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埃培智集团（IPG）与Toast, Inc.（TOST）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Toast, Inc.的1.3倍（$2.1B vs $1.6B），Toast, Inc.净利率更高（6.2% vs 5.8%，领先0.4%），Toast, Inc.同比增速更快（22.0% vs -4.8%），Toast, Inc.自由现金流更多（$178.0M vs $153.6M），过去两年Toast, Inc.的营收复合增速更高（23.3% 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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
IPG vs TOST — 直观对比
营收规模更大
IPG
是对方的1.3倍
$1.6B
营收增速更快
TOST
高出26.8%
-4.8%
净利率更高
TOST
高出0.4%
5.8%
自由现金流更多
TOST
多$24.4M
$153.6M
两年增速更快
TOST
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.6B |
| 净利润 | $124.2M | $101.0M |
| 毛利率 | — | 25.9% |
| 营业利润率 | 10.3% | 5.2% |
| 净利率 | 5.8% | 6.2% |
| 营收同比 | -4.8% | 22.0% |
| 净利润同比 | 517.9% | 215.6% |
| 每股收益（稀释后） | $0.34 | $0.18 |
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IPGTOST
| Q4 25 | — | $1.6B | ||
| Q3 25 | $2.1B | $1.6B | ||
| Q2 25 | $2.2B | $1.6B | ||
| Q1 25 | $2.0B | $1.3B | ||
| Q4 24 | $2.4B | $1.3B | ||
| Q3 24 | $2.2B | $1.3B | ||
| Q2 24 | $2.3B | $1.2B | ||
| Q1 24 | $2.2B | $1.1B |
净利润IPGTOST
| Q4 25 | — | $101.0M | ||
| Q3 25 | $124.2M | $105.0M | ||
| Q2 25 | $162.5M | $80.0M | ||
| Q1 25 | $-85.4M | $56.0M | ||
| Q4 24 | $344.5M | $32.0M | ||
| Q3 24 | $20.1M | $56.0M | ||
| Q2 24 | $214.5M | $14.0M | ||
| Q1 24 | $110.4M | $-83.0M |
毛利率IPGTOST
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | -3.2% | 25.9% | ||
| Q4 24 | 10.1% | 24.9% | ||
| Q3 24 | 2.9% | 24.7% | ||
| Q2 24 | 1.2% | 23.0% | ||
| Q1 24 | -1.1% | 23.2% |
营业利润率IPGTOST
| Q4 25 | — | 5.2% | ||
| Q3 25 | 10.3% | 5.1% | ||
| Q2 25 | 11.2% | 5.2% | ||
| Q1 25 | -2.1% | 3.2% | ||
| Q4 24 | 23.3% | 2.5% | ||
| Q3 24 | 5.9% | 2.6% | ||
| Q2 24 | 13.7% | 0.4% | ||
| Q1 24 | 8.4% | -5.2% |
净利率IPGTOST
| Q4 25 | — | 6.2% | ||
| Q3 25 | 5.8% | 6.4% | ||
| Q2 25 | 7.5% | 5.2% | ||
| Q1 25 | -4.3% | 4.2% | ||
| Q4 24 | 14.1% | 2.4% | ||
| Q3 24 | 0.9% | 4.3% | ||
| Q2 24 | 9.2% | 1.1% | ||
| Q1 24 | 5.1% | -7.7% |
每股收益（稀释后）IPGTOST
| Q4 25 | — | $0.18 | ||
| Q3 25 | $0.34 | $0.16 | ||
| Q2 25 | $0.44 | $0.13 | ||
| Q1 25 | $-0.23 | $0.09 | ||
| Q4 24 | $0.92 | $0.09 | ||
| Q3 24 | $0.05 | $0.07 | ||
| Q2 24 | $0.57 | $0.02 | ||
| Q1 24 | $0.29 | $-0.15 |
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 | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.7B | $2.1B |
| 总资产 | $17.0B | $3.1B |
| 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IPGTOST
| Q4 25 | — | $1.4B | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $1.9B | $1.0B | ||
| Q4 24 | $2.2B | $903.0M | ||
| Q3 24 | $1.5B | $761.0M | ||
| Q2 24 | $1.5B | $691.0M | ||
| Q1 24 | $1.9B | $578.0M |
股东权益IPGTOST
| Q4 25 | — | $2.1B | ||
| Q3 25 | $3.7B | $2.0B | ||
| Q2 25 | $3.7B | $1.8B | ||
| Q1 25 | $3.6B | $1.7B | ||
| Q4 24 | $3.8B | $1.5B | ||
| Q3 24 | $3.7B | $1.4B | ||
| Q2 24 | $3.8B | $1.3B | ||
| Q1 24 | $3.8B | $1.2B |
总资产IPGTOST
| Q4 25 | — | $3.1B | ||
| Q3 25 | $17.0B | $3.0B | ||
| Q2 25 | $17.0B | $2.8B | ||
| Q1 25 | $17.1B | $2.6B | ||
| Q4 24 | $18.3B | $2.4B | ||
| Q3 24 | $17.1B | $2.2B | ||
| Q2 24 | $17.0B | $2.2B | ||
| Q1 24 | $17.3B | $2.1B |
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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $153.6M | $178.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 10.9% |
| 资本支出强度资本支出/营收 | 1.2% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.45× | 1.92× |
| 过去12个月自由现金流最近4个季度 | $806.8M | $608.0M |
8季度趋势，按日历期对齐
经营现金流IPGTOST
| Q4 25 | — | $194.0M | ||
| Q3 25 | $180.1M | $165.0M | ||
| Q2 25 | $-96.0M | $223.0M | ||
| Q1 25 | $-37.0M | $79.0M | ||
| Q4 24 | $868.1M | $147.0M | ||
| Q3 24 | $223.8M | $109.0M | ||
| Q2 24 | $120.7M | $124.0M | ||
| Q1 24 | $-157.4M | $-20.0M |
自由现金流IPGTOST
| Q4 25 | — | $178.0M | ||
| Q3 25 | $153.6M | $153.0M | ||
| Q2 25 | $-121.8M | $208.0M | ||
| Q1 25 | $-58.5M | $69.0M | ||
| Q4 24 | $833.5M | $134.0M | ||
| Q3 24 | $186.5M | $97.0M | ||
| Q2 24 | $85.9M | $108.0M | ||
| Q1 24 | $-192.5M | $-33.0M |
自由现金流率IPGTOST
| Q4 25 | — | 10.9% | ||
| Q3 25 | 7.2% | 9.4% | ||
| Q2 25 | -5.6% | 13.4% | ||
| Q1 25 | -2.9% | 5.2% | ||
| Q4 24 | 34.2% | 10.0% | ||
| Q3 24 | 8.3% | 7.4% | ||
| Q2 24 | 3.7% | 8.7% | ||
| Q1 24 | -8.8% | -3.1% |
资本支出强度IPGTOST
| Q4 25 | — | 1.0% | ||
| Q3 25 | 1.2% | 0.7% | ||
| Q2 25 | 1.2% | 1.0% | ||
| Q1 25 | 1.1% | 0.7% | ||
| Q4 24 | 1.4% | 1.0% | ||
| Q3 24 | 1.7% | 0.9% | ||
| Q2 24 | 1.5% | 1.3% | ||
| Q1 24 | 1.6% | 1.2% |
现金转化率IPGTOST
| Q4 25 | — | 1.92× | ||
| Q3 25 | 1.45× | 1.57× | ||
| Q2 25 | -0.59× | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | 2.52× | 4.59× | ||
| Q3 24 | 11.13× | 1.95× | ||
| Q2 24 | 0.56× | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
