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IPG PHOTONICS CORP（IPGP）与J&J SNACK FOODS CORP（JJSF）财务数据对比。点击上方公司名可切换其他公司
J&J SNACK FOODS CORP的季度营收约是IPG PHOTONICS CORP的1.3倍（$343.8M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs 0.3%，领先4.6%），IPG PHOTONICS CORP同比增速更快（17.1% vs -5.2%），J&J SNACK FOODS CORP自由现金流更多（$17.0M vs $10.9M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -2.2%）
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。
强生休闲食品公司（J&J Snack Foods Corp.）是美国知名的品牌休闲食品与冷冻饮品生产商、营销商及分销商，总部位于新泽西州芒特劳雷尔，在全美44个州、墨西哥及加拿大设有超175个生产、仓储及配送设施，于纳斯达克全球精选市场上市，业务覆盖国内外市场。
IPGP vs JJSF — 直观对比
营收规模更大
JJSF
是对方的1.3倍
$274.5M
营收增速更快
IPGP
高出22.3%
-5.2%
净利率更高
IPGP
高出4.6%
0.3%
自由现金流更多
JJSF
多$6.0M
$10.9M
两年增速更快
IPGP
近两年复合增速
-2.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $343.8M |
| 净利润 | $13.3M | $883.0K |
| 毛利率 | 36.1% | 27.9% |
| 营业利润率 | 1.2% | 0.2% |
| 净利率 | 4.8% | 0.3% |
| 营收同比 | 17.1% | -5.2% |
| 净利润同比 | 69.8% | -82.8% |
| 每股收益（稀释后） | $0.30 | $0.05 |
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IPGPJJSF
| Q4 25 | $274.5M | $343.8M | ||
| Q3 25 | $250.8M | $410.2M | ||
| Q2 25 | $250.7M | $454.3M | ||
| Q1 25 | $227.8M | $356.1M | ||
| Q4 24 | $234.3M | $362.6M | ||
| Q3 24 | $233.1M | $426.8M | ||
| Q2 24 | $257.6M | $440.0M | ||
| Q1 24 | $252.0M | $359.7M |
净利润IPGPJJSF
| Q4 25 | $13.3M | $883.0K | ||
| Q3 25 | $7.5M | $11.4M | ||
| Q2 25 | $6.6M | $44.2M | ||
| Q1 25 | $3.8M | $4.8M | ||
| Q4 24 | $7.8M | $5.1M | ||
| Q3 24 | $-233.6M | $29.6M | ||
| Q2 24 | $20.2M | $36.3M | ||
| Q1 24 | $24.1M | $13.3M |
毛利率IPGPJJSF
| Q4 25 | 36.1% | 27.9% | ||
| Q3 25 | 39.5% | 31.7% | ||
| Q2 25 | 37.3% | 33.0% | ||
| Q1 25 | 39.4% | 26.9% | ||
| Q4 24 | 38.6% | 25.9% | ||
| Q3 24 | 23.2% | 31.8% | ||
| Q2 24 | 37.3% | 33.6% | ||
| Q1 24 | 38.7% | 30.1% |
营业利润率IPGPJJSF
| Q4 25 | 1.2% | 0.2% | ||
| Q3 25 | 3.1% | 2.8% | ||
| Q2 25 | 0.0% | 13.3% | ||
| Q1 25 | 0.8% | 1.7% | ||
| Q4 24 | 6.0% | 1.7% | ||
| Q3 24 | -108.7% | 9.3% | ||
| Q2 24 | 4.7% | 11.4% | ||
| Q1 24 | 7.6% | 5.0% |
净利率IPGPJJSF
| Q4 25 | 4.8% | 0.3% | ||
| Q3 25 | 3.0% | 2.8% | ||
| Q2 25 | 2.6% | 9.7% | ||
| Q1 25 | 1.6% | 1.4% | ||
| Q4 24 | 3.3% | 1.4% | ||
| Q3 24 | -100.2% | 6.9% | ||
| Q2 24 | 7.8% | 8.3% | ||
| Q1 24 | 9.6% | 3.7% |
每股收益（稀释后）IPGPJJSF
| Q4 25 | $0.30 | $0.05 | ||
| Q3 25 | $0.18 | $0.59 | ||
| Q2 25 | $0.16 | $2.26 | ||
| Q1 25 | $0.09 | $0.25 | ||
| Q4 24 | $0.27 | $0.26 | ||
| Q3 24 | $-5.33 | $1.52 | ||
| Q2 24 | $0.45 | $1.87 | ||
| Q1 24 | $0.52 | $0.69 |
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 | $66.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $912.9M |
