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埃培智集团（IPG）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
埃培智集团的季度营收约是利氏兄弟拍卖行的1.8倍（$2.1B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs 5.8%，领先3.3%），利氏兄弟拍卖行同比增速更快（5.4% vs -4.8%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $153.6M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
IPG vs RBA — 直观对比
营收规模更大
IPG
是对方的1.8倍
$1.2B
营收增速更快
RBA
高出10.2%
-4.8%
净利率更高
RBA
高出3.3%
5.8%
自由现金流更多
RBA
多$32.9M
$153.6M
两年增速更快
RBA
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $124.2M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 10.3% | 14.7% |
| 净利率 | 5.8% | 9.1% |
| 营收同比 | -4.8% | 5.4% |
| 净利润同比 | 517.9% | -7.4% |
| 每股收益（稀释后） | $0.34 | $0.53 |
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IPGRBA
| Q4 25 | — | $1.2B | ||
| Q3 25 | $2.1B | $1.1B | ||
| Q2 25 | $2.2B | $1.2B | ||
| Q1 25 | $2.0B | $1.1B | ||
| Q4 24 | $2.4B | $1.1B | ||
| Q3 24 | $2.2B | $981.8M | ||
| Q2 24 | $2.3B | $1.1B | ||
| Q1 24 | $2.2B | $1.1B |
净利润IPGRBA
| Q4 25 | — | $109.7M | ||
| Q3 25 | $124.2M | $95.5M | ||
| Q2 25 | $162.5M | $109.8M | ||
| Q1 25 | $-85.4M | $113.4M | ||
| Q4 24 | $344.5M | $118.5M | ||
| Q3 24 | $20.1M | $76.1M | ||
| Q2 24 | $214.5M | $111.1M | ||
| Q1 24 | $110.4M | $107.4M |
毛利率IPGRBA
| 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IPGRBA
| Q4 25 | — | 14.7% | ||
| Q3 25 | 10.3% | 14.5% | ||
| Q2 25 | 11.2% | 15.9% | ||
| Q1 25 | -2.1% | 17.1% | ||
| Q4 24 | 23.3% | 18.1% | ||
| Q3 24 | 5.9% | 15.6% | ||
| Q2 24 | 13.7% | 18.4% | ||
| Q1 24 | 8.4% | 18.7% |
净利率IPGRBA
| Q4 25 | — | 9.1% | ||
| Q3 25 | 5.8% | 8.7% | ||
| Q2 25 | 7.5% | 9.3% | ||
| Q1 25 | -4.3% | 10.2% | ||
| Q4 24 | 14.1% | 10.4% | ||
| Q3 24 | 0.9% | 7.8% | ||
| Q2 24 | 9.2% | 10.1% | ||
| Q1 24 | 5.1% | 10.1% |
每股收益（稀释后）IPGRBA
| Q4 25 | — | $0.53 | ||
| Q3 25 | $0.34 | $0.43 | ||
| Q2 25 | $0.44 | $0.53 | ||
| Q1 25 | $-0.23 | $0.55 | ||
| Q4 24 | $0.92 | $0.58 | ||
| Q3 24 | $0.05 | $0.36 | ||
| Q2 24 | $0.57 | $0.54 | ||
| Q1 24 | $0.29 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $3.7B | $5.6B |
| 总资产 | $17.0B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资IPGRBA
| Q4 25 | — | $531.5M | ||
| Q3 25 | $1.5B | $674.7M | ||
| Q2 25 | $1.6B | $710.2M | ||
| Q1 25 | $1.9B | $578.1M | ||
| Q4 24 | $2.2B | $533.9M | ||
| Q3 24 | $1.5B | $650.7M | ||
| Q2 24 | $1.5B | $599.5M | ||
| Q1 24 | $1.9B | $462.8M |
总债务IPGRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益IPGRBA
| Q4 25 | — | $5.6B | ||
| Q3 25 | $3.7B | $5.5B | ||
| Q2 25 | $3.7B | $5.5B | ||
| Q1 25 | $3.6B | $5.3B | ||
| Q4 24 | $3.8B | $5.2B | ||
| Q3 24 | $3.7B | $5.2B | ||
| Q2 24 | $3.8B | $5.2B | ||
| Q1 24 | $3.8B | $5.1B |
总资产IPGRBA
| Q4 25 | — | $12.1B | ||
| Q3 25 | $17.0B | $12.2B | ||
| Q2 25 | $17.0B | $12.2B | ||
| Q1 25 | $17.1B | $11.9B | ||
| Q4 24 | $18.3B | $11.8B | ||
| Q3 24 | $17.1B | $11.9B | ||
| Q2 24 | $17.0B | $12.1B | ||
| Q1 24 | $17.3B | $12.0B |
负债/权益比IPGRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $153.6M | $186.5M |
| 自由现金流率自由现金流/营收 | 7.2% | 15.5% |
| 资本支出强度资本支出/营收 | 1.2% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.45× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $806.8M | $719.2M |
8季度趋势，按日历期对齐
经营现金流IPGRBA
| Q4 25 | — | $255.2M | ||
| Q3 25 | $180.1M | $239.7M | ||
| Q2 25 | $-96.0M | $326.5M | ||
| Q1 25 | $-37.0M | $156.8M | ||
| Q4 24 | $868.1M | $184.5M | ||
| Q3 24 | $223.8M | $285.4M | ||
| Q2 24 | $120.7M | $337.3M | ||
| Q1 24 | $-157.4M | $124.8M |
自由现金流IPGRBA
| Q4 25 | — | $186.5M | ||
| Q3 25 | $153.6M | $188.5M | ||
| Q2 25 | $-121.8M | $241.7M | ||
| Q1 25 | $-58.5M | $102.5M | ||
| Q4 24 | $833.5M | $127.9M | ||
| Q3 24 | $186.5M | $248.5M | ||
| Q2 24 | $85.9M | $308.6M | ||
| Q1 24 | $-192.5M | $79.6M |
自由现金流率IPGRBA
| Q4 25 | — | 15.5% | ||
| Q3 25 | 7.2% | 17.3% | ||
| Q2 25 | -5.6% | 20.4% | ||
| Q1 25 | -2.9% | 9.2% | ||
| Q4 24 | 34.2% | 11.2% | ||
| Q3 24 | 8.3% | 25.3% | ||
| Q2 24 | 3.7% | 28.2% | ||
| Q1 24 | -8.8% | 7.5% |
资本支出强度IPGRBA
| Q4 25 | — | 5.7% | ||
| Q3 25 | 1.2% | 4.7% | ||
| Q2 25 | 1.2% | 7.2% | ||
| Q1 25 | 1.1% | 4.9% | ||
| Q4 24 | 1.4% | 5.0% | ||
| Q3 24 | 1.7% | 3.8% | ||
| Q2 24 | 1.5% | 2.6% | ||
| Q1 24 | 1.6% | 4.2% |
现金转化率IPGRBA
| Q4 25 | — | 2.33× | ||
| Q3 25 | 1.45× | 2.51× | ||
| Q2 25 | -0.59× | 2.97× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | 2.52× | 1.56× | ||
| Q3 24 | 11.13× | 3.75× | ||
| Q2 24 | 0.56× | 3.04× | ||
| Q1 24 | -1.43× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
