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埃培智集团（IPG）与Leidos（LDOS）财务数据对比。点击上方公司名可切换其他公司
Leidos的季度营收约是埃培智集团的2.0倍（$4.2B vs $2.1B），Leidos净利率更高（7.8% vs 5.8%，领先2.0%），Leidos同比增速更快（-3.5% vs -4.8%），Leidos自由现金流更多（$452.0M vs $153.6M），过去两年Leidos的营收复合增速更高（3.1% 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。
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT服务提供商。
IPG vs LDOS — 直观对比
营收规模更大
LDOS
是对方的2.0倍
$2.1B
营收增速更快
LDOS
高出1.3%
-4.8%
净利率更高
LDOS
高出2.0%
5.8%
自由现金流更多
LDOS
多$298.4M
$153.6M
两年增速更快
LDOS
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $4.2B |
| 净利润 | $124.2M | $327.0M |
| 毛利率 | — | 17.4% |
| 营业利润率 | 10.3% | 11.3% |
| 净利率 | 5.8% | 7.8% |
| 营收同比 | -4.8% | -3.5% |
| 净利润同比 | 517.9% | 15.1% |
| 每股收益（稀释后） | $0.34 | $2.54 |
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IPGLDOS
| Q1 26 | — | $4.2B | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | $2.1B | $4.2B | ||
| Q2 25 | $2.2B | $4.2B | ||
| Q1 25 | $2.0B | $4.3B | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.2B | $4.2B | ||
| Q2 24 | $2.3B | $4.1B |
净利润IPGLDOS
| Q1 26 | — | $327.0M | ||
| Q4 25 | — | $367.0M | ||
| Q3 25 | $124.2M | $391.0M | ||
| Q2 25 | $162.5M | $363.0M | ||
| Q1 25 | $-85.4M | $284.0M | ||
| Q4 24 | $344.5M | — | ||
| Q3 24 | $20.1M | $364.0M | ||
| Q2 24 | $214.5M | $322.0M |
毛利率IPGLDOS
| Q1 26 | — | 17.4% | ||
| Q4 25 | — | 18.0% | ||
| Q3 25 | — | 18.0% | ||
| Q2 25 | — | 17.5% | ||
| Q1 25 | -3.2% | 15.6% | ||
| Q4 24 | 10.1% | — | ||
| Q3 24 | 2.9% | 17.8% | ||
| Q2 24 | 1.2% | 16.6% |
营业利润率IPGLDOS
| Q1 26 | — | 11.3% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | 10.3% | 13.5% | ||
| Q2 25 | 11.2% | 12.5% | ||
| Q1 25 | -2.1% | 9.7% | ||
| Q4 24 | 23.3% | — | ||
| Q3 24 | 5.9% | 12.4% | ||
| Q2 24 | 13.7% | 11.6% |
净利率IPGLDOS
| Q1 26 | — | 7.8% | ||
| Q4 25 | — | 8.2% | ||
| Q3 25 | 5.8% | 9.2% | ||
| Q2 25 | 7.5% | 8.6% | ||
| Q1 25 | -4.3% | 6.5% | ||
| Q4 24 | 14.1% | — | ||
| Q3 24 | 0.9% | 8.7% | ||
| Q2 24 | 9.2% | 7.8% |
每股收益（稀释后）IPGLDOS
| Q1 26 | — | $2.54 | ||
| Q4 25 | — | $2.82 | ||
| Q3 25 | $0.34 | $3.01 | ||
| Q2 25 | $0.44 | $2.77 | ||
| Q1 25 | $-0.23 | $2.10 | ||
| Q4 24 | $0.92 | — | ||
| Q3 24 | $0.05 | $2.68 | ||
| Q2 24 | $0.57 | $2.37 |
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 | $1.1B |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | $3.7B | $4.9B |
| 总资产 | $17.0B | $13.5B |
| 负债/权益比越低杠杆越低 | — | 0.94× |
8季度趋势，按日历期对齐
现金及短期投资IPGLDOS
| Q1 26 | — | $1.1B | ||
| Q4 25 | — | $974.0M | ||
| Q3 25 | $1.5B | $930.0M | ||
| Q2 25 | $1.6B | $842.0M | ||
| Q1 25 | $1.9B | $943.0M | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.5B | $823.0M |
总债务IPGLDOS
| Q1 26 | — | $4.6B | ||
