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埃培智集团（IPG）与威富集团（VFC）财务数据对比。点击上方公司名可切换其他公司
威富集团的季度营收约是埃培智集团的1.3倍（$2.9B vs $2.1B），威富集团净利率更高（10.5% vs 5.8%，领先4.6%），威富集团同比增速更快（1.5% vs -4.8%），威富集团自由现金流更多（$977.9M vs $153.6M），过去两年威富集团的营收复合增速更高（10.1% 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。
威富集团前身为F.W.伍尔沃斯公司，是全球知名零售企业，也是五分一角平价商店业态的先驱之一。作为美国乃至全球最成功的平价零售企业之一，它曾引领行业发展潮流，构建了如今全球各地门店普遍遵循的现代零售模式。
IPG vs VFC — 直观对比
营收规模更大
VFC
是对方的1.3倍
$2.1B
营收增速更快
VFC
高出6.3%
-4.8%
净利率更高
VFC
高出4.6%
5.8%
自由现金流更多
VFC
多$824.3M
$153.6M
两年增速更快
VFC
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.9B |
| 净利润 | $124.2M | $300.8M |
| 毛利率 | — | 56.6% |
| 营业利润率 | 10.3% | 10.1% |
| 净利率 | 5.8% | 10.5% |
| 营收同比 | -4.8% | 1.5% |
| 净利润同比 | 517.9% | 79.3% |
| 每股收益（稀释后） | $0.34 | $0.76 |
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IPGVFC
| Q4 25 | — | $2.9B | ||
| Q3 25 | $2.1B | $2.8B | ||
| Q2 25 | $2.2B | $1.8B | ||
| Q1 25 | $2.0B | $2.0B | ||
| Q4 24 | $2.4B | $2.8B | ||
| Q3 24 | $2.2B | $2.8B | ||
| Q2 24 | $2.3B | $1.9B | ||
| Q1 24 | $2.2B | $2.4B |
净利润IPGVFC
| Q4 25 | — | $300.8M | ||
| Q3 25 | $124.2M | $189.8M | ||
| Q2 25 | $162.5M | $-116.4M | ||
| Q1 25 | $-85.4M | $-150.8M | ||
| Q4 24 | $344.5M | $167.8M | ||
| Q3 24 | $20.1M | $52.2M | ||
| Q2 24 | $214.5M | $-258.9M | ||
| Q1 24 | $110.4M | $-418.3M |
毛利率IPGVFC
| Q4 25 | — | 56.6% | ||
| Q3 25 | — | 52.2% | ||
| Q2 25 | — | 53.9% | ||
| Q1 25 | -3.2% | 52.7% | ||
| Q4 24 | 10.1% | 56.3% | ||
| Q3 24 | 2.9% | 52.2% | ||
| Q2 24 | 1.2% | 52.0% | ||
| Q1 24 | -1.1% | 48.4% |
营业利润率IPGVFC
| Q4 25 | — | 10.1% | ||
| Q3 25 | 10.3% | 11.2% | ||
| Q2 25 | 11.2% | -4.9% | ||
| Q1 25 | -2.1% | 2.2% | ||
| Q4 24 | 23.3% | 8.0% | ||
| Q3 24 | 5.9% | 9.9% | ||
| Q2 24 | 13.7% | -12.6% | ||
| Q1 24 | 8.4% | -15.0% |
净利率IPGVFC
| Q4 25 | — | 10.5% | ||
| Q3 25 | 5.8% | 6.8% | ||
| Q2 25 | 7.5% | -6.6% | ||
| Q1 25 | -4.3% | -7.5% | ||
| Q4 24 | 14.1% | 5.9% | ||
| Q3 24 | 0.9% | 1.9% | ||
| Q2 24 | 9.2% | -13.6% | ||
| Q1 24 | 5.1% | -17.6% |
每股收益（稀释后）IPGVFC
| Q4 25 | — | $0.76 | ||
| Q3 25 | $0.34 | $0.48 | ||
| Q2 25 | $0.44 | $-0.30 | ||
| Q1 25 | $-0.23 | $-0.37 | ||
| Q4 24 | $0.92 | $0.43 | ||
| Q3 24 | $0.05 | $0.13 | ||
| Q2 24 | $0.57 | $-0.67 | ||
| Q1 24 | $0.29 | $-1.07 |
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 | — | $3.6B |
| 股东权益账面价值 | $3.7B | $1.8B |
| 总资产 | $17.0B | $10.4B |
| 负债/权益比越低杠杆越低 | — | 1.99× |
8季度趋势，按日历期对齐
现金及短期投资IPGVFC
| Q4 25 | — | $1.5B | ||
| Q3 25 | $1.5B | $419.1M | ||
| Q2 25 | $1.6B | $642.4M | ||
