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菲利普莫里斯国际（PM）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
菲利普莫里斯国际的季度营收约是Smurfit Westrock的1.3倍（$10.1B vs $7.6B），菲利普莫里斯国际净利率更高（24.0% vs 1.3%，领先22.7%），菲利普莫里斯国际同比增速更快（9.1% vs 0.5%），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 3.5%）
菲利普莫里斯国际是全球头部烟草企业，产品销往180余个国家和地区，旗下万宝路是全球最知名的烟草品牌，2023年第四季度加热不燃烧产品IQOS贡献了最高营收，位列2025年财富美国500强第121位。
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。
PM vs SW — 直观对比
营收规模更大
PM
是对方的1.3倍
$7.6B
营收增速更快
PM
高出8.6%
0.5%
净利率更高
PM
高出22.7%
1.3%
两年增速更快
SW
近两年复合增速
3.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.1B | $7.6B |
| 净利润 | $2.4B | $97.0M |
| 毛利率 | 68.1% | 18.2% |
| 营业利润率 | 38.4% | 5.1% |
| 净利率 | 24.0% | 1.3% |
| 营收同比 | 9.1% | 0.5% |
| 净利润同比 | -9.4% | -33.6% |
| 每股收益（稀释后） | $1.56 | $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PMSW
| Q1 26 | $10.1B | — | ||
| Q4 25 | $10.4B | $7.6B | ||
| Q3 25 | $10.8B | $8.0B | ||
| Q2 25 | $10.1B | $7.9B | ||
| Q1 25 | $9.3B | $7.7B | ||
| Q4 24 | $9.7B | $7.5B | ||
| Q3 24 | $9.9B | $7.7B | ||
| Q2 24 | $9.5B | $3.0B |
净利润PMSW
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.1B | $97.0M | ||
| Q3 25 | $3.5B | $246.0M | ||
| Q2 25 | $3.0B | $-28.0M | ||
| Q1 25 | $2.7B | $384.0M | ||
| Q4 24 | $-579.0M | $146.0M | ||
| Q3 24 | $3.1B | $-150.0M | ||
| Q2 24 | $2.4B | $132.0M |
毛利率PMSW
| Q1 26 | 68.1% | — | ||
| Q4 25 | 65.6% | 18.2% | ||
| Q3 25 | 67.8% | 19.6% | ||
| Q2 25 | 67.7% | 19.1% | ||
| Q1 25 | 67.3% | 20.6% | ||
| Q4 24 | 64.7% | 19.1% | ||
| Q3 24 | 66.0% | 17.6% | ||
| Q2 24 | 64.7% | 23.3% |
营业利润率PMSW
| Q1 26 | 38.4% | — | ||
| Q4 25 | 32.6% | 5.1% | ||
| Q3 25 | 39.3% | 6.6% | ||
| Q2 25 | 36.6% | 3.2% | ||
| Q1 25 | 38.1% | 7.2% | ||
| Q4 24 | 33.6% | 5.3% | ||
| Q3 24 | 36.9% | 0.7% | ||
| Q2 24 | 36.4% | 8.2% |
净利率PMSW
| Q1 26 | 24.0% | — | ||
| Q4 25 | 20.7% | 1.3% | ||
| Q3 25 | 32.1% | 3.1% | ||
| Q2 25 | 30.0% | -0.4% | ||
| Q1 25 | 28.9% | 5.0% | ||
| Q4 24 | -6.0% | 1.9% | ||
| Q3 24 | 31.1% | -2.0% | ||
| Q2 24 | 25.4% | 4.4% |
每股收益（稀释后）PMSW
| Q1 26 | $1.56 | — | ||
| Q4 25 | $1.36 | $0.18 | ||
| Q3 25 | $2.23 | $0.47 | ||
| Q2 25 | $1.95 | $-0.05 | ||
| Q1 25 | $1.72 | $0.73 | ||
| Q4 24 | $-0.37 | $-0.12 | ||
| Q3 24 | $1.97 | $-0.30 | ||
| Q2 24 | $1.54 | $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 | $5.5B | $892.0M |
| 总债务越低越好 | $49.5B | $13.4B |
| 股东权益账面价值 | — | $18.3B |
| 总资产 | $68.9B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资PMSW
| Q1 26 | $5.5B | — | ||
