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国际纸业（IP）与Welltower（WELL）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Welltower的2.1倍（$6.0B vs $2.8B），Welltower净利率更高（51.6% vs 1.0%，领先50.6%），Welltower同比增速更快（180.6% vs -0.6%），过去两年Welltower的营收复合增速更高（42.4% 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。
Welltower Inc.是一家专注于医疗基础设施领域的房地产投资信托企业，核心业务为医疗类地产投资运营。截至2022年12月31日，公司投资的物业总量约3000处，全部布局于美国、加拿大及英国市场，是全球医疗地产投资领域的代表性企业之一。
IP vs WELL — 直观对比
营收规模更大
IP
是对方的2.1倍
$2.8B
营收增速更快
WELL
高出181.1%
-0.6%
净利率更高
WELL
高出50.6%
1.0%
两年增速更快
WELL
近两年复合增速
12.3%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $2.8B |
| 净利润 | $60.0M | $1.5B |
| 毛利率 | — | — |
| 营业利润率 | — | — |
| 净利率 | 1.0% | 51.6% |
| 营收同比 | -0.6% | 180.6% |
| 净利润同比 | 157.1% | 93.7% |
| 每股收益（稀释后） | $0.14 | — |
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IPWELL
| Q1 26 | $6.0B | $2.8B | ||
| Q4 25 | $4.7B | $2.6B | ||
| Q3 25 | $6.2B | $2.1B | ||
| Q2 25 | $6.8B | $2.0B | ||
| Q1 25 | $5.9B | $1.9B | ||
| Q4 24 | $4.6B | $1.8B | ||
| Q3 24 | $4.7B | $1.5B | ||
| Q2 24 | $4.7B | $1.4B |
净利润IPWELL
| Q1 26 | $60.0M | $1.5B | ||
| Q4 25 | $-2.4B | $117.8M | ||
| Q3 25 | $-1.1B | $282.2M | ||
| Q2 25 | $75.0M | $304.6M | ||
| Q1 25 | $-105.0M | $257.3M | ||
| Q4 24 | $-147.0M | $123.8M | ||
| Q3 24 | $150.0M | $456.8M | ||
| Q2 24 | $498.0M | $260.7M |
毛利率IPWELL
| Q1 26 | — | — | ||
| Q4 25 | 32.2% | 24.3% | ||
| Q3 25 | 31.1% | 23.5% | ||
| Q2 25 | 27.9% | 23.2% | ||
| Q1 25 | 27.8% | 21.6% | ||
| Q4 24 | 29.0% | 20.0% | ||
| Q3 24 | 28.7% | 19.8% | ||
| Q2 24 | 29.0% | 20.2% |
营业利润率IPWELL
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | — | ||
| Q3 25 | -10.8% | 14.2% | ||
| Q2 25 | 1.7% | 15.1% | ||
| Q1 25 | -2.3% | 10.7% | ||
| Q4 24 | -4.9% | 6.2% | ||
| Q3 24 | 5.1% | 12.2% | ||
| Q2 24 | 6.8% | 6.5% |
净利率IPWELL
| Q1 26 | 1.0% | 51.6% | ||
| Q4 25 | -50.3% | 4.6% | ||
| Q3 25 | -17.7% | 13.7% | ||
| Q2 25 | 1.1% | 15.5% | ||
| Q1 25 | -1.8% | 13.8% | ||
| Q4 24 | -3.2% | 7.0% | ||
| Q3 24 | 3.2% | 30.2% | ||
| Q2 24 | 10.5% | 18.7% |
每股收益（稀释后）IPWELL
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | $0.13 | ||
| Q3 25 | $-2.09 | $0.41 | ||
| Q2 25 | $0.14 | $0.45 | ||
| Q1 25 | $-0.24 | $0.40 | ||
| Q4 24 | $-0.42 | $0.20 | ||
| Q3 24 | $0.42 | $0.73 | ||
| Q2 24 | $1.41 | $0.42 |
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 | — |
| 股东权益账面价值 | $14.8B | — |
| 总资产 | $36.4B | — |
| 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IPWELL
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $5.0B | ||
| Q3 25 | $995.0M | $6.8B | ||
| Q2 25 | $1.1B | $4.4B | ||
| Q1 25 | $1.2B | $3.5B | ||
| Q4 24 | $1.2B | $3.5B | ||
| Q3 24 | $1.2B | $3.6B | ||
