 25 | -10.5% | 28.1% | ||
| Q4 24 | 3.0% | 16.9% | ||
| Q3 24 | 6.6% | 47.0% | ||
| Q2 24 | 3.5% | -144.5% | ||
| Q1 24 | 3.1% | 46.0% |
资本支出强度IPVRTX
| Q4 25 | 13.7% | 4.7% | ||
| Q3 25 | 7.3% | 3.3% | ||
| Q2 25 | 6.2% | 4.9% | ||
| Q1 25 | 5.6% | 1.5% | ||
| Q4 24 | 5.7% | 3.2% | ||
| Q3 24 | 4.5% | 2.4% | ||
| Q2 24 | 4.2% | 2.6% | ||
| Q1 24 | 5.4% | 2.5% |
现金转化率IPVRTX
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 1.15× | ||
| Q2 25 | 6.35× | 1.04× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | — | 0.64× | ||
| Q3 24 | 3.47× | 1.31× | ||
| Q2 24 | 0.73× | — | ||
| Q1 24 | 7.05× | 1.19× |
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% |
VRTX
| TRIKAFTAKAFTRIO | $2.6B | 81% |
| ALYFTREK | $380.1M | 12% |
| Manufactured Product Other | $237.4M | 7% |