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.0B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.1B |
股东权益IPGLDOS
| Q1 26 | — | $4.9B | ||
| Q4 25 | — | $4.9B | ||
| Q3 25 | $3.7B | $4.7B | ||
| Q2 25 | $3.7B | $4.3B | ||
| Q1 25 | $3.6B | $4.4B | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.7B | $4.6B | ||
| Q2 24 | $3.8B | $4.5B |
总资产IPGLDOS
| Q1 26 | — | $13.5B | ||
| Q4 25 | — | $13.5B | ||
| Q3 25 | $17.0B | $13.5B | ||
| Q2 25 | $17.0B | $13.2B | ||
| Q1 25 | $17.1B | $13.1B | ||
| Q4 24 | $18.3B | — | ||
| Q3 24 | $17.1B | $13.3B | ||
| Q2 24 | $17.0B | $12.9B |
负债/权益比IPGLDOS
| Q1 26 | — | 0.94× | ||
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | 1.07× | ||
| Q2 25 | — | 1.18× | ||
| Q1 25 | — | 0.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.92× |
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 | $495.0M |
| 自由现金流经营现金流 - 资本支出 | $153.6M | $452.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 10.8% |
| 资本支出强度资本支出/营收 | 1.2% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.45× | 1.51× |
| 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IPGLDOS
| Q1 26 | — | $495.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | $180.1M | $711.0M | ||
| Q2 25 | $-96.0M | $58.0M | ||
| Q1 25 | $-37.0M | $299.0M | ||
| Q4 24 | $868.1M | — | ||
| Q3 24 | $223.8M | $656.0M | ||
| Q2 24 | $120.7M | $374.0M |
自由现金流IPGLDOS
| Q1 26 | — | $452.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | $153.6M | $680.0M | ||
| Q2 25 | $-121.8M | $36.0M | ||
| Q1 25 | $-58.5M | $213.0M | ||
| Q4 24 | $833.5M | — | ||
| Q3 24 | $186.5M | $633.0M | ||
| Q2 24 | $85.9M | $351.0M |
自由现金流率IPGLDOS
| Q1 26 | — | 10.8% | ||
| Q4 25 | — | — | ||
| Q3 25 | 7.2% | 16.1% | ||
| Q2 25 | -5.6% | 0.9% | ||
| Q1 25 | -2.9% | 4.9% | ||
| Q4 24 | 34.2% | — | ||
| Q3 24 | 8.3% | 15.2% | ||
| Q2 24 | 3.7% | 8.5% |
资本支出强度IPGLDOS
| Q1 26 | — | 1.0% | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.2% | 0.7% | ||
| Q2 25 | 1.2% | 0.5% | ||
| Q1 25 | 1.1% | 2.0% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 1.7% | 0.6% | ||
| Q2 24 | 1.5% | 0.6% |
现金转化率IPGLDOS
| Q1 26 | — | 1.51× | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.45× | 1.82× | ||
| Q2 25 | -0.59× | 0.16× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 2.52× | — | ||
| Q3 24 | 11.13× | 1.80× | ||
| Q2 24 | 0.56× | 1.16× |
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% |
LDOS
| US Do D And US Intelligence Community | $1.4B | 32% |
| Cost Reimbursement And Fixed Price Incentive Fee | $1.0B | 24% |
| Commercial And International Segment | $609.0M | 15% |
| Defense Systems Segment | $546.0M | 13% |
| Other | $358.0M | 9% |
| Time And Materials And Fixed Price Level Of Effort | $295.0M | 7% |
| Commercial And Non US Customers | $38.0M | 1% |
