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IPG PHOTONICS CORP（IPGP）与iRhythm Holdings, Inc.（IRTC）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iRhythm Holdings, Inc.的1.3倍（$274.5M vs $208.9M），IPG PHOTONICS CORP净利率更高（4.8% vs 2.7%，领先2.2%），iRhythm Holdings, Inc.同比增速更快（27.1% vs 17.1%），iRhythm Holdings, Inc.自由现金流更多（$14.5M vs $10.9M），过去两年iRhythm Holdings, Inc.的营收复合增速更高（25.8% 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。
iRhythm Holdings是一家专注于心脏护理领域的数字医疗企业，开发可穿戴动态心脏监测设备及配套AI分析工具，主要服务美国市场的医疗机构与患者，帮助检测房颤等心律异常病症，为临床诊断提供可靠的数据支持。
IPGP vs IRTC — 直观对比
营收规模更大
IPGP
是对方的1.3倍
$208.9M
营收增速更快
IRTC
高出10.0%
17.1%
净利率更高
IPGP
高出2.2%
2.7%
自由现金流更多
IRTC
多$3.6M
$10.9M
两年增速更快
IRTC
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $208.9M |
| 净利润 | $13.3M | $5.6M |
| 毛利率 | 36.1% | 70.9% |
| 营业利润率 | 1.2% | 1.1% |
| 净利率 | 4.8% | 2.7% |
| 营收同比 | 17.1% | 27.1% |
| 净利润同比 | 69.8% | 518.5% |
| 每股收益（稀释后） | $0.30 | $0.18 |
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IPGPIRTC
| Q4 25 | $274.5M | $208.9M | ||
| Q3 25 | $250.8M | $192.9M | ||
| Q2 25 | $250.7M | $186.7M | ||
| Q1 25 | $227.8M | $158.7M | ||
| Q4 24 | $234.3M | $164.3M | ||
| Q3 24 | $233.1M | $147.5M | ||
| Q2 24 | $257.6M | $148.0M | ||
| Q1 24 | $252.0M | $131.9M |
净利润IPGPIRTC
| Q4 25 | $13.3M | $5.6M | ||
| Q3 25 | $7.5M | $-5.2M | ||
| Q2 25 | $6.6M | $-14.2M | ||
| Q1 25 | $3.8M | $-30.7M | ||
| Q4 24 | $7.8M | $-1.3M | ||
| Q3 24 | $-233.6M | $-46.2M | ||
| Q2 24 | $20.2M | $-20.1M | ||
| Q1 24 | $24.1M | $-45.7M |
毛利率IPGPIRTC
| Q4 25 | 36.1% | 70.9% | ||
| Q3 25 | 39.5% | 71.1% | ||
| Q2 25 | 37.3% | 71.2% | ||
| Q1 25 | 39.4% | 68.8% | ||
| Q4 24 | 38.6% | 70.0% | ||
| Q3 24 | 23.2% | 68.8% | ||
| Q2 24 | 37.3% | 69.9% | ||
| Q1 24 | 38.7% | 66.3% |
营业利润率IPGPIRTC
| Q4 25 | 1.2% | 1.1% | ||
| Q3 25 | 3.1% | -4.4% | ||
| Q2 25 | 0.0% | -10.0% | ||
| Q1 25 | 0.8% | -20.5% | ||
| Q4 24 | 6.0% | -2.5% | ||
| Q3 24 | -108.7% | -34.1% | ||
| Q2 24 | 4.7% | -15.5% | ||
| Q1 24 | 7.6% | -28.9% |
净利率IPGPIRTC
| Q4 25 | 4.8% | 2.7% | ||
| Q3 25 | 3.0% | -2.7% | ||
| Q2 25 | 2.6% | -7.6% | ||
| Q1 25 | 1.6% | -19.3% | ||
| Q4 24 | 3.3% | -0.8% | ||
| Q3 24 | -100.2% | -31.3% | ||
| Q2 24 | 7.8% | -13.6% | ||
| Q1 24 | 9.6% | -34.6% |
每股收益（稀释后）IPGPIRTC
| Q4 25 | $0.30 | $0.18 | ||
| Q3 25 | $0.18 | $-0.16 | ||
| Q2 25 | $0.16 | $-0.44 | ||
| Q1 25 | $0.09 | $-0.97 | ||
| Q4 24 | $0.27 | $-0.03 | ||
| Q3 24 | $-5.33 | $-1.48 | ||
| Q2 24 | $0.45 | $-0.65 | ||
| Q1 24 | $0.52 | $-1.47 |
