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国际纸业（IP）与Wayfair Inc.（W）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Wayfair Inc.的1.4倍（$4.7B vs $3.3B），Wayfair Inc.净利率更高（-3.5% vs -50.3%，领先46.8%），Wayfair Inc.同比增速更快（6.9% vs 3.6%），国际纸业自由现金流更多（$255.0M vs $177.0M），过去两年Wayfair Inc.的营收复合增速更高（10.6% 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。
Wayfair Inc.是总部位于美国马萨诸塞州波士顿的电商企业，2002年成立，前身为CSN Stores，专注于家具及家居用品线上销售。目前平台提供来自全球11000余家供应商的1400万款商品，业务遍及北美、加拿大、德国、爱尔兰、中国、英国等国家和地区。
IP vs W — 直观对比
营收规模更大
IP
是对方的1.4倍
$3.3B
营收增速更快
W
高出3.3%
3.6%
净利率更高
W
高出46.8%
-50.3%
自由现金流更多
IP
多$78.0M
$177.0M
两年增速更快
W
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $3.3B |
| 净利润 | $-2.4B | $-116.0M |
| 毛利率 | 32.2% | 30.3% |
| 营业利润率 | -56.4% | 2.5% |
| 净利率 | -50.3% | -3.5% |
| 营收同比 | 3.6% | 6.9% |
| 净利润同比 | -1521.8% | 9.4% |
| 每股收益（稀释后） | $-4.76 | $-0.90 |
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IPW
| Q4 25 | $4.7B | $3.3B | ||
| Q3 25 | $6.2B | $3.1B | ||
| Q2 25 | $6.8B | $3.3B | ||
| Q1 25 | $5.9B | $2.7B | ||
| Q4 24 | $4.6B | $3.1B | ||
| Q3 24 | $4.7B | $2.9B | ||
| Q2 24 | $4.7B | $3.1B | ||
| Q1 24 | $4.6B | $2.7B |
净利润IPW
| Q4 25 | $-2.4B | $-116.0M | ||
| Q3 25 | $-1.1B | $-99.0M | ||
| Q2 25 | $75.0M | $15.0M | ||
| Q1 25 | $-105.0M | $-113.0M | ||
| Q4 24 | $-147.0M | $-128.0M | ||
| Q3 24 | $150.0M | $-74.0M | ||
| Q2 24 | $498.0M | $-42.0M | ||
| Q1 24 | $56.0M | $-248.0M |
毛利率IPW
| Q4 25 | 32.2% | 30.3% | ||
| Q3 25 | 31.1% | 30.0% | ||
| Q2 25 | 27.9% | 30.1% | ||
| Q1 25 | 27.8% | 30.7% | ||
| Q4 24 | 29.0% | 30.2% | ||
| Q3 24 | 28.7% | 30.3% | ||
| Q2 24 | 29.0% | 30.2% | ||
| Q1 24 | 25.9% | 30.0% |
营业利润率IPW
| Q4 25 | -56.4% | 2.5% | ||
| Q3 25 | -10.8% | 1.2% | ||
| Q2 25 | 1.7% | 0.5% | ||
| Q1 25 | -2.3% | -4.5% | ||
| Q4 24 | -4.9% | -3.7% | ||
| Q3 24 | 5.1% | -2.6% | ||
| Q2 24 | 6.8% | -1.1% | ||
| Q1 24 | 3.7% | -8.6% |
净利率IPW
| Q4 25 | -50.3% | -3.5% | ||
| Q3 25 | -17.7% | -3.2% | ||
| Q2 25 | 1.1% | 0.5% | ||
| Q1 25 | -1.8% | -4.1% | ||
| Q4 24 | -3.2% | -4.1% | ||
| Q3 24 | 3.2% | -2.6% | ||
| Q2 24 | 10.5% | -1.3% | ||
| Q1 24 | 1.2% | -9.1% |
每股收益（稀释后）IPW
| Q4 25 | $-4.76 | $-0.90 | ||
| Q3 25 | $-2.09 | $-0.76 | ||
| Q2 25 | $0.14 | $0.11 | ||
| Q1 25 | $-0.24 | $-0.89 | ||
| Q4 24 | $-0.42 | $-1.01 | ||
| Q3 24 | $0.42 | $-0.60 | ||
| Q2 24 | $1.41 | $-0.34 | ||
| Q1 24 | $0.16 | $-2.06 |
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 | $3.3B |
| 股东权益账面价值 | $14.8B | $-2.8B |
| 总资产 | $38.0B | $3.4B |
