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埃培智集团（IPG）与拉斯维加斯金沙集团（LVS）财务数据对比。点击上方公司名可切换其他公司
拉斯维加斯金沙集团的季度营收约是埃培智集团的1.7倍（$3.6B vs $2.1B），拉斯维加斯金沙集团净利率更高（17.9% vs 5.8%，领先12.1%），拉斯维加斯金沙集团同比增速更快（25.3% vs -4.8%），过去两年拉斯维加斯金沙集团的营收复合增速更高（13.9% 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。
拉斯维加斯金沙集团是总部位于美国内华达州拉斯维加斯的博彩度假村运营企业，由谢尔登·阿德尔森与合伙人创立，前身为拉斯维加斯大道的金沙赌场酒店。原建筑拆除后重建为威尼斯人度假村于1999年开业，相邻的帕拉佐度假村2007年开业，两处物业均于2022年出售。
IPG vs LVS — 直观对比
营收规模更大
LVS
是对方的1.7倍
$2.1B
营收增速更快
LVS
高出30.0%
-4.8%
净利率更高
LVS
高出12.1%
5.8%
两年增速更快
LVS
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $3.6B |
| 净利润 | $124.2M | $641.0M |
| 毛利率 | — | — |
| 营业利润率 | 10.3% | 25.2% |
| 净利率 | 5.8% | 17.9% |
| 营收同比 | -4.8% | 25.3% |
| 净利润同比 | 517.9% | 57.1% |
| 每股收益（稀释后） | $0.34 | $0.85 |
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IPGLVS
| Q1 26 | — | $3.6B | ||
| Q4 25 | — | $3.6B | ||
| Q3 25 | $2.1B | $3.3B | ||
| Q2 25 | $2.2B | $3.2B | ||
| Q1 25 | $2.0B | $2.9B | ||
| Q4 24 | $2.4B | $2.9B | ||
| Q3 24 | $2.2B | $2.7B | ||
| Q2 24 | $2.3B | $2.8B |
净利润IPGLVS
| Q1 26 | — | $641.0M | ||
| Q4 25 | — | $395.0M | ||
| Q3 25 | $124.2M | $419.0M | ||
| Q2 25 | $162.5M | $461.0M | ||
| Q1 25 | $-85.4M | $352.0M | ||
| Q4 24 | $344.5M | $324.0M | ||
| Q3 24 | $20.1M | $275.0M | ||
| Q2 24 | $214.5M | $353.0M |
毛利率IPGLVS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -3.2% | — | ||
| Q4 24 | 10.1% | — | ||
| Q3 24 | 2.9% | — | ||
| Q2 24 | 1.2% | — |
营业利润率IPGLVS
| Q1 26 | — | 25.2% | ||
| Q4 25 | — | 19.4% | ||
| Q3 25 | 10.3% | 21.6% | ||
| Q2 25 | 11.2% | 24.7% | ||
| Q1 25 | -2.1% | 21.3% | ||
| Q4 24 | 23.3% | 20.4% | ||
| Q3 24 | 5.9% | 18.8% | ||
| Q2 24 | 13.7% | 21.4% |
净利率IPGLVS
| Q1 26 | — | 17.9% | ||
| Q4 25 | — | 10.8% | ||
| Q3 25 | 5.8% | 12.6% | ||
| Q2 25 | 7.5% | 14.5% | ||
| Q1 25 | -4.3% | 12.3% | ||
| Q4 24 | 14.1% | 11.2% | ||
| Q3 24 | 0.9% | 10.3% | ||
| Q2 24 | 9.2% | 12.8% |
每股收益（稀释后）IPGLVS
| Q1 26 | — | $0.85 | ||
| Q4 25 | — | $0.59 | ||
| Q3 25 | $0.34 | $0.61 | ||
| Q2 25 | $0.44 | $0.66 | ||
| Q1 25 | $-0.23 | $0.49 | ||
| Q4 24 | $0.92 | $0.44 | ||
| Q3 24 | $0.05 | $0.38 | ||
| Q2 24 | $0.57 | $0.48 |
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 | — |
| 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IPGLVS
| Q1 26 | — | — | ||
| Q4 25 | — | $3.8B | ||
| Q3 25 | $1.5B | $3.4B | ||
| Q2 25 | $1.6B | $3.5B | ||
| Q1 25 | $1.9B | $3.0B | ||
| Q4 24 | $2.2B | $3.6B | ||
| Q3 24 | $1.5B | $4.2B | ||
| Q2 24 | $1.5B | $4.7B |
总债务IPGLVS
