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国际纸业（IP）与Workday, Inc.（WDAY）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Workday, Inc.的2.5倍（$6.0B vs $2.4B），Workday, Inc.净利率更高（10.4% vs 1.0%，领先9.4%），Workday, Inc.同比增速更快（12.6% vs -0.6%），Workday, Inc.自由现金流更多（$550.0M vs $94.0M），过去两年Workday, Inc.的营收复合增速更高（12.5% 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。
Workday是全球领先的企业级云软件供应商，核心产品覆盖人力资本管理、财务管理及企业资源规划解决方案，主要服务教育、医疗、金融、科技等行业的中大型机构，业务遍布北美、欧洲、亚太等全球主要市场。
IP vs WDAY — 直观对比
营收规模更大
IP
是对方的2.5倍
$2.4B
营收增速更快
WDAY
高出13.2%
-0.6%
净利率更高
WDAY
高出9.4%
1.0%
自由现金流更多
WDAY
多$456.0M
$94.0M
两年增速更快
WDAY
近两年复合增速
12.3%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $2.4B |
| 净利润 | $60.0M | $252.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 10.6% |
| 净利率 | 1.0% | 10.4% |
| 营收同比 | -0.6% | 12.6% |
| 净利润同比 | 157.1% | 30.6% |
| 每股收益（稀释后） | $0.14 | $0.94 |
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IPWDAY
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $2.4B | ||
| Q3 25 | $6.2B | $2.3B | ||
| Q2 25 | $6.8B | $2.2B | ||
| Q1 25 | $5.9B | $2.2B | ||
| Q4 24 | $4.6B | $2.2B | ||
| Q3 24 | $4.7B | $2.1B | ||
| Q2 24 | $4.7B | $2.0B |
净利润IPWDAY
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $252.0M | ||
| Q3 25 | $-1.1B | $228.0M | ||
| Q2 25 | $75.0M | $68.0M | ||
| Q1 25 | $-105.0M | $94.0M | ||
| Q4 24 | $-147.0M | $193.0M | ||
| Q3 24 | $150.0M | $132.0M | ||
| Q2 24 | $498.0M | $107.0M |
毛利率IPWDAY
| 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IPWDAY
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 10.6% | ||
| Q3 25 | -10.8% | 10.6% | ||
| Q2 25 | 1.7% | 1.7% | ||
| Q1 25 | -2.3% | 3.4% | ||
| Q4 24 | -4.9% | 7.6% | ||
| Q3 24 | 5.1% | 5.3% | ||
| Q2 24 | 6.8% | 3.2% |
净利率IPWDAY
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | 10.4% | ||
| Q3 25 | -17.7% | 9.7% | ||
| Q2 25 | 1.1% | 3.0% | ||
| Q1 25 | -1.8% | 4.3% | ||
| Q4 24 | -3.2% | 8.9% | ||
| Q3 24 | 3.2% | 6.3% | ||
| Q2 24 | 10.5% | 5.4% |
每股收益（稀释后）IPWDAY
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | $0.94 | ||
| Q3 25 | $-2.09 | $0.84 | ||
| Q2 25 | $0.14 | $0.25 | ||
| Q1 25 | $-0.24 | $0.34 | ||
| Q4 24 | $-0.42 | $0.72 | ||
| Q3 24 | $0.42 | $0.49 | ||
| Q2 24 | $1.41 | $0.40 |
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 | — | $6.8B |
| 总债务越低越好 | $8.2B | — |
| 股东权益账面价值 | $14.8B | $8.9B |
| 总资产 | $36.4B | $17.8B |
| 负债/权益比越低杠杆越低 | 0.55× | — |
8季度趋势，按日历期对齐
现金及短期投资IPWDAY
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $6.8B | ||
| Q3 25 | $995.0M | $8.2B | ||
| Q2 25 | $1.1B | $8.0B | ||
| Q1 25 | $1.2B | $8.0B | ||
| Q4 24 | $1.2B | $7.2B | ||
| Q3 24 | $1.2B | $7.4B | ||
| Q2 24 | $1.0B | $7.2B |
总债务IPWDAY
| Q1 26 | $8.2B | — | ||
| 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 | $3.0B |
股东权益IPWDAY
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $8.9B | ||
| Q3 25 | $17.3B | $9.2B | ||
| Q2 25 | $18.6B | $8.9B | ||
| Q1 25 | $18.1B | $9.0B | ||
| Q4 24 | $8.2B | $8.6B | ||
| Q3 24 | $8.6B | $8.3B | ||
| Q2 24 | $8.6B | $8.2B |
总资产IPWDAY
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $17.8B | ||
| Q3 25 | $40.6B | $18.0B | ||
| Q2 25 | $42.4B | $17.2B | ||
| Q1 25 | $41.2B | $18.0B | ||
| Q4 24 | $22.8B | $16.4B | ||
| Q3 24 | $23.2B | $16.2B | ||
| Q2 24 | $23.1B | $15.9B |
负债/权益比IPWDAY
| Q1 26 | 0.55× | — | ||
| 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× | 0.37× |
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 | — | $588.0M |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $550.0M |
| 自由现金流率自由现金流/营收 | 1.6% | 22.6% |
| 资本支出强度资本支出/营收 | 8.7% | 1.6% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | $553.0M | $2.6B |
8季度趋势，按日历期对齐
经营现金流IPWDAY
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $588.0M | ||
| Q3 25 | $605.0M | $616.0M | ||
| Q2 25 | $476.0M | $457.0M | ||
| Q1 25 | $-288.0M | $1.1B | ||
| Q4 24 | $397.0M | $406.0M | ||
| Q3 24 | $521.0M | $571.0M | ||
| Q2 24 | $365.0M | $372.0M |
自由现金流IPWDAY
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $550.0M | ||
| Q3 25 | $150.0M | $588.0M | ||
| Q2 25 | $54.0M | $421.0M | ||
| Q1 25 | $-618.0M | $1.0B | ||
| Q4 24 | $137.0M | $359.0M | ||
| Q3 24 | $309.0M | $516.0M | ||
| Q2 24 | $167.0M | $291.0M |
自由现金流率IPWDAY
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 22.6% | ||
| Q3 25 | 2.4% | 25.0% | ||
| Q2 25 | 0.8% | 18.8% | ||
| Q1 25 | -10.5% | 46.4% | ||
| Q4 24 | 3.0% | 16.6% | ||
| Q3 24 | 6.6% | 24.7% | ||
| Q2 24 | 3.5% | 14.6% |
资本支出强度IPWDAY
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 1.6% | ||
| Q3 25 | 7.3% | 1.2% | ||
| Q2 25 | 6.2% | 1.6% | ||
| Q1 25 | 5.6% | 3.9% | ||
| Q4 24 | 5.7% | 2.2% | ||
| Q3 24 | 4.5% | 2.6% | ||
| Q2 24 | 4.2% | 4.1% |
现金转化率IPWDAY
| Q1 26 | — | — | ||
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 2.70× | ||
| Q2 25 | 6.35× | 6.72× | ||
| Q1 25 | — | 11.83× | ||
| Q4 24 | — | 2.10× | ||
| Q3 24 | 3.47× | 4.33× | ||
| Q2 24 | 0.73× | 3.48× |
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% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
