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埃培智集团（IPG）与罗技（LOGI）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罗技的1.5倍（$2.1B vs $1.4B），罗技净利率更高（17.7% vs 5.8%，领先11.8%），罗技同比增速更快（6.1% vs -4.8%），罗技自由现金流更多（$465.6M vs $153.6M），过去两年罗技的营收复合增速更高（18.5% 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。
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
IPG vs LOGI — 直观对比
营收规模更大
IPG
是对方的1.5倍
$1.4B
营收增速更快
LOGI
高出10.8%
-4.8%
净利率更高
LOGI
高出11.8%
5.8%
自由现金流更多
LOGI
多$312.0M
$153.6M
两年增速更快
LOGI
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.4B |
| 净利润 | $124.2M | $251.0M |
| 毛利率 | — | 43.2% |
| 营业利润率 | 10.3% | 20.1% |
| 净利率 | 5.8% | 17.7% |
| 营收同比 | -4.8% | 6.1% |
| 净利润同比 | 517.9% | 25.4% |
| 每股收益（稀释后） | $0.34 | $1.69 |
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IPGLOGI
| Q4 25 | — | $1.4B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $2.2B | $1.1B | ||
| Q1 25 | $2.0B | $1.0B | ||
| Q4 24 | $2.4B | $1.3B | ||
| Q3 24 | $2.2B | $1.1B | ||
| Q2 24 | $2.3B | $1.1B | ||
| Q1 24 | $2.2B | $1.0B |
净利润IPGLOGI
| Q4 25 | — | $251.0M | ||
| Q3 25 | $124.2M | $170.7M | ||
| Q2 25 | $162.5M | $146.0M | ||
| Q1 25 | $-85.4M | $144.1M | ||
| Q4 24 | $344.5M | $200.1M | ||
| Q3 24 | $20.1M | $145.5M | ||
| Q2 24 | $214.5M | $141.8M | ||
| Q1 24 | $110.4M | $167.6M |
毛利率IPGLOGI
| Q4 25 | — | 43.2% | ||
| Q3 25 | — | 43.4% | ||
| Q2 25 | — | 41.7% | ||
| Q1 25 | -3.2% | 43.1% | ||
| Q4 24 | 10.1% | 42.9% | ||
| Q3 24 | 2.9% | 43.6% | ||
| Q2 24 | 1.2% | 42.8% | ||
| Q1 24 | -1.1% | 43.2% |
营业利润率IPGLOGI
| Q4 25 | — | 20.1% | ||
| Q3 25 | 10.3% | 16.1% | ||
| Q2 25 | 11.2% | 14.1% | ||
| Q1 25 | -2.1% | 10.5% | ||
| Q4 24 | 23.3% | 17.5% | ||
| Q3 24 | 5.9% | 14.4% | ||
| Q2 24 | 13.7% | 14.1% | ||
| Q1 24 | 8.4% | 12.9% |
净利率IPGLOGI
| Q4 25 | — | 17.7% | ||
| Q3 25 | 5.8% | 14.4% | ||
| Q2 25 | 7.5% | 12.7% | ||
| Q1 25 | -4.3% | 14.3% | ||
| Q4 24 | 14.1% | 14.9% | ||
| Q3 24 | 0.9% | 13.0% | ||
| Q2 24 | 9.2% | 13.0% | ||
| Q1 24 | 5.1% | 16.6% |
每股收益（稀释后）IPGLOGI
| Q4 25 | — | $1.69 | ||
| Q3 25 | $0.34 | $1.15 | ||
| Q2 25 | $0.44 | $0.98 | ||
| Q1 25 | $-0.23 | $0.94 | ||
| Q4 24 | $0.92 | $1.32 | ||
| Q3 24 | $0.05 | $0.95 | ||
| Q2 24 | $0.57 | $0.92 | ||
| Q1 24 | $0.29 | $1.07 |
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 | $1.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.7B | $2.3B |
| 总资产 | $17.0B | $4.1B |
| 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IPGLOGI
