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埃培智集团（IPG）与Norfolk Southern（NSC）财务数据对比。点击上方公司名可切换其他公司
Norfolk Southern的季度营收约是埃培智集团的1.4倍（$3.0B vs $2.1B），Norfolk Southern净利率更高（21.7% vs 5.8%，领先15.8%），Norfolk Southern同比增速更快（-1.7% vs -4.8%），Norfolk Southern自由现金流更多（$334.0M vs $153.6M），过去两年Norfolk Southern的营收复合增速更高（-0.5% 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。
诺福克南方铁路是美国一级货运铁路运营商，总部位于亚特兰大，1982年由诺福克西部铁路与南方铁路合并组建。公司运营线路总长19420英里（约31250公里），覆盖美国东部22个州及华盛顿哥伦比亚特区，同时拥有加拿大太平洋堪萨斯城铁路奥尔巴尼至蒙特利尔线路的通行使用权。
IPG vs NSC — 直观对比
营收规模更大
NSC
是对方的1.4倍
$2.1B
营收增速更快
NSC
高出3.1%
-4.8%
净利率更高
NSC
高出15.8%
5.8%
自由现金流更多
NSC
多$180.4M
$153.6M
两年增速更快
NSC
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $3.0B |
| 净利润 | $124.2M | $644.0M |
| 毛利率 | — | — |
| 营业利润率 | 10.3% | 31.5% |
| 净利率 | 5.8% | 21.7% |
| 营收同比 | -4.8% | -1.7% |
| 净利润同比 | 517.9% | -12.1% |
| 每股收益（稀释后） | $0.34 | $2.87 |
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IPGNSC
| Q4 25 | — | $3.0B | ||
| Q3 25 | $2.1B | $3.1B | ||
| Q2 25 | $2.2B | $3.1B | ||
| Q1 25 | $2.0B | $3.0B | ||
| Q4 24 | $2.4B | $3.0B | ||
| Q3 24 | $2.2B | $3.1B | ||
| Q2 24 | $2.3B | $3.0B | ||
| Q1 24 | $2.2B | $3.0B |
净利润IPGNSC
| Q4 25 | — | $644.0M | ||
| Q3 25 | $124.2M | $711.0M | ||
| Q2 25 | $162.5M | $768.0M | ||
| Q1 25 | $-85.4M | $750.0M | ||
| Q4 24 | $344.5M | $733.0M | ||
| Q3 24 | $20.1M | $1.1B | ||
| Q2 24 | $214.5M | $737.0M | ||
| Q1 24 | $110.4M | $53.0M |
毛利率IPGNSC
| 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IPGNSC
| Q4 25 | — | 31.5% | ||
| Q3 25 | 10.3% | 35.4% | ||
| Q2 25 | 11.2% | 37.8% | ||
| Q1 25 | -2.1% | 38.3% | ||
| Q4 24 | 23.3% | 37.4% | ||
| Q3 24 | 5.9% | 52.3% | ||
| Q2 24 | 13.7% | 37.2% | ||
| Q1 24 | 8.4% | 7.1% |
净利率IPGNSC
| Q4 25 | — | 21.7% | ||
| Q3 25 | 5.8% | 22.9% | ||
| Q2 25 | 7.5% | 24.7% | ||
| Q1 25 | -4.3% | 25.1% | ||
| Q4 24 | 14.1% | 24.2% | ||
| Q3 24 | 0.9% | 36.0% | ||
| Q2 24 | 9.2% | 24.2% | ||
| Q1 24 | 5.1% | 1.8% |
每股收益（稀释后）IPGNSC
| Q4 25 | — | $2.87 | ||
| Q3 25 | $0.34 | $3.16 | ||
| Q2 25 | $0.44 | $3.41 | ||
| Q1 25 | $-0.23 | $3.31 | ||
| Q4 24 | $0.92 | $3.24 | ||
| Q3 24 | $0.05 | $4.85 | ||
| Q2 24 | $0.57 | $3.25 | ||
| Q1 24 | $0.29 | $0.23 |
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 | $1.5B |
| 总债务越低越好 | — | $16.5B |
| 股东权益账面价值 | $3.7B | $15.5B |
| 总资产 | $17.0B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 1.06× |
8季度趋势，按日历期对齐
现金及短期投资IPGNSC
| Q4 25 | — | $1.5B | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.6B | $1.3B | ||
| Q1 25 | $1.9B | $1.0B | ||
| Q4 24 | $2.2B | $1.6B | ||
| Q3 24 | $1.5B | $975.0M | ||
| Q2 24 | $1.5B | $659.0M | ||
| Q1 24 | $1.9B | $652.0M |
总债务IPGNSC
| Q4 25 | — | $16.5B | ||
| Q3 25 | — | $16.5B | ||
