vs
Ecovyst Inc.（ECVT）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
IPG PHOTONICS CORP的季度营收约是Ecovyst Inc.的1.4倍（$274.5M vs $199.4M），Ecovyst Inc.同比增速更快（34.0% vs 17.1%），Ecovyst Inc.自由现金流更多（$22.9M vs $10.9M），过去两年Ecovyst Inc.的营收复合增速更高（18.7% vs 4.4%）
Ecovyst Inc.是一家全球可持续特种材料供应商，主营高性能催化剂与功能性添加剂的研发、生产，产品服务覆盖工业制造、消费品、环保等核心领域，助力全球客户提升运营效率、降低碳排放。
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。
ECVT vs IPGP — 直观对比
营收规模更大
IPGP
是对方的1.4倍
$199.4M
营收增速更快
ECVT
高出16.8%
17.1%
自由现金流更多
ECVT
多$12.0M
$10.9M
两年增速更快
ECVT
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $274.5M |
| 净利润 | — | $13.3M |
| 毛利率 | 23.4% | 36.1% |
| 营业利润率 | 10.9% | 1.2% |
| 净利率 | — | 4.8% |
| 营收同比 | 34.0% | 17.1% |
| 净利润同比 | — | 69.8% |
| 每股收益（稀释后） | $0.06 | $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ECVTIPGP
| Q4 25 | $199.4M | $274.5M | ||
| Q3 25 | $204.9M | $250.8M | ||
| Q2 25 | $176.1M | $250.7M | ||
| Q1 25 | $143.1M | $227.8M | ||
| Q4 24 | $148.9M | $234.3M | ||
| Q3 24 | $153.9M | $233.1M | ||
| Q2 24 | $154.0M | $257.6M | ||
| Q1 24 | $141.6M | $252.0M |
净利润ECVTIPGP
| Q4 25 | — | $13.3M | ||
| Q3 25 | $-79.3M | $7.5M | ||
| Q2 25 | $6.0M | $6.6M | ||
| Q1 25 | $-3.6M | $3.8M | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $14.3M | $-233.6M | ||
| Q2 24 | $8.3M | $20.2M | ||
| Q1 24 | $1.2M | $24.1M |
毛利率ECVTIPGP
| Q4 25 | 23.4% | 36.1% | ||
| Q3 25 | 25.4% | 39.5% | ||
| Q2 25 | 22.8% | 37.3% | ||
| Q1 25 | 13.3% | 39.4% | ||
| Q4 24 | 28.9% | 38.6% | ||
| Q3 24 | 29.3% | 23.2% | ||
| Q2 24 | 27.3% | 37.3% | ||
| Q1 24 | 23.5% | 38.7% |
营业利润率ECVTIPGP
| Q4 25 | 10.9% | 1.2% | ||
| Q3 25 | 13.8% | 3.1% | ||
| Q2 25 | 9.0% | 0.0% | ||
| Q1 25 | -0.7% | 0.8% | ||
| Q4 24 | 15.1% | 6.0% | ||
| Q3 24 | 17.9% | -108.7% | ||
| Q2 24 | 14.1% | 4.7% | ||
| Q1 24 | 9.5% | 7.6% |
净利率ECVTIPGP
| Q4 25 | — | 4.8% | ||
| Q3 25 | -38.7% | 3.0% | ||
| Q2 25 | 3.4% | 2.6% | ||
| Q1 25 | -2.5% | 1.6% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | 9.3% | -100.2% | ||
| Q2 24 | 5.4% | 7.8% | ||
| Q1 24 | 0.9% | 9.6% |
每股收益（稀释后）ECVTIPGP
| Q4 25 | $0.06 | $0.30 | ||
| Q3 25 | $-0.69 | $0.18 | ||
| Q2 25 | $0.05 | $0.16 | ||
| Q1 25 | $-0.03 | $0.09 | ||
| Q4 24 | $-0.26 | $0.27 | ||
| Q3 24 | $0.12 | $-5.33 | ||
| Q2 24 | $0.07 | $0.45 | ||
| Q1 24 | $0.01 | $0.52 |
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 | $197.2M | $839.3M |
| 总债务越低越好 | $392.6M | — |
| 股东权益账面价值 | $603.4M | $2.1B |
| 总资产 | $1.3B | $2.4B |
| 负债/权益比越低杠杆越低 | 0.65× | — |
8季度趋势，按日历期对齐
现金及短期投资ECVTIPGP
| Q4 25 | $197.2M | $839.3M | ||
| Q3 25 | $82.0M | $870.4M | ||
| Q2 25 | $69.6M | $899.6M | ||
| Q1 25 | $127.5M | $926.9M | ||
| Q4 24 | $131.4M | $930.2M | ||
| Q3 24 | $123.5M | $1.0B | ||
| Q2 24 | $83.3M | $1.1B | ||