| 总资产 | $2.4B | $1.3B |
| 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IPGPJJSF
| Q4 25 | $839.3M | $66.8M | ||
| Q3 25 | $870.4M | $105.9M | ||
| Q2 25 | $899.6M | $77.4M | ||
| Q1 25 | $926.9M | $48.5M | ||
| Q4 24 | $930.2M | $73.6M | ||
| Q3 24 | $1.0B | $73.4M | ||
| Q2 24 | $1.1B | $64.0M | ||
| Q1 24 | $1.1B | $43.6M |
股东权益IPGPJJSF
| Q4 25 | $2.1B | $912.9M | ||
| Q3 25 | $2.1B | $966.7M | ||
| Q2 25 | $2.1B | $969.9M | ||
| Q1 25 | $2.1B | $935.0M | ||
| Q4 24 | $2.0B | $946.8M | ||
| Q3 24 | $2.1B | $957.0M | ||
| Q2 24 | $2.3B | $937.9M | ||
| Q1 24 | $2.3B | $915.7M |
总资产IPGPJJSF
| Q4 25 | $2.4B | $1.3B | ||
| Q3 25 | $2.4B | $1.4B | ||
| Q2 25 | $2.4B | $1.4B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $2.3B | $1.3B | ||
| Q3 24 | $2.4B | $1.4B | ||
| Q2 24 | $2.5B | $1.4B | ||
| Q1 24 | $2.6B | $1.3B |
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 | $36.0M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $17.0M |
| 自由现金流率自由现金流/营收 | 4.0% | 4.9% |
| 资本支出强度资本支出/营收 | 6.5% | 5.5% |
| 现金转化率经营现金流/净利润 | 2.17× | 40.73× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $83.1M |
8季度趋势，按日历期对齐
经营现金流IPGPJJSF
| Q4 25 | $28.8M | $36.0M | ||
| Q3 25 | $35.3M | $66.4M | ||
| Q2 25 | $-2.2M | $51.2M | ||
| Q1 25 | $13.4M | $12.3M | ||
| Q4 24 | $73.8M | $35.2M | ||
| Q3 24 | $66.1M | $46.3M | ||
| Q2 24 | $53.5M | $65.0M | ||
| Q1 24 | $54.6M | $12.7M |
自由现金流IPGPJJSF
| Q4 25 | $10.9M | $17.0M | ||
| Q3 25 | $14.6M | $44.8M | ||
| Q2 25 | $-17.6M | $28.5M | ||
| Q1 25 | $-11.4M | $-7.2M | ||
| Q4 24 | $50.6M | $16.1M | ||
| Q3 24 | $43.0M | $29.1M | ||
| Q2 24 | $29.2M | $45.3M | ||
| Q1 24 | $26.5M | $-4.0M |
自由现金流率IPGPJJSF
| Q4 25 | 4.0% | 4.9% | ||
| Q3 25 | 5.8% | 10.9% | ||
| Q2 25 | -7.0% | 6.3% | ||
| Q1 25 | -5.0% | -2.0% | ||
| Q4 24 | 21.6% | 4.4% | ||
| Q3 24 | 18.4% | 6.8% | ||
| Q2 24 | 11.3% | 10.3% | ||
| Q1 24 | 10.5% | -1.1% |
资本支出强度IPGPJJSF
| Q4 25 | 6.5% | 5.5% | ||
| Q3 25 | 8.3% | 5.3% | ||
| Q2 25 | 6.1% | 5.0% | ||
| Q1 25 | 10.9% | 5.5% | ||
| Q4 24 | 9.9% | 5.3% | ||
| Q3 24 | 9.9% | 4.0% | ||
| Q2 24 | 9.4% | 4.5% | ||
| Q1 24 | 11.1% | 4.6% |
现金转化率IPGPJJSF
| Q4 25 | 2.17× | 40.73× | ||
| Q3 25 | 4.73× | 5.84× | ||
| Q2 25 | -0.34× | 1.16× | ||
| Q1 25 | 3.58× | 2.55× | ||
| Q4 24 | 9.44× | 6.84× | ||
| Q3 24 | — | 1.56× | ||
| Q2 24 | 2.65× | 1.79× | ||
| Q1 24 | 2.27× | 0.96× |
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% |
JJSF
| Food Service | $219.2M | 64% |
| Frozen Beverages | $78.7M | 23% |
| Repair And Maintenance Service | $22.5M | 7% |
| Other | $12.7M | 4% |
| Machine Sales | $10.7M | 3% |
