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Smurfit Westrock（SW）与Vistra Corp.（VST）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Vistra Corp.的1.6倍（$7.6B vs $4.8B），Vistra Corp.净利率更高（4.8% vs 1.3%，领先3.6%），Vistra Corp.同比增速更快（31.2% vs 0.5%），Smurfit Westrock自由现金流更多（$612.0M vs $596.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 23.3%）
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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
SW vs VST — 直观对比
营收规模更大
SW
是对方的1.6倍
$4.8B
营收增速更快
VST
高出30.7%
0.5%
净利率更高
VST
高出3.6%
1.3%
自由现金流更多
SW
多$16.0M
$596.0M
两年增速更快
SW
近两年复合增速
23.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.6B | $4.8B |
| 净利润 | $97.0M | $233.0M |
| 毛利率 | 18.2% | — |
| 营业利润率 | 5.1% | 9.9% |
| 净利率 | 1.3% | 4.8% |
| 营收同比 | 0.5% | 31.2% |
| 净利润同比 | -33.6% | -47.2% |
| 每股收益（稀释后） | $0.18 | $0.55 |
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SWVST
| Q4 25 | $7.6B | $4.8B | ||
| Q3 25 | $8.0B | $4.8B | ||
| Q2 25 | $7.9B | $3.8B | ||
| Q1 25 | $7.7B | $4.3B | ||
| Q4 24 | $7.5B | $3.7B | ||
| Q3 24 | $7.7B | $4.3B | ||
| Q2 24 | $3.0B | $3.6B | ||
| Q1 24 | $2.9B | $3.2B |
净利润SWVST
| Q4 25 | $97.0M | $233.0M | ||
| Q3 25 | $246.0M | $652.0M | ||
| Q2 25 | $-28.0M | $327.0M | ||
| Q1 25 | $384.0M | $-268.0M | ||
| Q4 24 | $146.0M | $441.0M | ||
| Q3 24 | $-150.0M | $1.9B | ||
| Q2 24 | $132.0M | $365.0M | ||
| Q1 24 | $191.0M | $-35.0M |
毛利率SWVST
| 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% | — | ||
| Q1 24 | 24.2% | — |
营业利润率SWVST
| Q4 25 | 5.1% | 9.9% | ||
| Q3 25 | 6.6% | 21.7% | ||
| Q2 25 | 3.2% | 13.7% | ||
| Q1 25 | 7.2% | -2.8% | ||
| Q4 24 | 5.3% | 16.4% | ||
| Q3 24 | 0.7% | 59.6% | ||
| Q2 24 | 8.2% | 22.5% | ||
| Q1 24 | 10.5% | 2.7% |
净利率SWVST
| Q4 25 | 1.3% | 4.8% | ||
| Q3 25 | 3.1% | 13.6% | ||
| Q2 25 | -0.4% | 8.7% | ||
| Q1 25 | 5.0% | -6.3% | ||
| Q4 24 | 1.9% | 12.0% | ||
| Q3 24 | -2.0% | 43.5% | ||
| Q2 24 | 4.4% | 10.1% | ||
| Q1 24 | 6.5% | -1.1% |
每股收益（稀释后）SWVST
| Q4 25 | $0.18 | $0.55 | ||
| Q3 25 | $0.47 | $1.75 | ||
| Q2 25 | $-0.05 | $0.81 | ||
| Q1 25 | $0.73 | $-0.93 | ||
| Q4 24 | $-0.12 | $1.09 | ||
| Q3 24 | $-0.30 | $5.25 | ||
| Q2 24 | $0.51 | $0.90 | ||
| Q1 24 | $0.73 | $-0.24 |
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 | $785.0M |
| 总债务越低越好 | $13.4B | $15.8B |
| 股东权益账面价值 | $18.3B | $5.1B |
| 总资产 | $45.2B | $41.5B |
| 负债/权益比越低杠杆越低 | 0.73× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资SWVST
| Q4 25 | $892.0M | $785.0M | ||
| Q3 25 | $851.0M | $602.0M | ||
| Q2 25 | $778.0M | $458.0M | ||
| Q1 25 | $797.0M | $561.0M | ||