| Q1 25 | $1.9B | $429.4M | ||
| Q4 24 | $2.2B | $1.4B | ||
| Q3 24 | $1.5B | $492.2M | ||
| Q2 24 | $1.5B | $637.4M | ||
| Q1 24 | $1.9B | $674.6M |
总债务IPGVFC
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $4.7B |
股东权益IPGVFC
| Q4 25 | — | $1.8B | ||
| Q3 25 | $3.7B | $1.5B | ||
| Q2 25 | $3.7B | $1.3B | ||
| Q1 25 | $3.6B | $1.5B | ||
| Q4 24 | $3.8B | $1.7B | ||
| Q3 24 | $3.7B | $1.4B | ||
| Q2 24 | $3.8B | $1.4B | ||
| Q1 24 | $3.8B | $1.7B |
总资产IPGVFC
| Q4 25 | — | $10.4B | ||
| Q3 25 | $17.0B | $10.6B | ||
| Q2 25 | $17.0B | $10.2B | ||
| Q1 25 | $17.1B | $9.4B | ||
| Q4 24 | $18.3B | $10.6B | ||
| Q3 24 | $17.1B | $12.2B | ||
| Q2 24 | $17.0B | $11.5B | ||
| Q1 24 | $17.3B | $11.6B |
负债/权益比IPGVFC
| Q4 25 | — | 1.99× | ||
| Q3 25 | — | 2.40× | ||
| Q2 25 | — | 2.76× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.86× | ||
| Q2 24 | — | 2.84× | ||
| Q1 24 | — | 2.84× |
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 | $1.0B |
| 自由现金流经营现金流 - 资本支出 | $153.6M | $977.9M |
| 自由现金流率自由现金流/营收 | 7.2% | 34.0% |
| 资本支出强度资本支出/营收 | 1.2% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.45× | 3.36× |
| 过去12个月自由现金流最近4个季度 | $806.8M | $357.6M |
8季度趋势，按日历期对齐
经营现金流IPGVFC
| Q4 25 | — | $1.0B | ||
| Q3 25 | $180.1M | $-227.0M | ||
| Q2 25 | $-96.0M | $-145.5M | ||
| Q1 25 | $-37.0M | $-171.1M | ||
| Q4 24 | $868.1M | $918.1M | ||
| Q3 24 | $223.8M | $-301.6M | ||
| Q2 24 | $120.7M | $19.8M | ||
| Q1 24 | $-157.4M | — |
自由现金流IPGVFC
| Q4 25 | — | $977.9M | ||
| Q3 25 | $153.6M | $-253.5M | ||
| Q2 25 | $-121.8M | $-173.7M | ||
| Q1 25 | $-58.5M | $-193.0M | ||
| Q4 24 | $833.5M | $899.7M | ||
| Q3 24 | $186.5M | $-322.4M | ||
| Q2 24 | $85.9M | $-5.4M | ||
| Q1 24 | $-192.5M | — |
自由现金流率IPGVFC
| Q4 25 | — | 34.0% | ||
| Q3 25 | 7.2% | -9.0% | ||
| Q2 25 | -5.6% | -9.9% | ||
| Q1 25 | -2.9% | -9.6% | ||
| Q4 24 | 34.2% | 31.7% | ||
| Q3 24 | 8.3% | -11.7% | ||
| Q2 24 | 3.7% | -0.3% | ||
| Q1 24 | -8.8% | — |
资本支出强度IPGVFC
| Q4 25 | — | 1.1% | ||
| Q3 25 | 1.2% | 0.9% | ||
| Q2 25 | 1.2% | 1.6% | ||
| Q1 25 | 1.1% | 1.1% | ||
| Q4 24 | 1.4% | 0.6% | ||
| Q3 24 | 1.7% | 0.8% | ||
| Q2 24 | 1.5% | 1.3% | ||
| Q1 24 | 1.6% | — |
现金转化率IPGVFC
| Q4 25 | — | 3.36× | ||
| Q3 25 | 1.45× | -1.20× | ||
| Q2 25 | -0.59× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.52× | 5.47× | ||
| Q3 24 | 11.13× | -5.78× | ||
| Q2 24 | 0.56× | — | ||
| 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% |
VFC
| Outdoor | $1.9B | 67% |
| Sales Channel Through Intermediary | $813.4M | 28% |
| Other | $136.3M | 5% |
