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国际纸业（IP）与惠而浦（WHR）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惠而浦的1.5倍（$6.0B vs $4.1B），惠而浦净利率更高（2.7% vs 1.0%，领先1.7%），国际纸业同比增速更快（-0.6% vs -0.9%），惠而浦自由现金流更多（$989.0M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs -4.5%）
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。
惠而浦是总部位于美国密歇根州本顿特许镇的跨国家电研发、生产及销售企业，位列《财富》世界500强。2023年集团年销售额约190亿美元，全球员工规模近5.9万人，在世界各地布局超55座生产及技术研发中心。
IP vs WHR — 直观对比
营收规模更大
IP
是对方的1.5倍
$4.1B
营收增速更快
IP
高出0.3%
-0.9%
净利率更高
WHR
高出1.7%
1.0%
自由现金流更多
WHR
多$895.0M
$94.0M
两年增速更快
IP
近两年复合增速
-4.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $4.1B |
| 净利润 | $60.0M | $109.0M |
| 毛利率 | — | 14.0% |
| 营业利润率 | — | 6.0% |
| 净利率 | 1.0% | 2.7% |
| 营收同比 | -0.6% | -0.9% |
| 净利润同比 | 157.1% | 127.8% |
| 每股收益（稀释后） | $0.14 | $1.92 |
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IPWHR
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $4.1B | ||
| Q3 25 | $6.2B | $4.0B | ||
| Q2 25 | $6.8B | $3.8B | ||
| Q1 25 | $5.9B | $3.6B | ||
| Q4 24 | $4.6B | $4.1B | ||
| Q3 24 | $4.7B | $4.0B | ||
| Q2 24 | $4.7B | $4.0B |
净利润IPWHR
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $109.0M | ||
| Q3 25 | $-1.1B | $73.0M | ||
| Q2 25 | $75.0M | $65.0M | ||
| Q1 25 | $-105.0M | $71.0M | ||
| Q4 24 | $-147.0M | $-392.0M | ||
| Q3 24 | $150.0M | $109.0M | ||
| Q2 24 | $498.0M | $219.0M |
毛利率IPWHR
| Q1 26 | — | — | ||
| Q4 25 | 32.2% | 14.0% | ||
| Q3 25 | 31.1% | 14.7% | ||
| Q2 25 | 27.9% | 16.2% | ||
| Q1 25 | 27.8% | 16.8% | ||
| Q4 24 | 29.0% | 16.2% | ||
| Q3 24 | 28.7% | 16.1% | ||
| Q2 24 | 29.0% | 15.7% |
营业利润率IPWHR
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 6.0% | ||
| Q3 25 | -10.8% | 5.1% | ||
| Q2 25 | 1.7% | 5.4% | ||
| Q1 25 | -2.3% | 5.1% | ||
| Q4 24 | -4.9% | -3.3% | ||
| Q3 24 | 5.1% | 6.6% | ||
| Q2 24 | 6.8% | 3.3% |
净利率IPWHR
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | 2.7% | ||
| Q3 25 | -17.7% | 1.8% | ||
| Q2 25 | 1.1% | 1.7% | ||
| Q1 25 | -1.8% | 2.0% | ||
| Q4 24 | -3.2% | -9.5% | ||
| Q3 24 | 3.2% | 2.7% | ||
| Q2 24 | 10.5% | 5.5% |
每股收益（稀释后）IPWHR
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | $1.92 | ||
| Q3 25 | $-2.09 | $1.29 | ||
| Q2 25 | $0.14 | $1.17 | ||
| Q1 25 | $-0.24 | $1.28 | ||
| Q4 24 | $-0.42 | $-7.11 | ||
| Q3 24 | $0.42 | $2.00 | ||
| Q2 24 | $1.41 | $3.96 |
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 | — | $669.0M |
| 总债务越低越好 | $8.2B | $6.2B |
| 股东权益账面价值 | $14.8B | $2.7B |
| 总资产 | $36.4B | $16.0B |
| 负债/权益比越低杠杆越低 | 0.55× | 2.26× |
8季度趋势，按日历期对齐
现金及短期投资IPWHR
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $669.0M | ||
| Q3 25 | $995.0M | $934.0M | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.2B | $1.0B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.1B | ||
