vs
3M（MMM）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3M的1.3倍（$7.6B vs $6.0B），3M净利率更高（10.8% vs 1.3%，领先9.5%），3M同比增速更快（1.3% vs 0.5%），3M自由现金流更多（$2.0B vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs -1.8%）
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
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。
MMM vs SW — 直观对比
营收规模更大
SW
是对方的1.3倍
$6.0B
营收增速更快
MMM
高出0.8%
0.5%
净利率更高
MMM
高出9.5%
1.3%
自由现金流更多
MMM
多$1.4B
$612.0M
两年增速更快
SW
近两年复合增速
-1.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $7.6B |
| 净利润 | $653.0M | $97.0M |
| 毛利率 | 40.7% | 18.2% |
| 营业利润率 | 23.2% | 5.1% |
| 净利率 | 10.8% | 1.3% |
| 营收同比 | 1.3% | 0.5% |
| 净利润同比 | -41.5% | -33.6% |
| 每股收益（稀释后） | $1.23 | $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MMMSW
| Q1 26 | $6.0B | — | ||
| Q4 25 | $6.1B | $7.6B | ||
| Q3 25 | $6.5B | $8.0B | ||
| Q2 25 | $6.3B | $7.9B | ||
| Q1 25 | $6.0B | $7.7B | ||
| Q4 24 | $6.0B | $7.5B | ||
| Q3 24 | $6.3B | $7.7B | ||
| Q2 24 | $6.3B | $3.0B |
净利润MMMSW
| Q1 26 | $653.0M | — | ||
| Q4 25 | $577.0M | $97.0M | ||
| Q3 25 | $834.0M | $246.0M | ||
| Q2 25 | $723.0M | $-28.0M | ||
| Q1 25 | $1.1B | $384.0M | ||
| Q4 24 | $728.0M | $146.0M | ||
| Q3 24 | $1.4B | $-150.0M | ||
| Q2 24 | $1.1B | $132.0M |
毛利率MMMSW
| Q1 26 | 40.7% | — | ||
| Q4 25 | 33.6% | 18.2% | ||
| Q3 25 | 41.8% | 19.6% | ||
| Q2 25 | 42.5% | 19.1% | ||
| Q1 25 | 41.6% | 20.6% | ||
| Q4 24 | 51.7% | 19.1% | ||
| Q3 24 | 42.1% | 17.6% | ||
| Q2 24 | 42.9% | 23.3% |
营业利润率MMMSW
| Q1 26 | 23.2% | — | ||
| Q4 25 | 13.0% | 5.1% | ||
| Q3 25 | 22.2% | 6.6% | ||
| Q2 25 | 18.0% | 3.2% | ||
| Q1 25 | 20.9% | 7.2% | ||
| Q4 24 | 12.2% | 5.3% | ||
| Q3 24 | 20.9% | 0.7% | ||
| Q2 24 | 20.3% | 8.2% |
净利率MMMSW
| Q1 26 | 10.8% | — | ||
| Q4 25 | 9.4% | 1.3% | ||
| Q3 25 | 12.8% | 3.1% | ||
| Q2 25 | 11.4% | -0.4% | ||
| Q1 25 | 18.7% | 5.0% | ||
| Q4 24 | 12.1% | 1.9% | ||
| Q3 24 | 21.8% | -2.0% | ||
| Q2 24 | 18.3% | 4.4% |
每股收益（稀释后）MMMSW
| Q1 26 | $1.23 | — | ||
| Q4 25 | $1.07 | $0.18 | ||
| Q3 25 | $1.55 | $0.47 | ||
| Q2 25 | $1.34 | $-0.05 | ||
| Q1 25 | $2.04 | $0.73 | ||
| Q4 24 | $1.33 | $-0.12 | ||
| Q3 24 | $2.48 | $-0.30 | ||
| Q2 24 | $2.07 | $0.51 |
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 | $3.7B | $892.0M |
| 总债务越低越好 | $10.9B | $13.4B |
| 股东权益账面价值 | $3.3B | $18.3B |
| 总资产 | $35.4B | $45.2B |
| 负债/权益比越低杠杆越低 | 3.29× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资MMMSW
| Q1 26 | $3.7B | — | ||
| Q4 25 | — | $892.0M | ||
| Q3 25 | — | $851.0M | ||
| Q2 25 | — | $778.0M | ||
| Q1 25 | — | $797.0M | ||
