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C.H. Robinson（CHRW）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
C.H. Robinson的季度营收约是埃培智集团的1.8倍（$3.9B vs $2.1B），埃培智集团净利率更高（5.8% vs 3.5%，领先2.3%），埃培智集团同比增速更快（-4.8% vs -6.5%），C.H. Robinson自由现金流更多（$302.4M vs $153.6M），过去两年C.H. Robinson的营收复合增速更高（-5.8% vs -9.1%）
C.H. Robinson是美国知名第三方物流与运输服务企业，业务涵盖货运代理、运输管理、中介经纪及仓储服务，可提供整车、零担、空运、多式联运、海运等多种运输解决方案，满足全球客户差异化物流需求。
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。
CHRW vs IPG — 直观对比
营收规模更大
CHRW
是对方的1.8倍
$2.1B
营收增速更快
IPG
高出1.7%
-6.5%
净利率更高
IPG
高出2.3%
3.5%
自由现金流更多
CHRW
多$148.8M
$153.6M
两年增速更快
CHRW
近两年复合增速
-9.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $2.1B |
| 净利润 | $136.3M | $124.2M |
| 毛利率 | — | — |
| 营业利润率 | 4.6% | 10.3% |
| 净利率 | 3.5% | 5.8% |
| 营收同比 | -6.5% | -4.8% |
| 净利润同比 | -8.7% | 517.9% |
| 每股收益（稀释后） | $1.12 | $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CHRWIPG
| Q4 25 | $3.9B | — | ||
| Q3 25 | $4.1B | $2.1B | ||
| Q2 25 | $4.1B | $2.2B | ||
| Q1 25 | $4.0B | $2.0B | ||
| Q4 24 | $4.2B | $2.4B | ||
| Q3 24 | $4.6B | $2.2B | ||
| Q2 24 | $4.5B | $2.3B | ||
| Q1 24 | $4.4B | $2.2B |
净利润CHRWIPG
| Q4 25 | $136.3M | — | ||
| Q3 25 | $163.0M | $124.2M | ||
| Q2 25 | $152.5M | $162.5M | ||
| Q1 25 | $135.3M | $-85.4M | ||
| Q4 24 | $149.3M | $344.5M | ||
| Q3 24 | $97.2M | $20.1M | ||
| Q2 24 | $126.3M | $214.5M | ||
| Q1 24 | $92.9M | $110.4M |
毛利率CHRWIPG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | -1.1% |
营业利润率CHRWIPG
| Q4 25 | 4.6% | — | ||
| Q3 25 | 5.3% | 10.3% | ||
| Q2 25 | 5.2% | 11.2% | ||
| Q1 25 | 4.4% | -2.1% | ||
| Q4 24 | 4.4% | 23.3% | ||
| Q3 24 | 3.9% | 5.9% | ||
| Q2 24 | 4.0% | 13.7% | ||
| Q1 24 | 2.9% | 8.4% |
净利率CHRWIPG
| Q4 25 | 3.5% | — | ||
| Q3 25 | 3.9% | 5.8% | ||
| Q2 25 | 3.7% | 7.5% | ||
| Q1 25 | 3.3% | -4.3% | ||
| Q4 24 | 3.6% | 14.1% | ||
| Q3 24 | 2.1% | 0.9% | ||
| Q2 24 | 2.8% | 9.2% | ||
| Q1 24 | 2.1% | 5.1% |
每股收益（稀释后）CHRWIPG
| Q4 25 | $1.12 | — | ||
| Q3 25 | $1.34 | $0.34 | ||
| Q2 25 | $1.26 | $0.44 | ||
| Q1 25 | $1.11 | $-0.23 | ||
| Q4 24 | $1.23 | $0.92 | ||
| Q3 24 | $0.80 | $0.05 | ||
| Q2 24 | $1.05 | $0.57 | ||
| Q1 24 | $0.78 | $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 | $160.9M | $1.5B |
| 总债务越低越好 | $1.1B | — |
| 股东权益账面价值 | $1.8B | $3.7B |
| 总资产 | $5.1B | $17.0B |
| 负债/权益比越低杠杆越低 | 0.59× | — |
8季度趋势，按日历期对齐
现金及短期投资CHRWIPG
| Q4 25 | $160.9M | — | ||
| Q3 25 | $136.8M | $1.5B | ||
| Q2 25 | $156.0M | $1.6B | ||
| Q1 25 | $129.9M | $1.9B | ||
| Q4 24 | $145.8M | $2.2B | ||
| Q3 24 | $131.7M | $1.5B | ||
| Q2 24 | $113.2M | $1.5B | ||
| Q1 24 | $121.8M | $1.9B |
