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埃培智集团（IPG）与TUTOR PERINI CORP（TPC）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TUTOR PERINI CORP的1.4倍（$2.1B vs $1.5B），埃培智集团净利率更高（5.8% vs 1.9%，领先3.9%），TUTOR PERINI CORP同比增速更快（41.2% vs -4.8%），埃培智集团自由现金流更多（$153.6M vs $98.7M），过去两年TUTOR PERINI CORP的营收复合增速更高（19.9% 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。
Tutor Perini集团是美国顶尖的大型总承包商之一，2008年由Perini公司与Tutor-Saliba公司合并成立，总部位于加利福尼亚州西尔马。公司业务覆盖北美全境，2024年营收约43.3亿美元，核心业务涵盖桥梁、公路、隧道、机场、公共交通系统等民用基建项目，同时也涉足建筑工程领域。
IPG vs TPC — 直观对比
营收规模更大
IPG
是对方的1.4倍
$1.5B
营收增速更快
TPC
高出46.0%
-4.8%
净利率更高
IPG
高出3.9%
1.9%
自由现金流更多
IPG
多$54.9M
$98.7M
两年增速更快
TPC
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.5B |
| 净利润 | $124.2M | $28.8M |
| 毛利率 | — | 9.8% |
| 营业利润率 | 10.3% | 3.3% |
| 净利率 | 5.8% | 1.9% |
| 营收同比 | -4.8% | 41.2% |
| 净利润同比 | 517.9% | 136.3% |
| 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IPGTPC
| Q4 25 | — | $1.5B | ||
| Q3 25 | $2.1B | $1.4B | ||
| Q2 25 | $2.2B | $1.4B | ||
| Q1 25 | $2.0B | $1.2B | ||
| Q4 24 | $2.4B | $1.1B | ||
| Q3 24 | $2.2B | $1.1B | ||
| Q2 24 | $2.3B | $1.1B | ||
| Q1 24 | $2.2B | $1.0B |
净利润IPGTPC
| Q4 25 | — | $28.8M | ||
| Q3 25 | $124.2M | $3.6M | ||
| Q2 25 | $162.5M | $20.0M | ||
| Q1 25 | $-85.4M | $28.0M | ||
| Q4 24 | $344.5M | $-79.4M | ||
| Q3 24 | $20.1M | $-100.9M | ||
| Q2 24 | $214.5M | $812.0K | ||
| Q1 24 | $110.4M | $15.8M |
毛利率IPGTPC
| Q4 25 | — | 9.8% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | -3.2% | 10.8% | ||
| Q4 24 | 10.1% | -0.9% | ||
| Q3 24 | 2.9% | -2.4% | ||
| Q2 24 | 1.2% | 10.4% | ||
| Q1 24 | -1.1% | 11.0% |
营业利润率IPGTPC
| Q4 25 | — | 3.3% | ||
| Q3 25 | 10.3% | 2.8% | ||
| Q2 25 | 11.2% | 5.6% | ||
| Q1 25 | -2.1% | 5.2% | ||
| Q4 24 | 23.3% | -8.1% | ||
| Q3 24 | 5.9% | -9.9% | ||
| Q2 24 | 13.7% | 3.6% | ||
| Q1 24 | 8.4% | 4.7% |
净利率IPGTPC
| Q4 25 | — | 1.9% | ||
| Q3 25 | 5.8% | 0.3% | ||
| Q2 25 | 7.5% | 1.5% | ||
| Q1 25 | -4.3% | 2.2% | ||
| Q4 24 | 14.1% | -7.4% | ||
| Q3 24 | 0.9% | -9.3% | ||
| Q2 24 | 9.2% | 0.1% | ||
| Q1 24 | 5.1% | 1.5% |
每股收益（稀释后）IPGTPC
| Q4 25 | — | $0.53 | ||
| Q3 25 | $0.34 | $0.07 | ||
| Q2 25 | $0.44 | $0.38 | ||
| Q1 25 | $-0.23 | $0.53 | ||
| Q4 24 | $0.92 | $-1.53 | ||
| Q3 24 | $0.05 | $-1.92 | ||
| Q2 24 | $0.57 | $0.02 | ||
| Q1 24 | $0.29 | $0.30 |
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 | $734.6M |
| 总债务越低越好 | — | $407.4M |
| 股东权益账面价值 | $3.7B | $1.2B |
| 总资产 | $17.0B | $5.2B |
| 负债/权益比越低杠杆越低 | — | 0.33× |
8季度趋势，按日历期对齐
现金及短期投资IPGTPC
| Q4 25 | — | $734.6M | ||
| Q3 25 | $1.5B | $695.7M | ||
| Q2 25 | $1.6B | $526.1M | ||
| Q1 25 | $1.9B | $276.5M | ||
| Q4 24 | $2.2B | $455.1M | ||
| Q3 24 | $1.5B | $287.4M | ||
| Q2 24 | $1.5B | $267.1M | ||
| Q1 24 | $1.9B | $358.3M |
