vs
埃培智集团（IPG）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
MPLX LP的季度营收约是埃培智集团的1.1倍（$2.5B vs $2.1B），MPLX LP净利率更高（49.1% vs 5.8%，领先43.3%），MPLX LP同比增速更快（1.4% vs -4.8%），MPLX LP自由现金流更多（$782.0M vs $153.6M），过去两年MPLX LP的营收复合增速更高（6.2% 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。
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
IPG vs MPLX — 直观对比
营收规模更大
MPLX
是对方的1.1倍
$2.1B
营收增速更快
MPLX
高出6.2%
-4.8%
净利率更高
MPLX
高出43.3%
5.8%
自由现金流更多
MPLX
多$628.4M
$153.6M
两年增速更快
MPLX
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.5B |
| 净利润 | $124.2M | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | 10.3% | 60.5% |
| 净利率 | 5.8% | 49.1% |
| 营收同比 | -4.8% | 1.4% |
| 净利润同比 | 517.9% | 8.5% |
| 每股收益（稀释后） | $0.34 | — |
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IPGMPLX
| Q4 25 | — | $2.5B | ||
| Q3 25 | $2.1B | $2.5B | ||
| Q2 25 | $2.2B | $2.4B | ||
| Q1 25 | $2.0B | $2.5B | ||
| Q4 24 | $2.4B | $2.4B | ||
| Q3 24 | $2.2B | $2.3B | ||
| Q2 24 | $2.3B | $2.3B | ||
| Q1 24 | $2.2B | $2.2B |
净利润IPGMPLX
| Q4 25 | — | $1.2B | ||
| Q3 25 | $124.2M | $1.6B | ||
| Q2 25 | $162.5M | $1.1B | ||
| Q1 25 | $-85.4M | $1.1B | ||
| Q4 24 | $344.5M | $1.1B | ||
| Q3 24 | $20.1M | $1.0B | ||
| Q2 24 | $214.5M | $1.2B | ||
| Q1 24 | $110.4M | $1.0B |
毛利率IPGMPLX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -3.2% | — | ||
| Q4 24 | 10.1% | — | ||
| Q3 24 | 2.9% | — | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | -1.1% | — |
营业利润率IPGMPLX
| Q4 25 | — | 60.5% | ||
| Q3 25 | 10.3% | 73.2% | ||
| Q2 25 | 11.2% | 54.9% | ||
| Q1 25 | -2.1% | 55.5% | ||
| Q4 24 | 23.3% | 55.6% | ||
| Q3 24 | 5.9% | 54.4% | ||
| Q2 24 | 13.7% | 62.9% | ||
| Q1 24 | 8.4% | 57.6% |
净利率IPGMPLX
| Q4 25 | — | 49.1% | ||
| Q3 25 | 5.8% | 63.2% | ||
| Q2 25 | 7.5% | 44.9% | ||
| Q1 25 | -4.3% | 46.2% | ||
| Q4 24 | 14.1% | 45.9% | ||
| Q3 24 | 0.9% | 44.6% | ||
| Q2 24 | 9.2% | 52.6% | ||
| Q1 24 | 5.1% | 46.7% |
每股收益（稀释后）IPGMPLX
| Q4 25 | — | — | ||
| Q3 25 | $0.34 | — | ||
| Q2 25 | $0.44 | — | ||
| Q1 25 | $-0.23 | — | ||
| Q4 24 | $0.92 | — | ||
| Q3 24 | $0.05 | — | ||
| Q2 24 | $0.57 | — | ||
| Q1 24 | $0.29 | — |
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 | $2.1B |
| 总债务越低越好 | — | $24.2B |
| 股东权益账面价值 | $3.7B | — |
| 总资产 | $17.0B | $43.0B |
| 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IPGMPLX
| Q4 25 | — | $2.1B | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $1.6B | $1.4B | ||
| Q1 25 | $1.9B | $2.5B | ||
| Q4 24 | $2.2B | $1.5B | ||
| Q3 24 | $1.5B | $2.4B | ||
| Q2 24 | $1.5B | $2.5B | ||
| Q1 24 | $1.9B | $385.0M |
总债务IPGMPLX
| Q4 25 | — | $24.2B | ||
| Q3 25 | — | $24.1B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $19.7B | ||
| Q4 24 | — | $19.3B | ||
| Q3 24 | — | $19.3B | ||
| Q2 24 | — | $19.2B | ||
| Q1 24 | — | $18.8B |
股东权益IPGMPLX
| Q4 25 | — | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $3.6B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.7B | — | ||
| Q2 24 | $3.8B | — | ||
| Q1 24 | $3.8B | — |
总资产IPGMPLX
| Q4 25 | — | $43.0B | ||
| Q3 25 | $17.0B | $43.2B | ||
| Q2 25 | $17.0B | $37.8B | ||
| Q1 25 | $17.1B | $39.0B | ||
| Q4 24 | $18.3B | $37.5B | ||
| Q3 24 | $17.1B | $38.5B | ||
| Q2 24 | $17.0B | $38.4B | ||
| Q1 24 | $17.3B | $36.5B |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $153.6M | $782.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 31.9% |
| 资本支出强度资本支出/营收 | 1.2% | 29.1% |
| 现金转化率经营现金流/净利润 | 1.45× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $806.8M | $4.1B |
8季度趋势，按日历期对齐
经营现金流IPGMPLX
| Q4 25 | — | $1.5B | ||
| Q3 25 | $180.1M | $1.4B | ||
| Q2 25 | $-96.0M | $1.7B | ||
| Q1 25 | $-37.0M | $1.2B | ||
| Q4 24 | $868.1M | $1.7B | ||
| Q3 24 | $223.8M | $1.4B | ||
| Q2 24 | $120.7M | $1.6B | ||
| Q1 24 | $-157.4M | $1.3B |
自由现金流IPGMPLX
| Q4 25 | — | $782.0M | ||
| Q3 25 | $153.6M | $905.0M | ||
| Q2 25 | $-121.8M | $1.4B | ||
| Q1 25 | $-58.5M | $979.0M | ||
| Q4 24 | $833.5M | $1.4B | ||
| Q3 24 | $186.5M | $1.1B | ||
| Q2 24 | $85.9M | $1.4B | ||
| Q1 24 | $-192.5M | $1.0B |
自由现金流率IPGMPLX
| Q4 25 | — | 31.9% | ||
| Q3 25 | 7.2% | 36.8% | ||
| Q2 25 | -5.6% | 60.9% | ||
| Q1 25 | -2.9% | 39.8% | ||
| Q4 24 | 34.2% | 56.6% | ||
| Q3 24 | 8.3% | 48.4% | ||
| Q2 24 | 3.7% | 60.0% | ||
| Q1 24 | -8.8% | 47.7% |
资本支出强度IPGMPLX
| Q4 25 | — | 29.1% | ||
| Q3 25 | 1.2% | 21.4% | ||
| Q2 25 | 1.2% | 12.8% | ||
| Q1 25 | 1.1% | 10.9% | ||
| Q4 24 | 1.4% | 12.7% | ||
| Q3 24 | 1.7% | 11.9% | ||
| Q2 24 | 1.5% | 9.4% | ||
| Q1 24 | 1.6% | 11.7% |
现金转化率IPGMPLX
| Q4 25 | — | 1.24× | ||
| Q3 25 | 1.45× | 0.92× | ||
| Q2 25 | -0.59× | 1.64× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | 2.52× | 1.51× | ||
| Q3 24 | 11.13× | 1.35× | ||
| Q2 24 | 0.56× | 1.32× | ||
| Q1 24 | -1.43× | 1.27× |
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% |
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
