vs
科迪华（CTVA）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
科迪华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 -14.1%，领先19.9%），科迪华同比增速更快（-1.7% vs -4.8%），科迪华自由现金流更多（$4.2B vs $153.6M），过去两年科迪华的营收复合增速更高（-6.7% vs -9.1%）
科迪华是一家美国农业科技企业，主营种子与作物保护产品，涵盖除草剂、杀虫剂、杀菌剂及生物制剂，业务覆盖全球110个国家，总部位于印第安纳州印第安纳波利斯，旗下大部分种子产品以先锋良种国际品牌销售。
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。
CTVA vs IPG — 直观对比
营收规模更大
CTVA
是对方的1.8倍
$2.1B
营收增速更快
CTVA
高出3.1%
-4.8%
净利率更高
IPG
高出19.9%
-14.1%
自由现金流更多
CTVA
多$4.0B
$153.6M
两年增速更快
CTVA
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 | $-552.0M | $124.2M |
| 毛利率 | 42.4% | — |
| 营业利润率 | -13.6% | 10.3% |
| 净利率 | -14.1% | 5.8% |
| 营收同比 | -1.7% | -4.8% |
| 净利润同比 | -1246.3% | 517.9% |
| 每股收益（稀释后） | $-0.80 | $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CTVAIPG
| Q4 25 | $3.9B | — | ||
| Q3 25 | $2.6B | $2.1B | ||
| Q2 25 | $6.5B | $2.2B | ||
| Q1 25 | $4.4B | $2.0B | ||
| Q4 24 | $4.0B | $2.4B | ||
| Q3 24 | $2.3B | $2.2B | ||
| Q2 24 | $6.1B | $2.3B | ||
| Q1 24 | $4.5B | $2.2B |
净利润CTVAIPG
| Q4 25 | $-552.0M | — | ||
| Q3 25 | $-320.0M | $124.2M | ||
| Q2 25 | $1.3B | $162.5M | ||
| Q1 25 | $652.0M | $-85.4M | ||
| Q4 24 | $-41.0M | $344.5M | ||
| Q3 24 | $-524.0M | $20.1M | ||
| Q2 24 | $1.1B | $214.5M | ||
| Q1 24 | $419.0M | $110.4M |
毛利率CTVAIPG
| Q4 25 | 42.4% | — | ||
| Q3 25 | 37.2% | — | ||
| Q2 25 | 54.6% | — | ||
| Q1 25 | 47.0% | -3.2% | ||
| Q4 24 | 37.3% | 10.1% | ||
| Q3 24 | 32.7% | 2.9% | ||
| Q2 24 | 52.3% | 1.2% | ||
| Q1 24 | 43.2% | -1.1% |
营业利润率CTVAIPG
| Q4 25 | -13.6% | — | ||
| Q3 25 | -14.1% | 10.3% | ||
| Q2 25 | 27.9% | 11.2% | ||
| Q1 25 | 17.7% | -2.1% | ||
| Q4 24 | 2.2% | 23.3% | ||
| Q3 24 | -27.2% | 5.9% | ||
| Q2 24 | 21.9% | 13.7% | ||
| Q1 24 | 10.7% | 8.4% |
净利率CTVAIPG
| Q4 25 | -14.1% | — | ||
| Q3 25 | -12.2% | 5.8% | ||
| Q2 25 | 20.4% | 7.5% | ||
| Q1 25 | 14.8% | -4.3% | ||
| Q4 24 | -1.0% | 14.1% | ||
| Q3 24 | -22.5% | 0.9% | ||
| Q2 24 | 17.2% | 9.2% | ||
| Q1 24 | 9.3% | 5.1% |
每股收益（稀释后）CTVAIPG
| Q4 25 | $-0.80 | — | ||
| Q3 25 | $-0.47 | $0.34 | ||
| Q2 25 | $1.92 | $0.44 | ||
| Q1 25 | $0.95 | $-0.23 | ||
| Q4 24 | $-0.05 | $0.92 | ||
| Q3 24 | $-0.76 | $0.05 | ||
| Q2 24 | $1.51 | $0.57 | ||
| Q1 24 | $0.60 | $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 | $4.5B | $1.5B |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $24.1B | $3.7B |
| 总资产 | $42.8B | $17.0B |
| 负债/权益比越低杠杆越低 | 0.07× | — |
8季度趋势，按日历期对齐
现金及短期投资CTVAIPG
| Q4 25 | $4.5B | — | ||
| Q3 25 | $2.6B | $1.5B | ||
| Q2 25 | $2.1B | $1.6B | ||
| Q1 25 | $2.0B | $1.9B | ||
| Q4 24 | $3.2B | $2.2B | ||
| Q3 24 | $2.5B | $1.5B | ||
| Q2 24 | $2.0B | $1.5B | ||
| Q1 24 | $1.7B | $1.9B |
