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康宝莱（HLF）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康宝莱的1.7倍（$2.1B vs $1.3B），康宝莱净利率更高（6.7% vs 5.8%，领先0.8%），康宝莱同比增速更快（6.3% vs -4.8%），埃培智集团自由现金流更多（$153.6M vs $79.8M），过去两年康宝莱的营收复合增速更高（0.7% vs -9.1%）
康宝莱是美国跨国多层次营销企业，主营膳食补充剂的研发与销售。该公司曾被指控涉嫌金字塔骗局欺诈运营，2016年与美国证监会达成协议后调整了薪酬体系，将经销商奖励与可核实的实际销售额挂钩。此外其部分产品曾被曝出引发急性肝炎的相关问题。
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。
HLF vs IPG — 直观对比
营收规模更大
IPG
是对方的1.7倍
$1.3B
营收增速更快
HLF
高出11.0%
-4.8%
净利率更高
HLF
高出0.8%
5.8%
自由现金流更多
IPG
多$73.8M
$79.8M
两年增速更快
HLF
近两年复合增速
-9.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.1B |
| 净利润 | $85.4M | $124.2M |
| 毛利率 | 77.5% | — |
| 营业利润率 | 7.8% | 10.3% |
| 净利率 | 6.7% | 5.8% |
| 营收同比 | 6.3% | -4.8% |
| 净利润同比 | -52.0% | 517.9% |
| 每股收益（稀释后） | $0.81 | $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HLFIPG
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $2.1B | ||
| Q2 25 | $1.3B | $2.2B | ||
| Q1 25 | $1.2B | $2.0B | ||
| Q4 24 | $1.2B | $2.4B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $1.3B | $2.3B | ||
| Q1 24 | $1.3B | $2.2B |
净利润HLFIPG
| Q4 25 | $85.4M | — | ||
| Q3 25 | $43.2M | $124.2M | ||
| Q2 25 | $49.3M | $162.5M | ||
| Q1 25 | $50.4M | $-85.4M | ||
| Q4 24 | $177.9M | $344.5M | ||
| Q3 24 | $47.4M | $20.1M | ||
| Q2 24 | $4.7M | $214.5M | ||
| Q1 24 | $24.3M | $110.4M |
毛利率HLFIPG
| Q4 25 | 77.5% | — | ||
| Q3 25 | 77.7% | — | ||
| Q2 25 | 78.0% | — | ||
| Q1 25 | 78.3% | -3.2% | ||
| Q4 24 | 77.8% | 10.1% | ||
| Q3 24 | 78.3% | 2.9% | ||
| Q2 24 | 77.9% | 1.2% | ||
| Q1 24 | 77.5% | -1.1% |
营业利润率HLFIPG
| Q4 25 | 7.8% | — | ||
| Q3 25 | 9.9% | 10.3% | ||
| Q2 25 | 10.5% | 11.2% | ||
| Q1 25 | 10.1% | -2.1% | ||
| Q4 24 | 8.8% | 23.3% | ||
| Q3 24 | 10.2% | 5.9% | ||
| Q2 24 | 6.3% | 13.7% | ||
| Q1 24 | 5.7% | 8.4% |
净利率HLFIPG
| Q4 25 | 6.7% | — | ||
| Q3 25 | 3.4% | 5.8% | ||
| Q2 25 | 3.9% | 7.5% | ||
| Q1 25 | 4.1% | -4.3% | ||
| Q4 24 | 14.7% | 14.1% | ||
| Q3 24 | 3.8% | 0.9% | ||
| Q2 24 | 0.4% | 9.2% | ||
| Q1 24 | 1.9% | 5.1% |
每股收益（稀释后）HLFIPG
| Q4 25 | $0.81 | — | ||
| Q3 25 | $0.42 | $0.34 | ||
| Q2 25 | $0.48 | $0.44 | ||
| Q1 25 | $0.49 | $-0.23 | ||
| Q4 24 | $1.75 | $0.92 | ||
| Q3 24 | $0.46 | $0.05 | ||
| Q2 24 | $0.05 | $0.57 | ||
| Q1 24 | $0.24 | $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 | $353.1M | $1.5B |
| 总债务越低越好 | $2.0B | — |
| 股东权益账面价值 | $-515.1M | $3.7B |
| 总资产 | $2.8B | $17.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资HLFIPG
| Q4 25 | $353.1M | — | ||
| Q3 25 | $305.5M | $1.5B | ||
