vs
IPG PHOTONICS CORP（IPGP）与铱星通信（IRDM）财务数据对比。点击上方公司名可切换其他公司
IPG PHOTONICS CORP的季度营收约是铱星通信的1.3倍（$274.5M vs $219.1M），铱星通信净利率更高（9.9% vs 4.8%，领先5.0%），IPG PHOTONICS CORP同比增速更快（17.1% vs 1.9%），过去两年铱星通信的营收复合增速更高（4.4% vs 4.4%）
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。
铱星通信是一家总部位于美国弗吉尼亚州麦克莱恩的上市企业，运营着由80颗卫星组成的铱星星座，其中66颗为工作星，14颗为在轨备用星。其卫星网络支持手持卫星电话、卫星通信终端及集成收发设备实现全球范围的语音和数据传输，还可提供双向卫星消息服务，满足全球各场景的通信需求。
IPGP vs IRDM — 直观对比
营收规模更大
IPGP
是对方的1.3倍
$219.1M
营收增速更快
IPGP
高出15.2%
1.9%
净利率更高
IRDM
高出5.0%
4.8%
两年增速更快
IRDM
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $219.1M |
| 净利润 | $13.3M | $21.6M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 23.2% |
| 净利率 | 4.8% | 9.9% |
| 营收同比 | 17.1% | 1.9% |
| 净利润同比 | 69.8% | — |
| 每股收益（稀释后） | $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IPGPIRDM
| Q1 26 | — | $219.1M | ||
| Q4 25 | $274.5M | $212.9M | ||
| Q3 25 | $250.8M | $226.9M | ||
| Q2 25 | $250.7M | $216.9M | ||
| Q1 25 | $227.8M | $214.9M | ||
| Q4 24 | $234.3M | $213.0M | ||
| Q3 24 | $233.1M | $212.8M | ||
| Q2 24 | $257.6M | $201.1M |
净利润IPGPIRDM
| Q1 26 | — | $21.6M | ||
| Q4 25 | $13.3M | $24.9M | ||
| Q3 25 | $7.5M | $37.1M | ||
| Q2 25 | $6.6M | $22.0M | ||
| Q1 25 | $3.8M | $30.4M | ||
| Q4 24 | $7.8M | $36.3M | ||
| Q3 24 | $-233.6M | $24.4M | ||
| Q2 24 | $20.2M | $32.3M |
毛利率IPGPIRDM
| Q1 26 | — | — | ||
| 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% | — |
营业利润率IPGPIRDM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 1.2% | 25.9% | ||
| Q3 25 | 3.1% | 30.9% | ||
| Q2 25 | 0.0% | 23.2% | ||
| Q1 25 | 0.8% | 28.1% | ||
| Q4 24 | 6.0% | 24.5% | ||
| Q3 24 | -108.7% | 25.8% | ||
| Q2 24 | 4.7% | 21.7% |
净利率IPGPIRDM
| Q1 26 | — | 9.9% | ||
| Q4 25 | 4.8% | 11.7% | ||
| Q3 25 | 3.0% | 16.4% | ||
| Q2 25 | 2.6% | 10.1% | ||
| Q1 25 | 1.6% | 14.2% | ||
| Q4 24 | 3.3% | 17.1% | ||
| Q3 24 | -100.2% | 11.5% | ||
| Q2 24 | 7.8% | 16.1% |
每股收益（稀释后）IPGPIRDM
| Q1 26 | — | — | ||
| Q4 25 | $0.30 | $0.24 | ||
| Q3 25 | $0.18 | $0.35 | ||
| Q2 25 | $0.16 | $0.20 | ||
| Q1 25 | $0.09 | $0.27 | ||
| Q4 24 | $0.27 | $0.30 | ||
| Q3 24 | $-5.33 | $0.21 | ||
| Q2 24 | $0.45 | $0.27 |
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 | $839.3M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | — |
| 总资产 | $2.4B | — |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资IPGPIRDM
| Q1 26 | — | — | ||
| Q4 25 | $839.3M | $96.5M | ||
| Q3 25 | $870.4M | $88.5M | ||
| Q2 25 | $899.6M | $79.3M | ||
| Q1 25 | $926.9M | $50.9M | ||
| Q4 24 | $930.2M | $93.5M | ||
| Q3 24 | $1.0B | $159.6M | ||
| Q2 24 | $1.1B | $63.5M |
总债务IPGPIRDM
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益IPGPIRDM
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $462.6M | ||
| Q3 25 | $2.1B | $450.5M | ||
| Q2 25 | $2.1B | $473.6M | ||
| Q1 25 | $2.1B | $518.4M | ||
| Q4 24 | $2.0B | $576.6M | ||
| Q3 24 | $2.1B | $663.8M | ||
| Q2 24 | $2.3B | $786.7M |
总资产IPGPIRDM
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $2.5B | ||
| Q3 25 | $2.4B | $2.6B | ||
| Q2 25 | $2.4B | $2.6B | ||
| Q1 25 | $2.3B | $2.6B | ||
| Q4 24 | $2.3B | $2.7B | ||
| Q3 24 | $2.4B | $2.8B | ||
| Q2 24 | $2.5B | $2.7B |
负债/权益比IPGPIRDM
| Q1 26 | — | — | ||
| Q4 25 | — | 3.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% | 13.7% |
| 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IPGPIRDM
| Q1 26 | — | — | ||
| Q4 25 | $28.8M | $108.6M | ||
| Q3 25 | $35.3M | $100.8M | ||
| Q2 25 | $-2.2M | $129.6M | ||
| Q1 25 | $13.4M | $61.1M | ||
| Q4 24 | $73.8M | $104.8M | ||
| Q3 24 | $66.1M | $118.6M | ||
| Q2 24 | $53.5M | $81.1M |
自由现金流IPGPIRDM
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $75.1M | ||
| Q3 25 | $14.6M | $79.2M | ||
| Q2 25 | $-17.6M | $108.9M | ||
| Q1 25 | $-11.4M | $36.5M | ||
| Q4 24 | $50.6M | $80.5M | ||
| Q3 24 | $43.0M | $100.0M | ||
| Q2 24 | $29.2M | $68.7M |
自由现金流率IPGPIRDM
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 35.3% | ||
| Q3 25 | 5.8% | 34.9% | ||
| Q2 25 | -7.0% | 50.2% | ||
| Q1 25 | -5.0% | 17.0% | ||
| Q4 24 | 21.6% | 37.8% | ||
| Q3 24 | 18.4% | 47.0% | ||
| Q2 24 | 11.3% | 34.2% |
资本支出强度IPGPIRDM
| Q1 26 | — | 13.7% | ||
| Q4 25 | 6.5% | 15.7% | ||
| Q3 25 | 8.3% | 9.5% | ||
| Q2 25 | 6.1% | 9.5% | ||
| Q1 25 | 10.9% | 11.4% | ||
| Q4 24 | 9.9% | 11.4% | ||
| Q3 24 | 9.9% | 8.7% | ||
| Q2 24 | 9.4% | 6.2% |
现金转化率IPGPIRDM
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | 4.37× | ||
| Q3 25 | 4.73× | 2.71× | ||
| Q2 25 | -0.34× | 5.90× | ||
| Q1 25 | 3.58× | 2.01× | ||
| Q4 24 | 9.44× | 2.88× | ||
| Q3 24 | — | 4.85× | ||
| Q2 24 | 2.65× | 2.51× |
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
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
