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FTAI Infrastructure Inc.（FIP）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FTAI Infrastructure Inc.的1.9倍（$274.5M vs $143.5M），IPG PHOTONICS CORP净利率更高（4.8% vs -68.1%，领先72.9%），FTAI Infrastructure Inc.同比增速更快（77.7% vs 17.1%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-68.6M），过去两年FTAI Infrastructure Inc.的营收复合增速更高（31.9% vs 4.4%）
FTAI基础设施有限公司持有、运营并投资交通物流、中游能源、发电等核心领域的优质关键基础设施资产，主要面向北美市场，聚焦拥有稳定长期现金流、合同约定收入流的项目，为利益相关方创造可持续回报。
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。
FIP vs IPGP — 直观对比
营收规模更大
IPGP
是对方的1.9倍
$143.5M
营收增速更快
FIP
高出60.6%
17.1%
净利率更高
IPGP
高出72.9%
-68.1%
自由现金流更多
IPGP
多$79.6M
$-68.6M
两年增速更快
FIP
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $143.5M | $274.5M |
| 净利润 | $-97.7M | $13.3M |
| 毛利率 | — | 36.1% |
| 营业利润率 | -45.7% | 1.2% |
| 净利率 | -68.1% | 4.8% |
| 营收同比 | 77.7% | 17.1% |
| 净利润同比 | 21.6% | 69.8% |
| 每股收益（稀释后） | $-1.04 | $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FIPIPGP
| Q4 25 | $143.5M | $274.5M | ||
| Q3 25 | $140.6M | $250.8M | ||
| Q2 25 | $122.3M | $250.7M | ||
| Q1 25 | $96.2M | $227.8M | ||
| Q4 24 | $80.8M | $234.3M | ||
| Q3 24 | $83.3M | $233.1M | ||
| Q2 24 | $84.9M | $257.6M | ||
| Q1 24 | $82.5M | $252.0M |
净利润FIPIPGP
| Q4 25 | $-97.7M | $13.3M | ||
| Q3 25 | $-104.5M | $7.5M | ||
| Q2 25 | $-70.0M | $6.6M | ||
| Q1 25 | $120.2M | $3.8M | ||
| Q4 24 | $-124.7M | $7.8M | ||
| Q3 24 | $-43.0M | $-233.6M | ||
| Q2 24 | $-48.1M | $20.2M | ||
| Q1 24 | $-50.3M | $24.1M |
毛利率FIPIPGP
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 39.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 37.3% | ||
| Q1 24 | — | 38.7% |
营业利润率FIPIPGP
| Q4 25 | -45.7% | 1.2% | ||
| Q3 25 | -70.8% | 3.1% | ||
| Q2 25 | -56.4% | 0.0% | ||
| Q1 25 | 81.8% | 0.8% | ||
| Q4 24 | -152.7% | 6.0% | ||
| Q3 24 | -51.7% | -108.7% | ||
| Q2 24 | -56.4% | 4.7% | ||
| Q1 24 | -58.8% | 7.6% |
净利率FIPIPGP
| Q4 25 | -68.1% | 4.8% | ||
| Q3 25 | -74.4% | 3.0% | ||
| Q2 25 | -57.2% | 2.6% | ||
| Q1 25 | 125.0% | 1.6% | ||
| Q4 24 | -154.4% | 3.3% | ||
| Q3 24 | -51.6% | -100.2% | ||
| Q2 24 | -56.7% | 7.8% | ||
| Q1 24 | -60.9% | 9.6% |
每股收益（稀释后）FIPIPGP
| Q4 25 | $-1.04 | $0.30 | ||
| Q3 25 | $-1.38 | $0.18 | ||
| Q2 25 | $-0.73 | $0.16 | ||
| Q1 25 | $0.89 | $0.09 | ||
| Q4 24 | $-1.21 | $0.27 | ||
| Q3 24 | $-0.45 | $-5.33 | ||
| Q2 24 | $-0.52 | $0.45 | ||
| Q1 24 | $-0.54 | $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 | $57.4M | $839.3M |
| 总债务越低越好 | $3.8B | — |
| 股东权益账面价值 | $21.3M | $2.1B |
| 总资产 | $5.7B | $2.4B |
| 负债/权益比越低杠杆越低 | 176.99× | — |
8季度趋势，按日历期对齐