| Q4 24 | $855.0M | $1.2B | ||
| Q3 24 | — | $905.0M | ||
| Q2 24 | $26.8K | $1.6B | ||
| Q1 24 | $108 | $1.1B |
总债务SWVST
| Q4 25 | $13.4B | $15.8B | ||
| Q3 25 | $13.3B | $15.8B | ||
| Q2 25 | $13.3B | $15.5B | ||
| Q1 25 | $12.9B | $15.4B | ||
| Q4 24 | $12.5B | $15.4B | ||
| Q3 24 | $13.2B | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
股东权益SWVST
| Q4 25 | $18.3B | $5.1B | ||
| Q3 25 | $18.4B | $5.2B | ||
| Q2 25 | $18.3B | $4.8B | ||
| Q1 25 | $17.9B | $4.8B | ||
| Q4 24 | $17.4B | $5.6B | ||
| Q3 24 | $18.0B | $5.4B | ||
| Q2 24 | $14.5K | $5.6B | ||
| Q1 24 | $108 | $5.7B |
总资产SWVST
| Q4 25 | $45.2B | $41.5B | ||
| Q3 25 | $45.6B | $38.0B | ||
| Q2 25 | $45.7B | $38.1B | ||
| Q1 25 | $44.6B | $38.2B | ||
| Q4 24 | $43.8B | $37.8B | ||
| Q3 24 | $45.0B | $37.9B | ||
| Q2 24 | $26.8K | $39.1B | ||
| Q1 24 | $108 | $38.2B |
负债/权益比SWVST
| Q4 25 | 0.73× | 3.11× | ||
| Q3 25 | 0.72× | 3.02× | ||
| Q2 25 | 0.73× | 3.22× | ||
| Q1 25 | 0.72× | 3.20× | ||
| Q4 24 | 0.72× | 2.77× | ||
| Q3 24 | 0.73× | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $612.0M | $596.0M |
| 自由现金流率自由现金流/营收 | 8.1% | 12.4% |
| 资本支出强度资本支出/营收 | 7.7% | 17.4% |
| 现金转化率经营现金流/净利润 | 12.32× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.3B |
8季度趋势，按日历期对齐
经营现金流SWVST
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $829.0M | $572.0M | ||
| Q1 25 | $235.0M | $599.0M | ||
| Q4 24 | $781.0M | $1.4B | ||
| Q3 24 | $320.0M | $1.7B | ||
| Q2 24 | $340.0M | $1.2B | ||
| Q1 24 | $42.0M | $312.0M |
自由现金流SWVST
| Q4 25 | $612.0M | $596.0M | ||
| Q3 25 | $523.0M | $1.0B | ||
| Q2 25 | $307.0M | $-118.0M | ||
| Q1 25 | $-242.0M | $-169.0M | ||
| Q4 24 | $212.0M | $923.0M | ||
| Q3 24 | $-192.0M | $1.0B | ||
| Q2 24 | $163.0M | $698.0M | ||
| Q1 24 | $-166.0M | $-153.0M |
自由现金流率SWVST
| Q4 25 | 8.1% | 12.4% | ||
| Q3 25 | 6.5% | 21.1% | ||
| Q2 25 | 3.9% | -3.1% | ||
| Q1 25 | -3.2% | -4.0% | ||
| Q4 24 | 2.8% | 25.2% | ||
| Q3 24 | -2.5% | 23.4% | ||
| Q2 24 | 5.5% | 19.4% | ||
| Q1 24 | -5.7% | -4.8% |
资本支出强度SWVST
| Q4 25 | 7.7% | 17.4% | ||
| Q3 25 | 7.6% | 9.6% | ||
| Q2 25 | 6.6% | 18.4% | ||
| Q1 25 | 6.2% | 18.1% | ||
| Q4 24 | 7.5% | 11.7% | ||
| Q3 24 | 6.7% | 15.8% | ||
| Q2 24 | 6.0% | 13.8% | ||
| Q1 24 | 7.1% | 14.7% |
现金转化率SWVST
| Q4 25 | 12.32× | 6.15× | ||
| Q3 25 | 4.61× | 2.25× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | 5.35× | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | 2.58× | 3.28× | ||
| 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
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
