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埃培智集团（IPG）与Liberty Global Ltd.（LBTYA）财务数据对比。点击上方公司名可切换其他公司
Liberty Global Ltd.的季度营收约是埃培智集团的1.1倍（$2.4B vs $2.1B），Liberty Global Ltd.净利率更高（15.0% vs 5.8%，领先9.2%），Liberty Global Ltd.同比增速更快（-3.6% vs -4.8%），过去两年Liberty Global Ltd.的营收复合增速更高（12.9% vs -9.1%）
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。
自由全球有限公司是一家英荷美合资的跨国电信企业，注册地位于百慕大，在伦敦、阿姆斯特丹和丹佛均设有总部。公司旗下拥有英国自由全球控股有限公司、荷兰自由全球有限公司及美国自由全球公司三大主体，其中英国主体为上市实体。企业由自由媒体国际业务部与UnitedGlobalCom于2005年合并成立，在全球电信服务领域拥有深厚的行业积累。
IPG vs LBTYA — 直观对比
营收规模更大
LBTYA
是对方的1.1倍
$2.1B
营收增速更快
LBTYA
高出1.1%
-4.8%
净利率更高
LBTYA
高出9.2%
5.8%
两年增速更快
LBTYA
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.4B |
| 净利润 | $124.2M | $358.2M |
| 毛利率 | — | — |
| 营业利润率 | 10.3% | 1.0% |
| 净利率 | 5.8% | 15.0% |
| 营收同比 | -4.8% | -3.6% |
| 净利润同比 | 517.9% | 127.1% |
| 每股收益（稀释后） | $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IPGLBTYA
| Q1 26 | — | $2.4B | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $2.2B | $1.3B | ||
| Q1 25 | $2.0B | $1.2B | ||
| Q4 24 | $2.4B | $-1.4B | ||
| Q3 24 | $2.2B | $1.9B | ||
| Q2 24 | $2.3B | $1.9B |
净利润IPGLBTYA
| Q1 26 | — | $358.2M | ||
| Q4 25 | — | $-2.9B | ||
| Q3 25 | $124.2M | $-90.7M | ||
| Q2 25 | $162.5M | $-2.8B | ||
| Q1 25 | $-85.4M | $-1.3B | ||
| Q4 24 | $344.5M | $2.2B | ||
| Q3 24 | $20.1M | $-1.4B | ||
| Q2 24 | $214.5M | $268.1M |
毛利率IPGLBTYA
| Q1 26 | — | — | ||
| Q4 25 | — | 66.8% | ||
| Q3 25 | — | 67.5% | ||
| Q2 25 | — | 63.3% | ||
| Q1 25 | -3.2% | 65.6% | ||
| Q4 24 | 10.1% | — | ||
| Q3 24 | 2.9% | 69.4% | ||
| Q2 24 | 1.2% | 68.5% |
营业利润率IPGLBTYA
| Q1 26 | — | 1.0% | ||
| Q4 25 | — | -8.6% | ||
| Q3 25 | 10.3% | -0.7% | ||
| Q2 25 | 11.2% | 2.3% | ||
| Q1 25 | -2.1% | 5.2% | ||
| Q4 24 | 23.3% | — | ||
| Q3 24 | 5.9% | 5.2% | ||
| Q2 24 | 13.7% | 1.0% |
净利率IPGLBTYA
| Q1 26 | — | 15.0% | ||
| Q4 25 | — | -237.0% | ||
| Q3 25 | 5.8% | -7.5% | ||
| Q2 25 | 7.5% | -220.1% | ||
| Q1 25 | -4.3% | -114.2% | ||
| Q4 24 | 14.1% | -158.9% | ||
| Q3 24 | 0.9% | -74.1% | ||
| Q2 24 | 9.2% | 14.3% |
每股收益（稀释后）IPGLBTYA
| Q1 26 | — | — | ||
| Q4 25 | — | $-8.66 | ||
| Q3 25 | $0.34 | $-0.27 | ||
| Q2 25 | $0.44 | $-8.09 | ||
| Q1 25 | $-0.23 | $-3.84 | ||
| Q4 24 | $0.92 | $6.15 | ||
| Q3 24 | $0.05 | $-3.95 | ||
| Q2 24 | $0.57 | $0.71 |
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 | $1.5B | $-387.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.7B | — |
| 总资产 | $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IPGLBTYA
| Q1 26 | — | $-387.3M | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.6B | $3.1B | ||
| Q1 25 | $1.9B | $2.0B | ||
| Q4 24 | $2.2B | $2.2B | ||
| Q3 24 | $1.5B | $3.3B | ||
