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埃培智集团（IPG）与诺唯真游轮控股（NCLH）财务数据对比。点击上方公司名可切换其他公司
诺唯真游轮控股的季度营收约是埃培智集团的1.1倍（$2.2B vs $2.1B），埃培智集团净利率更高（5.8% vs 0.6%，领先5.2%），诺唯真游轮控股同比增速更快（6.4% vs -4.8%），埃培智集团自由现金流更多（$153.6M vs $21.5M），过去两年诺唯真游轮控股的营收复合增速更高（1.2% 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。
诺唯真游轮（NCL）1966年创立于挪威，为美国知名游轮运营商，总部设于佛罗里达州迈阿密-戴德县，注册地为巴哈马，由诺唯真游轮控股全资持有。按载客量计算，该品牌为全球第四大游轮公司，2021年占全球游轮市场载客量份额约8.6%。
IPG vs NCLH — 直观对比
营收规模更大
NCLH
是对方的1.1倍
$2.1B
营收增速更快
NCLH
高出11.2%
-4.8%
净利率更高
IPG
高出5.2%
0.6%
自由现金流更多
IPG
多$132.1M
$21.5M
两年增速更快
NCLH
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.2B |
| 净利润 | $124.2M | $14.3M |
| 毛利率 | — | 41.0% |
| 营业利润率 | 10.3% | 8.3% |
| 净利率 | 5.8% | 0.6% |
| 营收同比 | -4.8% | 6.4% |
| 净利润同比 | 517.9% | -94.4% |
| 每股收益（稀释后） | $0.34 | $0.08 |
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IPGNCLH
| Q4 25 | — | $2.2B | ||
| Q3 25 | $2.1B | $2.9B | ||
| Q2 25 | $2.2B | $2.5B | ||
| Q1 25 | $2.0B | $2.1B | ||
| Q4 24 | $2.4B | $2.1B | ||
| Q3 24 | $2.2B | $2.8B | ||
| Q2 24 | $2.3B | $2.4B | ||
| Q1 24 | $2.2B | $2.2B |
净利润IPGNCLH
| Q4 25 | — | $14.3M | ||
| Q3 25 | $124.2M | $419.3M | ||
| Q2 25 | $162.5M | $30.0M | ||
| Q1 25 | $-85.4M | $-40.3M | ||
| Q4 24 | $344.5M | $254.5M | ||
| Q3 24 | $20.1M | $474.9M | ||
| Q2 24 | $214.5M | $163.4M | ||
| Q1 24 | $110.4M | $17.4M |
毛利率IPGNCLH
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 47.1% | ||
| Q2 25 | — | 42.1% | ||
| Q1 25 | -3.2% | 38.7% | ||
| Q4 24 | 10.1% | 38.0% | ||
| Q3 24 | 2.9% | 45.2% | ||
| Q2 24 | 1.2% | 38.7% | ||
| Q1 24 | -1.1% | 36.7% |
营业利润率IPGNCLH
| Q4 25 | — | 8.3% | ||
| Q3 25 | 10.3% | 25.5% | ||
| Q2 25 | 11.2% | 16.8% | ||
| Q1 25 | -2.1% | 9.4% | ||
| Q4 24 | 23.3% | 10.2% | ||
| Q3 24 | 5.9% | 24.6% | ||
| Q2 24 | 13.7% | 14.4% | ||
| Q1 24 | 8.4% | 10.0% |
净利率IPGNCLH
| Q4 25 | — | 0.6% | ||
| Q3 25 | 5.8% | 14.3% | ||
| Q2 25 | 7.5% | 1.2% | ||
| Q1 25 | -4.3% | -1.9% | ||
| Q4 24 | 14.1% | 12.1% | ||
| Q3 24 | 0.9% | 16.9% | ||
| Q2 24 | 9.2% | 6.9% | ||
| Q1 24 | 5.1% | 0.8% |
每股收益（稀释后）IPGNCLH
| Q4 25 | — | $0.08 | ||
| Q3 25 | $0.34 | $0.86 | ||
| Q2 25 | $0.44 | $0.07 | ||
| Q1 25 | $-0.23 | $-0.09 | ||
| Q4 24 | $0.92 | $0.55 | ||
| Q3 24 | $0.05 | $0.95 | ||
| Q2 24 | $0.57 | $0.35 | ||
| Q1 24 | $0.29 | $0.04 |
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 | $209.9M |
| 总债务越低越好 | — | $13.7B |
| 股东权益账面价值 | $3.7B | $2.2B |
| 总资产 | $17.0B | $22.5B |
| 负债/权益比越低杠杆越低 | — | 6.21× |
8季度趋势，按日历期对齐
现金及短期投资IPGNCLH
| Q4 25 | — | $209.9M | ||
| Q3 25 | $1.5B | $166.8M | ||
| Q2 25 | $1.6B | $184.0M | ||
| Q1 25 | $1.9B | $184.4M | ||
| Q4 24 | $2.2B | $190.8M | ||
