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Smurfit Westrock（SW）与惠而浦（WHR）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是惠而浦的1.9倍（$7.6B vs $4.1B），惠而浦净利率更高（2.7% vs 1.3%，领先1.4%），Smurfit Westrock同比增速更快（0.5% vs -0.9%），惠而浦自由现金流更多（$989.0M vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs -4.5%）
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。
惠而浦是总部位于美国密歇根州本顿特许镇的跨国家电研发、生产及销售企业，位列《财富》世界500强。2023年集团年销售额约190亿美元，全球员工规模近5.9万人，在世界各地布局超55座生产及技术研发中心。
SW vs WHR — 直观对比
营收规模更大
SW
是对方的1.9倍
$4.1B
营收增速更快
SW
高出1.5%
-0.9%
净利率更高
WHR
高出1.4%
1.3%
自由现金流更多
WHR
多$377.0M
$612.0M
两年增速更快
SW
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.6B | $4.1B |
| 净利润 | $97.0M | $109.0M |
| 毛利率 | 18.2% | 14.0% |
| 营业利润率 | 5.1% | 6.0% |
| 净利率 | 1.3% | 2.7% |
| 营收同比 | 0.5% | -0.9% |
| 净利润同比 | -33.6% | 127.8% |
| 每股收益（稀释后） | $0.18 | $1.92 |
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SWWHR
| Q4 25 | $7.6B | $4.1B | ||
| Q3 25 | $8.0B | $4.0B | ||
| Q2 25 | $7.9B | $3.8B | ||
| Q1 25 | $7.7B | $3.6B | ||
| Q4 24 | $7.5B | $4.1B | ||
| Q3 24 | $7.7B | $4.0B | ||
| Q2 24 | $3.0B | $4.0B | ||
| Q1 24 | $2.9B | $4.5B |
净利润SWWHR
| Q4 25 | $97.0M | $109.0M | ||
| Q3 25 | $246.0M | $73.0M | ||
| Q2 25 | $-28.0M | $65.0M | ||
| Q1 25 | $384.0M | $71.0M | ||
| Q4 24 | $146.0M | $-392.0M | ||
| Q3 24 | $-150.0M | $109.0M | ||
| Q2 24 | $132.0M | $219.0M | ||
| Q1 24 | $191.0M | $-259.0M |
毛利率SWWHR
| Q4 25 | 18.2% | 14.0% | ||
| Q3 25 | 19.6% | 14.7% | ||
| Q2 25 | 19.1% | 16.2% | ||
| Q1 25 | 20.6% | 16.8% | ||
| Q4 24 | 19.1% | 16.2% | ||
| Q3 24 | 17.6% | 16.1% | ||
| Q2 24 | 23.3% | 15.7% | ||
| Q1 24 | 24.2% | 14.3% |
营业利润率SWWHR
| Q4 25 | 5.1% | 6.0% | ||
| Q3 25 | 6.6% | 5.1% | ||
| Q2 25 | 3.2% | 5.4% | ||
| Q1 25 | 7.2% | 5.1% | ||
| Q4 24 | 5.3% | -3.3% | ||
| Q3 24 | 0.7% | 6.6% | ||
| Q2 24 | 8.2% | 3.3% | ||
| Q1 24 | 10.5% | -2.6% |
净利率SWWHR
| Q4 25 | 1.3% | 2.7% | ||
| Q3 25 | 3.1% | 1.8% | ||
| Q2 25 | -0.4% | 1.7% | ||
| Q1 25 | 5.0% | 2.0% | ||
| Q4 24 | 1.9% | -9.5% | ||
| Q3 24 | -2.0% | 2.7% | ||
| Q2 24 | 4.4% | 5.5% | ||
| Q1 24 | 6.5% | -5.8% |
每股收益（稀释后）SWWHR
| Q4 25 | $0.18 | $1.92 | ||
| Q3 25 | $0.47 | $1.29 | ||
| Q2 25 | $-0.05 | $1.17 | ||
| Q1 25 | $0.73 | $1.28 | ||
| Q4 24 | $-0.12 | $-7.11 | ||
| Q3 24 | $-0.30 | $2.00 | ||
| Q2 24 | $0.51 | $3.96 | ||
| Q1 24 | $0.73 | $-4.72 |
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 | $669.0M |
| 总债务越低越好 | $13.4B | $6.2B |
| 股东权益账面价值 | $18.3B | $2.7B |
| 总资产 | $45.2B | $16.0B |
| 负债/权益比越低杠杆越低 | 0.73× | 2.26× |
8季度趋势，按日历期对齐
现金及短期投资SWWHR
| Q4 25 | $892.0M | $669.0M | ||
| Q3 25 | $851.0M | $934.0M | ||
| Q2 25 | $778.0M | $1.1B | ||
| Q1 25 | $797.0M | $1.0B | ||