| Q2 24 | $1.0B | $2.8B |
总债务IPWELL
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | $19.2B | ||
| Q3 25 | $9.0B | $16.9B | ||
| Q2 25 | $9.7B | $16.0B | ||
| Q1 25 | $9.2B | $15.7B | ||
| Q4 24 | $5.4B | $15.5B | ||
| Q3 24 | $5.3B | $15.8B | ||
| Q2 24 | $5.3B | $13.9B |
股东权益IPWELL
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $42.1B | ||
| Q3 25 | $17.3B | $38.8B | ||
| Q2 25 | $18.6B | $35.9B | ||
| Q1 25 | $18.1B | $34.0B | ||
| Q4 24 | $8.2B | $32.0B | ||
| Q3 24 | $8.6B | $30.3B | ||
| Q2 24 | $8.6B | $29.0B |
总资产IPWELL
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $67.3B | ||
| Q3 25 | $40.6B | $59.5B | ||
| Q2 25 | $42.4B | $55.8B | ||
| Q1 25 | $41.2B | $53.3B | ||
| Q4 24 | $22.8B | $51.0B | ||
| Q3 24 | $23.2B | $49.0B | ||
| Q2 24 | $23.1B | $45.5B |
负债/权益比IPWELL
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.60× | 0.46× | ||
| Q3 25 | 0.52× | 0.43× | ||
| Q2 25 | 0.52× | 0.44× | ||
| Q1 25 | 0.51× | 0.46× | ||
| Q4 24 | 0.66× | 0.49× | ||
| Q3 24 | 0.62× | 0.52× | ||
| Q2 24 | 0.62× | 0.48× |
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 | — | — |
| 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 | — | — |
| 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IPWELL
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $654.3M | ||
| Q3 25 | $605.0M | $858.4M | ||
| Q2 25 | $476.0M | $770.0M | ||
| Q1 25 | $-288.0M | $599.0M | ||
| Q4 24 | $397.0M | $559.2M | ||
| Q3 24 | $521.0M | $685.0M | ||
| Q2 24 | $365.0M | $605.4M |
自由现金流IPWELL
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $340.4M | ||
| Q3 25 | $150.0M | $595.3M | ||
| Q2 25 | $54.0M | $537.2M | ||
| Q1 25 | $-618.0M | $358.6M | ||
| Q4 24 | $137.0M | $240.4M | ||
| Q3 24 | $309.0M | $443.8M | ||
| Q2 24 | $167.0M | $440.3M |
自由现金流率IPWELL
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 13.3% | ||
| Q3 25 | 2.4% | 28.9% | ||
| Q2 25 | 0.8% | 27.3% | ||
| Q1 25 | -10.5% | 19.2% | ||
| Q4 24 | 3.0% | 13.6% | ||
| Q3 24 | 6.6% | 29.4% | ||
| Q2 24 | 3.5% | 31.6% |
资本支出强度IPWELL
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 12.3% | ||
| Q3 25 | 7.3% | 12.8% | ||
| Q2 25 | 6.2% | 11.8% | ||
| Q1 25 | 5.6% | 12.9% | ||
| Q4 24 | 5.7% | 18.1% | ||
| Q3 24 | 4.5% | 16.0% | ||
| Q2 24 | 4.2% | 11.8% |
现金转化率IPWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 5.56× | ||
| Q3 25 | — | 3.04× | ||
| Q2 25 | 6.35× | 2.53× | ||
| Q1 25 | — | 2.33× | ||
| Q4 24 | — | 4.52× | ||
| Q3 24 | 3.47× | 1.50× | ||
| Q2 24 | 0.73× | 2.32× |
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% |
WELL
| Resident fees and services | $1.9B | 67% |
| Other | $822.6M | 29% |
| Rental income | $103.4M | 4% |
