vs
埃培智集团（IPG）与斑马技术（ZBRA）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斑马技术的1.4倍（$2.1B vs $1.5B），埃培智集团净利率更高（5.8% vs 4.7%，领先1.1%），斑马技术同比增速更快（10.6% vs -4.8%），斑马技术自由现金流更多（$327.0M vs $153.6M），过去两年斑马技术的营收复合增速更高（12.0% 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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
IPG vs ZBRA — 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
ZBRA
高出15.3%
-4.8%
净利率更高
IPG
高出1.1%
4.7%
自由现金流更多
ZBRA
多$173.4M
$153.6M
两年增速更快
ZBRA
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 | $70.0M |
| 毛利率 | — | 47.3% |
| 营业利润率 | 10.3% | 9.4% |
| 净利率 | 5.8% | 4.7% |
| 营收同比 | -4.8% | 10.6% |
| 净利润同比 | 517.9% | -57.1% |
| 每股收益（稀释后） | $0.34 | $1.40 |
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IPGZBRA
| Q4 25 | — | $1.5B | ||
| Q3 25 | $2.1B | $1.3B | ||
| Q2 25 | $2.2B | $1.3B | ||
| 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 | $1.2B |
净利润IPGZBRA
| Q4 25 | — | $70.0M | ||
| Q3 25 | $124.2M | $101.0M | ||
| Q2 25 | $162.5M | $112.0M | ||
| Q1 25 | $-85.4M | $136.0M | ||
| Q4 24 | $344.5M | $163.0M | ||
| Q3 24 | $20.1M | $137.0M | ||
| Q2 24 | $214.5M | $113.0M | ||
| Q1 24 | $110.4M | $115.0M |
毛利率IPGZBRA
| Q4 25 | — | 47.3% | ||
| Q3 25 | — | 48.0% | ||
| Q2 25 | — | 47.6% | ||
| Q1 25 | -3.2% | 49.3% | ||
| Q4 24 | 10.1% | 48.6% | ||
| Q3 24 | 2.9% | 48.8% | ||
| Q2 24 | 1.2% | 48.4% | ||
| Q1 24 | -1.1% | 47.9% |
营业利润率IPGZBRA
| Q4 25 | — | 9.4% | ||
| Q3 25 | 10.3% | 13.9% | ||
| Q2 25 | 11.2% | 14.2% | ||
| Q1 25 | -2.1% | 14.9% | ||
| Q4 24 | 23.3% | 16.9% | ||
| Q3 24 | 5.9% | 15.2% | ||
| Q2 24 | 13.7% | 13.7% | ||
| Q1 24 | 8.4% | 13.5% |
净利率IPGZBRA
| Q4 25 | — | 4.7% | ||
| Q3 25 | 5.8% | 7.7% | ||
| Q2 25 | 7.5% | 8.7% | ||
| Q1 25 | -4.3% | 10.4% | ||
| Q4 24 | 14.1% | 12.2% | ||
| Q3 24 | 0.9% | 10.9% | ||
| Q2 24 | 9.2% | 9.3% | ||
| Q1 24 | 5.1% | 9.8% |
每股收益（稀释后）IPGZBRA
| Q4 25 | — | $1.40 | ||
| Q3 25 | $0.34 | $1.97 | ||
| Q2 25 | $0.44 | $2.19 | ||
| Q1 25 | $-0.23 | $2.62 | ||
| Q4 24 | $0.92 | $3.14 | ||
| Q3 24 | $0.05 | $2.64 | ||
| Q2 24 | $0.57 | $2.17 | ||
| Q1 24 | $0.29 | $2.23 |
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 | $125.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.7B | $3.6B |
| 总资产 | $17.0B | $8.5B |
| 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IPGZBRA
| Q4 25 | — | $125.0M | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.6B | $872.0M | ||
| Q1 25 | $1.9B | $879.0M | ||
| Q4 24 | $2.2B | $901.0M | ||
| Q3 24 | $1.5B | $676.0M | ||
| Q2 24 | $1.5B | $411.0M | ||
| Q1 24 | $1.9B | $127.0M |
总债务IPGZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
股东权益IPGZBRA
| Q4 25 | — | $3.6B | ||
| Q3 25 | $3.7B | $3.7B | ||
| Q2 25 | $3.7B | $3.6B | ||
| Q1 25 | $3.6B | $3.6B | ||
| Q4 24 | $3.8B | $3.6B | ||
| Q3 24 | $3.7B | $3.4B | ||
| Q2 24 | $3.8B | $3.3B | ||
| Q1 24 | $3.8B | $3.2B |
总资产IPGZBRA
| Q4 25 | — | $8.5B | ||
| Q3 25 | $17.0B | $8.1B | ||
| Q2 25 | $17.0B | $7.9B | ||
| Q1 25 | $17.1B | $7.9B | ||
| Q4 24 | $18.3B | $8.0B | ||
| Q3 24 | $17.1B | $7.7B | ||
| Q2 24 | $17.0B | $7.5B | ||
| Q1 24 | $17.3B | $7.3B |
负债/权益比IPGZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | 0.58× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.66× | ||
| Q1 24 | — | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $153.6M | $327.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 22.2% |
| 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× | 5.10× |
| 过去12个月自由现金流最近4个季度 | $806.8M | $831.0M |
8季度趋势，按日历期对齐
经营现金流IPGZBRA
| Q4 25 | — | $357.0M | ||
| Q3 25 | $180.1M | $235.0M | ||
| Q2 25 | $-96.0M | $147.0M | ||
| Q1 25 | $-37.0M | $178.0M | ||
| Q4 24 | $868.1M | $306.0M | ||
| Q3 24 | $223.8M | $294.0M | ||
| Q2 24 | $120.7M | $288.0M | ||
| Q1 24 | $-157.4M | $125.0M |
自由现金流IPGZBRA
| Q4 25 | — | $327.0M | ||
| Q3 25 | $153.6M | $216.0M | ||
| Q2 25 | $-121.8M | $130.0M | ||
| Q1 25 | $-58.5M | $158.0M | ||
| Q4 24 | $833.5M | $288.0M | ||
| Q3 24 | $186.5M | $277.0M | ||
| Q2 24 | $85.9M | $278.0M | ||
| Q1 24 | $-192.5M | $111.0M |
自由现金流率IPGZBRA
| Q4 25 | — | 22.2% | ||
| Q3 25 | 7.2% | 16.4% | ||
| Q2 25 | -5.6% | 10.1% | ||
| Q1 25 | -2.9% | 12.1% | ||
| Q4 24 | 34.2% | 21.6% | ||
| Q3 24 | 8.3% | 22.1% | ||
| Q2 24 | 3.7% | 22.8% | ||
| Q1 24 | -8.8% | 9.4% |
资本支出强度IPGZBRA
| Q4 25 | — | 2.0% | ||
| Q3 25 | 1.2% | 1.4% | ||
| Q2 25 | 1.2% | 1.3% | ||
| Q1 25 | 1.1% | 1.5% | ||
| Q4 24 | 1.4% | 1.3% | ||
| Q3 24 | 1.7% | 1.4% | ||
| Q2 24 | 1.5% | 0.8% | ||
| Q1 24 | 1.6% | 1.2% |
现金转化率IPGZBRA
| Q4 25 | — | 5.10× | ||
| Q3 25 | 1.45× | 2.33× | ||
| Q2 25 | -0.59× | 1.31× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | 2.52× | 1.88× | ||
| Q3 24 | 11.13× | 2.15× | ||
| Q2 24 | 0.56× | 2.55× | ||
| Q1 24 | -1.43× | 1.09× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