| Q1 24 | $103.1M | $1.1B |
总债务ECVTIPGP
| Q4 25 | $392.6M | — | ||
| Q3 25 | $854.8M | — | ||
| Q2 25 | $856.6M | — | ||
| Q1 25 | $859.0M | — | ||
| Q4 24 | $860.8M | — | ||
| Q3 24 | $862.7M | — | ||
| Q2 24 | $862.4M | — | ||
| Q1 24 | $866.2M | — |
股东权益ECVTIPGP
| Q4 25 | $603.4M | $2.1B | ||
| Q3 25 | $607.9M | $2.1B | ||
| Q2 25 | $692.4M | $2.1B | ||
| Q1 25 | $698.7M | $2.1B | ||
| Q4 24 | $700.5M | $2.0B | ||
| Q3 24 | $729.4M | $2.1B | ||
| Q2 24 | $717.3M | $2.3B | ||
| Q1 24 | $711.4M | $2.3B |
总资产ECVTIPGP
| Q4 25 | $1.3B | $2.4B | ||
| Q3 25 | $1.7B | $2.4B | ||
| Q2 25 | $1.8B | $2.4B | ||
| Q1 25 | $1.8B | $2.3B | ||
| Q4 24 | $1.8B | $2.3B | ||
| Q3 24 | $1.8B | $2.4B | ||
| Q2 24 | $1.8B | $2.5B | ||
| Q1 24 | $1.8B | $2.6B |
负债/权益比ECVTIPGP
| Q4 25 | 0.65× | — | ||
| Q3 25 | 1.41× | — | ||
| Q2 25 | 1.24× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 1.23× | — | ||
| Q3 24 | 1.18× | — | ||
| Q2 24 | 1.20× | — | ||
| Q1 24 | 1.22× | — |
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 | $41.8M | $28.8M |
| 自由现金流经营现金流 - 资本支出 | $22.9M | $10.9M |
| 自由现金流率自由现金流/营收 | 11.5% | 4.0% |
| 资本支出强度资本支出/营收 | 9.4% | 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 | $69.9M | $-3.5M |
8季度趋势，按日历期对齐
经营现金流ECVTIPGP
| Q4 25 | $41.8M | $28.8M | ||
| Q3 25 | $55.3M | $35.3M | ||
| Q2 25 | $33.0M | $-2.2M | ||
| Q1 25 | $10.3M | $13.4M | ||
| Q4 24 | $43.5M | $73.8M | ||
| Q3 24 | $59.9M | $66.1M | ||
| Q2 24 | $10.0M | $53.5M | ||
| Q1 24 | $36.5M | $54.6M |
自由现金流ECVTIPGP
| Q4 25 | $22.9M | $10.9M | ||
| Q3 25 | $53.2M | $14.6M | ||
| Q2 25 | $7.8M | $-17.6M | ||
| Q1 25 | $-14.0M | $-11.4M | ||
| Q4 24 | $30.9M | $50.6M | ||
| Q3 24 | $53.6M | $43.0M | ||
| Q2 24 | $-9.3M | $29.2M | ||
| Q1 24 | $19.1M | $26.5M |
自由现金流率ECVTIPGP
| Q4 25 | 11.5% | 4.0% | ||
| Q3 25 | 26.0% | 5.8% | ||
| Q2 25 | 4.4% | -7.0% | ||
| Q1 25 | -9.8% | -5.0% | ||
| Q4 24 | 20.7% | 21.6% | ||
| Q3 24 | 34.9% | 18.4% | ||
| Q2 24 | -6.1% | 11.3% | ||
| Q1 24 | 13.5% | 10.5% |
资本支出强度ECVTIPGP
| Q4 25 | 9.4% | 6.5% | ||
| Q3 25 | 1.0% | 8.3% | ||
| Q2 25 | 14.4% | 6.1% | ||
| Q1 25 | 16.9% | 10.9% | ||
| Q4 24 | 8.5% | 9.9% | ||
| Q3 24 | 4.1% | 9.9% | ||
| Q2 24 | 12.5% | 9.4% | ||
| Q1 24 | 12.3% | 11.1% |
现金转化率ECVTIPGP
| Q4 25 | — | 2.17× | ||
| Q3 25 | — | 4.73× | ||
| Q2 25 | 5.52× | -0.34× | ||
| Q1 25 | — | 3.58× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | 4.21× | — | ||
| Q2 24 | 1.20× | 2.65× | ||
| Q1 24 | 29.90× | 2.27× |
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
ECVT
| Industrial Mining Automotive | $101.3M | 51% |
| Regeneration And Treatment Services | $90.0M | 45% |
| Other | $8.1M | 4% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
