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北极星（PII）与Sylvamo Corp（SLVM）财务数据对比。点击上方公司名可切换其他公司
北极星的季度营收约是Sylvamo Corp的1.9倍（$1.7B vs $890.0M），Sylvamo Corp净利率更高（3.7% vs -2.8%，领先6.6%），北极星同比增速更快（8.0% vs -8.2%），Sylvamo Corp自由现金流更多（$38.0M vs $-342.5M），过去两年Sylvamo Corp的营收复合增速更高（-0.8% vs -8.0%）
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
西尔瓦莫公司是全球领先的可持续纸浆与纸品生产商，核心产品包括非涂布印刷纸、包装纸及商用纸浆，业务覆盖北美、欧洲、拉美地区，服务办公耗材、出版、商业印刷、包装等多个领域。
PII vs SLVM — 直观对比
营收规模更大
PII
是对方的1.9倍
$890.0M
营收增速更快
PII
高出16.2%
-8.2%
净利率更高
SLVM
高出6.6%
-2.8%
自由现金流更多
SLVM
多$380.5M
$-342.5M
两年增速更快
SLVM
近两年复合增速
-8.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $890.0M |
| 净利润 | $-47.2M | $33.0M |
| 毛利率 | 20.2% | — |
| 营业利润率 | — | 8.9% |
| 净利率 | -2.8% | 3.7% |
| 营收同比 | 8.0% | -8.2% |
| 净利润同比 | 29.2% | -59.3% |
| 每股收益（稀释后） | $-0.83 | $0.81 |
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PIISLVM
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.9B | $890.0M | ||
| Q3 25 | $1.8B | $846.0M | ||
| Q2 25 | $1.9B | $794.0M | ||
| Q1 25 | $1.5B | $821.0M | ||
| Q4 24 | $1.8B | $970.0M | ||
| Q3 24 | $1.7B | $965.0M | ||
| Q2 24 | $2.0B | $933.0M |
净利润PIISLVM
| Q1 26 | $-47.2M | — | ||
| Q4 25 | $-303.6M | $33.0M | ||
| Q3 25 | $-15.8M | $57.0M | ||
| Q2 25 | $-79.3M | $15.0M | ||
| Q1 25 | $-66.8M | $27.0M | ||
| Q4 24 | $10.6M | $81.0M | ||
| Q3 24 | $27.7M | $95.0M | ||
| Q2 24 | $68.7M | $83.0M |
毛利率PIISLVM
| Q1 26 | 20.2% | — | ||
| Q4 25 | 20.0% | — | ||
| Q3 25 | 20.7% | — | ||
| Q2 25 | 19.4% | — | ||
| Q1 25 | 16.0% | — | ||
| Q4 24 | 20.4% | — | ||
| Q3 24 | 20.6% | — | ||
| Q2 24 | 21.6% | — |
营业利润率PIISLVM
| Q1 26 | — | — | ||
| Q4 25 | -16.7% | 8.9% | ||
| Q3 25 | 1.1% | 11.6% | ||
| Q2 25 | -0.7% | 3.8% | ||
| Q1 25 | -2.4% | 5.4% | ||
| Q4 24 | 3.7% | 11.2% | ||
| Q3 24 | 3.8% | 15.5% | ||
| Q2 24 | 6.1% | 13.1% |
净利率PIISLVM
| Q1 26 | -2.8% | — | ||
| Q4 25 | -15.8% | 3.7% | ||
| Q3 25 | -0.9% | 6.7% | ||
| Q2 25 | -4.3% | 1.9% | ||
| Q1 25 | -4.3% | 3.3% | ||
| Q4 24 | 0.6% | 8.4% | ||
| Q3 24 | 1.6% | 9.8% | ||
| Q2 24 | 3.5% | 8.9% |
每股收益（稀释后）PIISLVM
| Q1 26 | $-0.83 | — | ||
| Q4 25 | $-5.34 | $0.81 | ||
| Q3 25 | $-0.28 | $1.41 | ||
| Q2 25 | $-1.39 | $0.37 | ||
| Q1 25 | $-1.17 | $0.65 | ||
| Q4 24 | $0.18 | $1.91 | ||
| Q3 24 | $0.49 | $2.27 | ||
| Q2 24 | $1.21 | $1.98 |
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 | $282.0M | $198.0M |
| 总债务越低越好 | — | $763.0M |
| 股东权益账面价值 | $750.4M | $966.0M |
| 总资产 | $5.2B | $2.8B |
| 负债/权益比越低杠杆越低 | — | 0.79× |
8季度趋势，按日历期对齐
现金及短期投资PIISLVM
| Q1 26 | $282.0M | — | ||
| Q4 25 | $138.0M | $198.0M | ||
| Q3 25 | $335.5M | $146.0M | ||
| Q2 25 | $324.3M | $183.0M | ||
