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埃培智集团（IPG）与雷诺士国际（LII）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雷诺士国际的1.8倍（$2.1B vs $1.2B），雷诺士国际净利率更高（13.6% vs 5.8%，领先7.7%），埃培智集团同比增速更快（-4.8% vs -11.2%），雷诺士国际自由现金流更多（$376.7M vs $153.6M），过去两年雷诺士国际的营收复合增速更高（6.8% 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。
雷诺士国际是美国知名的暖通空调（HVAC）及制冷领域气候控制产品供应商，总部位于得克萨斯州理查森。公司在墨西哥萨尔蒂约、美国爱荷华州马歇尔敦、南卡罗来纳州奥兰治堡设有核心生产基地，1904年收购公司的诺里斯家族后裔约翰·W·诺里斯三世持有其9.8%的股份。
IPG vs LII — 直观对比
营收规模更大
IPG
是对方的1.8倍
$1.2B
营收增速更快
IPG
高出6.4%
-11.2%
净利率更高
LII
高出7.7%
5.8%
自由现金流更多
LII
多$223.1M
$153.6M
两年增速更快
LII
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $124.2M | $162.1M |
| 毛利率 | — | 34.7% |
| 营业利润率 | 10.3% | 18.6% |
| 净利率 | 5.8% | 13.6% |
| 营收同比 | -4.8% | -11.2% |
| 净利润同比 | 517.9% | -18.0% |
| 每股收益（稀释后） | $0.34 | $4.62 |
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IPGLII
| Q4 25 | — | $1.2B | ||
| Q3 25 | $2.1B | $1.4B | ||
| Q2 25 | $2.2B | $1.5B | ||
| Q1 25 | $2.0B | $1.1B | ||
| Q4 24 | $2.4B | $1.3B | ||
| Q3 24 | $2.2B | $1.5B | ||
| Q2 24 | $2.3B | $1.5B | ||
| Q1 24 | $2.2B | $1.0B |
净利润IPGLII
| Q4 25 | — | $162.1M | ||
| Q3 25 | $124.2M | $245.8M | ||
| Q2 25 | $162.5M | $277.6M | ||
| Q1 25 | $-85.4M | $120.3M | ||
| Q4 24 | $344.5M | $197.7M | ||
| Q3 24 | $20.1M | $239.0M | ||
| Q2 24 | $214.5M | $245.9M | ||
| Q1 24 | $110.4M | $124.3M |
毛利率IPGLII
| Q4 25 | — | 34.7% | ||
| Q3 25 | — | 32.8% | ||
| Q2 25 | — | 34.8% | ||
| Q1 25 | -3.2% | 30.6% | ||
| Q4 24 | 10.1% | 33.9% | ||
| Q3 24 | 2.9% | 32.6% | ||
| Q2 24 | 1.2% | 33.6% | ||
| Q1 24 | -1.1% | 32.5% |
营业利润率IPGLII
| Q4 25 | — | 18.6% | ||
| Q3 25 | 10.3% | 21.7% | ||
| Q2 25 | 11.2% | 23.6% | ||
| Q1 25 | -2.1% | 14.5% | ||
| Q4 24 | 23.3% | 18.2% | ||
| Q3 24 | 5.9% | 20.2% | ||
| Q2 24 | 13.7% | 22.1% | ||
| Q1 24 | 8.4% | 15.9% |
净利率IPGLII
| Q4 25 | — | 13.6% | ||
| Q3 25 | 5.8% | 17.2% | ||
| Q2 25 | 7.5% | 18.5% | ||
| Q1 25 | -4.3% | 11.2% | ||
| Q4 24 | 14.1% | 14.7% | ||
| Q3 24 | 0.9% | 16.0% | ||
| Q2 24 | 9.2% | 16.9% | ||
| Q1 24 | 5.1% | 11.9% |
每股收益（稀释后）IPGLII
| Q4 25 | — | $4.62 | ||
| Q3 25 | $0.34 | $6.98 | ||
| Q2 25 | $0.44 | $7.82 | ||
| Q1 25 | $-0.23 | $3.37 | ||
| Q4 24 | $0.92 | $5.52 | ||
| Q3 24 | $0.05 | $6.68 | ||
| Q2 24 | $0.57 | $6.87 | ||
| Q1 24 | $0.29 | $3.47 |
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 | $34.7M |
| 总债务越低越好 | — | $1.1B |
| 股东权益账面价值 | $3.7B | $1.2B |
| 总资产 | $17.0B | $4.1B |
| 负债/权益比越低杠杆越低 | — | 0.98× |
8季度趋势，按日历期对齐
现金及短期投资IPGLII
| Q4 25 | — | $34.7M | ||
| Q3 25 | $1.5B | $59.2M | ||
| Q2 25 | $1.6B | $55.1M | ||
| Q1 25 | $1.9B | $222.9M | ||
| Q4 24 | $2.2B | $422.3M | ||
| Q3 24 | $1.5B | $255.7M | ||
