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化石集团（FOSL）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的季度营收约是化石集团的1.0倍（$274.5M vs $270.2M），IPG PHOTONICS CORP净利率更高（4.8% vs -14.8%，领先19.7%），IPG PHOTONICS CORP同比增速更快（17.1% vs -21.1%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-22.5M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -11.4%）
化石集团是1984年成立的美国时尚设计制造企业，总部位于得克萨斯州理查森。集团旗下拥有Fossil、Relic、Michele Watch、Skagen、Zodiac Watches等多个品牌，同时也为宝马、彪马、阿玛尼、迈克高仕、DKNY等多个知名品牌代工生产授权配饰。
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。
FOSL vs IPGP — 直观对比
营收规模更大
IPGP
是对方的1.0倍
$270.2M
营收增速更快
IPGP
高出38.2%
-21.1%
净利率更高
IPGP
高出19.7%
-14.8%
自由现金流更多
IPGP
多$33.4M
$-22.5M
两年增速更快
IPGP
近两年复合增速
-11.4%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $270.2M | $274.5M |
| 净利润 | $-40.0M | $13.3M |
| 毛利率 | 49.0% | 36.1% |
| 营业利润率 | -8.0% | 1.2% |
| 净利率 | -14.8% | 4.8% |
| 营收同比 | -21.1% | 17.1% |
| 净利润同比 | -257.8% | 69.8% |
| 每股收益（稀释后） | $-0.76 | $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FOSLIPGP
| Q4 25 | $270.2M | $274.5M | ||
| Q3 25 | $220.4M | $250.8M | ||
| Q2 25 | $233.3M | $250.7M | ||
| Q1 25 | — | $227.8M | ||
| Q4 24 | $342.3M | $234.3M | ||
| Q3 24 | $287.8M | $233.1M | ||
| Q2 24 | $260.0M | $257.6M | ||
| Q1 24 | $254.9M | $252.0M |
净利润FOSLIPGP
| Q4 25 | $-40.0M | $13.3M | ||
| Q3 25 | $-2.1M | $7.5M | ||
| Q2 25 | $-17.9M | $6.6M | ||
| Q1 25 | — | $3.8M | ||
| Q4 24 | $-11.2M | $7.8M | ||
| Q3 24 | $-31.9M | $-233.6M | ||
| Q2 24 | $-38.8M | $20.2M | ||
| Q1 24 | $-24.3M | $24.1M |
毛利率FOSLIPGP
| Q4 25 | 49.0% | 36.1% | ||
| Q3 25 | 57.5% | 39.5% | ||
| Q2 25 | 61.3% | 37.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | 53.9% | 38.6% | ||
| Q3 24 | 49.4% | 23.2% | ||
| Q2 24 | 52.6% | 37.3% | ||
| Q1 24 | 52.4% | 38.7% |
营业利润率FOSLIPGP
| Q4 25 | -8.0% | 1.2% | ||
| Q3 25 | 3.9% | 3.1% | ||
| Q2 25 | -2.9% | 0.0% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | -4.8% | 6.0% | ||
| Q3 24 | -8.5% | -108.7% | ||
| Q2 24 | -13.1% | 4.7% | ||
| Q1 24 | -11.5% | 7.6% |
净利率FOSLIPGP
| Q4 25 | -14.8% | 4.8% | ||
| Q3 25 | -1.0% | 3.0% | ||
| Q2 25 | -7.7% | 2.6% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | -3.3% | 3.3% | ||
| Q3 24 | -11.1% | -100.2% | ||
| Q2 24 | -14.9% | 7.8% | ||
| Q1 24 | -9.5% | 9.6% |
每股收益（稀释后）FOSLIPGP
| Q4 25 | $-0.76 | $0.30 | ||
| Q3 25 | $-0.04 | $0.18 | ||
| Q2 25 | $-0.33 | $0.16 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | $-0.15 | $0.27 | ||
| Q3 24 | $-0.60 | $-5.33 | ||
| Q2 24 | $-0.73 | $0.45 | ||
| Q1 24 | $-0.46 | $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 | $79.2M | $839.3M |
| 总债务越低越好 | $169.1M | — |
| 股东权益账面价值 | $112.6M | $2.1B |
| 总资产 | $701.0M | $2.4B |
| 负债/权益比越低杠杆越低 | 1.50× | — |
8季度趋势，按日历期对齐
现金及短期投资FOSLIPGP
| Q4 25 | $79.2M | $839.3M | ||
| Q3 25 | $109.9M | $870.4M | ||
