vs
Forestar Group Inc.（FOR）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Forestar Group Inc.的1.0倍（$274.5M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs 4.8%，领先0.8%），IPG PHOTONICS CORP同比增速更快（17.1% vs 9.0%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-157.1M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -9.6%）
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
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。
FOR vs IPGP — 直观对比
营收规模更大
IPGP
是对方的1.0倍
$273.0M
营收增速更快
IPGP
高出8.1%
9.0%
净利率更高
FOR
高出0.8%
4.8%
自由现金流更多
IPGP
多$168.0M
$-157.1M
两年增速更快
IPGP
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $274.5M |
| 净利润 | $15.4M | $13.3M |
| 毛利率 | 20.1% | 36.1% |
| 营业利润率 | 7.6% | 1.2% |
| 净利率 | 5.6% | 4.8% |
| 营收同比 | 9.0% | 17.1% |
| 净利润同比 | -6.7% | 69.8% |
| 每股收益（稀释后） | $0.30 | $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FORIPGP
| Q4 25 | $273.0M | $274.5M | ||
| Q3 25 | $670.5M | $250.8M | ||
| Q2 25 | $390.5M | $250.7M | ||
| Q1 25 | $351.0M | $227.8M | ||
| Q4 24 | $250.4M | $234.3M | ||
| Q3 24 | $551.3M | $233.1M | ||
| Q2 24 | $318.4M | $257.6M | ||
| Q1 24 | $333.8M | $252.0M |
净利润FORIPGP
| Q4 25 | $15.4M | $13.3M | ||
| Q3 25 | $86.9M | $7.5M | ||
| Q2 25 | $32.9M | $6.6M | ||
| Q1 25 | $31.6M | $3.8M | ||
| Q4 24 | $16.5M | $7.8M | ||
| Q3 24 | $81.5M | $-233.6M | ||
| Q2 24 | $38.7M | $20.2M | ||
| Q1 24 | $45.0M | $24.1M |
毛利率FORIPGP
| Q4 25 | 20.1% | 36.1% | ||
| Q3 25 | 22.3% | 39.5% | ||
| Q2 25 | 20.4% | 37.3% | ||
| Q1 25 | 22.6% | 39.4% | ||
| Q4 24 | 22.0% | 38.6% | ||
| Q3 24 | 23.9% | 23.2% | ||
| Q2 24 | 22.5% | 37.3% | ||
| Q1 24 | 24.9% | 38.7% |
营业利润率FORIPGP
| Q4 25 | 7.6% | 1.2% | ||
| Q3 25 | 16.9% | 3.1% | ||
| Q2 25 | 11.2% | 0.0% | ||
| Q1 25 | 11.6% | 0.8% | ||
| Q4 24 | 8.7% | 6.0% | ||
| Q3 24 | 19.7% | -108.7% | ||
| Q2 24 | 16.2% | 4.7% | ||
| Q1 24 | 17.6% | 7.6% |
净利率FORIPGP
| Q4 25 | 5.6% | 4.8% | ||
| Q3 25 | 13.0% | 3.0% | ||
| Q2 25 | 8.4% | 2.6% | ||
| Q1 25 | 9.0% | 1.6% | ||
| Q4 24 | 6.6% | 3.3% | ||
| Q3 24 | 14.8% | -100.2% | ||
| Q2 24 | 12.2% | 7.8% | ||
| Q1 24 | 13.5% | 9.6% |
每股收益（稀释后）FORIPGP
| Q4 25 | $0.30 | $0.30 | ||
| Q3 25 | $1.70 | $0.18 | ||
| Q2 25 | $0.65 | $0.16 | ||
| Q1 25 | $0.62 | $0.09 | ||
| Q4 24 | $0.32 | $0.27 | ||
| Q3 24 | $1.59 | $-5.33 | ||
| Q2 24 | $0.76 | $0.45 | ||
| Q1 24 | $0.89 | $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 | $211.7M | $839.3M |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | $2.1B |
| 总资产 | $3.2B | $2.4B |
| 负债/权益比越低杠杆越低 | 0.44× | — |
8季度趋势，按日历期对齐
现金及短期投资FORIPGP
| Q4 25 | $211.7M | $839.3M | ||
| Q3 25 | $379.2M | $870.4M | ||
| Q2 25 | $189.2M | $899.6M | ||