| Q2 24 | $1.5B | $57.8M | ||
| Q1 24 | $1.9B | $57.6M |
总债务IPGLII
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $838.2M | ||
| Q2 25 | — | $835.7M | ||
| Q1 25 | — | $834.2M | ||
| Q4 24 | — | $833.1M | ||
| Q3 24 | — | $827.6M | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.2B |
股东权益IPGLII
| Q4 25 | — | $1.2B | ||
| Q3 25 | $3.7B | $1.1B | ||
| Q2 25 | $3.7B | $900.5M | ||
| Q1 25 | $3.6B | $852.5M | ||
| Q4 24 | $3.8B | $850.2M | ||
| Q3 24 | $3.7B | $754.0M | ||
| Q2 24 | $3.8B | $577.4M | ||
| Q1 24 | $3.8B | $368.8M |
总资产IPGLII
| Q4 25 | — | $4.1B | ||
| Q3 25 | $17.0B | $3.5B | ||
| Q2 25 | $17.0B | $3.7B | ||
| Q1 25 | $17.1B | $3.5B | ||
| Q4 24 | $18.3B | $3.5B | ||
| Q3 24 | $17.1B | $3.3B | ||
| Q2 24 | $17.0B | $3.2B | ||
| Q1 24 | $17.3B | $3.0B |
负债/权益比IPGLII
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 0.78× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.98× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 1.95× | ||
| Q1 24 | — | 3.13× |
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 | $405.9M |
| 自由现金流经营现金流 - 资本支出 | $153.6M | $376.7M |
| 自由现金流率自由现金流/营收 | 7.2% | 31.5% |
| 资本支出强度资本支出/营收 | 1.2% | 2.4% |
| 现金转化率经营现金流/净利润 | 1.45× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $806.8M | $638.8M |
8季度趋势，按日历期对齐
经营现金流IPGLII
| Q4 25 | — | $405.9M | ||
| Q3 25 | $180.1M | $300.7M | ||
| Q2 25 | $-96.0M | $86.8M | ||
| Q1 25 | $-37.0M | $-35.8M | ||
| Q4 24 | $868.1M | $332.4M | ||
| Q3 24 | $223.8M | $452.1M | ||
| Q2 24 | $120.7M | $184.0M | ||
| Q1 24 | $-157.4M | $-22.8M |
自由现金流IPGLII
| Q4 25 | — | $376.7M | ||
| Q3 25 | $153.6M | $265.1M | ||
| Q2 25 | $-121.8M | $58.3M | ||
| Q1 25 | $-58.5M | $-61.3M | ||
| Q4 24 | $833.5M | $272.2M | ||
| Q3 24 | $186.5M | $410.9M | ||
| Q2 24 | $85.9M | $151.3M | ||
| Q1 24 | $-192.5M | $-52.3M |
自由现金流率IPGLII
| Q4 25 | — | 31.5% | ||
| Q3 25 | 7.2% | 18.6% | ||
| Q2 25 | -5.6% | 3.9% | ||
| Q1 25 | -2.9% | -5.7% | ||
| Q4 24 | 34.2% | 20.2% | ||
| Q3 24 | 8.3% | 27.4% | ||
| Q2 24 | 3.7% | 10.4% | ||
| Q1 24 | -8.8% | -5.0% |
资本支出强度IPGLII
| Q4 25 | — | 2.4% | ||
| Q3 25 | 1.2% | 2.5% | ||
| Q2 25 | 1.2% | 1.9% | ||
| Q1 25 | 1.1% | 2.4% | ||
| Q4 24 | 1.4% | 4.5% | ||
| Q3 24 | 1.7% | 2.8% | ||
| Q2 24 | 1.5% | 2.3% | ||
| Q1 24 | 1.6% | 2.8% |
现金转化率IPGLII
| Q4 25 | — | 2.50× | ||
| Q3 25 | 1.45× | 1.22× | ||
| Q2 25 | -0.59× | 0.31× | ||
| Q1 25 | — | -0.30× | ||
| Q4 24 | 2.52× | 1.68× | ||
| Q3 24 | 11.13× | 1.89× | ||
| Q2 24 | 0.56× | 0.75× | ||
| Q1 24 | -1.43× | -0.18× |
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% |
LII
| Residential Heating And Cooling | $699.8M | 59% |
| Commercial Heating And Cooling | $495.2M | 41% |
