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梅西百货（M）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是梅西百货的1.6倍（$7.6B vs $4.7B），Smurfit Westrock净利率更高（1.3% vs 0.2%，领先1.0%），Smurfit Westrock同比增速更快（0.5% vs -0.6%），Smurfit Westrock自由现金流更多（$612.0M vs $-101.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs -23.8%）
梅西百货是美国知名百货控股集团，1929年成立时名为联合百货，最初持有Abraham & Straus、Lazarus等多个区域连锁百货品牌，次年布鲁明戴尔正式加入。集团早年频繁开展资产并购与剥离，1994年收购1858年创立的老牌百货梅西，随后更名并发展为美国头部百货零售企业。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
M vs SW — 直观对比
营收规模更大
SW
是对方的1.6倍
$4.7B
营收增速更快
SW
高出1.2%
-0.6%
净利率更高
SW
高出1.0%
0.2%
自由现金流更多
SW
多$713.0M
$-101.0M
两年增速更快
SW
近两年复合增速
-23.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $7.6B |
| 净利润 | $11.0M | $97.0M |
| 毛利率 | 39.4% | 18.2% |
| 营业利润率 | 0.9% | 5.1% |
| 净利率 | 0.2% | 1.3% |
| 营收同比 | -0.6% | 0.5% |
| 净利润同比 | -60.7% | -33.6% |
| 每股收益（稀释后） | $0.04 | $0.18 |
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MSW
| Q4 25 | $4.7B | $7.6B | ||
| Q3 25 | $4.8B | $8.0B | ||
| Q2 25 | $4.6B | $7.9B | ||
| Q1 25 | $7.8B | $7.7B | ||
| Q4 24 | $4.7B | $7.5B | ||
| Q3 24 | $4.9B | $7.7B | ||
| Q2 24 | $4.8B | $3.0B | ||
| Q1 24 | $8.1B | $2.9B |
净利润MSW
| Q4 25 | $11.0M | $97.0M | ||
| Q3 25 | $87.0M | $246.0M | ||
| Q2 25 | $38.0M | $-28.0M | ||
| Q1 25 | $342.0M | $384.0M | ||
| Q4 24 | $28.0M | $146.0M | ||
| Q3 24 | $150.0M | $-150.0M | ||
| Q2 24 | $62.0M | $132.0M | ||
| Q1 24 | $-71.0M | $191.0M |
毛利率MSW
| Q4 25 | 39.4% | 18.2% | ||
| Q3 25 | 39.7% | 19.6% | ||
| Q2 25 | 39.2% | 19.1% | ||
| Q1 25 | 35.7% | 20.6% | ||
| Q4 24 | 39.6% | 19.1% | ||
| Q3 24 | 40.5% | 17.6% | ||
| Q2 24 | 39.2% | 23.3% | ||
| Q1 24 | 37.5% | 24.2% |
营业利润率MSW
| Q4 25 | 0.9% | 5.1% | ||
| Q3 25 | 3.1% | 6.6% | ||
| Q2 25 | 2.0% | 3.2% | ||
| Q1 25 | 6.4% | 7.2% | ||
| Q4 24 | 1.3% | 5.3% | ||
| Q3 24 | 4.5% | 0.7% | ||
| Q2 24 | 2.6% | 8.2% | ||
| Q1 24 | -0.9% | 10.5% |
净利率MSW
| Q4 25 | 0.2% | 1.3% | ||
| Q3 25 | 1.8% | 3.1% | ||
| Q2 25 | 0.8% | -0.4% | ||
| Q1 25 | 4.4% | 5.0% | ||
| Q4 24 | 0.6% | 1.9% | ||
| Q3 24 | 3.0% | -2.0% | ||
| Q2 24 | 1.3% | 4.4% | ||
| Q1 24 | -0.9% | 6.5% |
每股收益（稀释后）MSW
| Q4 25 | $0.04 | $0.18 | ||
| Q3 25 | $0.31 | $0.47 | ||
| Q2 25 | $0.13 | $-0.05 | ||
| Q1 25 | $1.22 | $0.73 | ||
| Q4 24 | $0.10 | $-0.12 | ||
| Q3 24 | $0.53 | $-0.30 | ||
| Q2 24 | $0.22 | $0.51 | ||
| Q1 24 | $-0.25 | $0.73 |
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 | $447.0M | $892.0M |
| 总债务越低越好 | $2.4B | $13.4B |
| 股东权益账面价值 | $4.3B | $18.3B |
| 总资产 | $17.1B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.56× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资MSW
| Q4 25 | $447.0M | $892.0M | ||
| Q3 25 | $829.0M | $851.0M | ||
| Q2 25 | $932.0M | $778.0M | ||
