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Cboe Global Markets（CBOE）与埃培智集团（IPG）财务数据对比。点击上方公司名可切换其他公司
埃培智集团的季度营收约是Cboe Global Markets的1.8倍（$2.1B vs $1.2B），Cboe Global Markets净利率更高（26.0% vs 5.8%，领先20.2%），Cboe Global Markets同比增速更快（8.7% vs -4.8%），Cboe Global Markets自由现金流更多（$332.1M vs $153.6M），过去两年Cboe Global Markets的营收复合增速更高（12.2% vs -9.1%）
Cboe Global Markets是总部位于美国芝加哥的金融交易所运营集团，旗下拥有并运营多类交易所及交易场所，业务覆盖股票、期权、期货、数字资产等多个交易领域，为全球市场参与者提供专业交易服务支持。
埃培智集团（IPG）是总部位于美国纽约的广告营销传播集团，旗下拥有FCB、IPG盟博、麦肯世界集团、睿狮集团等五大核心业务网络，以及公关、体育营销、艺人经纪、医疗营销等领域的多家专业独立代理商，被宏盟收购前是与WPP、阳狮、宏盟齐名的全球广告行业“四大集团”之一。
CBOE vs IPG — 直观对比
营收规模更大
IPG
是对方的1.8倍
$1.2B
营收增速更快
CBOE
高出13.5%
-4.8%
净利率更高
CBOE
高出20.2%
5.8%
自由现金流更多
CBOE
多$178.5M
$153.6M
两年增速更快
CBOE
近两年复合增速
-9.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.1B |
| 净利润 | $313.5M | $124.2M |
| 毛利率 | 55.7% | — |
| 营业利润率 | 33.5% | 10.3% |
| 净利率 | 26.0% | 5.8% |
| 营收同比 | 8.7% | -4.8% |
| 净利润同比 | 59.5% | 517.9% |
| 每股收益（稀释后） | $2.97 | $0.34 |
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CBOEIPG
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.1B | $2.1B | ||
| Q2 25 | $1.2B | $2.2B | ||
| Q1 25 | $1.2B | $2.0B | ||
| Q4 24 | $1.1B | $2.4B | ||
| Q3 24 | $1.1B | $2.2B | ||
| Q2 24 | $974.0M | $2.3B | ||
| Q1 24 | $957.2M | $2.2B |
净利润CBOEIPG
| Q4 25 | $313.5M | — | ||
| Q3 25 | $300.8M | $124.2M | ||
| Q2 25 | $235.1M | $162.5M | ||
| Q1 25 | $250.6M | $-85.4M | ||
| Q4 24 | $196.5M | $344.5M | ||
| Q3 24 | $218.5M | $20.1M | ||
| Q2 24 | $140.4M | $214.5M | ||
| Q1 24 | $209.5M | $110.4M |
毛利率CBOEIPG
| Q4 25 | 55.7% | — | ||
| Q3 25 | 53.0% | — | ||
| Q2 25 | 50.0% | — | ||
| Q1 25 | 47.3% | -3.2% | ||
| Q4 24 | 47.4% | 10.1% | ||
| Q3 24 | 50.4% | 2.9% | ||
| Q2 24 | 52.8% | 1.2% | ||
| Q1 24 | 52.5% | -1.1% |
营业利润率CBOEIPG
| Q4 25 | 33.5% | — | ||
| Q3 25 | 32.4% | 10.3% | ||
| Q2 25 | 28.9% | 11.2% | ||
| Q1 25 | 29.6% | -2.1% | ||
| Q4 24 | 27.0% | 23.3% | ||
| Q3 24 | 29.1% | 5.9% | ||
| Q2 24 | 21.6% | 13.7% | ||
| Q1 24 | 29.5% | 8.4% |
净利率CBOEIPG
| Q4 25 | 26.0% | — | ||
| Q3 25 | 26.3% | 5.8% | ||
| Q2 25 | 20.0% | 7.5% | ||
| Q1 25 | 21.0% | -4.3% | ||
| Q4 24 | 17.7% | 14.1% | ||
| Q3 24 | 20.7% | 0.9% | ||
| Q2 24 | 14.4% | 9.2% | ||
| Q1 24 | 21.9% | 5.1% |
每股收益（稀释后）CBOEIPG
| Q4 25 | $2.97 | — | ||
| Q3 25 | $2.85 | $0.34 | ||
| Q2 25 | $2.23 | $0.44 | ||
| Q1 25 | $2.37 | $-0.23 | ||
| Q4 24 | $1.85 | $0.92 | ||
| Q3 24 | $2.07 | $0.05 | ||
| Q2 24 | $1.33 | $0.57 | ||
| Q1 24 | $1.96 | $0.29 |
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 | $2.3B | $1.5B |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $5.1B | $3.7B |
| 总资产 | $9.3B | $17.0B |
| 负债/权益比越低杠杆越低 | 0.28× | — |
8季度趋势，按日历期对齐
现金及短期投资CBOEIPG
| Q4 25 | $2.3B | — | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.5B | $1.6B | ||
| Q1 25 | $1.2B | $1.9B | ||