| Q2 25 | — | $16.5B | ||
| Q1 25 | — | $16.7B | ||
| Q4 24 | — | $16.7B | ||
| Q3 24 | — | $16.6B | ||
| Q2 24 | — | $16.9B | ||
| Q1 24 | — | $17.2B |
股东权益IPGNSC
| Q4 25 | — | $15.5B | ||
| Q3 25 | $3.7B | $15.1B | ||
| Q2 25 | $3.7B | $14.8B | ||
| Q1 25 | $3.6B | $14.5B | ||
| Q4 24 | $3.8B | $14.3B | ||
| Q3 24 | $3.7B | $13.8B | ||
| Q2 24 | $3.8B | $13.0B | ||
| Q1 24 | $3.8B | $12.5B |
总资产IPGNSC
| Q4 25 | — | $45.2B | ||
| Q3 25 | $17.0B | $44.6B | ||
| Q2 25 | $17.0B | $44.2B | ||
| Q1 25 | $17.1B | $43.8B | ||
| Q4 24 | $18.3B | $43.7B | ||
| Q3 24 | $17.1B | $43.3B | ||
| Q2 24 | $17.0B | $42.6B | ||
| Q1 24 | $17.3B | $42.1B |
负债/权益比IPGNSC
| Q4 25 | — | 1.06× | ||
| Q3 25 | — | 1.09× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | — | 1.16× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | — | 1.30× | ||
| Q1 24 | — | 1.37× |
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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $153.6M | $334.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 11.2% |
| 资本支出强度资本支出/营收 | 1.2% | 24.5% |
| 现金转化率经营现金流/净利润 | 1.45× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $806.8M | $2.2B |
8季度趋势，按日历期对齐
经营现金流IPGNSC
| Q4 25 | — | $1.1B | ||
| Q3 25 | $180.1M | $1.3B | ||
| Q2 25 | $-96.0M | $1.1B | ||
| Q1 25 | $-37.0M | $950.0M | ||
| Q4 24 | $868.1M | $951.0M | ||
| Q3 24 | $223.8M | $1.2B | ||
| Q2 24 | $120.7M | $1.0B | ||
| Q1 24 | $-157.4M | $839.0M |
自由现金流IPGNSC
| Q4 25 | — | $334.0M | ||
| Q3 25 | $153.6M | $720.0M | ||
| Q2 25 | $-121.8M | $602.0M | ||
| Q1 25 | $-58.5M | $501.0M | ||
| Q4 24 | $833.5M | $276.0M | ||
| Q3 24 | $186.5M | $645.0M | ||
| Q2 24 | $85.9M | $468.0M | ||
| Q1 24 | $-192.5M | $282.0M |
自由现金流率IPGNSC
| Q4 25 | — | 11.2% | ||
| Q3 25 | 7.2% | 23.2% | ||
| Q2 25 | -5.6% | 19.4% | ||
| Q1 25 | -2.9% | 16.7% | ||
| Q4 24 | 34.2% | 9.1% | ||
| Q3 24 | 8.3% | 21.1% | ||
| Q2 24 | 3.7% | 15.4% | ||
| Q1 24 | -8.8% | 9.4% |
资本支出强度IPGNSC
| Q4 25 | — | 24.5% | ||
| Q3 25 | 1.2% | 17.8% | ||
| Q2 25 | 1.2% | 15.3% | ||
| Q1 25 | 1.1% | 15.0% | ||
| Q4 24 | 1.4% | 22.3% | ||
| Q3 24 | 1.7% | 19.0% | ||
| Q2 24 | 1.5% | 18.7% | ||
| Q1 24 | 1.6% | 18.5% |
现金转化率IPGNSC
| Q4 25 | — | 1.65× | ||
| Q3 25 | 1.45× | 1.79× | ||
| Q2 25 | -0.59× | 1.40× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | 2.52× | 1.30× | ||
| Q3 24 | 11.13× | 1.12× | ||
| Q2 24 | 0.56× | 1.41× | ||
| Q1 24 | -1.43× | 15.83× |
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% |
NSC
| Railway Operating Revenues Market Group Merchandise | $1.9B | 63% |
| Metals And Construction | $404.0M | 14% |
| Railway Operating Revenues Market Group Coal | $347.0M | 12% |
| Automotive | $293.0M | 10% |
