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埃培智集团（IPG）与QVC Group, Inc.（QVCGA）财务数据对比。点击上方公司名可切换其他公司
QVC Group, Inc.的季度营收约是埃培智集团的1.3倍（$2.7B vs $2.1B），埃培智集团净利率更高（5.8% vs -1.4%，领先7.2%），埃培智集团同比增速更快（-4.8% vs -9.1%），QVC Group, Inc.自由现金流更多（$191.0M vs $153.6M），过去两年QVC Group, Inc.的营收复合增速更高（6.9% 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。
QVC集团是一家美国媒体 conglomerate 企业，由董事长约翰·C·马龙控制，马龙持有该公司多数具有投票权的股份，主营媒体相关业务，是美国本土颇具影响力的传媒集团。
IPG vs QVCGA — 直观对比
营收规模更大
QVCGA
是对方的1.3倍
$2.1B
营收增速更快
IPG
高出4.3%
-9.1%
净利率更高
IPG
高出7.2%
-1.4%
自由现金流更多
QVCGA
多$37.4M
$153.6M
两年增速更快
QVCGA
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.7B |
| 净利润 | $124.2M | $-37.0M |
| 毛利率 | — | 32.9% |
| 营业利润率 | 10.3% | 3.7% |
| 净利率 | 5.8% | -1.4% |
| 营收同比 | -4.8% | -9.1% |
| 净利润同比 | 517.9% | 97.1% |
| 每股收益（稀释后） | $0.34 | $-17.37 |
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IPGQVCGA
| Q4 25 | — | $2.7B | ||
| Q3 25 | $2.1B | $2.2B | ||
| Q2 25 | $2.2B | $2.2B | ||
| Q1 25 | $2.0B | $2.1B | ||
| Q4 24 | $2.4B | $2.9B | ||
| Q3 24 | $2.2B | $2.3B | ||
| Q2 24 | $2.3B | $2.4B | ||
| Q1 24 | $2.2B | $2.3B |
净利润IPGQVCGA
| Q4 25 | — | $-37.0M | ||
| Q3 25 | $124.2M | $-80.0M | ||
| Q2 25 | $162.5M | $-2.2B | ||
| Q1 25 | $-85.4M | $-100.0M | ||
| Q4 24 | $344.5M | $-1.3B | ||
| Q3 24 | $20.1M | $-23.0M | ||
| Q2 24 | $214.5M | $20.0M | ||
| Q1 24 | $110.4M | $-1.0M |
毛利率IPGQVCGA
| Q4 25 | — | 32.9% | ||
| Q3 25 | — | 34.0% | ||
| Q2 25 | — | 36.4% | ||
| Q1 25 | -3.2% | 34.2% | ||
| Q4 24 | 10.1% | 33.3% | ||
| Q3 24 | 2.9% | 35.3% | ||
| Q2 24 | 1.2% | 36.4% | ||
| Q1 24 | -1.1% | 35.5% |
营业利润率IPGQVCGA
| Q4 25 | — | 3.7% | ||
| Q3 25 | 10.3% | 2.7% | ||
| Q2 25 | 11.2% | -101.6% | ||
| Q1 25 | -2.1% | 0.7% | ||
| Q4 24 | 23.3% | -43.2% | ||
| Q3 24 | 5.9% | 6.5% | ||
| Q2 24 | 13.7% | 6.9% | ||
| Q1 24 | 8.4% | 6.2% |
净利率IPGQVCGA
| Q4 25 | — | -1.4% | ||
| Q3 25 | 5.8% | -3.6% | ||
| Q2 25 | 7.5% | -99.4% | ||
| Q1 25 | -4.3% | -4.8% | ||
| Q4 24 | 14.1% | -43.7% | ||
| Q3 24 | 0.9% | -1.0% | ||
| Q2 24 | 9.2% | 0.8% | ||
| Q1 24 | 5.1% | -0.0% |
每股收益（稀释后）IPGQVCGA
| Q4 25 | — | $-17.37 | ||
| Q3 25 | $0.34 | $-9.89 | ||
| Q2 25 | $0.44 | $-275.46 | ||
| Q1 25 | $-0.23 | $-0.25 | ||
| Q4 24 | $0.92 | — | ||
| Q3 24 | $0.05 | $-0.06 | ||
| Q2 24 | $0.57 | $2.57 | ||
| 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 | $2.0B |
| 总债务越低越好 | — | $790.0M |
| 股东权益账面价值 | $3.7B | $-3.1B |
| 总资产 | $17.0B | $7.6B |
| 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IPGQVCGA
| Q4 25 | — | $2.0B | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $1.6B | $897.0M | ||
| Q1 25 | $1.9B | $833.0M | ||
| Q4 24 | $2.2B | $905.0M | ||
