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埃培智集团（IPG）与ServiceNow（NOW）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是埃培智集团的1.8倍（$3.8B vs $2.1B），ServiceNow净利率更高（12.4% vs 5.8%，领先6.6%），ServiceNow同比增速更快（2.8% vs -4.8%），ServiceNow自由现金流更多（$1.7B vs $153.6M），过去两年ServiceNow的营收复合增速更高（19.8% 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。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
IPG vs NOW — 直观对比
营收规模更大
NOW
是对方的1.8倍
$2.1B
营收增速更快
NOW
高出7.6%
-4.8%
净利率更高
NOW
高出6.6%
5.8%
自由现金流更多
NOW
多$1.5B
$153.6M
两年增速更快
NOW
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $3.8B |
| 净利润 | $124.2M | $469.0M |
| 毛利率 | — | 75.1% |
| 营业利润率 | 10.3% | 13.3% |
| 净利率 | 5.8% | 12.4% |
| 营收同比 | -4.8% | 2.8% |
| 净利润同比 | 517.9% | -53.7% |
| 每股收益（稀释后） | $0.34 | $1.04 |
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IPGNOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | — | $3.6B | ||
| Q3 25 | $2.1B | $3.4B | ||
| Q2 25 | $2.2B | $3.2B | ||
| Q1 25 | $2.0B | $3.1B | ||
| Q4 24 | $2.4B | $3.0B | ||
| Q3 24 | $2.2B | $2.8B | ||
| Q2 24 | $2.3B | $2.6B |
净利润IPGNOW
| Q1 26 | — | $469.0M | ||
| Q4 25 | — | $401.0M | ||
| Q3 25 | $124.2M | $502.0M | ||
| Q2 25 | $162.5M | $385.0M | ||
| Q1 25 | $-85.4M | $460.0M | ||
| Q4 24 | $344.5M | $384.0M | ||
| Q3 24 | $20.1M | $432.0M | ||
| Q2 24 | $214.5M | $262.0M |
毛利率IPGNOW
| Q1 26 | — | 75.1% | ||
| Q4 25 | — | 76.6% | ||
| Q3 25 | — | 77.3% | ||
| Q2 25 | — | 77.5% | ||
| Q1 25 | -3.2% | 78.9% | ||
| Q4 24 | 10.1% | 78.7% | ||
| Q3 24 | 2.9% | 79.1% | ||
| Q2 24 | 1.2% | 79.0% |
营业利润率IPGNOW
| Q1 26 | — | 13.3% | ||
| Q4 25 | — | 12.4% | ||
| Q3 25 | 10.3% | 16.8% | ||
| Q2 25 | 11.2% | 11.1% | ||
| Q1 25 | -2.1% | 14.6% | ||
| Q4 24 | 23.3% | 12.6% | ||
| Q3 24 | 5.9% | 14.9% | ||
| Q2 24 | 13.7% | 9.1% |
净利率IPGNOW
| Q1 26 | — | 12.4% | ||
| Q4 25 | — | 11.2% | ||
| Q3 25 | 5.8% | 14.7% | ||
| Q2 25 | 7.5% | 12.0% | ||
| Q1 25 | -4.3% | 14.9% | ||
| Q4 24 | 14.1% | 13.0% | ||
| Q3 24 | 0.9% | 15.4% | ||
| Q2 24 | 9.2% | 10.0% |
每股收益（稀释后）IPGNOW
| Q1 26 | — | $1.04 | ||
| Q4 25 | — | $-4.77 | ||
| Q3 25 | $0.34 | $2.40 | ||
| Q2 25 | $0.44 | $1.84 | ||
| Q1 25 | $-0.23 | $2.20 | ||
| Q4 24 | $0.92 | $1.84 | ||
| Q3 24 | $0.05 | $2.07 | ||
| Q2 24 | $0.57 | $1.26 |
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 | $2.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.7B | $11.7B |
| 总资产 | $17.0B | $24.4B |
| 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IPGNOW
| Q1 26 | — | $2.7B | ||
| Q4 25 | — | $3.7B | ||
| Q3 25 | $1.5B | $2.7B | ||
| Q2 25 | $1.6B | $3.1B | ||
| Q1 25 | $1.9B | $3.4B | ||
| Q4 24 | $2.2B | $2.3B | ||
| Q3 24 | $1.5B | $1.9B | ||
| Q2 24 | $1.5B | $2.2B |
股东权益IPGNOW
| Q1 26 | — | $11.7B | ||
| Q4 25 | — | $13.0B | ||
| Q3 25 | $3.7B | $11.3B | ||
| Q2 25 | $3.7B | $10.9B | ||
| Q1 25 | $3.6B | $10.1B | ||
| Q4 24 | $3.8B | $9.6B | ||
| Q3 24 | $3.7B | $9.3B | ||
| Q2 24 | $3.8B | $8.7B |
总资产IPGNOW
| Q1 26 | — | $24.4B | ||
| Q4 25 | — | $26.0B | ||
| Q3 25 | $17.0B | $21.8B | ||
| Q2 25 | $17.0B | $22.1B | ||
| Q1 25 | $17.1B | $21.0B | ||
| Q4 24 | $18.3B | $20.4B | ||
| Q3 24 | $17.1B | $18.4B | ||
| Q2 24 | $17.0B | $18.2B |
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 | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $153.6M | $1.7B |
| 自由现金流率自由现金流/营收 | 7.2% | 44.2% |
| 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× | 3.56× |
| 过去12个月自由现金流最近4个季度 | $806.8M | $4.8B |
8季度趋势，按日历期对齐
经营现金流IPGNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | $180.1M | $813.0M | ||
| Q2 25 | $-96.0M | $716.0M | ||
| Q1 25 | $-37.0M | $1.7B | ||
| Q4 24 | $868.1M | $1.6B | ||
| Q3 24 | $223.8M | $671.0M | ||
| Q2 24 | $120.7M | $620.0M |
自由现金流IPGNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | $153.6M | $578.0M | ||
| Q2 25 | $-121.8M | $526.0M | ||
| Q1 25 | $-58.5M | $1.5B | ||
| Q4 24 | $833.5M | $1.4B | ||
| Q3 24 | $186.5M | $469.0M | ||
| Q2 24 | $85.9M | $358.0M |
自由现金流率IPGNOW
| Q1 26 | — | 44.2% | ||
| Q4 25 | — | 56.1% | ||
| Q3 25 | 7.2% | 17.0% | ||
| Q2 25 | -5.6% | 16.4% | ||
| Q1 25 | -2.9% | 47.7% | ||
| Q4 24 | 34.2% | 46.7% | ||
| Q3 24 | 8.3% | 16.8% | ||
| Q2 24 | 3.7% | 13.6% |
资本支出强度IPGNOW
| Q1 26 | — | — | ||
| Q4 25 | — | 6.7% | ||
| Q3 25 | 1.2% | 6.9% | ||
| Q2 25 | 1.2% | 5.9% | ||
| Q1 25 | 1.1% | 6.6% | ||
| Q4 24 | 1.4% | 8.6% | ||
| Q3 24 | 1.7% | 7.2% | ||
| Q2 24 | 1.5% | 10.0% |
现金转化率IPGNOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | — | 5.58× | ||
| Q3 25 | 1.45× | 1.62× | ||
| Q2 25 | -0.59× | 1.86× | ||
| Q1 25 | — | 3.65× | ||
| Q4 24 | 2.52× | 4.26× | ||
| Q3 24 | 11.13× | 1.55× | ||
| Q2 24 | 0.56× | 2.37× |
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% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $99.0M | 3% |