| Q4 24 | — | $855.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $26.8K |
总债务MMMSW
| Q1 26 | $10.9B | — | ||
| Q4 25 | $12.6B | $13.4B | ||
| Q3 25 | $12.6B | $13.3B | ||
| Q2 25 | $13.1B | $13.3B | ||
| Q1 25 | $13.5B | $12.9B | ||
| Q4 24 | $13.0B | $12.5B | ||
| Q3 24 | $13.2B | $13.2B | ||
| Q2 24 | $13.1B | — |
股东权益MMMSW
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.7B | $18.3B | ||
| Q3 25 | $4.6B | $18.4B | ||
| Q2 25 | $4.3B | $18.3B | ||
| Q1 25 | $4.5B | $17.9B | ||
| Q4 24 | $3.8B | $17.4B | ||
| Q3 24 | $4.6B | $18.0B | ||
| Q2 24 | $3.9B | $14.5K |
总资产MMMSW
| Q1 26 | $35.4B | — | ||
| Q4 25 | $37.7B | $45.2B | ||
| Q3 25 | $37.6B | $45.6B | ||
| Q2 25 | $38.0B | $45.7B | ||
| Q1 25 | $40.0B | $44.6B | ||
| Q4 24 | $39.9B | $43.8B | ||
| Q3 24 | $40.9B | $45.0B | ||
| Q2 24 | $43.4B | $26.8K |
负债/权益比MMMSW
| Q1 26 | 3.29× | — | ||
| Q4 25 | 2.68× | 0.73× | ||
| Q3 25 | 2.72× | 0.72× | ||
| Q2 25 | 3.06× | 0.73× | ||
| Q1 25 | 3.02× | 0.72× | ||
| Q4 24 | 3.40× | 0.72× | ||
| Q3 24 | 2.84× | 0.73× | ||
| Q2 24 | 3.34× | — |
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 | — | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $612.0M |
| 自由现金流率自由现金流/营收 | 33.6% | 8.1% |
| 资本支出强度资本支出/营收 | — | 7.7% |
| 现金转化率经营现金流/净利润 | — | 12.32× |
| 过去12个月自由现金流最近4个季度 | $3.7B | $1.2B |
8季度趋势，按日历期对齐
经营现金流MMMSW
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $-954.0M | $829.0M | ||
| Q1 25 | $-79.0M | $235.0M | ||
| Q4 24 | $1.8B | $781.0M | ||
| Q3 24 | $-1.8B | $320.0M | ||
| Q2 24 | $1.0B | $340.0M |
自由现金流MMMSW
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.3B | $612.0M | ||
| Q3 25 | $1.5B | $523.0M | ||
| Q2 25 | $-1.2B | $307.0M | ||
| Q1 25 | $-315.0M | $-242.0M | ||
| Q4 24 | $1.5B | $212.0M | ||
| Q3 24 | $-2.0B | $-192.0M | ||
| Q2 24 | $752.0M | $163.0M |
自由现金流率MMMSW
| Q1 26 | 33.6% | — | ||
| Q4 25 | 21.8% | 8.1% | ||
| Q3 25 | 23.6% | 6.5% | ||
| Q2 25 | -18.3% | 3.9% | ||
| Q1 25 | -5.3% | -3.2% | ||
| Q4 24 | 25.4% | 2.8% | ||
| Q3 24 | -32.3% | -2.5% | ||
| Q2 24 | 12.0% | 5.5% |
资本支出强度MMMSW
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 7.7% | ||
| Q3 25 | 3.3% | 7.6% | ||
| Q2 25 | 3.3% | 6.6% | ||
| Q1 25 | 4.0% | 6.2% | ||
| Q4 24 | 4.8% | 7.5% | ||
| Q3 24 | 3.9% | 6.7% | ||
| Q2 24 | 4.3% | 6.0% |
现金转化率MMMSW
| Q1 26 | — | — | ||
| Q4 25 | 2.74× | 12.32× | ||
| Q3 25 | 2.11× | 4.61× | ||
| Q2 25 | -1.32× | — | ||
| Q1 25 | -0.07× | 0.61× | ||
| Q4 24 | 2.50× | 5.35× | ||
| Q3 24 | -1.30× | — | ||
| Q2 24 | 0.89× | 2.58× |
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
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
