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Custom Truck One Source, Inc.（CTOS）与IPG PHOTONICS CORP（IPGP）财务数据对比。点击上方公司名可切换其他公司
Custom Truck One Source, Inc.的季度营收约是IPG PHOTONICS CORP的1.5倍（$422.2M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs -4.2%，领先9.0%），IPG PHOTONICS CORP同比增速更快（17.1% vs -8.5%），过去两年Custom Truck One Source, Inc.的营收复合增速更高（14.8% vs 4.4%）
Custom Truck One Source是北美领先的专用重型卡车及设备解决方案提供商，业务覆盖定制车辆制造、设备销售与租赁、售后配件供应及维保服务，主要服务基建、公用事业、建筑、能源等核心领域。
IPG光电是全球领先的光纤激光器制造商，率先实现光纤激光器的技术研发与商业化落地，产品广泛应用于材料加工、医疗、电信等多元领域，在美国、德国、俄罗斯、意大利均设有生产基地，为全球各行业客户提供高性能的激光解决方案。
CTOS vs IPGP — 直观对比
营收规模更大
CTOS
是对方的1.5倍
$274.5M
营收增速更快
IPGP
高出25.7%
-8.5%
净利率更高
IPGP
高出9.0%
-4.2%
两年增速更快
CTOS
近两年复合增速
4.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $422.2M | $274.5M |
| 净利润 | $-17.8M | $13.3M |
| 毛利率 | 20.3% | 36.1% |
| 营业利润率 | 2.9% | 1.2% |
| 净利率 | -4.2% | 4.8% |
| 营收同比 | -8.5% | 17.1% |
| 净利润同比 | -333.7% | 69.8% |
| 每股收益（稀释后） | $-0.08 | $0.30 |
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CTOSIPGP
| Q1 26 | $422.2M | — | ||
| Q4 25 | $387.3M | $274.5M | ||
| Q3 25 | $359.9M | $250.8M | ||
| Q2 25 | $392.2M | $250.7M | ||
| Q1 25 | $307.1M | $227.8M | ||
| Q4 24 | $398.3M | $234.3M | ||
| Q3 24 | $337.5M | $233.1M | ||
| Q2 24 | $320.6M | $257.6M |
净利润CTOSIPGP
| Q1 26 | $-17.8M | — | ||
| Q4 25 | $20.9M | $13.3M | ||
| Q3 25 | $-5.8M | $7.5M | ||
| Q2 25 | $-28.4M | $6.6M | ||
| Q1 25 | $-17.8M | $3.8M | ||
| Q4 24 | $27.6M | $7.8M | ||
| Q3 24 | $-17.4M | $-233.6M | ||
| Q2 24 | $-24.5M | $20.2M |
毛利率CTOSIPGP
| Q1 26 | 20.3% | — | ||
| Q4 25 | 31.8% | 36.1% | ||
| Q3 25 | 28.0% | 39.5% | ||
| Q2 25 | 26.1% | 37.3% | ||
| Q1 25 | 27.9% | 39.4% | ||
| Q4 24 | 29.7% | 38.6% | ||
| Q3 24 | 27.2% | 23.2% | ||
| Q2 24 | 27.8% | 37.3% |
营业利润率CTOSIPGP
| Q1 26 | 2.9% | — | ||
| Q4 25 | 13.4% | 1.2% | ||
| Q3 25 | 9.1% | 3.1% | ||
| Q2 25 | 7.1% | 0.0% | ||
| Q1 25 | 4.0% | 0.8% | ||
| Q4 24 | 16.9% | 6.0% | ||
| Q3 24 | 6.8% | -108.7% | ||
| Q2 24 | 5.5% | 4.7% |
净利率CTOSIPGP
| Q1 26 | -4.2% | — | ||
| Q4 25 | 5.4% | 4.8% | ||
| Q3 25 | -1.6% | 3.0% | ||
| Q2 25 | -7.2% | 2.6% | ||
| Q1 25 | -5.8% | 1.6% | ||
| Q4 24 | 6.9% | 3.3% | ||
| Q3 24 | -5.2% | -100.2% | ||
| Q2 24 | -7.6% | 7.8% |
每股收益（稀释后）CTOSIPGP
| Q1 26 | $-0.08 | — | ||
| Q4 25 | $0.10 | $0.30 | ||
| Q3 25 | $-0.03 | $0.18 | ||
| Q2 25 | $-0.13 | $0.16 | ||
| Q1 25 | $-0.08 | $0.09 | ||
| Q4 24 | $0.11 | $0.27 | ||
| Q3 24 | $-0.07 | $-5.33 | ||
| Q2 24 | $-0.10 | $0.45 |
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 | $6.3M | $839.3M |
| 总债务越低越好 | $25.9M | — |
| 股东权益账面价值 | $809.1M | $2.1B |
| 总资产 | $3.4B | $2.4B |
| 负债/权益比越低杠杆越低 | 0.03× | — |
8季度趋势，按日历期对齐
现金及短期投资CTOSIPGP
