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埃培智集团（IPG）与露露乐蒙（LULU）财务数据对比。点击上方公司名可切换其他公司
露露乐蒙的季度营收约是埃培智集团的1.2倍（$2.6B vs $2.1B），露露乐蒙净利率更高（12.0% vs 5.8%，领先6.1%），露露乐蒙同比增速更快（7.1% vs -4.8%），埃培智集团自由现金流更多（$153.6M vs $82.4M），过去两年埃培智集团的营收复合增速更高（-9.1% vs -10.5%）
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。
露露乐蒙是源自美国和加拿大的跨国运动服饰零售商，1998年成立初期主打瑜伽裤及其他瑜伽服饰，目前已拓展业务至运动装备、休闲服饰、配件及个护产品，总部位于加拿大不列颠哥伦比亚省温哥华，共拥有767家线下门店，同时开设官方网站提供线上销售服务。
IPG vs LULU — 直观对比
营收规模更大
LULU
是对方的1.2倍
$2.1B
营收增速更快
LULU
高出11.8%
-4.8%
净利率更高
LULU
高出6.1%
5.8%
自由现金流更多
IPG
多$71.2M
$82.4M
两年增速更快
IPG
近两年复合增速
-10.5%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.6B |
| 净利润 | $124.2M | $306.8M |
| 毛利率 | — | 55.6% |
| 营业利润率 | 10.3% | 17.0% |
| 净利率 | 5.8% | 12.0% |
| 营收同比 | -4.8% | 7.1% |
| 净利润同比 | 517.9% | -12.8% |
| 每股收益（稀释后） | $0.34 | $2.59 |
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IPGLULU
| Q4 25 | — | $2.6B | ||
| Q3 25 | $2.1B | $2.5B | ||
| Q2 25 | $2.2B | $2.4B | ||
| Q1 25 | $2.0B | $3.6B | ||
| Q4 24 | $2.4B | $2.4B | ||
| Q3 24 | $2.2B | $2.4B | ||
| Q2 24 | $2.3B | $2.2B | ||
| Q1 24 | $2.2B | $3.2B |
净利润IPGLULU
| Q4 25 | — | $306.8M | ||
| Q3 25 | $124.2M | $370.9M | ||
| Q2 25 | $162.5M | $314.6M | ||
| Q1 25 | $-85.4M | $748.4M | ||
| Q4 24 | $344.5M | $351.9M | ||
| Q3 24 | $20.1M | $392.9M | ||
| Q2 24 | $214.5M | $321.4M | ||
| Q1 24 | $110.4M | $669.5M |
毛利率IPGLULU
| Q4 25 | — | 55.6% | ||
| Q3 25 | — | 58.5% | ||
| Q2 25 | — | 58.3% | ||
| Q1 25 | -3.2% | 60.4% | ||
| Q4 24 | 10.1% | 58.5% | ||
| Q3 24 | 2.9% | 59.6% | ||
| Q2 24 | 1.2% | 57.7% | ||
| Q1 24 | -1.1% | 59.4% |
营业利润率IPGLULU
| Q4 25 | — | 17.0% | ||
| Q3 25 | 10.3% | 20.7% | ||
| Q2 25 | 11.2% | 18.5% | ||
| Q1 25 | -2.1% | 28.9% | ||
| Q4 24 | 23.3% | 20.5% | ||
| Q3 24 | 5.9% | 22.8% | ||
| Q2 24 | 13.7% | 19.6% | ||
| Q1 24 | 8.4% | 28.5% |
净利率IPGLULU
| Q4 25 | — | 12.0% | ||
| Q3 25 | 5.8% | 14.7% | ||
| Q2 25 | 7.5% | 13.3% | ||
| Q1 25 | -4.3% | 20.7% | ||
| Q4 24 | 14.1% | 14.7% | ||
| Q3 24 | 0.9% | 16.6% | ||
| Q2 24 | 9.2% | 14.6% | ||
| Q1 24 | 5.1% | 20.9% |
每股收益（稀释后）IPGLULU
| Q4 25 | — | $2.59 | ||
| Q3 25 | $0.34 | $3.10 | ||
| Q2 25 | $0.44 | $2.60 | ||
| Q1 25 | $-0.23 | $6.08 | ||
| Q4 24 | $0.92 | $2.87 | ||
| Q3 24 | $0.05 | $3.15 | ||
| Q2 24 | $0.57 | $2.54 | ||
| Q1 24 | $0.29 | $5.28 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.7B | $4.5B |