| Q4 24 | $1.0B | $2.2B | ||
| Q3 24 | $763.2M | $1.5B | ||
| Q2 24 | $698.3M | $1.5B | ||
| Q1 24 | $595.1M | $1.9B |
总债务CBOEIPG
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
股东权益CBOEIPG
| Q4 25 | $5.1B | — | ||
| Q3 25 | $4.9B | $3.7B | ||
| Q2 25 | $4.7B | $3.7B | ||
| Q1 25 | $4.5B | $3.6B | ||
| Q4 24 | $4.3B | $3.8B | ||
| Q3 24 | $4.2B | $3.7B | ||
| Q2 24 | $4.0B | $3.8B | ||
| Q1 24 | $4.0B | $3.8B |
总资产CBOEIPG
| Q4 25 | $9.3B | — | ||
| Q3 25 | $9.1B | $17.0B | ||
| Q2 25 | $9.0B | $17.0B | ||
| Q1 25 | $8.7B | $17.1B | ||
| Q4 24 | $7.8B | $18.3B | ||
| Q3 24 | $8.7B | $17.1B | ||
| Q2 24 | $9.3B | $17.0B | ||
| Q1 24 | $8.2B | $17.3B |
负债/权益比CBOEIPG
| Q4 25 | 0.28× | — | ||
| Q3 25 | 0.30× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.36× | — | ||
| Q1 24 | 0.36× | — |
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 | $352.1M | $180.1M |
| 自由现金流经营现金流 - 资本支出 | $332.1M | $153.6M |
| 自由现金流率自由现金流/营收 | 27.6% | 7.2% |
| 资本支出强度资本支出/营收 | 1.7% | 1.2% |
| 现金转化率经营现金流/净利润 | 1.12× | 1.45× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $806.8M |
8季度趋势，按日历期对齐
经营现金流CBOEIPG
| Q4 25 | $352.1M | — | ||
| Q3 25 | $153.9M | $180.1M | ||
| Q2 25 | $333.7M | $-96.0M | ||
| Q1 25 | $912.9M | $-37.0M | ||
| Q4 24 | $-710.4M | $868.1M | ||
| Q3 24 | $-578.5M | $223.8M | ||
| Q2 24 | $1.5B | $120.7M | ||
| Q1 24 | $895.6M | $-157.4M |
自由现金流CBOEIPG
| Q4 25 | $332.1M | — | ||
| Q3 25 | $137.9M | $153.6M | ||
| Q2 25 | $313.4M | $-121.8M | ||
| Q1 25 | $898.2M | $-58.5M | ||
| Q4 24 | $-734.2M | $833.5M | ||
| Q3 24 | $-590.5M | $186.5M | ||
| Q2 24 | $1.5B | $85.9M | ||
| Q1 24 | $888.3M | $-192.5M |
自由现金流率CBOEIPG
| Q4 25 | 27.6% | — | ||
| Q3 25 | 12.1% | 7.2% | ||
| Q2 25 | 26.7% | -5.6% | ||
| Q1 25 | 75.2% | -2.9% | ||
| Q4 24 | -66.3% | 34.2% | ||
| Q3 24 | -55.9% | 8.3% | ||
| Q2 24 | 151.6% | 3.7% | ||
| Q1 24 | 92.8% | -8.8% |
资本支出强度CBOEIPG
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | 1.2% | ||
| Q2 25 | 1.7% | 1.2% | ||
| Q1 25 | 1.2% | 1.1% | ||
| Q4 24 | 2.1% | 1.4% | ||
| Q3 24 | 1.1% | 1.7% | ||
| Q2 24 | 1.8% | 1.5% | ||
| Q1 24 | 0.8% | 1.6% |
现金转化率CBOEIPG
| Q4 25 | 1.12× | — | ||
| Q3 25 | 0.51× | 1.45× | ||
| Q2 25 | 1.42× | -0.59× | ||
| Q1 25 | 3.64× | — | ||
| Q4 24 | -3.62× | 2.52× | ||
| Q3 24 | -2.65× | 11.13× | ||
| Q2 24 | 10.64× | 0.56× | ||
| Q1 24 | 4.27× | -1.43× |
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
CBOE
| Liquidity Payments | $443.6M | 37% |
| Cash And Spot Markets | $431.3M | 36% |
| Transferred Over Time | $84.3M | 7% |
| Market Data Fees | $82.7M | 7% |
| Royalty Fees | $68.9M | 6% |
| Futures | $36.1M | 3% |
| Global FX | $24.4M | 2% |
| Other Revenue | $23.1M | 2% |
| Routing And Clearing | $20.1M | 2% |
IPG
| MDE | $619.0M | 29% |
| IAC | $574.9M | 27% |
| Other | $527.9M | 25% |
| SCE | $413.8M | 19% |
