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Smurfit Westrock（SW）与维萨（V）财务数据对比。点击上方公司名可切换其他公司
维萨的季度营收约是Smurfit Westrock的1.5倍（$11.2B vs $7.6B），维萨净利率更高（53.4% vs 1.3%，领先52.1%），维萨同比增速更快（17.0% vs 0.5%），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 8.1%）
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。
维萨（Visa Inc.）是总部位于美国加利福尼亚州旧金山的跨国支付卡服务企业，业务覆盖全球电子资金转账领域，旗下拥有Visa品牌的信用卡、借记卡、预付卡等多条产品线，为全球消费者及商户提供安全便捷的电子支付解决方案。
SW vs V — 直观对比
营收规模更大
V
是对方的1.5倍
$7.6B
营收增速更快
V
高出16.5%
0.5%
净利率更高
V
高出52.1%
1.3%
两年增速更快
SW
近两年复合增速
8.1%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.6B | $11.2B |
| 净利润 | $97.0M | $6.0B |
| 毛利率 | 18.2% | — |
| 营业利润率 | 5.1% | 64.4% |
| 净利率 | 1.3% | 53.4% |
| 营收同比 | 0.5% | 17.0% |
| 净利润同比 | -33.6% | 32.0% |
| 每股收益（稀释后） | $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SWV
| Q2 26 | — | $11.2B | ||
| Q4 25 | $7.6B | $10.9B | ||
| Q3 25 | $8.0B | $10.7B | ||
| Q2 25 | $7.9B | $10.2B | ||
| Q1 25 | $7.7B | $9.6B | ||
| Q4 24 | $7.5B | $9.5B | ||
| Q3 24 | $7.7B | $9.6B | ||
| Q2 24 | $3.0B | — |
净利润SWV
| Q2 26 | — | $6.0B | ||
| Q4 25 | $97.0M | $5.9B | ||
| Q3 25 | $246.0M | $5.1B | ||
| Q2 25 | $-28.0M | $5.3B | ||
| Q1 25 | $384.0M | $4.6B | ||
| Q4 24 | $146.0M | $5.1B | ||
| Q3 24 | $-150.0M | $5.3B | ||
| Q2 24 | $132.0M | — |
毛利率SWV
| Q2 26 | — | — | ||
| Q4 25 | 18.2% | — | ||
| Q3 25 | 19.6% | — | ||
| Q2 25 | 19.1% | — | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | 19.1% | — | ||
| Q3 24 | 17.6% | — | ||
| Q2 24 | 23.3% | — |
营业利润率SWV
| Q2 26 | — | 64.4% | ||
| Q4 25 | 5.1% | 61.8% | ||
| Q3 25 | 6.6% | 57.3% | ||
| Q2 25 | 3.2% | 60.7% | ||
| Q1 25 | 7.2% | 56.6% | ||
| Q4 24 | 5.3% | 65.6% | ||
| Q3 24 | 0.7% | 66.0% | ||
| Q2 24 | 8.2% | — |
净利率SWV
| Q2 26 | — | 53.4% | ||
| Q4 25 | 1.3% | 53.7% | ||
| Q3 25 | 3.1% | 47.5% | ||
| Q2 25 | -0.4% | 51.8% | ||
| Q1 25 | 5.0% | 47.7% | ||
| Q4 24 | 1.9% | 53.8% | ||
| Q3 24 | -2.0% | 55.3% | ||
| Q2 24 | 4.4% | — |
每股收益（稀释后）SWV
| Q2 26 | — | — | ||
| Q4 25 | $0.18 | — | ||
| Q3 25 | $0.47 | — | ||
| Q2 25 | $-0.05 | — | ||
| Q1 25 | $0.73 | — | ||
| Q4 24 | $-0.12 | — | ||
| Q3 24 | $-0.30 | — | ||
| Q2 24 | $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 | $892.0M | $12.4B |
| 总债务越低越好 | $13.4B | $22.4B |
| 股东权益账面价值 | $18.3B | $35.7B |
| 总资产 | $45.2B | $95.0B |
| 负债/权益比越低杠杆越低 | 0.73× | 0.63× |
8季度趋势，按日历期对齐
现金及短期投资SWV
| Q2 26 | — | $12.4B | ||
