vs
Smurfit Westrock（SW）与华纳兄弟探索（WBD）财务数据对比。点击上方公司名可切换其他公司
华纳兄弟探索的季度营收约是Smurfit Westrock的1.2倍（$9.5B vs $7.6B），Smurfit Westrock净利率更高（1.3% vs -2.7%，领先3.9%），Smurfit Westrock同比增速更快（0.5% vs -5.7%），华纳兄弟探索自由现金流更多（$1.4B vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs -2.5%）
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。
华纳兄弟探索是一家总部位于美国纽约的跨国大众传媒与娱乐集团，于2022年4月8日由AT&T拆分出的华纳媒体与原探索公司合并成立，旗下拥有丰富的影视内容、流媒体平台及纪实娱乐IP资源，业务覆盖全球多个国家和地区。
SW vs WBD — 直观对比
营收规模更大
WBD
是对方的1.2倍
$7.6B
营收增速更快
SW
高出6.2%
-5.7%
净利率更高
SW
高出3.9%
-2.7%
自由现金流更多
WBD
多$771.0M
$612.0M
两年增速更快
SW
近两年复合增速
-2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.6B | $9.5B |
| 净利润 | $97.0M | $-252.0M |
| 毛利率 | 18.2% | — |
| 营业利润率 | 5.1% | 3.7% |
| 净利率 | 1.3% | -2.7% |
| 营收同比 | 0.5% | -5.7% |
| 净利润同比 | -33.6% | 49.0% |
| 每股收益（稀释后） | $0.18 | $-0.10 |
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SWWBD
| Q4 25 | $7.6B | $9.5B | ||
| Q3 25 | $8.0B | $9.0B | ||
| Q2 25 | $7.9B | $9.8B | ||
| Q1 25 | $7.7B | $9.0B | ||
| Q4 24 | $7.5B | $10.0B | ||
| Q3 24 | $7.7B | $9.6B | ||
| Q2 24 | $3.0B | $9.7B | ||
| Q1 24 | $2.9B | $10.0B |
净利润SWWBD
| Q4 25 | $97.0M | $-252.0M | ||
| Q3 25 | $246.0M | $-148.0M | ||
| Q2 25 | $-28.0M | $1.6B | ||
| Q1 25 | $384.0M | $-453.0M | ||
| Q4 24 | $146.0M | $-494.0M | ||
| Q3 24 | $-150.0M | $135.0M | ||
| Q2 24 | $132.0M | $-10.0B | ||
| Q1 24 | $191.0M | $-966.0M |
毛利率SWWBD
| 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SWWBD
| Q4 25 | 5.1% | 3.7% | ||
| Q3 25 | 6.6% | 6.8% | ||
| Q2 25 | 3.2% | -1.9% | ||
| Q1 25 | 7.2% | -0.4% | ||
| Q4 24 | 5.3% | 1.6% | ||
| Q3 24 | 0.7% | 2.9% | ||
| Q2 24 | 8.2% | -105.1% | ||
| Q1 24 | 10.5% | -2.7% |
净利率SWWBD
| Q4 25 | 1.3% | -2.7% | ||
| Q3 25 | 3.1% | -1.6% | ||
| Q2 25 | -0.4% | 16.1% | ||
| Q1 25 | 5.0% | -5.0% | ||
| Q4 24 | 1.9% | -4.9% | ||
| Q3 24 | -2.0% | 1.4% | ||
| Q2 24 | 4.4% | -102.8% | ||
| Q1 24 | 6.5% | -9.7% |
每股收益（稀释后）SWWBD
| Q4 25 | $0.18 | $-0.10 | ||
| Q3 25 | $0.47 | $-0.06 | ||
| Q2 25 | $-0.05 | $0.63 | ||
| Q1 25 | $0.73 | $-0.18 | ||
| Q4 24 | $-0.12 | $-0.20 | ||
| Q3 24 | $-0.30 | $0.05 | ||
| Q2 24 | $0.51 | $-4.07 | ||
| Q1 24 | $0.73 | $-0.40 |
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 | $4.6B |
| 总债务越低越好 | $13.4B | $32.4B |
| 股东权益账面价值 | $18.3B | $35.9B |
| 总资产 | $45.2B | $100.1B |
| 负债/权益比越低杠杆越低 | 0.73× | 0.90× |
8季度趋势，按日历期对齐
现金及短期投资SWWBD
| Q4 25 | $892.0M | $4.6B | ||
| Q3 25 | $851.0M | $4.3B | ||
| Q2 25 | $778.0M | $4.9B | ||
| Q1 25 | $797.0M | $3.9B | ||
| Q4 24 | $855.0M | $5.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | $26.8K | $3.6B | ||
| Q1 24 | $108 | $3.0B |
总债务SWWBD
| Q4 25 | $13.4B | $32.4B | ||