| 总资产 | $17.0B | $8.0B |
| 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IPGLULU
| Q4 25 | — | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.9B | — |
股东权益IPGLULU
| Q4 25 | — | $4.5B | ||
| Q3 25 | $3.7B | $4.4B | ||
| Q2 25 | $3.7B | $4.3B | ||
| Q1 25 | $3.6B | $4.3B | ||
| Q4 24 | $3.8B | $4.0B | ||
| Q3 24 | $3.7B | $4.0B | ||
| Q2 24 | $3.8B | $4.2B | ||
| Q1 24 | $3.8B | $4.2B |
总资产IPGLULU
| Q4 25 | — | $8.0B | ||
| Q3 25 | $17.0B | $7.5B | ||
| Q2 25 | $17.0B | $7.4B | ||
| Q1 25 | $17.1B | $7.6B | ||
| Q4 24 | $18.3B | $7.1B | ||
| Q3 24 | $17.1B | $6.7B | ||
| Q2 24 | $17.0B | $6.8B | ||
| Q1 24 | $17.3B | $7.1B |
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 | $249.9M |
| 自由现金流经营现金流 - 资本支出 | $153.6M | $82.4M |
| 自由现金流率自由现金流/营收 | 7.2% | 3.2% |
| 资本支出强度资本支出/营收 | 1.2% | 6.5% |
| 现金转化率经营现金流/净利润 | 1.45× | 0.81× |
| 过去12个月自由现金流最近4个季度 | $806.8M | $1.1B |
8季度趋势，按日历期对齐
经营现金流IPGLULU
| Q4 25 | — | $249.9M | ||
| Q3 25 | $180.1M | $328.7M | ||
| Q2 25 | $-96.0M | $-119.0M | ||
| Q1 25 | $-37.0M | $1.4B | ||
| Q4 24 | $868.1M | $300.7M | ||
| Q3 24 | $223.8M | $443.1M | ||
| Q2 24 | $120.7M | $127.5M | ||
| Q1 24 | $-157.4M | $1.4B |
自由现金流IPGLULU
| Q4 25 | — | $82.4M | ||
| Q3 25 | $153.6M | $150.8M | ||
| Q2 25 | $-121.8M | $-271.2M | ||
| Q1 25 | $-58.5M | $1.2B | ||
| Q4 24 | $833.5M | $122.2M | ||
| Q3 24 | $186.5M | $298.1M | ||
| Q2 24 | $85.9M | $-3.2M | ||
| Q1 24 | $-192.5M | $1.2B |
自由现金流率IPGLULU
| Q4 25 | — | 3.2% | ||
| Q3 25 | 7.2% | 6.0% | ||
| Q2 25 | -5.6% | -11.4% | ||
| Q1 25 | -2.9% | 32.3% | ||
| Q4 24 | 34.2% | 5.1% | ||
| Q3 24 | 8.3% | 12.6% | ||
| Q2 24 | 3.7% | -0.1% | ||
| Q1 24 | -8.8% | 36.7% |
资本支出强度IPGLULU
| Q4 25 | — | 6.5% | ||
| Q3 25 | 1.2% | 7.0% | ||
| Q2 25 | 1.2% | 6.4% | ||
| Q1 25 | 1.1% | 6.5% | ||
| Q4 24 | 1.4% | 7.4% | ||
| Q3 24 | 1.7% | 6.1% | ||
| Q2 24 | 1.5% | 5.9% | ||
| Q1 24 | 1.6% | 6.4% |
现金转化率IPGLULU
| Q4 25 | — | 0.81× | ||
| Q3 25 | 1.45× | 0.89× | ||
| Q2 25 | -0.59× | -0.38× | ||
| Q1 25 | — | 1.87× | ||
| Q4 24 | 2.52× | 0.85× | ||
| Q3 24 | 11.13× | 1.13× | ||
| Q2 24 | 0.56× | 0.40× | ||
| Q1 24 | -1.43× | 2.07× |
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% |
LULU
| Womens Apparel | $1.6B | 64% |
| Mens Apparel | $596.2M | 23% |
| Accessories And Other Categories | $324.7M | 13% |