| Q1 26 | — | — | ||
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $13.9B | ||
| Q2 25 | — | $14.9B | ||
| Q1 25 | — | $10.9B | ||
| Q4 24 | — | $10.6B | ||
| Q3 24 | — | $11.3B | ||
| Q2 24 | — | $12.8B |
股东权益IPGLVS
| Q1 26 | — | — | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | $3.7B | $1.6B | ||
| Q2 25 | $3.7B | $2.0B | ||
| Q1 25 | $3.6B | $2.7B | ||
| Q4 24 | $3.8B | $2.9B | ||
| Q3 24 | $3.7B | $3.4B | ||
| Q2 24 | $3.8B | $3.8B |
总资产IPGLVS
| Q1 26 | — | — | ||
| Q4 25 | — | $21.9B | ||
| Q3 25 | $17.0B | $21.5B | ||
| Q2 25 | $17.0B | $21.9B | ||
| Q1 25 | $17.1B | $21.2B | ||
| Q4 24 | $18.3B | $20.7B | ||
| Q3 24 | $17.1B | $21.4B | ||
| Q2 24 | $17.0B | $21.1B |
负债/权益比IPGLVS
| Q1 26 | — | — | ||
| Q4 25 | — | 9.22× | ||
| Q3 25 | — | 8.82× | ||
| Q2 25 | — | 7.48× | ||
| Q1 25 | — | 4.02× | ||
| Q4 24 | — | 3.67× | ||
| Q3 24 | — | 3.29× | ||
| Q2 24 | — | 3.41× |
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 | — |
| 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% | — |
| 现金转化率经营现金流/净利润 | 1.45× | — |
| 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IPGLVS
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $180.1M | $1.1B | ||
| Q2 25 | $-96.0M | $178.0M | ||
| Q1 25 | $-37.0M | $526.0M | ||
| Q4 24 | $868.1M | $915.0M | ||
| Q3 24 | $223.8M | $761.0M | ||
| Q2 24 | $120.7M | $814.0M |
自由现金流IPGLVS
| Q1 26 | — | — | ||
| Q4 25 | — | $930.0M | ||
| Q3 25 | $153.6M | $886.0M | ||
| Q2 25 | $-121.8M | $-108.0M | ||
| Q1 25 | $-58.5M | $147.0M | ||
| Q4 24 | $833.5M | $368.0M | ||
| Q3 24 | $186.5M | $222.0M | ||
| Q2 24 | $85.9M | $529.0M |
自由现金流率IPGLVS
| Q1 26 | — | — | ||
| Q4 25 | — | 25.5% | ||
| Q3 25 | 7.2% | 26.6% | ||
| Q2 25 | -5.6% | -3.4% | ||
| Q1 25 | -2.9% | 5.1% | ||
| Q4 24 | 34.2% | 12.7% | ||
| Q3 24 | 8.3% | 8.3% | ||
| Q2 24 | 3.7% | 19.2% |
资本支出强度IPGLVS
| Q1 26 | — | — | ||
| Q4 25 | — | 7.5% | ||
| Q3 25 | 1.2% | 6.9% | ||
| Q2 25 | 1.2% | 9.0% | ||
| Q1 25 | 1.1% | 13.2% | ||
| Q4 24 | 1.4% | 18.9% | ||
| Q3 24 | 1.7% | 20.1% | ||
| Q2 24 | 1.5% | 10.3% |
现金转化率IPGLVS
| Q1 26 | — | — | ||
| Q4 25 | — | 3.05× | ||
| Q3 25 | 1.45× | 2.66× | ||
| Q2 25 | -0.59× | 0.39× | ||
| Q1 25 | — | 1.49× | ||
| Q4 24 | 2.52× | 2.82× | ||
| Q3 24 | 11.13× | 2.77× | ||
| Q2 24 | 0.56× | 2.31× |
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% |
LVS
| Casino | $2.7B | 76% |
| Rooms | $377.0M | 11% |
| Mall | $204.0M | 6% |
| Food and beverage | $176.0M | 5% |
| Convention, retail and other | $89.0M | 2% |