| Q4 25 | $4.9B | $892.0M | ||
| Q3 25 | $4.0B | $851.0M | ||
| Q2 25 | $4.1B | $778.0M | ||
| Q1 25 | $4.4B | $797.0M | ||
| Q4 24 | $4.2B | $855.0M | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.8B | $26.8K |
总债务PMSW
| Q1 26 | $49.5B | — | ||
| Q4 25 | $45.1B | $13.4B | ||
| Q3 25 | $41.9B | $13.3B | ||
| Q2 25 | $42.4B | $13.3B | ||
| Q1 25 | $38.8B | $12.9B | ||
| Q4 24 | $42.2B | $12.5B | ||
| Q3 24 | $44.2B | $13.2B | ||
| Q2 24 | $44.6B | — |
股东权益PMSW
| Q1 26 | — | — | ||
| Q4 25 | $-10.0B | $18.3B | ||
| Q3 25 | $-10.9B | $18.4B | ||
| Q2 25 | $-12.0B | $18.3B | ||
| Q1 25 | $-10.9B | $17.9B | ||
| Q4 24 | $-11.8B | $17.4B | ||
| Q3 24 | $-9.7B | $18.0B | ||
| Q2 24 | $-9.7B | $14.5K |
总资产PMSW
| Q1 26 | $68.9B | — | ||
| Q4 25 | $69.2B | $45.2B | ||
| Q3 25 | $67.1B | $45.6B | ||
| Q2 25 | $68.5B | $45.7B | ||
| Q1 25 | $65.1B | $44.6B | ||
| Q4 24 | $61.8B | $43.8B | ||
| Q3 24 | $66.9B | $45.0B | ||
| Q2 24 | $65.8B | $26.8K |
负债/权益比PMSW
| Q1 26 | — | — | ||
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | — |
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 | — | $612.0M |
| 自由现金流率自由现金流/营收 | — | 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 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流PMSW
| Q1 26 | — | — | ||
| Q4 25 | $4.7B | $1.2B | ||
| Q3 25 | $4.5B | $1.1B | ||
| Q2 25 | $3.4B | $829.0M | ||
| Q1 25 | $-350.0M | $235.0M | ||
| Q4 24 | $4.0B | $781.0M | ||
| Q3 24 | $3.3B | $320.0M | ||
| Q2 24 | $4.6B | $340.0M |
自由现金流PMSW
| Q1 26 | — | — | ||
| Q4 25 | $4.3B | $612.0M | ||
| Q3 25 | $4.1B | $523.0M | ||
| Q2 25 | $3.1B | $307.0M | ||
| Q1 25 | $-754.0M | $-242.0M | ||
| Q4 24 | $3.7B | $212.0M | ||
| Q3 24 | $3.0B | $-192.0M | ||
| Q2 24 | $4.3B | $163.0M |
自由现金流率PMSW
| Q1 26 | — | — | ||
| Q4 25 | 41.2% | 8.1% | ||
| Q3 25 | 37.8% | 6.5% | ||
| Q2 25 | 30.1% | 3.9% | ||
| Q1 25 | -8.1% | -3.2% | ||
| Q4 24 | 38.4% | 2.8% | ||
| Q3 24 | 29.9% | -2.5% | ||
| Q2 24 | 45.0% | 5.5% |
资本支出强度PMSW
| Q1 26 | — | — | ||
| Q4 25 | 4.3% | 7.7% | ||
| Q3 25 | 3.4% | 7.6% | ||
| Q2 25 | 3.5% | 6.6% | ||
| Q1 25 | 4.3% | 6.2% | ||
| Q4 24 | 2.9% | 7.5% | ||
| Q3 24 | 3.8% | 6.7% | ||
| Q2 24 | 3.9% | 6.0% |
现金转化率PMSW
| Q1 26 | — | — | ||
| Q4 25 | 2.20× | 12.32× | ||
| Q3 25 | 1.28× | 4.61× | ||
| Q2 25 | 1.12× | — | ||
| Q1 25 | -0.13× | 0.61× | ||
| Q4 24 | — | 5.35× | ||
| Q3 24 | 1.08× | — | ||
| Q2 24 | 1.93× | 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
PM
暂无分部数据
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
