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国际纸业（IP）与Wabtec（WAB）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Wabtec的2.0倍（$6.0B vs $3.0B），Wabtec净利率更高（12.3% vs 1.0%，领先11.3%），Wabtec同比增速更快（13.0% vs -0.6%），过去两年国际纸业的营收复合增速更高（12.3% vs 5.6%）
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。
西屋空气制动技术公司（通称Wabtec）是美国知名轨道交通设备企业，1999年由西屋空气制动公司（WABCO）与动力设备厂商MotivePower合并组建，总部设于宾夕法尼亚州匹兹堡，在全球轨交制动系统、牵引动力设备等领域拥有领先的技术实力与市场份额。
IP vs WAB — 直观对比
营收规模更大
IP
是对方的2.0倍
$3.0B
营收增速更快
WAB
高出13.6%
-0.6%
净利率更高
WAB
高出11.3%
1.0%
两年增速更快
IP
近两年复合增速
5.6%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $3.0B |
| 净利润 | $60.0M | $363.0M |
| 毛利率 | — | 36.0% |
| 营业利润率 | — | 17.5% |
| 净利率 | 1.0% | 12.3% |
| 营收同比 | -0.6% | 13.0% |
| 净利润同比 | 157.1% | 11.0% |
| 每股收益（稀释后） | $0.14 | $2.12 |
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IPWAB
| Q1 26 | $6.0B | $3.0B | ||
| Q4 25 | $4.7B | $3.0B | ||
| Q3 25 | $6.2B | $2.9B | ||
| Q2 25 | $6.8B | $2.7B | ||
| Q1 25 | $5.9B | $2.6B | ||
| Q4 24 | $4.6B | $2.6B | ||
| Q3 24 | $4.7B | $2.7B | ||
| Q2 24 | $4.7B | $2.6B |
净利润IPWAB
| Q1 26 | $60.0M | $363.0M | ||
| Q4 25 | $-2.4B | $202.0M | ||
| Q3 25 | $-1.1B | $310.0M | ||
| Q2 25 | $75.0M | $336.0M | ||
| Q1 25 | $-105.0M | $322.0M | ||
| Q4 24 | $-147.0M | $212.0M | ||
| Q3 24 | $150.0M | $283.0M | ||
| Q2 24 | $498.0M | $289.0M |
毛利率IPWAB
| Q1 26 | — | 36.0% | ||
| Q4 25 | 32.2% | 32.6% | ||
| Q3 25 | 31.1% | 34.7% | ||
| Q2 25 | 27.9% | 34.7% | ||
| Q1 25 | 27.8% | 34.5% | ||
| Q4 24 | 29.0% | 30.9% | ||
| Q3 24 | 28.7% | 33.0% | ||
| Q2 24 | 29.0% | 33.1% |
营业利润率IPWAB
| Q1 26 | — | 17.5% | ||
| Q4 25 | -56.4% | 12.0% | ||
| Q3 25 | -10.8% | 17.0% | ||
| Q2 25 | 1.7% | 17.4% | ||
| Q1 25 | -2.3% | 18.2% | ||
| Q4 24 | -4.9% | 12.9% | ||
| Q3 24 | 5.1% | 16.3% | ||
| Q2 24 | 6.8% | 16.3% |
净利率IPWAB
| Q1 26 | 1.0% | 12.3% | ||
| Q4 25 | -50.3% | 6.8% | ||
| Q3 25 | -17.7% | 10.7% | ||
| Q2 25 | 1.1% | 12.4% | ||
| Q1 25 | -1.8% | 12.3% | ||
| Q4 24 | -3.2% | 8.2% | ||
| Q3 24 | 3.2% | 10.6% | ||
| Q2 24 | 10.5% | 10.9% |
每股收益（稀释后）IPWAB
| Q1 26 | $0.14 | $2.12 | ||
| Q4 25 | $-4.76 | $1.18 | ||
| Q3 25 | $-2.09 | $1.81 | ||
| Q2 25 | $0.14 | $1.96 | ||
| Q1 25 | $-0.24 | $1.88 | ||
| Q4 24 | $-0.42 | $1.24 | ||
| Q3 24 | $0.42 | $1.63 | ||
| Q2 24 | $1.41 | $1.64 |
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 | — | — |
| 总债务越低越好 | $8.2B | $4.7B |
| 股东权益账面价值 | $14.8B | $11.1B |
| 总资产 | $36.4B | $23.2B |
| 负债/权益比越低杠杆越低 | 0.55× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资IPWAB
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $995.0M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.0B | — |