| Q2 24 | $1.5B | $3.2B |
总债务IPGLBTYA
| Q1 26 | — | — | ||
| Q4 25 | — | $7.8B | ||
| Q3 25 | — | $7.8B | ||
| Q2 25 | — | $7.8B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | — | $8.2B | ||
| Q3 24 | — | $14.9B | ||
| Q2 24 | — | $14.7B |
股东权益IPGLBTYA
| Q1 26 | — | — | ||
| Q4 25 | — | $9.7B | ||
| Q3 25 | $3.7B | $12.7B | ||
| Q2 25 | $3.7B | $13.0B | ||
| Q1 25 | $3.6B | $12.6B | ||
| Q4 24 | $3.8B | $12.4B | ||
| Q3 24 | $3.7B | $18.7B | ||
| Q2 24 | $3.8B | $18.3B |
总资产IPGLBTYA
| Q1 26 | — | — | ||
| Q4 25 | — | $22.6B | ||
| Q3 25 | $17.0B | $25.4B | ||
| Q2 25 | $17.0B | $27.2B | ||
| Q1 25 | $17.1B | $26.0B | ||
| Q4 24 | $18.3B | $25.4B | ||
| Q3 24 | $17.1B | $41.8B | ||
| Q2 24 | $17.0B | $40.8B |
负债/权益比IPGLBTYA
| Q1 26 | — | — | ||
| Q4 25 | — | 0.80× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.80× | ||
| Q2 24 | — | 0.80× |
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 | $180.1M | $107.6M |
| 自由现金流经营现金流 - 资本支出 | $153.6M | — |
| 自由现金流率自由现金流/营收 | 7.2% | — |
| 资本支出强度资本支出/营收 | 1.2% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.45× | 0.30× |
| 过去12个月自由现金流最近4个季度 | $806.8M | — |
8季度趋势，按日历期对齐
经营现金流IPGLBTYA
| Q1 26 | — | $107.6M | ||
| Q4 25 | — | $630.9M | ||
| Q3 25 | $180.1M | $301.8M | ||
| Q2 25 | $-96.0M | $149.2M | ||
| Q1 25 | $-37.0M | $129.2M | ||
| Q4 24 | $868.1M | $791.6M | ||
| Q3 24 | $223.8M | $449.5M | ||
| Q2 24 | $120.7M | $546.1M |
自由现金流IPGLBTYA
| Q1 26 | — | — | ||
| Q4 25 | — | $193.3M | ||
| Q3 25 | $153.6M | $-41.1M | ||
| Q2 25 | $-121.8M | $-170.1M | ||
| Q1 25 | $-58.5M | $-114.1M | ||
| Q4 24 | $833.5M | $712.9M | ||
| Q3 24 | $186.5M | $102.4M | ||
| Q2 24 | $85.9M | $256.8M |
自由现金流率IPGLBTYA
| Q1 26 | — | — | ||
| Q4 25 | — | 15.7% | ||
| Q3 25 | 7.2% | -3.4% | ||
| Q2 25 | -5.6% | -13.4% | ||
| Q1 25 | -2.9% | -9.7% | ||
| Q4 24 | 34.2% | -50.5% | ||
| Q3 24 | 8.3% | 5.3% | ||
| Q2 24 | 3.7% | 13.7% |
资本支出强度IPGLBTYA
| Q1 26 | — | 1.5% | ||
| Q4 25 | — | 35.5% | ||
| Q3 25 | 1.2% | 28.4% | ||
| Q2 25 | 1.2% | 25.2% | ||
| Q1 25 | 1.1% | 20.8% | ||
| Q4 24 | 1.4% | -5.6% | ||
| Q3 24 | 1.7% | 17.9% | ||
| Q2 24 | 1.5% | 15.4% |
现金转化率IPGLBTYA
| Q1 26 | — | 0.30× | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | -0.59× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.52× | 0.35× | ||
| Q3 24 | 11.13× | — | ||
| Q2 24 | 0.56× | 2.04× |
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
IPG
| MDE | $619.0M | 29% |
| IAC | $574.9M | 27% |
| Other | $527.9M | 25% |
| SCE | $413.8M | 19% |
LBTYA
| Mobile Service | $775.2M | 32% |
| Fixed Service | $772.0M | 32% |
| Business | $308.7M | 13% |
| Wholesale | $256.9M | 11% |
| Business Service | $233.2M | 10% |