| Q1 25 | $1.3B | $797.0M | ||
| Q4 24 | $315.0M | $855.0M | ||
| Q3 24 | $646.0M | — | ||
| Q2 24 | $876.0M | $26.8K | ||
| Q1 24 | $1.0B | $108 |
总债务MSW
| Q4 25 | $2.4B | $13.4B | ||
| Q3 25 | $2.4B | $13.3B | ||
| Q2 25 | $2.8B | $13.3B | ||
| Q1 25 | $2.8B | $12.9B | ||
| Q4 24 | $2.8B | $12.5B | ||
| Q3 24 | $3.0B | $13.2B | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
股东权益MSW
| Q4 25 | $4.3B | $18.3B | ||
| Q3 25 | $4.5B | $18.4B | ||
| Q2 25 | $4.5B | $18.3B | ||
| Q1 25 | $4.6B | $17.9B | ||
| Q4 24 | $4.1B | $17.4B | ||
| Q3 24 | $4.3B | $18.0B | ||
| Q2 24 | $4.2B | $14.5K | ||
| Q1 24 | $4.1B | $108 |
总资产MSW
| Q4 25 | $17.1B | $45.2B | ||
| Q3 25 | $15.6B | $45.6B | ||
| Q2 25 | $16.1B | $45.7B | ||
| Q1 25 | $16.4B | $44.6B | ||
| Q4 24 | $17.3B | $43.8B | ||
| Q3 24 | $15.8B | $45.0B | ||
| Q2 24 | $16.4B | $26.8K | ||
| Q1 24 | $16.2B | $108 |
负债/权益比MSW
| Q4 25 | 0.56× | 0.73× | ||
| Q3 25 | 0.55× | 0.72× | ||
| Q2 25 | 0.62× | 0.73× | ||
| Q1 25 | 0.61× | 0.72× | ||
| Q4 24 | 0.67× | 0.72× | ||
| Q3 24 | 0.70× | 0.73× | ||
| Q2 24 | 0.72× | — | ||
| Q1 24 | 0.72× | — |
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 | $-8.0M | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $-101.0M | $612.0M |
| 自由现金流率自由现金流/营收 | -2.1% | 8.1% |
| 资本支出强度资本支出/营收 | 2.0% | 7.7% |
| 现金转化率经营现金流/净利润 | -0.73× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流MSW
| Q4 25 | $-8.0M | $1.2B | ||
| Q3 25 | $319.0M | $1.1B | ||
| Q2 25 | $-64.0M | $829.0M | ||
| Q1 25 | $1.3B | $235.0M | ||
| Q4 24 | $-167.0M | $781.0M | ||
| Q3 24 | $8.0M | $320.0M | ||
| Q2 24 | $129.0M | $340.0M | ||
| Q1 24 | $1.1B | $42.0M |
自由现金流MSW
| Q4 25 | $-101.0M | $612.0M | ||
| Q3 25 | $240.0M | $523.0M | ||
| Q2 25 | $-164.0M | $307.0M | ||
| Q1 25 | $1.2B | $-242.0M | ||
| Q4 24 | $-295.0M | $212.0M | ||
| Q3 24 | $-109.0M | $-192.0M | ||
| Q2 24 | $-25.0M | $163.0M | ||
| Q1 24 | $1.0B | $-166.0M |
自由现金流率MSW
| Q4 25 | -2.1% | 8.1% | ||
| Q3 25 | 5.0% | 6.5% | ||
| Q2 25 | -3.6% | 3.9% | ||
| Q1 25 | 15.3% | -3.2% | ||
| Q4 24 | -6.2% | 2.8% | ||
| Q3 24 | -2.2% | -2.5% | ||
| Q2 24 | -0.5% | 5.5% | ||
| Q1 24 | 12.3% | -5.7% |
资本支出强度MSW
| Q4 25 | 2.0% | 7.7% | ||
| Q3 25 | 1.6% | 7.6% | ||
| Q2 25 | 2.2% | 6.6% | ||
| Q1 25 | 1.5% | 6.2% | ||
| Q4 24 | 2.7% | 7.5% | ||
| Q3 24 | 2.4% | 6.7% | ||
| Q2 24 | 3.2% | 6.0% | ||
| Q1 24 | 1.8% | 7.1% |
现金转化率MSW
| Q4 25 | -0.73× | 12.32× | ||
| Q3 25 | 3.67× | 4.61× | ||
| Q2 25 | -1.68× | — | ||
| Q1 25 | 3.82× | 0.61× | ||
| Q4 24 | -5.96× | 5.35× | ||
| Q3 24 | 0.05× | — | ||
| Q2 24 | 2.08× | 2.58× | ||
| Q1 24 | — | 0.22× |
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
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