| 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IPW
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $995.0M | $1.2B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.0B | $1.3B | ||
| Q1 24 | $1.1B | $1.2B |
总债务IPW
| Q4 25 | $8.8B | $3.3B | ||
| Q3 25 | $9.0B | $2.9B | ||
| Q2 25 | $9.7B | $3.0B | ||
| Q1 25 | $9.2B | $3.2B | ||
| Q4 24 | $5.4B | $3.1B | ||
| Q3 24 | $5.3B | $3.2B | ||
| Q2 24 | $5.3B | $3.2B | ||
| Q1 24 | $5.5B | $3.2B |
股东权益IPW
| Q4 25 | $14.8B | $-2.8B | ||
| Q3 25 | $17.3B | $-2.8B | ||
| Q2 25 | $18.6B | $-2.7B | ||
| Q1 25 | $18.1B | $-2.8B | ||
| Q4 24 | $8.2B | $-2.8B | ||
| Q3 24 | $8.6B | $-2.7B | ||
| Q2 24 | $8.6B | $-2.8B | ||
| Q1 24 | $8.3B | $-2.8B |
总资产IPW
| Q4 25 | $38.0B | $3.4B | ||
| Q3 25 | $40.6B | $3.1B | ||
| Q2 25 | $42.4B | $3.3B | ||
| Q1 25 | $41.2B | $3.4B | ||
| Q4 24 | $22.8B | $3.5B | ||
| Q3 24 | $23.2B | $3.4B | ||
| Q2 24 | $23.1B | $3.4B | ||
| Q1 24 | $23.0B | $3.2B |
负债/权益比IPW
| 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 | $202.0M |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $177.0M |
| 自由现金流率自由现金流/营收 | 5.4% | 5.3% |
| 资本支出强度资本支出/营收 | 13.7% | 0.7% |
| 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 | $464.0M |
8季度趋势，按日历期对齐
经营现金流IPW
| Q4 25 | $905.0M | $202.0M | ||
| Q3 25 | $605.0M | $155.0M | ||
| Q2 25 | $476.0M | $273.0M | ||
| Q1 25 | $-288.0M | $-96.0M | ||
| Q4 24 | $397.0M | $162.0M | ||
| Q3 24 | $521.0M | $49.0M | ||
| Q2 24 | $365.0M | $245.0M | ||
| Q1 24 | $395.0M | $-139.0M |
自由现金流IPW
| Q4 25 | $255.0M | $177.0M | ||
| Q3 25 | $150.0M | $128.0M | ||
| Q2 25 | $54.0M | $260.0M | ||
| Q1 25 | $-618.0M | $-101.0M | ||
| Q4 24 | $137.0M | $142.0M | ||
| Q3 24 | $309.0M | $32.0M | ||
| Q2 24 | $167.0M | $222.0M | ||
| Q1 24 | $144.0M | $-152.0M |
自由现金流率IPW
| Q4 25 | 5.4% | 5.3% | ||
| Q3 25 | 2.4% | 4.1% | ||
| Q2 25 | 0.8% | 7.9% | ||
| Q1 25 | -10.5% | -3.7% | ||
| Q4 24 | 3.0% | 4.5% | ||
| Q3 24 | 6.6% | 1.1% | ||
| Q2 24 | 3.5% | 7.1% | ||
| Q1 24 | 3.1% | -5.6% |
资本支出强度IPW
| Q4 25 | 13.7% | 0.7% | ||
| Q3 25 | 7.3% | 0.9% | ||
| Q2 25 | 6.2% | 0.4% | ||
| Q1 25 | 5.6% | 0.2% | ||
| Q4 24 | 5.7% | 0.6% | ||
| Q3 24 | 4.5% | 0.6% | ||
| Q2 24 | 4.2% | 0.7% | ||
| Q1 24 | 5.4% | 0.5% |
现金转化率IPW
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 6.35× | 18.20× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.47× | — | ||
| 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% |
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