| Q4 24 | $855.0M | $1.3B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $26.8K | $1.2B | ||
| Q1 24 | $108 | $1.2B |
总债务SWWHR
| Q4 25 | $13.4B | $6.2B | ||
| Q3 25 | $13.3B | — | ||
| Q2 25 | $13.3B | — | ||
| Q1 25 | $12.9B | — | ||
| Q4 24 | $12.5B | $6.6B | ||
| Q3 24 | $13.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SWWHR
| Q4 25 | $18.3B | $2.7B | ||
| Q3 25 | $18.4B | $2.6B | ||
| Q2 25 | $18.3B | $2.6B | ||
| Q1 25 | $17.9B | $2.6B | ||
| Q4 24 | $17.4B | $2.7B | ||
| Q3 24 | $18.0B | $3.0B | ||
| Q2 24 | $14.5K | $3.1B | ||
| Q1 24 | $108 | $2.4B |
总资产SWWHR
| Q4 25 | $45.2B | $16.0B | ||
| Q3 25 | $45.6B | $16.9B | ||
| Q2 25 | $45.7B | $16.8B | ||
| Q1 25 | $44.6B | $16.5B | ||
| Q4 24 | $43.8B | $16.3B | ||
| Q3 24 | $45.0B | $17.2B | ||
| Q2 24 | $26.8K | $17.3B | ||
| Q1 24 | $108 | $17.4B |
负债/权益比SWWHR
| Q4 25 | 0.73× | 2.26× | ||
| Q3 25 | 0.72× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.72× | — | ||
| Q4 24 | 0.72× | 2.46× | ||
| Q3 24 | 0.73× | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $612.0M | $989.0M |
| 自由现金流率自由现金流/营收 | 8.1% | 24.1% |
| 资本支出强度资本支出/营收 | 7.7% | 3.7% |
| 现金转化率经营现金流/净利润 | 12.32× | 10.45× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $81.0M |
8季度趋势，按日历期对齐
经营现金流SWWHR
| Q4 25 | $1.2B | $1.1B | ||
| Q3 25 | $1.1B | $33.0M | ||
| Q2 25 | $829.0M | $19.0M | ||
| Q1 25 | $235.0M | $-721.0M | ||
| Q4 24 | $781.0M | $1.1B | ||
| Q3 24 | $320.0M | $214.0M | ||
| Q2 24 | $340.0M | $388.0M | ||
| Q1 24 | $42.0M | $-873.0M |
自由现金流SWWHR
| Q4 25 | $612.0M | $989.0M | ||
| Q3 25 | $523.0M | $-52.0M | ||
| Q2 25 | $307.0M | $-63.0M | ||
| Q1 25 | $-242.0M | $-793.0M | ||
| Q4 24 | $212.0M | $970.0M | ||
| Q3 24 | $-192.0M | $127.0M | ||
| Q2 24 | $163.0M | $275.0M | ||
| Q1 24 | $-166.0M | $-988.0M |
自由现金流率SWWHR
| Q4 25 | 8.1% | 24.1% | ||
| Q3 25 | 6.5% | -1.3% | ||
| Q2 25 | 3.9% | -1.7% | ||
| Q1 25 | -3.2% | -21.9% | ||
| Q4 24 | 2.8% | 23.5% | ||
| Q3 24 | -2.5% | 3.2% | ||
| Q2 24 | 5.5% | 6.9% | ||
| Q1 24 | -5.7% | -22.0% |
资本支出强度SWWHR
| Q4 25 | 7.7% | 3.7% | ||
| Q3 25 | 7.6% | 2.1% | ||
| Q2 25 | 6.6% | 2.2% | ||
| Q1 25 | 6.2% | 2.0% | ||
| Q4 24 | 7.5% | 3.3% | ||
| Q3 24 | 6.7% | 2.2% | ||
| Q2 24 | 6.0% | 2.8% | ||
| Q1 24 | 7.1% | 2.6% |
现金转化率SWWHR
| Q4 25 | 12.32× | 10.45× | ||
| Q3 25 | 4.61× | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | 0.61× | -10.15× | ||
| Q4 24 | 5.35× | — | ||
| Q3 24 | — | 1.96× | ||
| Q2 24 | 2.58× | 1.77× | ||
| 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% |
WHR
| Refrigeration | $1.2B | 30% |
| Laundry | $1.1B | 27% |
| Cooking | $1.1B | 26% |
| Dishwashing | $299.0M | 7% |
| Other | $266.0M | 6% |
| Spare Parts And Warranties | $139.0M | 3% |