| Q1 25 | $174.3M | $926.9M | ||
| Q4 24 | $132.0M | $930.2M | ||
| Q3 24 | $481.2M | $1.0B | ||
| Q2 24 | $359.2M | $1.1B | ||
| Q1 24 | $416.2M | $1.1B |
总债务FORIPGP
| Q4 25 | $793.2M | — | ||
| Q3 25 | $802.7M | — | ||
| Q2 25 | $872.8M | — | ||
| Q1 25 | $872.5M | — | ||
| Q4 24 | $806.8M | — | ||
| Q3 24 | $706.4M | — | ||
| Q2 24 | $706.1M | — | ||
| Q1 24 | $705.7M | — |
股东权益FORIPGP
| Q4 25 | $1.8B | $2.1B | ||
| Q3 25 | $1.8B | $2.1B | ||
| Q2 25 | $1.7B | $2.1B | ||
| Q1 25 | $1.6B | $2.1B | ||
| Q4 24 | $1.6B | $2.0B | ||
| Q3 24 | $1.6B | $2.1B | ||
| Q2 24 | $1.5B | $2.3B | ||
| Q1 24 | $1.5B | $2.3B |
总资产FORIPGP
| Q4 25 | $3.2B | $2.4B | ||
| Q3 25 | $3.1B | $2.4B | ||
| Q2 25 | $3.1B | $2.4B | ||
| Q1 25 | $3.0B | $2.3B | ||
| Q4 24 | $3.0B | $2.3B | ||
| Q3 24 | $2.8B | $2.4B | ||
| Q2 24 | $2.7B | $2.5B | ||
| Q1 24 | $2.6B | $2.6B |
负债/权益比FORIPGP
| Q4 25 | 0.44× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.47× | — | ||
| Q1 24 | 0.48× | — |
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 | $-157.0M | $28.8M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $10.9M |
| 自由现金流率自由现金流/营收 | -57.5% | 4.0% |
| 资本支出强度资本支出/营收 | 0.0% | 6.5% |
| 现金转化率经营现金流/净利润 | -10.19× | 2.17× |
| 过去12个月自由现金流最近4个季度 | $93.0M | $-3.5M |
8季度趋势，按日历期对齐
经营现金流FORIPGP
| Q4 25 | $-157.0M | $28.8M | ||
| Q3 25 | $256.3M | $35.3M | ||
| Q2 25 | $15.8M | $-2.2M | ||
| Q1 25 | $-19.8M | $13.4M | ||
| Q4 24 | $-450.0M | $73.8M | ||
| Q3 24 | $119.2M | $66.1M | ||
| Q2 24 | $-61.7M | $53.5M | ||
| Q1 24 | $-59.2M | $54.6M |
自由现金流FORIPGP
| Q4 25 | $-157.1M | $10.9M | ||
| Q3 25 | $255.6M | $14.6M | ||
| Q2 25 | $15.0M | $-17.6M | ||
| Q1 25 | $-20.5M | $-11.4M | ||
| Q4 24 | — | $50.6M | ||
| Q3 24 | $118.4M | $43.0M | ||
| Q2 24 | $-62.3M | $29.2M | ||
| Q1 24 | $-59.8M | $26.5M |
自由现金流率FORIPGP
| Q4 25 | -57.5% | 4.0% | ||
| Q3 25 | 38.1% | 5.8% | ||
| Q2 25 | 3.8% | -7.0% | ||
| Q1 25 | -5.8% | -5.0% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | 21.5% | 18.4% | ||
| Q2 24 | -19.6% | 11.3% | ||
| Q1 24 | -17.9% | 10.5% |
资本支出强度FORIPGP
| Q4 25 | 0.0% | 6.5% | ||
| Q3 25 | 0.1% | 8.3% | ||
| Q2 25 | 0.2% | 6.1% | ||
| Q1 25 | 0.2% | 10.9% | ||
| Q4 24 | 0.0% | 9.9% | ||
| Q3 24 | 0.1% | 9.9% | ||
| Q2 24 | 0.2% | 9.4% | ||
| Q1 24 | 0.2% | 11.1% |
现金转化率FORIPGP
| Q4 25 | -10.19× | 2.17× | ||
| Q3 25 | 2.95× | 4.73× | ||
| Q2 25 | 0.48× | -0.34× | ||
| Q1 25 | -0.63× | 3.58× | ||
| Q4 24 | -27.27× | 9.44× | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | 2.65× | ||
| Q1 24 | -1.32× | 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
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