| Q3 25 | $13.3B | $33.4B | ||
| Q2 25 | $13.3B | $34.4B | ||
| Q1 25 | $12.9B | $34.6B | ||
| Q4 24 | $12.5B | $36.8B | ||
| Q3 24 | $13.2B | $37.2B | ||
| Q2 24 | — | $37.3B | ||
| Q1 24 | — | $39.1B |
股东权益SWWBD
| Q4 25 | $18.3B | $35.9B | ||
| Q3 25 | $18.4B | $36.0B | ||
| Q2 25 | $18.3B | $36.0B | ||
| Q1 25 | $17.9B | $33.8B | ||
| Q4 24 | $17.4B | $34.0B | ||
| Q3 24 | $18.0B | $35.1B | ||
| Q2 24 | $14.5K | $34.3B | ||
| Q1 24 | $108 | $44.2B |
总资产SWWBD
| Q4 25 | $45.2B | $100.1B | ||
| Q3 25 | $45.6B | $100.5B | ||
| Q2 25 | $45.7B | $101.7B | ||
| Q1 25 | $44.6B | $101.7B | ||
| Q4 24 | $43.8B | $104.6B | ||
| Q3 24 | $45.0B | $106.3B | ||
| Q2 24 | $26.8K | $108.0B | ||
| Q1 24 | $108 | $119.8B |
负债/权益比SWWBD
| Q4 25 | 0.73× | 0.90× | ||
| Q3 25 | 0.72× | 0.93× | ||
| Q2 25 | 0.73× | 0.95× | ||
| Q1 25 | 0.72× | 1.02× | ||
| Q4 24 | 0.72× | 1.08× | ||
| Q3 24 | 0.73× | 1.06× | ||
| Q2 24 | — | 1.09× | ||
| Q1 24 | — | 0.89× |
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 | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $612.0M | $1.4B |
| 自由现金流率自由现金流/营收 | 8.1% | 14.6% |
| 资本支出强度资本支出/营收 | 7.7% | 4.5% |
| 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 | $3.1B |
8季度趋势，按日历期对齐
经营现金流SWWBD
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $1.1B | $979.0M | ||
| Q2 25 | $829.0M | $983.0M | ||
| Q1 25 | $235.0M | $553.0M | ||
| Q4 24 | $781.0M | $2.7B | ||
| Q3 24 | $320.0M | $847.0M | ||
| Q2 24 | $340.0M | $1.2B | ||
| Q1 24 | $42.0M | $585.0M |
自由现金流SWWBD
| Q4 25 | $612.0M | $1.4B | ||
| Q3 25 | $523.0M | $701.0M | ||
| Q2 25 | $307.0M | $702.0M | ||
| Q1 25 | $-242.0M | $302.0M | ||
| Q4 24 | $212.0M | $2.4B | ||
| Q3 24 | $-192.0M | $632.0M | ||
| Q2 24 | $163.0M | $976.0M | ||
| Q1 24 | $-166.0M | $390.0M |
自由现金流率SWWBD
| Q4 25 | 8.1% | 14.6% | ||
| Q3 25 | 6.5% | 7.8% | ||
| Q2 25 | 3.9% | 7.2% | ||
| Q1 25 | -3.2% | 3.4% | ||
| Q4 24 | 2.8% | 24.2% | ||
| Q3 24 | -2.5% | 6.6% | ||
| Q2 24 | 5.5% | 10.0% | ||
| Q1 24 | -5.7% | 3.9% |
资本支出强度SWWBD
| Q4 25 | 7.7% | 4.5% | ||
| Q3 25 | 7.6% | 3.1% | ||
| Q2 25 | 6.6% | 2.9% | ||
| Q1 25 | 6.2% | 2.8% | ||
| Q4 24 | 7.5% | 2.9% | ||
| Q3 24 | 6.7% | 2.2% | ||
| Q2 24 | 6.0% | 2.6% | ||
| Q1 24 | 7.1% | 2.0% |
现金转化率SWWBD
| Q4 25 | 12.32× | — | ||
| Q3 25 | 4.61× | — | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | 5.35× | — | ||
| Q3 24 | — | 6.27× | ||
| Q2 24 | 2.58× | — | ||
| 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% |
WBD
| Distribution Revenue | $4.8B | 51% |
| Global Linear Networks | $4.2B | 44% |
| Service Other | $307.0M | 3% |
| Related Party | $204.0M | 2% |
| Other | $7.0M | 0% |