| Q2 24 | $1.0B | $1.2B |
总债务IPWHR
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | $6.2B | ||
| Q3 25 | $9.0B | — | ||
| Q2 25 | $9.7B | — | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $5.4B | $6.6B | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | — |
股东权益IPWHR
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $2.7B | ||
| Q3 25 | $17.3B | $2.6B | ||
| Q2 25 | $18.6B | $2.6B | ||
| Q1 25 | $18.1B | $2.6B | ||
| Q4 24 | $8.2B | $2.7B | ||
| Q3 24 | $8.6B | $3.0B | ||
| Q2 24 | $8.6B | $3.1B |
总资产IPWHR
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $16.0B | ||
| Q3 25 | $40.6B | $16.9B | ||
| Q2 25 | $42.4B | $16.8B | ||
| Q1 25 | $41.2B | $16.5B | ||
| Q4 24 | $22.8B | $16.3B | ||
| Q3 24 | $23.2B | $17.2B | ||
| Q2 24 | $23.1B | $17.3B |
负债/权益比IPWHR
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.60× | 2.26× | ||
| Q3 25 | 0.52× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 0.66× | 2.46× | ||
| Q3 24 | 0.62× | — | ||
| Q2 24 | 0.62× | — |
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 | — | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $989.0M |
| 自由现金流率自由现金流/营收 | 1.6% | 24.1% |
| 资本支出强度资本支出/营收 | 8.7% | 3.7% |
| 现金转化率经营现金流/净利润 | — | 10.45× |
| 过去12个月自由现金流最近4个季度 | $553.0M | $81.0M |
8季度趋势，按日历期对齐
经营现金流IPWHR
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $1.1B | ||
| Q3 25 | $605.0M | $33.0M | ||
| Q2 25 | $476.0M | $19.0M | ||
| Q1 25 | $-288.0M | $-721.0M | ||
| Q4 24 | $397.0M | $1.1B | ||
| Q3 24 | $521.0M | $214.0M | ||
| Q2 24 | $365.0M | $388.0M |
自由现金流IPWHR
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $989.0M | ||
| Q3 25 | $150.0M | $-52.0M | ||
| Q2 25 | $54.0M | $-63.0M | ||
| Q1 25 | $-618.0M | $-793.0M | ||
| Q4 24 | $137.0M | $970.0M | ||
| Q3 24 | $309.0M | $127.0M | ||
| Q2 24 | $167.0M | $275.0M |
自由现金流率IPWHR
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | 24.1% | ||
| Q3 25 | 2.4% | -1.3% | ||
| Q2 25 | 0.8% | -1.7% | ||
| Q1 25 | -10.5% | -21.9% | ||
| Q4 24 | 3.0% | 23.5% | ||
| Q3 24 | 6.6% | 3.2% | ||
| Q2 24 | 3.5% | 6.9% |
资本支出强度IPWHR
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 3.7% | ||
| Q3 25 | 7.3% | 2.1% | ||
| Q2 25 | 6.2% | 2.2% | ||
| Q1 25 | 5.6% | 2.0% | ||
| Q4 24 | 5.7% | 3.3% | ||
| Q3 24 | 4.5% | 2.2% | ||
| Q2 24 | 4.2% | 2.8% |
现金转化率IPWHR
| Q1 26 | — | — | ||
| Q4 25 | — | 10.45× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | 6.35× | 0.29× | ||
| Q1 25 | — | -10.15× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.47× | 1.96× | ||
| Q2 24 | 0.73× | 1.77× |
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% |
WHR
| Refrigeration | $1.2B | 30% |
| Laundry | $1.1B | 27% |
| Cooking | $1.1B | 26% |
| Dishwashing | $299.0M | 7% |
| Other | $266.0M | 6% |
| Spare Parts And Warranties | $139.0M | 3% |
