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IPG PHOTONICS CORP（IPGP）与KADANT INC（KAI）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KADANT INC的1.0倍（$274.5M vs $271.6M），KADANT INC净利率更高（10.2% vs 4.8%，领先5.4%），IPG PHOTONICS CORP同比增速更快（17.1% vs -0.0%），KADANT INC自由现金流更多（$44.1M vs $10.9M），过去两年KADANT INC的营收复合增速更高（6.7% 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。
Kadant Inc.创立于1991年，最初是Thermo Electron的子公司，部分股权私有、部分公开交易，2001年完成完全分拆并启用现名。公司服务于造纸、废纸回收、木材加工、物料搬运等多个加工领域，是业务覆盖亚洲、欧洲、北美、南美的跨国企业。
IPGP vs KAI — 直观对比
营收规模更大
IPGP
是对方的1.0倍
$271.6M
营收增速更快
IPGP
高出17.1%
-0.0%
净利率更高
KAI
高出5.4%
4.8%
自由现金流更多
KAI
多$33.1M
$10.9M
两年增速更快
KAI
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $271.6M |
| 净利润 | $13.3M | $27.7M |
| 毛利率 | 36.1% | 45.2% |
| 营业利润率 | 1.2% | 15.7% |
| 净利率 | 4.8% | 10.2% |
| 营收同比 | 17.1% | -0.0% |
| 净利润同比 | 69.8% | -12.2% |
| 每股收益（稀释后） | $0.30 | $2.35 |
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IPGPKAI
| Q4 25 | $274.5M | — | ||
| Q3 25 | $250.8M | $271.6M | ||
| Q2 25 | $250.7M | $255.3M | ||
| Q1 25 | $227.8M | $239.2M | ||
| Q4 24 | $234.3M | $258.0M | ||
| Q3 24 | $233.1M | $271.6M | ||
| Q2 24 | $257.6M | $274.8M | ||
| Q1 24 | $252.0M | $249.0M |
净利润IPGPKAI
| Q4 25 | $13.3M | — | ||
| Q3 25 | $7.5M | $27.7M | ||
| Q2 25 | $6.6M | $26.2M | ||
| Q1 25 | $3.8M | $24.1M | ||
| Q4 24 | $7.8M | $24.0M | ||
| Q3 24 | $-233.6M | $31.6M | ||
| Q2 24 | $20.2M | $31.3M | ||
| Q1 24 | $24.1M | $24.7M |
毛利率IPGPKAI
| Q4 25 | 36.1% | — | ||
| Q3 25 | 39.5% | 45.2% | ||
| Q2 25 | 37.3% | 45.9% | ||
| Q1 25 | 39.4% | 46.1% | ||
| Q4 24 | 38.6% | 43.4% | ||
| Q3 24 | 23.2% | 44.7% | ||
| Q2 24 | 37.3% | 44.4% | ||
| Q1 24 | 38.7% | 44.6% |
营业利润率IPGPKAI
| Q4 25 | 1.2% | — | ||
| Q3 25 | 3.1% | 15.7% | ||
| Q2 25 | 0.0% | 15.4% | ||
| Q1 25 | 0.8% | 14.9% | ||
| Q4 24 | 6.0% | 14.3% | ||
| Q3 24 | -108.7% | 18.0% | ||
| Q2 24 | 4.7% | 17.6% | ||
| Q1 24 | 7.6% | 14.8% |
净利率IPGPKAI
| Q4 25 | 4.8% | — | ||
| Q3 25 | 3.0% | 10.2% | ||
| Q2 25 | 2.6% | 10.2% | ||
| Q1 25 | 1.6% | 10.1% | ||
| Q4 24 | 3.3% | 9.3% | ||
| Q3 24 | -100.2% | 11.6% | ||
| Q2 24 | 7.8% | 11.4% | ||
| Q1 24 | 9.6% | 9.9% |
每股收益（稀释后）IPGPKAI
| Q4 25 | $0.30 | — | ||
| Q3 25 | $0.18 | $2.35 | ||
| Q2 25 | $0.16 | $2.22 | ||
| Q1 25 | $0.09 | $2.04 | ||
| Q4 24 | $0.27 | $2.04 | ||
| Q3 24 | $-5.33 | $2.68 | ||
| Q2 24 | $0.45 | $2.66 | ||
| Q1 24 | $0.52 | $2.10 |
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 | $124.5M |
| 总债务越低越好 | — | $254.6M |
| 股东权益账面价值 | $2.1B | $949.8M |
| 总资产 | $2.4B | $1.5B |
| 负债/权益比越低杠杆越低 | — | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资IPGPKAI
| Q4 25 | $839.3M | — | ||
| Q3 25 | $870.4M | $124.5M | ||
| Q2 25 | $899.6M | $95.3M | ||
| Q1 25 | $926.9M | $91.7M | ||
| Q4 24 | $930.2M | $94.7M | ||