| Q3 24 | $1.5B | $873.0M | ||
| Q2 24 | $1.5B | $1.2B | ||
| Q1 24 | $1.9B | $1.1B |
总债务IPGQVCGA
| Q4 25 | — | $790.0M | ||
| Q3 25 | — | $5.9B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.3B | ||
| Q1 24 | — | $5.5B |
股东权益IPGQVCGA
| Q4 25 | — | $-3.1B | ||
| Q3 25 | $3.7B | $-3.1B | ||
| Q2 25 | $3.7B | $-3.0B | ||
| Q1 25 | $3.6B | $-981.0M | ||
| Q4 24 | $3.8B | $-971.0M | ||
| Q3 24 | $3.7B | $397.0M | ||
| Q2 24 | $3.8B | $328.0M | ||
| Q1 24 | $3.8B | $255.0M |
总资产IPGQVCGA
| Q4 25 | — | $7.6B | ||
| Q3 25 | $17.0B | $7.6B | ||
| Q2 25 | $17.0B | $6.7B | ||
| Q1 25 | $17.1B | $9.0B | ||
| Q4 24 | $18.3B | $9.2B | ||
| Q3 24 | $17.1B | $10.8B | ||
| Q2 24 | $17.0B | $10.9B | ||
| Q1 24 | $17.3B | $11.0B |
负债/权益比IPGQVCGA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.74× | ||
| Q2 24 | — | 16.28× | ||
| Q1 24 | — | 21.53× |
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 | $244.0M |
| 自由现金流经营现金流 - 资本支出 | $153.6M | $191.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 7.1% |
| 资本支出强度资本支出/营收 | 1.2% | 2.0% |
| 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 | $118.0M |
8季度趋势，按日历期对齐
经营现金流IPGQVCGA
| Q4 25 | — | $244.0M | ||
| Q3 25 | $180.1M | $4.0M | ||
| Q2 25 | $-96.0M | $86.0M | ||
| Q1 25 | $-37.0M | $-60.0M | ||
| Q4 24 | $868.1M | $212.0M | ||
| Q3 24 | $223.8M | $20.0M | ||
| Q2 24 | $120.7M | $267.0M | ||
| Q1 24 | $-157.4M | $26.0M |
自由现金流IPGQVCGA
| Q4 25 | — | $191.0M | ||
| Q3 25 | $153.6M | $-27.0M | ||
| Q2 25 | $-121.8M | $48.0M | ||
| Q1 25 | $-58.5M | $-94.0M | ||
| Q4 24 | $833.5M | $150.0M | ||
| Q3 24 | $186.5M | $-23.0M | ||
| Q2 24 | $85.9M | $213.0M | ||
| Q1 24 | $-192.5M | $-14.0M |
自由现金流率IPGQVCGA
| Q4 25 | — | 7.1% | ||
| Q3 25 | 7.2% | -1.2% | ||
| Q2 25 | -5.6% | 2.1% | ||
| Q1 25 | -2.9% | -4.5% | ||
| Q4 24 | 34.2% | 5.1% | ||
| Q3 24 | 8.3% | -1.0% | ||
| Q2 24 | 3.7% | 8.8% | ||
| Q1 24 | -8.8% | -0.6% |
资本支出强度IPGQVCGA
| Q4 25 | — | 2.0% | ||
| Q3 25 | 1.2% | 1.4% | ||
| Q2 25 | 1.2% | 1.7% | ||
| Q1 25 | 1.1% | 1.6% | ||
| Q4 24 | 1.4% | 2.1% | ||
| Q3 24 | 1.7% | 1.8% | ||
| Q2 24 | 1.5% | 2.2% | ||
| Q1 24 | 1.6% | 1.7% |
现金转化率IPGQVCGA
| Q4 25 | — | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | -0.59× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.52× | — | ||
| Q3 24 | 11.13× | — | ||
| Q2 24 | 0.56× | 13.35× | ||
| Q1 24 | -1.43× | — |
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% |
QVCGA
| Other | $915.0M | 34% |
| Home | $754.0M | 28% |
| Beauty | $260.0M | 10% |
| Apparel | $254.0M | 9% |
| Electronics | $187.0M | 7% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 3% |
| Manufactured Product Other | $38.0M | 1% |