| Q4 25 | $892.0M | $14.8B | ||
| Q3 25 | $851.0M | $17.2B | ||
| Q2 25 | $778.0M | $17.1B | ||
| Q1 25 | $797.0M | $11.7B | ||
| Q4 24 | $855.0M | $12.4B | ||
| Q3 24 | — | $12.0B | ||
| Q2 24 | $26.8K | — |
总债务SWV
| Q2 26 | — | $22.4B | ||
| Q4 25 | $13.4B | — | ||
| Q3 25 | $13.3B | — | ||
| Q2 25 | $13.3B | — | ||
| Q1 25 | $12.9B | — | ||
| Q4 24 | $12.5B | — | ||
| Q3 24 | $13.2B | — | ||
| Q2 24 | — | — |
股东权益SWV
| Q2 26 | — | $35.7B | ||
| Q4 25 | $18.3B | $38.8B | ||
| Q3 25 | $18.4B | $37.9B | ||
| Q2 25 | $18.3B | $38.7B | ||
| Q1 25 | $17.9B | $38.0B | ||
| Q4 24 | $17.4B | $38.3B | ||
| Q3 24 | $18.0B | $39.1B | ||
| Q2 24 | $14.5K | — |
总资产SWV
| Q2 26 | — | $95.0B | ||
| Q4 25 | $45.2B | $96.8B | ||
| Q3 25 | $45.6B | $99.6B | ||
| Q2 25 | $45.7B | $100.0B | ||
| Q1 25 | $44.6B | $92.9B | ||
| Q4 24 | $43.8B | $91.9B | ||
| Q3 24 | $45.0B | $94.5B | ||
| Q2 24 | $26.8K | — |
负债/权益比SWV
| Q2 26 | — | 0.63× | ||
| 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SWV
| Q2 26 | — | — | ||
| Q4 25 | $1.2B | $6.8B | ||
| Q3 25 | $1.1B | $6.2B | ||
| Q2 25 | $829.0M | $6.7B | ||
| Q1 25 | $235.0M | $4.7B | ||
| Q4 24 | $781.0M | $5.4B | ||
| Q3 24 | $320.0M | $6.7B | ||
| Q2 24 | $340.0M | — |
自由现金流SWV
| Q2 26 | — | — | ||
| Q4 25 | $612.0M | $6.4B | ||
| Q3 25 | $523.0M | $5.8B | ||
| Q2 25 | $307.0M | $6.3B | ||
| Q1 25 | $-242.0M | $4.4B | ||
| Q4 24 | $212.0M | $5.1B | ||
| Q3 24 | $-192.0M | $6.4B | ||
| Q2 24 | $163.0M | — |
自由现金流率SWV
| Q2 26 | — | — | ||
| Q4 25 | 8.1% | 58.7% | ||
| Q3 25 | 6.5% | 54.5% | ||
| Q2 25 | 3.9% | 62.0% | ||
| Q1 25 | -3.2% | 45.5% | ||
| Q4 24 | 2.8% | 53.1% | ||
| Q3 24 | -2.5% | 66.1% | ||
| Q2 24 | 5.5% | — |
资本支出强度SWV
| Q2 26 | — | — | ||
| Q4 25 | 7.7% | 3.5% | ||
| Q3 25 | 7.6% | 3.6% | ||
| Q2 25 | 6.6% | 4.1% | ||
| Q1 25 | 6.2% | 3.4% | ||
| Q4 24 | 7.5% | 3.6% | ||
| Q3 24 | 6.7% | 3.2% | ||
| Q2 24 | 6.0% | — |
现金转化率SWV
| Q2 26 | — | — | ||
| Q4 25 | 12.32× | 1.16× | ||
| Q3 25 | 4.61× | 1.23× | ||
| Q2 25 | — | 1.28× | ||
| Q1 25 | 0.61× | 1.03× | ||
| Q4 24 | 5.35× | 1.05× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | 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
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
V
| Data processing revenue | $5.5B | 49% |
| International transaction revenue | $3.6B | 32% |
| Other revenue | $1.3B | 12% |
| Other | $736.0M | 7% |