现金及短期投资FIPIPGP
| Q4 25 | $57.4M | $839.3M | ||
| Q3 25 | $34.7M | $870.4M | ||
| Q2 25 | $33.6M | $899.6M | ||
| Q1 25 | $26.3M | $926.9M | ||
| Q4 24 | $27.8M | $930.2M | ||
| Q3 24 | $20.3M | $1.0B | ||
| Q2 24 | $33.1M | $1.1B | ||
| Q1 24 | $23.0M | $1.1B |
总债务FIPIPGP
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.3B | — |
股东权益FIPIPGP
| Q4 25 | $21.3M | $2.1B | ||
| Q3 25 | $181.1M | $2.1B | ||
| Q2 25 | $375.5M | $2.1B | ||
| Q1 25 | $476.2M | $2.1B | ||
| Q4 24 | $202.7M | $2.0B | ||
| Q3 24 | $370.8M | $2.1B | ||
| Q2 24 | $394.8M | $2.3B | ||
| Q1 24 | $402.5M | $2.3B |
总资产FIPIPGP
| Q4 25 | $5.7B | $2.4B | ||
| Q3 25 | $5.5B | $2.4B | ||
| Q2 25 | $4.4B | $2.4B | ||
| Q1 25 | $4.1B | $2.3B | ||
| Q4 24 | $2.4B | $2.3B | ||
| Q3 24 | $2.4B | $2.4B | ||
| Q2 24 | $2.5B | $2.5B | ||
| Q1 24 | $2.3B | $2.6B |
负债/权益比FIPIPGP
| Q4 25 | 176.99× | — | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | — | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 3.94× | — | ||
| Q1 24 | 3.34× | — |
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 | $-2.8M | $28.8M |
| 自由现金流经营现金流 - 资本支出 | $-68.6M | $10.9M |
| 自由现金流率自由现金流/营收 | -47.8% | 4.0% |
| 资本支出强度资本支出/营收 | 45.9% | 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 | $-398.5M | $-3.5M |
8季度趋势，按日历期对齐
经营现金流FIPIPGP
| Q4 25 | $-2.8M | $28.8M | ||
| Q3 25 | $-24.4M | $35.3M | ||
| Q2 25 | $-5.2M | $-2.2M | ||
| Q1 25 | $-85.7M | $13.4M | ||
| Q4 24 | $-8.1M | $73.8M | ||
| Q3 24 | $14.2M | $66.1M | ||
| Q2 24 | $-17.6M | $53.5M | ||
| Q1 24 | $-3.9M | $54.6M |
自由现金流FIPIPGP
| Q4 25 | $-68.6M | $10.9M | ||
| Q3 25 | $-90.7M | $14.6M | ||
| Q2 25 | $-87.5M | $-17.6M | ||
| Q1 25 | $-151.7M | $-11.4M | ||
| Q4 24 | $-34.3M | $50.6M | ||
| Q3 24 | $-11.7M | $43.0M | ||
| Q2 24 | $-32.1M | $29.2M | ||
| Q1 24 | $-16.7M | $26.5M |
自由现金流率FIPIPGP
| Q4 25 | -47.8% | 4.0% | ||
| Q3 25 | -64.5% | 5.8% | ||
| Q2 25 | -71.6% | -7.0% | ||
| Q1 25 | -157.7% | -5.0% | ||
| Q4 24 | -42.4% | 21.6% | ||
| Q3 24 | -14.0% | 18.4% | ||
| Q2 24 | -37.9% | 11.3% | ||
| Q1 24 | -20.3% | 10.5% |
资本支出强度FIPIPGP
| Q4 25 | 45.9% | 6.5% | ||
| Q3 25 | 47.2% | 8.3% | ||
| Q2 25 | 67.3% | 6.1% | ||
| Q1 25 | 68.6% | 10.9% | ||
| Q4 24 | 32.5% | 9.9% | ||
| Q3 24 | 31.1% | 9.9% | ||
| Q2 24 | 17.2% | 9.4% | ||
| Q1 24 | 15.6% | 11.1% |
现金转化率FIPIPGP
| Q4 25 | — | 2.17× | ||
| Q3 25 | — | 4.73× | ||
| Q2 25 | — | -0.34× | ||
| Q1 25 | -0.71× | 3.58× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.65× | ||
| Q1 24 | — | 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
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