| Q2 25 | $320.9M | $1.6B | ||
| Q1 25 | $329.4M | $1.9B | ||
| Q4 24 | $415.3M | $2.2B | ||
| Q3 24 | $402.5M | $1.5B | ||
| Q2 24 | $374.0M | $1.5B | ||
| Q1 24 | $398.3M | $1.9B |
总债务HLFIPG
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.4B | — |
股东权益HLFIPG
| Q4 25 | $-515.1M | — | ||
| Q3 25 | $-612.0M | $3.7B | ||
| Q2 25 | $-660.5M | $3.7B | ||
| Q1 25 | $-736.0M | $3.6B | ||
| Q4 24 | $-801.1M | $3.8B | ||
| Q3 24 | $-954.2M | $3.7B | ||
| Q2 24 | $-1.0B | $3.8B | ||
| Q1 24 | $-1.0B | $3.8B |
总资产HLFIPG
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.7B | $17.0B | ||
| Q2 25 | $2.7B | $17.0B | ||
| Q1 25 | $2.7B | $17.1B | ||
| Q4 24 | $2.7B | $18.3B | ||
| Q3 24 | $2.7B | $17.1B | ||
| Q2 24 | $2.6B | $17.0B | ||
| Q1 24 | $2.6B | $17.3B |
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 | $98.3M | $180.1M |
| 自由现金流经营现金流 - 资本支出 | $79.8M | $153.6M |
| 自由现金流率自由现金流/营收 | 6.2% | 7.2% |
| 资本支出强度资本支出/营收 | 1.4% | 1.2% |
| 现金转化率经营现金流/净利润 | 1.15× | 1.45× |
| 过去12个月自由现金流最近4个季度 | $252.9M | $806.8M |
8季度趋势，按日历期对齐
经营现金流HLFIPG
| Q4 25 | $98.3M | — | ||
| Q3 25 | $138.8M | $180.1M | ||
| Q2 25 | $96.0M | $-96.0M | ||
| Q1 25 | $200.0K | $-37.0M | ||
| Q4 24 | $69.6M | $868.1M | ||
| Q3 24 | $99.5M | $223.8M | ||
| Q2 24 | $102.5M | $120.7M | ||
| Q1 24 | $13.8M | $-157.4M |
自由现金流HLFIPG
| Q4 25 | $79.8M | — | ||
| Q3 25 | $118.0M | $153.6M | ||
| Q2 25 | $73.2M | $-121.8M | ||
| Q1 25 | $-18.1M | $-58.5M | ||
| Q4 24 | $43.9M | $833.5M | ||
| Q3 24 | $72.4M | $186.5M | ||
| Q2 24 | $66.2M | $85.9M | ||
| Q1 24 | $-19.1M | $-192.5M |
自由现金流率HLFIPG
| Q4 25 | 6.2% | — | ||
| Q3 25 | 9.3% | 7.2% | ||
| Q2 25 | 5.8% | -5.6% | ||
| Q1 25 | -1.5% | -2.9% | ||
| Q4 24 | 3.6% | 34.2% | ||
| Q3 24 | 5.8% | 8.3% | ||
| Q2 24 | 5.2% | 3.7% | ||
| Q1 24 | -1.5% | -8.8% |
资本支出强度HLFIPG
| Q4 25 | 1.4% | — | ||
| Q3 25 | 1.6% | 1.2% | ||
| Q2 25 | 1.8% | 1.2% | ||
| Q1 25 | 1.5% | 1.1% | ||
| Q4 24 | 2.1% | 1.4% | ||
| Q3 24 | 2.2% | 1.7% | ||
| Q2 24 | 2.8% | 1.5% | ||
| Q1 24 | 2.6% | 1.6% |
现金转化率HLFIPG
| Q4 25 | 1.15× | — | ||
| Q3 25 | 3.21× | 1.45× | ||
| Q2 25 | 1.95× | -0.59× | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.39× | 2.52× | ||
| Q3 24 | 2.10× | 11.13× | ||
| Q2 24 | 21.81× | 0.56× | ||
| Q1 24 | 0.57× | -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
HLF
| Others | $514.4M | 40% |
| Other | $300.0M | 23% |
| IN | $250.3M | 20% |
| MX | $147.2M | 11% |
| VN | $71.1M | 6% |
IPG
| MDE | $619.0M | 29% |
| IAC | $574.9M | 27% |
| Other | $527.9M | 25% |
| SCE | $413.8M | 19% |