| Q1 25 | $291.7M | $220.0M | ||
| Q4 24 | $287.8M | $309.0M | ||
| Q3 24 | $291.3M | $414.0M | ||
| Q2 24 | $322.7M | $213.0M |
总债务PIISLVM
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $763.0M | ||
| Q3 25 | $1.3B | $778.0M | ||
| Q2 25 | $1.4B | $767.0M | ||
| Q1 25 | $1.6B | $794.0M | ||
| Q4 24 | $1.6B | $782.0M | ||
| Q3 24 | $1.7B | $883.0M | ||
| Q2 24 | $2.1B | $894.0M |
股东权益PIISLVM
| Q1 26 | $750.4M | — | ||
| Q4 25 | $828.4M | $966.0M | ||
| Q3 25 | $1.1B | $977.0M | ||
| Q2 25 | $1.2B | $959.0M | ||
| Q1 25 | $1.2B | $908.0M | ||
| Q4 24 | $1.3B | $847.0M | ||
| Q3 24 | $1.3B | $937.0M | ||
| Q2 24 | $1.3B | $830.0M |
总资产PIISLVM
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.9B | $2.8B | ||
| Q3 25 | $5.3B | $2.7B | ||
| Q2 25 | $5.4B | $2.7B | ||
| Q1 25 | $5.5B | $2.6B | ||
| Q4 24 | $5.5B | $2.6B | ||
| Q3 24 | $5.6B | $2.9B | ||
| Q2 24 | $5.7B | $2.7B |
负债/权益比PIISLVM
| Q1 26 | — | — | ||
| Q4 25 | 1.82× | 0.79× | ||
| Q3 25 | 1.13× | 0.80× | ||
| Q2 25 | 1.17× | 0.80× | ||
| Q1 25 | 1.32× | 0.87× | ||
| Q4 24 | 1.27× | 0.92× | ||
| Q3 24 | 1.29× | 0.94× | ||
| Q2 24 | 1.56× | 1.08× |
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 | — | $94.0M |
| 自由现金流经营现金流 - 资本支出 | $-342.5M | $38.0M |
| 自由现金流率自由现金流/营收 | -20.6% | 4.3% |
| 资本支出强度资本支出/营收 | — | 6.3% |
| 现金转化率经营现金流/净利润 | — | 2.85× |
| 过去12个月自由现金流最近4个季度 | $168.0M | $44.0M |
8季度趋势，按日历期对齐
经营现金流PIISLVM
| Q1 26 | — | — | ||
| Q4 25 | $178.7M | $94.0M | ||
| Q3 25 | $158.8M | $87.0M | ||
| Q2 25 | $320.3M | $64.0M | ||
| Q1 25 | $83.2M | $23.0M | ||
| Q4 24 | $206.3M | $164.0M | ||
| Q3 24 | $21.0M | $163.0M | ||
| Q2 24 | $146.3M | $115.0M |
自由现金流PIISLVM
| Q1 26 | $-342.5M | — | ||
| Q4 25 | $114.0M | $38.0M | ||
| Q3 25 | $116.7M | $33.0M | ||
| Q2 25 | $279.8M | $-2.0M | ||
| Q1 25 | $47.6M | $-25.0M | ||
| Q4 24 | $137.3M | $100.0M | ||
| Q3 24 | $-32.4M | $119.0M | ||
| Q2 24 | $79.1M | $62.0M |
自由现金流率PIISLVM
| Q1 26 | -20.6% | — | ||
| Q4 25 | 5.9% | 4.3% | ||
| Q3 25 | 6.3% | 3.9% | ||
| Q2 25 | 15.1% | -0.3% | ||
| Q1 25 | 3.1% | -3.0% | ||
| Q4 24 | 7.8% | 10.3% | ||
| Q3 24 | -1.9% | 12.3% | ||
| Q2 24 | 4.0% | 6.6% |
资本支出强度PIISLVM
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 6.3% | ||
| Q3 25 | 2.3% | 6.4% | ||
| Q2 25 | 2.2% | 8.3% | ||
| Q1 25 | 2.3% | 5.8% | ||
| Q4 24 | 3.9% | 6.6% | ||
| Q3 24 | 3.1% | 4.6% | ||
| Q2 24 | 3.4% | 5.7% |
现金转化率PIISLVM
| Q1 26 | — | — | ||
| Q4 25 | — | 2.85× | ||
| Q3 25 | — | 1.53× | ||
| Q2 25 | — | 4.27× | ||
| Q1 25 | — | 0.85× | ||
| Q4 24 | 19.46× | 2.02× | ||
| Q3 24 | 0.76× | 1.72× | ||
| Q2 24 | 2.13× | 1.39× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