| Q2 25 | $78.3M | $899.6M | ||
| Q1 25 | — | $926.9M | ||
| Q4 24 | $123.6M | $930.2M | ||
| Q3 24 | $106.3M | $1.0B | ||
| Q2 24 | $104.9M | $1.1B | ||
| Q1 24 | $112.9M | $1.1B |
总债务FOSLIPGP
| Q4 25 | $169.1M | — | ||
| Q3 25 | $165.6M | — | ||
| Q2 25 | $167.2M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $162.7M | — | ||
| Q3 24 | $173.4M | — | ||
| Q2 24 | $156.5M | — | ||
| Q1 24 | $202.9M | — |
股东权益FOSLIPGP
| Q4 25 | $112.6M | $2.1B | ||
| Q3 25 | $150.3M | $2.1B | ||
| Q2 25 | $140.6M | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | $148.7M | $2.0B | ||
| Q3 24 | $164.4M | $2.1B | ||
| Q2 24 | $189.6M | $2.3B | ||
| Q1 24 | $229.1M | $2.3B |
总资产FOSLIPGP
| Q4 25 | $701.0M | $2.4B | ||
| Q3 25 | $704.5M | $2.4B | ||
| Q2 25 | $686.0M | $2.4B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $763.6M | $2.3B | ||
| Q3 24 | $812.4M | $2.4B | ||
| Q2 24 | $785.7M | $2.5B | ||
| Q1 24 | $891.0M | $2.6B |
负债/权益比FOSLIPGP
| Q4 25 | 1.50× | — | ||
| Q3 25 | 1.10× | — | ||
| Q2 25 | 1.19× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.09× | — | ||
| Q3 24 | 1.06× | — | ||
| Q2 24 | 0.83× | — | ||
| Q1 24 | 0.89× | — |
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 | $-22.2M | $28.8M |
| 自由现金流经营现金流 - 资本支出 | $-22.5M | $10.9M |
| 自由现金流率自由现金流/营收 | -8.3% | 4.0% |
| 资本支出强度资本支出/营收 | 0.1% | 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 | $-46.0M | $-3.5M |
8季度趋势，按日历期对齐
经营现金流FOSLIPGP
| Q4 25 | $-22.2M | $28.8M | ||
| Q3 25 | $9.4M | $35.3M | ||
| Q2 25 | $-60.4M | $-2.2M | ||
| Q1 25 | — | $13.4M | ||
| Q4 24 | $30.5M | $73.8M | ||
| Q3 24 | $-22.8M | $66.1M | ||
| Q2 24 | $38.4M | $53.5M | ||
| Q1 24 | $622.0K | $54.6M |
自由现金流FOSLIPGP
| Q4 25 | $-22.5M | $10.9M | ||
| Q3 25 | $8.6M | $14.6M | ||
| Q2 25 | $-60.6M | $-17.6M | ||
| Q1 25 | — | $-11.4M | ||
| Q4 24 | $28.5M | $50.6M | ||
| Q3 24 | $-24.1M | $43.0M | ||
| Q2 24 | $36.6M | $29.2M | ||
| Q1 24 | $-1.1M | $26.5M |
自由现金流率FOSLIPGP
| Q4 25 | -8.3% | 4.0% | ||
| Q3 25 | 3.9% | 5.8% | ||
| Q2 25 | -26.0% | -7.0% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | 8.3% | 21.6% | ||
| Q3 24 | -8.4% | 18.4% | ||
| Q2 24 | 14.1% | 11.3% | ||
| Q1 24 | -0.4% | 10.5% |
资本支出强度FOSLIPGP
| Q4 25 | 0.1% | 6.5% | ||
| Q3 25 | 0.4% | 8.3% | ||
| Q2 25 | 0.1% | 6.1% | ||
| Q1 25 | — | 10.9% | ||
| Q4 24 | 0.6% | 9.9% | ||
| Q3 24 | 0.4% | 9.9% | ||
| Q2 24 | 0.7% | 9.4% | ||
| Q1 24 | 0.7% | 11.1% |
现金转化率FOSLIPGP
| Q4 25 | — | 2.17× | ||
| Q3 25 | — | 4.73× | ||
| Q2 25 | — | -0.34× | ||
| Q1 25 | — | 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
FOSL
| Transferred At Point In Time | $109.7M | 41% |
| Traditional Watches | $91.3M | 34% |
| Other | $50.8M | 19% |
| Leathers | $9.5M | 4% |
| Jewelry | $4.0M | 1% |
| Smartwatches | $3.3M | 1% |
| Products Other | $1.6M | 1% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