总债务IPGTPC
| Q4 25 | — | $407.4M | ||
| Q3 25 | — | $413.1M | ||
| Q2 25 | — | $419.4M | ||
| Q1 25 | — | $405.6M | ||
| Q4 24 | — | $534.1M | ||
| Q3 24 | — | $681.4M | ||
| Q2 24 | — | $676.4M | ||
| Q1 24 | — | $801.2M |
股东权益IPGTPC
| Q4 25 | — | $1.2B | ||
| Q3 25 | $3.7B | $1.2B | ||
| Q2 25 | $3.7B | $1.2B | ||
| Q1 25 | $3.6B | $1.2B | ||
| Q4 24 | $3.8B | $1.1B | ||
| Q3 24 | $3.7B | $1.2B | ||
| Q2 24 | $3.8B | $1.3B | ||
| Q1 24 | $3.8B | $1.3B |
总资产IPGTPC
| Q4 25 | — | $5.2B | ||
| Q3 25 | $17.0B | $5.2B | ||
| Q2 25 | $17.0B | $4.9B | ||
| Q1 25 | $17.1B | $4.5B | ||
| Q4 24 | $18.3B | $4.2B | ||
| Q3 24 | $17.1B | $4.4B | ||
| Q2 24 | $17.0B | $4.3B | ||
| Q1 24 | $17.3B | $4.4B |
负债/权益比IPGTPC
| Q4 25 | — | 0.33× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.61× |
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 | $173.7M |
| 自由现金流经营现金流 - 资本支出 | $153.6M | $98.7M |
| 自由现金流率自由现金流/营收 | 7.2% | 6.5% |
| 资本支出强度资本支出/营收 | 1.2% | 5.0% |
| 现金转化率经营现金流/净利润 | 1.45× | 6.02× |
| 过去12个月自由现金流最近4个季度 | $806.8M | $567.2M |
8季度趋势，按日历期对齐
经营现金流IPGTPC
| Q4 25 | — | $173.7M | ||
| Q3 25 | $180.1M | $289.1M | ||
| Q2 25 | $-96.0M | $262.4M | ||
| Q1 25 | $-37.0M | $22.9M | ||
| Q4 24 | $868.1M | $329.6M | ||
| Q3 24 | $223.8M | $22.6M | ||
| Q2 24 | $120.7M | $53.1M | ||
| Q1 24 | $-157.4M | $98.3M |
自由现金流IPGTPC
| Q4 25 | — | $98.7M | ||
| Q3 25 | $153.6M | $240.2M | ||
| Q2 25 | $-121.8M | $235.6M | ||
| Q1 25 | $-58.5M | $-7.2M | ||
| Q4 24 | $833.5M | $320.4M | ||
| Q3 24 | $186.5M | $15.6M | ||
| Q2 24 | $85.9M | $42.2M | ||
| Q1 24 | $-192.5M | $87.8M |
自由现金流率IPGTPC
| Q4 25 | — | 6.5% | ||
| Q3 25 | 7.2% | 17.0% | ||
| Q2 25 | -5.6% | 17.1% | ||
| Q1 25 | -2.9% | -0.6% | ||
| Q4 24 | 34.2% | 30.0% | ||
| Q3 24 | 8.3% | 1.4% | ||
| Q2 24 | 3.7% | 3.7% | ||
| Q1 24 | -8.8% | 8.4% |
资本支出强度IPGTPC
| Q4 25 | — | 5.0% | ||
| Q3 25 | 1.2% | 3.5% | ||
| Q2 25 | 1.2% | 2.0% | ||
| Q1 25 | 1.1% | 2.4% | ||
| Q4 24 | 1.4% | 0.9% | ||
| Q3 24 | 1.7% | 0.6% | ||
| Q2 24 | 1.5% | 1.0% | ||
| Q1 24 | 1.6% | 1.0% |
现金转化率IPGTPC
| Q4 25 | — | 6.02× | ||
| Q3 25 | 1.45× | 79.63× | ||
| Q2 25 | -0.59× | 13.14× | ||
| Q1 25 | — | 0.82× | ||
| Q4 24 | 2.52× | — | ||
| Q3 24 | 11.13× | — | ||
| Q2 24 | 0.56× | 65.44× | ||
| Q1 24 | -1.43× | 6.24× |
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% |
TPC
| State And Local Agencies | $591.1M | 39% |
| Mass Transit | $449.9M | 30% |
| Federal Agencies | $115.0M | 8% |
| Bridges | $100.5M | 7% |
| Military Facilities | $93.1M | 6% |
| Commercial And Industrial Facilities | $46.7M | 3% |
| Detention Facilities | $43.8M | 3% |
| Power And Energy | $35.8M | 2% |
| Multi Unit Residential | $25.9M | 2% |
| Education Facilities | $12.0M | 1% |
| Water | $3.6M | 0% |