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 | $583.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $152.7M |
| 总资产 | $2.4B | $1.0B |
| 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IPGPIRTC
| Q4 25 | $839.3M | $583.8M | ||
| Q3 25 | $870.4M | $565.2M | ||
| Q2 25 | $899.6M | $545.5M | ||
| Q1 25 | $926.9M | $520.6M | ||
| Q4 24 | $930.2M | $535.6M | ||
| Q3 24 | $1.0B | $522.0M | ||
| Q2 24 | $1.1B | $561.5M | ||
| Q1 24 | $1.1B | $569.1M |
股东权益IPGPIRTC
| Q4 25 | $2.1B | $152.7M | ||
| Q3 25 | $2.1B | $121.9M | ||
| Q2 25 | $2.1B | $103.7M | ||
| Q1 25 | $2.1B | $86.7M | ||
| Q4 24 | $2.0B | $90.9M | ||
| Q3 24 | $2.1B | $71.8M | ||
| Q2 24 | $2.3B | $99.2M | ||
| Q1 24 | $2.3B | $90.3M |
总资产IPGPIRTC
| Q4 25 | $2.4B | $1.0B | ||
| Q3 25 | $2.4B | $995.2M | ||
| Q2 25 | $2.4B | $964.0M | ||
| Q1 25 | $2.3B | $926.1M | ||
| Q4 24 | $2.3B | $931.4M | ||
| Q3 24 | $2.4B | $909.7M | ||
| Q2 24 | $2.5B | $919.2M | ||
| Q1 24 | $2.6B | $909.8M |
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 | $26.2M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $14.5M |
| 自由现金流率自由现金流/营收 | 4.0% | 6.9% |
| 资本支出强度资本支出/营收 | 6.5% | 5.6% |
| 现金转化率经营现金流/净利润 | 2.17× | 4.70× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $34.5M |
8季度趋势，按日历期对齐
经营现金流IPGPIRTC
| Q4 25 | $28.8M | $26.2M | ||
| Q3 25 | $35.3M | $34.9M | ||
| Q2 25 | $-2.2M | $27.7M | ||
| Q1 25 | $13.4M | $-7.9M | ||
| Q4 24 | $73.8M | $19.2M | ||
| Q3 24 | $66.1M | $24.3M | ||
| Q2 24 | $53.5M | $11.8M | ||
| Q1 24 | $54.6M | $-52.0M |
自由现金流IPGPIRTC
| Q4 25 | $10.9M | $14.5M | ||
| Q3 25 | $14.6M | $20.1M | ||
| Q2 25 | $-17.6M | $17.3M | ||
| Q1 25 | $-11.4M | $-17.3M | ||
| Q4 24 | $50.6M | $12.4M | ||
| Q3 24 | $43.0M | $15.5M | ||
| Q2 24 | $29.2M | $3.4M | ||
| Q1 24 | $26.5M | $-61.8M |
自由现金流率IPGPIRTC
| Q4 25 | 4.0% | 6.9% | ||
| Q3 25 | 5.8% | 10.4% | ||
| Q2 25 | -7.0% | 9.3% | ||
| Q1 25 | -5.0% | -10.9% | ||
| Q4 24 | 21.6% | 7.5% | ||
| Q3 24 | 18.4% | 10.5% | ||
| Q2 24 | 11.3% | 2.3% | ||
| Q1 24 | 10.5% | -46.8% |
资本支出强度IPGPIRTC
| Q4 25 | 6.5% | 5.6% | ||
| Q3 25 | 8.3% | 7.7% | ||
| Q2 25 | 6.1% | 5.6% | ||
| Q1 25 | 10.9% | 5.9% | ||
| Q4 24 | 9.9% | 4.2% | ||
| Q3 24 | 9.9% | 6.0% | ||
| Q2 24 | 9.4% | 5.7% | ||
| Q1 24 | 11.1% | 7.4% |
现金转化率IPGPIRTC
| Q4 25 | 2.17× | 4.70× | ||
| 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
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
IRTC
| Commercial Payors | $111.7M | 53% |
| Centers For Medicare And Medicaid | $49.2M | 24% |
| Healthcare Institutions | $34.3M | 16% |
| Non Contracted Third Party Payors | $13.7M | 7% |