总债务CTVAIPG
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.5B | — |
股东权益CTVAIPG
| Q4 25 | $24.1B | — | ||
| Q3 25 | $25.2B | $3.7B | ||
| Q2 25 | $25.9B | $3.7B | ||
| Q1 25 | $24.3B | $3.6B | ||
| Q4 24 | $23.8B | $3.8B | ||
| Q3 24 | $24.7B | $3.7B | ||
| Q2 24 | $25.2B | $3.8B | ||
| Q1 24 | $24.8B | $3.8B |
总资产CTVAIPG
| Q4 25 | $42.8B | — | ||
| Q3 25 | $42.2B | $17.0B | ||
| Q2 25 | $41.8B | $17.0B | ||
| Q1 25 | $42.1B | $17.1B | ||
| Q4 24 | $40.8B | $18.3B | ||
| Q3 24 | $41.9B | $17.1B | ||
| Q2 24 | $41.5B | $17.0B | ||
| Q1 24 | $43.6B | $17.3B |
负债/权益比CTVAIPG
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | 0.07× | — | ||
| Q1 25 | 0.07× | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | 0.08× | — | ||
| Q2 24 | 0.10× | — | ||
| Q1 24 | 0.10× | — |
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 | $4.4B | $180.1M |
| 自由现金流经营现金流 - 资本支出 | $4.2B | $153.6M |
| 自由现金流率自由现金流/营收 | 106.2% | 7.2% |
| 资本支出强度资本支出/营收 | 5.7% | 1.2% |
| 现金转化率经营现金流/净利润 | — | 1.45× |
| 过去12个月自由现金流最近4个季度 | $2.8B | $806.8M |
8季度趋势，按日历期对齐
经营现金流CTVAIPG
| Q4 25 | $4.4B | — | ||
| Q3 25 | $193.0M | $180.1M | ||
| Q2 25 | $947.0M | $-96.0M | ||
| Q1 25 | $-2.1B | $-37.0M | ||
| Q4 24 | $4.2B | $868.1M | ||
| Q3 24 | $130.0M | $223.8M | ||
| Q2 24 | $451.0M | $120.7M | ||
| Q1 24 | $-2.6B | $-157.4M |
自由现金流CTVAIPG
| Q4 25 | $4.2B | — | ||
| Q3 25 | $36.0M | $153.6M | ||
| Q2 25 | $829.0M | $-121.8M | ||
| Q1 25 | $-2.2B | $-58.5M | ||
| Q4 24 | $4.0B | $833.5M | ||
| Q3 24 | $-24.0M | $186.5M | ||
| Q2 24 | $337.0M | $85.9M | ||
| Q1 24 | $-2.8B | $-192.5M |
自由现金流率CTVAIPG
| Q4 25 | 106.2% | — | ||
| Q3 25 | 1.4% | 7.2% | ||
| Q2 25 | 12.8% | -5.6% | ||
| Q1 25 | -49.9% | -2.9% | ||
| Q4 24 | 100.4% | 34.2% | ||
| Q3 24 | -1.0% | 8.3% | ||
| Q2 24 | 5.5% | 3.7% | ||
| Q1 24 | -61.4% | -8.8% |
资本支出强度CTVAIPG
| Q4 25 | 5.7% | — | ||
| Q3 25 | 6.0% | 1.2% | ||
| Q2 25 | 1.8% | 1.2% | ||
| Q1 25 | 2.1% | 1.1% | ||
| Q4 24 | 4.6% | 1.4% | ||
| Q3 24 | 6.6% | 1.7% | ||
| Q2 24 | 1.9% | 1.5% | ||
| Q1 24 | 3.3% | 1.6% |
现金转化率CTVAIPG
| Q4 25 | — | — | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | 0.72× | -0.59× | ||
| Q1 25 | -3.23× | — | ||
| Q4 24 | — | 2.52× | ||
| Q3 24 | — | 11.13× | ||
| Q2 24 | 0.43× | 0.56× | ||
| Q1 24 | -6.23× | -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
CTVA
| Corn | $1.4B | 35% |
| Herbicides | $1.1B | 27% |
| Insecticides | $488.0M | 12% |
| Fungicides | $272.0M | 7% |
| Biologicals | $191.0M | 5% |
| Soybean | $164.0M | 4% |
| Other | $160.0M | 4% |
| Otheroilseeds | $94.0M | 2% |
IPG
| MDE | $619.0M | 29% |
| IAC | $574.9M | 27% |
| Other | $527.9M | 25% |
| SCE | $413.8M | 19% |