| Q3 24 | $1.0B | $88.4M | ||
| Q2 24 | $1.1B | $73.8M | ||
| Q1 24 | $1.1B | $81.4M |
总债务IPGPKAI
| Q4 25 | — | — | ||
| Q3 25 | — | $254.6M | ||
| Q2 25 | — | $245.7M | ||
| Q1 25 | — | $273.5M | ||
| Q4 24 | — | $285.2M | ||
| Q3 24 | — | $323.2M | ||
| Q2 24 | — | $342.0M | ||
| Q1 24 | — | $306.8M |
股东权益IPGPKAI
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $949.8M | ||
| Q2 25 | $2.1B | $926.0M | ||
| Q1 25 | $2.1B | $876.0M | ||
| Q4 24 | $2.0B | $847.1M | ||
| Q3 24 | $2.1B | $851.7M | ||
| Q2 24 | $2.3B | $807.7M | ||
| Q1 24 | $2.3B | $782.7M |
总资产IPGPKAI
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | $1.5B | ||
| Q2 25 | $2.4B | $1.5B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $2.3B | $1.4B | ||
| Q3 24 | $2.4B | $1.5B | ||
| Q2 24 | $2.5B | $1.5B | ||
| Q1 24 | $2.6B | $1.4B |
负债/权益比IPGPKAI
| Q4 25 | — | — | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.27× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.42× | ||
| Q1 24 | — | 0.39× |
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 | $47.3M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $44.1M |
| 自由现金流率自由现金流/营收 | 4.0% | 16.2% |
| 资本支出强度资本支出/营收 | 6.5% | 1.2% |
| 现金转化率经营现金流/净利润 | 2.17× | 1.70× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $145.9M |
8季度趋势，按日历期对齐
经营现金流IPGPKAI
| Q4 25 | $28.8M | — | ||
| Q3 25 | $35.3M | $47.3M | ||
| Q2 25 | $-2.2M | $40.5M | ||
| Q1 25 | $13.4M | $22.8M | ||
| Q4 24 | $73.8M | $51.9M | ||
| Q3 24 | $66.1M | $52.5M | ||
| Q2 24 | $53.5M | $28.1M | ||
| Q1 24 | $54.6M | $22.8M |
自由现金流IPGPKAI
| Q4 25 | $10.9M | — | ||
| Q3 25 | $14.6M | $44.1M | ||
| Q2 25 | $-17.6M | $36.5M | ||
| Q1 25 | $-11.4M | $19.0M | ||
| Q4 24 | $50.6M | $46.3M | ||
| Q3 24 | $43.0M | $48.3M | ||
| Q2 24 | $29.2M | $23.1M | ||
| Q1 24 | $26.5M | $16.6M |
自由现金流率IPGPKAI
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.8% | 16.2% | ||
| Q2 25 | -7.0% | 14.3% | ||
| Q1 25 | -5.0% | 7.9% | ||
| Q4 24 | 21.6% | 17.9% | ||
| Q3 24 | 18.4% | 17.8% | ||
| Q2 24 | 11.3% | 8.4% | ||
| Q1 24 | 10.5% | 6.7% |
资本支出强度IPGPKAI
| Q4 25 | 6.5% | — | ||
| Q3 25 | 8.3% | 1.2% | ||
| Q2 25 | 6.1% | 1.6% | ||
| Q1 25 | 10.9% | 1.6% | ||
| Q4 24 | 9.9% | 2.2% | ||
| Q3 24 | 9.9% | 1.5% | ||
| Q2 24 | 9.4% | 1.8% | ||
| Q1 24 | 11.1% | 2.5% |
现金转化率IPGPKAI
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 1.70× | ||
| Q2 25 | -0.34× | 1.55× | ||
| Q1 25 | 3.58× | 0.95× | ||
| Q4 24 | 9.44× | 2.16× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | 2.65× | 0.90× | ||
| Q1 24 | 2.27× | 0.92× |
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% |
KAI
| Flow Control | $94.8M | 35% |
| Capital | $83.2M | 31% |
| Material Handling Systems | $70.3M | 26% |
| Transferred Over Time | $17.1M | 6% |
| Other | $6.1M | 2% |