| Q3 24 | $1.5B | $332.5M | ||
| Q2 24 | $1.5B | $594.1M | ||
| Q1 24 | $1.9B | $559.8M |
总债务IPGNCLH
| Q4 25 | — | $13.7B | ||
| Q3 25 | — | $13.6B | ||
| Q2 25 | — | $12.6B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $11.8B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.9B | ||
| Q1 24 | — | $12.0B |
股东权益IPGNCLH
| Q4 25 | — | $2.2B | ||
| Q3 25 | $3.7B | $2.2B | ||
| Q2 25 | $3.7B | $1.6B | ||
| Q1 25 | $3.6B | $1.4B | ||
| Q4 24 | $3.8B | $1.4B | ||
| Q3 24 | $3.7B | $1.1B | ||
| Q2 24 | $3.8B | $693.1M | ||
| Q1 24 | $3.8B | $362.1M |
总资产IPGNCLH
| Q4 25 | — | $22.5B | ||
| Q3 25 | $17.0B | $22.2B | ||
| Q2 25 | $17.0B | $21.6B | ||
| Q1 25 | $17.1B | $21.4B | ||
| Q4 24 | $18.3B | $20.0B | ||
| Q3 24 | $17.1B | $19.8B | ||
| Q2 24 | $17.0B | $20.1B | ||
| Q1 24 | $17.3B | $19.8B |
负债/权益比IPGNCLH
| Q4 25 | — | 6.21× | ||
| Q3 25 | — | 6.22× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | 9.09× | ||
| Q4 24 | — | 8.26× | ||
| Q3 24 | — | 10.35× | ||
| Q2 24 | — | 17.19× | ||
| Q1 24 | — | 33.16× |
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 | $459.1M |
| 自由现金流经营现金流 - 资本支出 | $153.6M | $21.5M |
| 自由现金流率自由现金流/营收 | 7.2% | 1.0% |
| 资本支出强度资本支出/营收 | 1.2% | 19.5% |
| 现金转化率经营现金流/净利润 | 1.45× | 32.21× |
| 过去12个月自由现金流最近4个季度 | $806.8M | $-1.2B |
8季度趋势，按日历期对齐
经营现金流IPGNCLH
| Q4 25 | — | $459.1M | ||
| Q3 25 | $180.1M | $236.6M | ||
| Q2 25 | $-96.0M | $714.9M | ||
| Q1 25 | $-37.0M | $679.2M | ||
| Q4 24 | $868.1M | $399.3M | ||
| Q3 24 | $223.8M | $172.5M | ||
| Q2 24 | $120.7M | $670.9M | ||
| Q1 24 | $-157.4M | $807.2M |
自由现金流IPGNCLH
| Q4 25 | — | $21.5M | ||
| Q3 25 | $153.6M | $-726.5M | ||
| Q2 25 | $-121.8M | $381.2M | ||
| Q1 25 | $-58.5M | $-846.0M | ||
| Q4 24 | $833.5M | $155.8M | ||
| Q3 24 | $186.5M | $-195.5M | ||
| Q2 24 | $85.9M | $330.2M | ||
| Q1 24 | $-192.5M | $548.3M |
自由现金流率IPGNCLH
| Q4 25 | — | 1.0% | ||
| Q3 25 | 7.2% | -24.7% | ||
| Q2 25 | -5.6% | 15.1% | ||
| Q1 25 | -2.9% | -39.8% | ||
| Q4 24 | 34.2% | 7.4% | ||
| Q3 24 | 8.3% | -7.0% | ||
| Q2 24 | 3.7% | 13.9% | ||
| Q1 24 | -8.8% | 25.0% |
资本支出强度IPGNCLH
| Q4 25 | — | 19.5% | ||
| Q3 25 | 1.2% | 32.8% | ||
| Q2 25 | 1.2% | 13.3% | ||
| Q1 25 | 1.1% | 71.7% | ||
| Q4 24 | 1.4% | 11.5% | ||
| Q3 24 | 1.7% | 13.1% | ||
| Q2 24 | 1.5% | 14.4% | ||
| Q1 24 | 1.6% | 11.8% |
现金转化率IPGNCLH
| Q4 25 | — | 32.21× | ||
| Q3 25 | 1.45× | 0.56× | ||
| Q2 25 | -0.59× | 23.83× | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.52× | 1.57× | ||
| Q3 24 | 11.13× | 0.36× | ||
| Q2 24 | 0.56× | 4.10× | ||
| Q1 24 | -1.43× | 46.51× |
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% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