| Q1 26 | $6.3M | — | ||
| Q4 25 | $6.3M | $839.3M | ||
| Q3 25 | $13.1M | $870.4M | ||
| Q2 25 | $5.3M | $899.6M | ||
| Q1 25 | $5.4M | $926.9M | ||
| Q4 24 | $3.8M | $930.2M | ||
| Q3 24 | $8.4M | $1.0B | ||
| Q2 24 | $8.1M | $1.1B |
总债务CTOSIPGP
| Q1 26 | $25.9M | — | ||
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.5B | — |
股东权益CTOSIPGP
| Q1 26 | $809.1M | — | ||
| Q4 25 | $809.1M | $2.1B | ||
| Q3 25 | $784.7M | $2.1B | ||
| Q2 25 | $790.1M | $2.1B | ||
| Q1 25 | $813.4M | $2.1B | ||
| Q4 24 | $861.3M | $2.0B | ||
| Q3 24 | $837.5M | $2.1B | ||
| Q2 24 | $856.7M | $2.3B |
总资产CTOSIPGP
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.4B | $2.4B | ||
| Q3 25 | $3.5B | $2.4B | ||
| Q2 25 | $3.6B | $2.4B | ||
| Q1 25 | $3.5B | $2.3B | ||
| Q4 24 | $3.5B | $2.3B | ||
| Q3 24 | $3.6B | $2.4B | ||
| Q2 24 | $3.5B | $2.5B |
负债/权益比CTOSIPGP
| Q1 26 | 0.03× | — | ||
| Q4 25 | 2.03× | — | ||
| Q3 25 | 2.10× | — | ||
| Q2 25 | 2.04× | — | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 1.77× | — | ||
| Q3 24 | 1.87× | — | ||
| Q2 24 | 1.79× | — |
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 | — | $28.8M |
| 自由现金流经营现金流 - 资本支出 | — | $10.9M |
| 自由现金流率自由现金流/营收 | — | 4.0% |
| 资本支出强度资本支出/营收 | — | 6.5% |
| 现金转化率经营现金流/净利润 | — | 2.17× |
| 过去12个月自由现金流最近4个季度 | — | $-3.5M |
8季度趋势，按日历期对齐
经营现金流CTOSIPGP
| Q1 26 | — | — | ||
| Q4 25 | $47.3M | $28.8M | ||
| Q3 25 | $81.5M | $35.3M | ||
| Q2 25 | $125.7M | $-2.2M | ||
| Q1 25 | $55.6M | $13.4M | ||
| Q4 24 | $82.1M | $73.8M | ||
| Q3 24 | $16.5M | $66.1M | ||
| Q2 24 | $37.8M | $53.5M |
自由现金流CTOSIPGP
| Q1 26 | — | — | ||
| Q4 25 | — | $10.9M | ||
| Q3 25 | — | $14.6M | ||
| Q2 25 | — | $-17.6M | ||
| Q1 25 | — | $-11.4M | ||
| Q4 24 | — | $50.6M | ||
| Q3 24 | — | $43.0M | ||
| Q2 24 | — | $29.2M |
自由现金流率CTOSIPGP
| Q1 26 | — | — | ||
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 5.8% | ||
| Q2 25 | — | -7.0% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | — | 18.4% | ||
| Q2 24 | — | 11.3% |
资本支出强度CTOSIPGP
| Q1 26 | — | — | ||
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 8.3% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | — | 10.9% | ||
| Q4 24 | — | 9.9% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 9.4% |
现金转化率CTOSIPGP
| Q1 26 | — | — | ||
| Q4 25 | 2.27× | 2.17× | ||
| Q3 25 | — | 4.73× | ||
| Q2 25 | — | -0.34× | ||
| Q1 25 | — | 3.58× | ||
| Q4 24 | 2.98× | 9.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.65× |
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
CTOS
| Equipment sales | $273.9M | 65% |
| Rental revenue | $116.3M | 28% |
| Parts sales and services | $32.1M | 8% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
