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国际纸业（IP）与Vistra Corp.（VST）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Vistra Corp.的1.2倍（$6.0B vs $4.8B），Vistra Corp.净利率更高（4.8% vs 1.0%，领先3.8%），Vistra Corp.同比增速更快（31.2% vs -0.6%），Vistra Corp.自由现金流更多（$596.0M vs $94.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% 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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
IP vs VST — 直观对比
营收规模更大
IP
是对方的1.2倍
$4.8B
营收增速更快
VST
高出31.8%
-0.6%
净利率更高
VST
高出3.8%
1.0%
自由现金流更多
VST
多$502.0M
$94.0M
两年增速更快
VST
近两年复合增速
12.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $4.8B |
| 净利润 | $60.0M | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 9.9% |
| 净利率 | 1.0% | 4.8% |
| 营收同比 | -0.6% | 31.2% |
| 净利润同比 | 157.1% | -47.2% |
| 每股收益（稀释后） | $0.14 | $0.55 |
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IPVST
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $4.8B | ||
| Q3 25 | $6.2B | $4.8B | ||
| Q2 25 | $6.8B | $3.8B | ||
| Q1 25 | $5.9B | $4.3B | ||
| Q4 24 | $4.6B | $3.7B | ||
| Q3 24 | $4.7B | $4.3B | ||
| Q2 24 | $4.7B | $3.6B |
净利润IPVST
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $233.0M | ||
| Q3 25 | $-1.1B | $652.0M | ||
| Q2 25 | $75.0M | $327.0M | ||
| Q1 25 | $-105.0M | $-268.0M | ||
| Q4 24 | $-147.0M | $441.0M | ||
| Q3 24 | $150.0M | $1.9B | ||
| Q2 24 | $498.0M | $365.0M |
毛利率IPVST
| 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IPVST
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 9.9% | ||
| Q3 25 | -10.8% | 21.7% | ||
| Q2 25 | 1.7% | 13.7% | ||
| Q1 25 | -2.3% | -2.8% | ||
| Q4 24 | -4.9% | 16.4% | ||
| Q3 24 | 5.1% | 59.6% | ||
| Q2 24 | 6.8% | 22.5% |
净利率IPVST
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | 4.8% | ||
| Q3 25 | -17.7% | 13.6% | ||
| Q2 25 | 1.1% | 8.7% | ||
| Q1 25 | -1.8% | -6.3% | ||
| Q4 24 | -3.2% | 12.0% | ||
| Q3 24 | 3.2% | 43.5% | ||
| Q2 24 | 10.5% | 10.1% |
每股收益（稀释后）IPVST
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | $0.55 | ||
| Q3 25 | $-2.09 | $1.75 | ||
| Q2 25 | $0.14 | $0.81 | ||
| Q1 25 | $-0.24 | $-0.93 | ||
| Q4 24 | $-0.42 | $1.09 | ||
| Q3 24 | $0.42 | $5.25 | ||
| Q2 24 | $1.41 | $0.90 |
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 | — | $785.0M |
| 总债务越低越好 | $8.2B | $15.8B |
| 股东权益账面价值 | $14.8B | $5.1B |
| 总资产 | $36.4B | $41.5B |
| 负债/权益比越低杠杆越低 | 0.55× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资IPVST
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $785.0M | ||
| Q3 25 | $995.0M | $602.0M | ||
| Q2 25 | $1.1B | $458.0M | ||
| Q1 25 | $1.2B | $561.0M | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.2B | $905.0M | ||
| Q2 24 | $1.0B | $1.6B |
总债务IPVST
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | $15.8B | ||
| Q3 25 | $9.0B | $15.8B | ||
| Q2 25 | $9.7B | $15.5B | ||
| Q1 25 | $9.2B | $15.4B | ||
| Q4 24 | $5.4B | $15.4B | ||
| Q3 24 | $5.3B | $13.9B | ||
| Q2 24 | $5.3B | $13.9B |
股东权益IPVST
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $5.1B | ||
| Q3 25 | $17.3B | $5.2B | ||
| Q2 25 | $18.6B | $4.8B | ||
| Q1 25 | $18.1B | $4.8B | ||
| Q4 24 | $8.2B | $5.6B | ||
| Q3 24 | $8.6B | $5.4B | ||
| Q2 24 | $8.6B | $5.6B |
总资产IPVST
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $41.5B | ||
| Q3 25 | $40.6B | $38.0B | ||
| Q2 25 | $42.4B | $38.1B | ||
| Q1 25 | $41.2B | $38.2B | ||
| Q4 24 | $22.8B | $37.8B | ||
| Q3 24 | $23.2B | $37.9B | ||
| Q2 24 | $23.1B | $39.1B |
负债/权益比IPVST
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.60× | 3.11× | ||
| Q3 25 | 0.52× | 3.02× | ||
| Q2 25 | 0.52× | 3.22× | ||
| Q1 25 | 0.51× | 3.20× | ||
| Q4 24 | 0.66× | 2.77× | ||
| Q3 24 | 0.62× | 2.56× | ||
| Q2 24 | 0.62× | 2.49× |
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 | — | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $596.0M |
| 自由现金流率自由现金流/营收 | 1.6% | 12.4% |
| 资本支出强度资本支出/营收 | 8.7% | 17.4% |
| 现金转化率经营现金流/净利润 | — | 6.15× |
| 过去12个月自由现金流最近4个季度 | $553.0M | $1.3B |
8季度趋势，按日历期对齐
经营现金流IPVST
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $1.4B | ||
| Q3 25 | $605.0M | $1.5B | ||
| Q2 25 | $476.0M | $572.0M | ||
| Q1 25 | $-288.0M | $599.0M | ||
| Q4 24 | $397.0M | $1.4B | ||
| Q3 24 | $521.0M | $1.7B | ||
| Q2 24 | $365.0M | $1.2B |
自由现金流IPVST
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $596.0M | ||
| Q3 25 | $150.0M | $1.0B | ||
| Q2 25 | $54.0M | $-118.0M | ||
| Q1 25 | $-618.0M | $-169.0M | ||
| Q4 24 | $137.0M | $923.0M | ||
| Q3 24 | $309.0M | $1.0B | ||
| Q2 24 | $167.0M | $698.0M |
自由现金流率IPVST
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 12.4% | ||
| Q3 25 | 2.4% | 21.1% | ||
| Q2 25 | 0.8% | -3.1% | ||
| Q1 25 | -10.5% | -4.0% | ||
| Q4 24 | 3.0% | 25.2% | ||
| Q3 24 | 6.6% | 23.4% | ||
| Q2 24 | 3.5% | 19.4% |
资本支出强度IPVST
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 17.4% | ||
| Q3 25 | 7.3% | 9.6% | ||
| Q2 25 | 6.2% | 18.4% | ||
| Q1 25 | 5.6% | 18.1% | ||
| Q4 24 | 5.7% | 11.7% | ||
| Q3 24 | 4.5% | 15.8% | ||
| Q2 24 | 4.2% | 13.8% |
现金转化率IPVST
| Q1 26 | — | — | ||
| Q4 25 | — | 6.15× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | 6.35× | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | 3.47× | 0.90× | ||
| Q2 24 | 0.73× | 3.28× |
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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