总债务CHRWIPG
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.7B | — |
股东权益CHRWIPG
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | $3.7B | ||
| Q2 25 | $1.8B | $3.7B | ||
| Q1 25 | $1.7B | $3.6B | ||
| Q4 24 | $1.7B | $3.8B | ||
| Q3 24 | $1.6B | $3.7B | ||
| Q2 24 | $1.5B | $3.8B | ||
| Q1 24 | $1.4B | $3.8B |
总资产CHRWIPG
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.2B | $17.0B | ||
| Q2 25 | $5.3B | $17.0B | ||
| Q1 25 | $5.2B | $17.1B | ||
| Q4 24 | $5.3B | $18.3B | ||
| Q3 24 | $5.6B | $17.1B | ||
| Q2 24 | $5.5B | $17.0B | ||
| Q1 24 | $5.5B | $17.3B |
负债/权益比CHRWIPG
| Q4 25 | 0.59× | — | ||
| Q3 25 | 0.64× | — | ||
| Q2 25 | 0.76× | — | ||
| Q1 25 | 0.80× | — | ||
| Q4 24 | 0.80× | — | ||
| Q3 24 | 0.95× | — | ||
| Q2 24 | 1.07× | — | ||
| Q1 24 | 1.19× | — |
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 | $305.4M | $180.1M |
| 自由现金流经营现金流 - 资本支出 | $302.4M | $153.6M |
| 自由现金流率自由现金流/营收 | 7.7% | 7.2% |
| 资本支出强度资本支出/营收 | 0.1% | 1.2% |
| 现金转化率经营现金流/净利润 | 2.24× | 1.45× |
| 过去12个月自由现金流最近4个季度 | $894.9M | $806.8M |
8季度趋势，按日历期对齐
经营现金流CHRWIPG
| Q4 25 | $305.4M | — | ||
| Q3 25 | $275.4M | $180.1M | ||
| Q2 25 | $227.1M | $-96.0M | ||
| Q1 25 | $106.5M | $-37.0M | ||
| Q4 24 | $267.9M | $868.1M | ||
| Q3 24 | $108.1M | $223.8M | ||
| Q2 24 | $166.4M | $120.7M | ||
| Q1 24 | $-33.3M | $-157.4M |
自由现金流CHRWIPG
| Q4 25 | $302.4M | — | ||
| Q3 25 | $269.5M | $153.6M | ||
| Q2 25 | $219.8M | $-121.8M | ||
| Q1 25 | $103.2M | $-58.5M | ||
| Q4 24 | $265.3M | $833.5M | ||
| Q3 24 | $103.3M | $186.5M | ||
| Q2 24 | $159.8M | $85.9M | ||
| Q1 24 | $-41.9M | $-192.5M |
自由现金流率CHRWIPG
| Q4 25 | 7.7% | — | ||
| Q3 25 | 6.5% | 7.2% | ||
| Q2 25 | 5.3% | -5.6% | ||
| Q1 25 | 2.5% | -2.9% | ||
| Q4 24 | 6.3% | 34.2% | ||
| Q3 24 | 2.2% | 8.3% | ||
| Q2 24 | 3.6% | 3.7% | ||
| Q1 24 | -1.0% | -8.8% |
资本支出强度CHRWIPG
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.1% | 1.2% | ||
| Q2 25 | 0.2% | 1.2% | ||
| Q1 25 | 0.1% | 1.1% | ||
| Q4 24 | 0.1% | 1.4% | ||
| Q3 24 | 0.1% | 1.7% | ||
| Q2 24 | 0.1% | 1.5% | ||
| Q1 24 | 0.2% | 1.6% |
现金转化率CHRWIPG
| Q4 25 | 2.24× | — | ||
| Q3 25 | 1.69× | 1.45× | ||
| Q2 25 | 1.49× | -0.59× | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 1.79× | 2.52× | ||
| Q3 24 | 1.11× | 11.13× | ||
| Q2 24 | 1.32× | 0.56× | ||
| Q1 24 | -0.36× | -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
CHRW
| North American Service Transportation NAST | $2.8B | 72% |
| Global Forwarding | $731.0M | 19% |
| Sourcing | $340.9M | 9% |
IPG
| MDE | $619.0M | 29% |
| IAC | $574.9M | 27% |
| Other | $527.9M | 25% |
| SCE | $413.8M | 19% |