| Q4 25 | — | $1.8B | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.6B | $1.5B | ||
| Q1 25 | $1.9B | $1.5B | ||
| Q4 24 | $2.2B | $1.5B | ||
| Q3 24 | $1.5B | $1.4B | ||
| Q2 24 | $1.5B | $1.5B | ||
| Q1 24 | $1.9B | $1.5B |
股东权益IPGLOGI
| Q4 25 | — | $2.3B | ||
| Q3 25 | $3.7B | $2.1B | ||
| Q2 25 | $3.7B | $2.2B | ||
| Q1 25 | $3.6B | $2.1B | ||
| Q4 24 | $3.8B | $2.1B | ||
| Q3 24 | $3.7B | $2.1B | ||
| Q2 24 | $3.8B | $2.2B | ||
| Q1 24 | $3.8B | $2.2B |
总资产IPGLOGI
| Q4 25 | — | $4.1B | ||
| Q3 25 | $17.0B | $3.7B | ||
| Q2 25 | $17.0B | $3.7B | ||
| Q1 25 | $17.1B | $3.5B | ||
| Q4 24 | $18.3B | $3.7B | ||
| Q3 24 | $17.1B | $3.6B | ||
| Q2 24 | $17.0B | $3.7B | ||
| Q1 24 | $17.3B | $3.6B |
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 | $480.5M |
| 自由现金流经营现金流 - 资本支出 | $153.6M | $465.6M |
| 自由现金流率自由现金流/营收 | 7.2% | 32.8% |
| 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× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $806.8M | $903.6M |
8季度趋势，按日历期对齐
经营现金流IPGLOGI
| Q4 25 | — | $480.5M | ||
| Q3 25 | $180.1M | $228.8M | ||
| Q2 25 | $-96.0M | $125.0M | ||
| Q1 25 | $-37.0M | $129.7M | ||
| Q4 24 | $868.1M | $370.9M | ||
| Q3 24 | $223.8M | $166.0M | ||
| Q2 24 | $120.7M | $176.0M | ||
| Q1 24 | $-157.4M | $239.1M |
自由现金流IPGLOGI
| Q4 25 | — | $465.6M | ||
| Q3 25 | $153.6M | $212.3M | ||
| Q2 25 | $-121.8M | $108.8M | ||
| Q1 25 | $-58.5M | $116.9M | ||
| Q4 24 | $833.5M | $356.6M | ||
| Q3 24 | $186.5M | $151.5M | ||
| Q2 24 | $85.9M | $161.4M | ||
| Q1 24 | $-192.5M | $228.8M |
自由现金流率IPGLOGI
| Q4 25 | — | 32.8% | ||
| Q3 25 | 7.2% | 17.9% | ||
| Q2 25 | -5.6% | 9.5% | ||
| Q1 25 | -2.9% | 11.6% | ||
| Q4 24 | 34.2% | 26.6% | ||
| Q3 24 | 8.3% | 13.6% | ||
| Q2 24 | 3.7% | 14.8% | ||
| Q1 24 | -8.8% | 22.6% |
资本支出强度IPGLOGI
| Q4 25 | — | 1.0% | ||
| Q3 25 | 1.2% | 1.4% | ||
| Q2 25 | 1.2% | 1.4% | ||
| Q1 25 | 1.1% | 1.3% | ||
| Q4 24 | 1.4% | 1.1% | ||
| Q3 24 | 1.7% | 1.3% | ||
| Q2 24 | 1.5% | 1.3% | ||
| Q1 24 | 1.6% | 1.0% |
现金转化率IPGLOGI
| Q4 25 | — | 1.91× | ||
| Q3 25 | 1.45× | 1.34× | ||
| Q2 25 | -0.59× | 0.86× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | 2.52× | 1.85× | ||
| Q3 24 | 11.13× | 1.14× | ||
| Q2 24 | 0.56× | 1.24× | ||
| Q1 24 | -1.43× | 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
IPG
| MDE | $619.0M | 29% |
| IAC | $574.9M | 27% |
| Other | $527.9M | 25% |
| SCE | $413.8M | 19% |
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 2% |