总债务IPWAB
| Q1 26 | $8.2B | $4.7B | ||
| Q4 25 | $8.8B | $5.5B | ||
| Q3 25 | $9.0B | $5.3B | ||
| Q2 25 | $9.7B | $4.8B | ||
| Q1 25 | $9.2B | $4.0B | ||
| Q4 24 | $5.4B | $4.0B | ||
| Q3 24 | $5.3B | $4.0B | ||
| Q2 24 | $5.3B | $4.0B |
股东权益IPWAB
| Q1 26 | $14.8B | $11.1B | ||
| Q4 25 | $14.8B | $11.1B | ||
| Q3 25 | $17.3B | $11.0B | ||
| Q2 25 | $18.6B | $10.8B | ||
| Q1 25 | $18.1B | $10.4B | ||
| Q4 24 | $8.2B | $10.1B | ||
| Q3 24 | $8.6B | $10.3B | ||
| Q2 24 | $8.6B | $10.5B |
总资产IPWAB
| Q1 26 | $36.4B | $23.2B | ||
| Q4 25 | $38.0B | $22.1B | ||
| Q3 25 | $40.6B | $21.5B | ||
| Q2 25 | $42.4B | $20.4B | ||
| Q1 25 | $41.2B | $19.1B | ||
| Q4 24 | $22.8B | $18.7B | ||
| Q3 24 | $23.2B | $18.6B | ||
| Q2 24 | $23.1B | $18.9B |
负债/权益比IPWAB
| Q1 26 | 0.55× | 0.42× | ||
| Q4 25 | 0.60× | 0.50× | ||
| Q3 25 | 0.52× | 0.48× | ||
| Q2 25 | 0.52× | 0.44× | ||
| Q1 25 | 0.51× | 0.39× | ||
| Q4 24 | 0.66× | 0.39× | ||
| Q3 24 | 0.62× | 0.39× | ||
| Q2 24 | 0.62× | 0.38× |
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 | — | $199.0M |
| 自由现金流经营现金流 - 资本支出 | $94.0M | — |
| 自由现金流率自由现金流/营收 | 1.6% | — |
| 资本支出强度资本支出/营收 | 8.7% | — |
| 现金转化率经营现金流/净利润 | — | 0.55× |
| 过去12个月自由现金流最近4个季度 | $553.0M | — |
8季度趋势，按日历期对齐
经营现金流IPWAB
| Q1 26 | — | $199.0M | ||
| Q4 25 | $905.0M | $992.0M | ||
| Q3 25 | $605.0M | $367.0M | ||
| Q2 25 | $476.0M | $209.0M | ||
| Q1 25 | $-288.0M | $191.0M | ||
| Q4 24 | $397.0M | $723.0M | ||
| Q3 24 | $521.0M | $542.0M | ||
| Q2 24 | $365.0M | $235.0M |
自由现金流IPWAB
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $870.0M | ||
| Q3 25 | $150.0M | $312.0M | ||
| Q2 25 | $54.0M | $170.0M | ||
| Q1 25 | $-618.0M | $147.0M | ||
| Q4 24 | $137.0M | $639.0M | ||
| Q3 24 | $309.0M | $496.0M | ||
| Q2 24 | $167.0M | $189.0M |
自由现金流率IPWAB
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 29.3% | ||
| Q3 25 | 2.4% | 10.8% | ||
| Q2 25 | 0.8% | 6.3% | ||
| Q1 25 | -10.5% | 5.6% | ||
| Q4 24 | 3.0% | 24.7% | ||
| Q3 24 | 6.6% | 18.6% | ||
| Q2 24 | 3.5% | 7.1% |
资本支出强度IPWAB
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 4.1% | ||
| Q3 25 | 7.3% | 1.9% | ||
| Q2 25 | 6.2% | 1.4% | ||
| Q1 25 | 5.6% | 1.7% | ||
| Q4 24 | 5.7% | 3.3% | ||
| Q3 24 | 4.5% | 1.7% | ||
| Q2 24 | 4.2% | 1.7% |
现金转化率IPWAB
| Q1 26 | — | 0.55× | ||
| Q4 25 | — | 4.91× | ||
| Q3 25 | — | 1.18× | ||
| Q2 25 | 6.35× | 0.62× | ||
| Q1 25 | — | 0.59× | ||
| Q4 24 | — | 3.41× | ||
| Q3 24 | 3.47× | 1.92× | ||
| Q2 24 | 0.73× | 0.81× |
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% |
WAB
暂无分部数据
