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IPG PHOTONICS CORP（IPGP）与Kodiak Gas Services, Inc.（KGS）财务数据对比。点击上方公司名可切换其他公司
Kodiak Gas Services, Inc.的季度营收约是IPG PHOTONICS CORP的1.2倍（$332.9M vs $274.5M），Kodiak Gas Services, Inc.净利率更高（7.4% vs 4.8%，领先2.6%），IPG PHOTONICS CORP同比增速更快（17.1% vs 7.5%），Kodiak Gas Services, Inc.自由现金流更多（$142.0M vs $10.9M），过去两年Kodiak Gas Services, Inc.的营收复合增速更高（24.3% 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。
Kodiak Gas Services是北美知名的天然气压缩服务供应商，主要服务油气行业上下游客户，提供定制化压缩设备、运维及运营支持，帮助客户优化陆上天然气收集、处理与运输全流程的运营效率。
IPGP vs KGS — 直观对比
营收规模更大
KGS
是对方的1.2倍
$274.5M
营收增速更快
IPGP
高出9.6%
7.5%
净利率更高
KGS
高出2.6%
4.8%
自由现金流更多
KGS
多$131.1M
$10.9M
两年增速更快
KGS
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $332.9M |
| 净利润 | $13.3M | $24.6M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 26.1% |
| 净利率 | 4.8% | 7.4% |
| 营收同比 | 17.1% | 7.5% |
| 净利润同比 | 69.8% | 29.0% |
| 每股收益（稀释后） | $0.30 | $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IPGPKGS
| Q4 25 | $274.5M | $332.9M | ||
| Q3 25 | $250.8M | $322.7M | ||
| Q2 25 | $250.7M | $322.8M | ||
| Q1 25 | $227.8M | $329.6M | ||
| Q4 24 | $234.3M | $309.5M | ||
| Q3 24 | $233.1M | $324.6M | ||
| Q2 24 | $257.6M | $309.7M | ||
| Q1 24 | $252.0M | $215.5M |
净利润IPGPKGS
| Q4 25 | $13.3M | $24.6M | ||
| Q3 25 | $7.5M | $-14.0M | ||
| Q2 25 | $6.6M | $39.5M | ||
| Q1 25 | $3.8M | $30.4M | ||
| Q4 24 | $7.8M | $19.1M | ||
| Q3 24 | $-233.6M | $-5.6M | ||
| Q2 24 | $20.2M | $6.2M | ||
| Q1 24 | $24.1M | $30.2M |
毛利率IPGPKGS
| Q4 25 | 36.1% | — | ||
| Q3 25 | 39.5% | — | ||
| Q2 25 | 37.3% | — | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 38.6% | — | ||
| Q3 24 | 23.2% | 37.5% | ||
| Q2 24 | 37.3% | 36.5% | ||
| Q1 24 | 38.7% | 39.4% |
营业利润率IPGPKGS
| Q4 25 | 1.2% | 26.1% | ||
| Q3 25 | 3.1% | 19.9% | ||
| Q2 25 | 0.0% | 30.9% | ||
| Q1 25 | 0.8% | 27.1% | ||
| Q4 24 | 6.0% | 22.3% | ||
| Q3 24 | -108.7% | 20.4% | ||
| Q2 24 | 4.7% | 17.5% | ||
| Q1 24 | 7.6% | 27.9% |
净利率IPGPKGS
| Q4 25 | 4.8% | 7.4% | ||
| Q3 25 | 3.0% | -4.3% | ||
| Q2 25 | 2.6% | 12.2% | ||
| Q1 25 | 1.6% | 9.2% | ||
| Q4 24 | 3.3% | 6.2% | ||
| Q3 24 | -100.2% | -1.7% | ||
| Q2 24 | 7.8% | 2.0% | ||
| Q1 24 | 9.6% | 14.0% |
每股收益（稀释后）IPGPKGS
| Q4 25 | $0.30 | $0.30 | ||
| Q3 25 | $0.18 | $-0.17 | ||
| Q2 25 | $0.16 | $0.43 | ||
| Q1 25 | $0.09 | $0.33 | ||
| Q4 24 | $0.27 | $0.18 | ||
| Q3 24 | $-5.33 | $-0.07 | ||
| Q2 24 | $0.45 | $0.06 | ||
| Q1 24 | $0.52 | $0.39 |
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 | $3.2M |
| 总债务越低越好 | — | $2.6B |
| 股东权益账面价值 | $2.1B | $1.2B |
| 总资产 | $2.4B | $4.3B |
| 负债/权益比越低杠杆越低 | — | 2.12× |
8季度趋势，按日历期对齐
现金及短期投资IPGPKGS
| Q4 25 | $839.3M | $3.2M | ||
| Q3 25 | $870.4M | $724.0K | ||
| Q2 25 | $899.6M | $5.4M | ||
| Q1 25 | $926.9M | $1.9M | ||
| Q4 24 | $930.2M | $4.8M | ||
| Q3 24 | $1.0B | $7.4M | ||
| Q2 24 | $1.1B | $3.9M | ||
| Q1 24 | $1.1B | $9.3M |
总债务IPGPKGS
| Q4 25 | — | $2.6B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | — |
股东权益IPGPKGS
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.1B | $1.3B | ||
| Q2 25 | $2.1B | $1.3B | ||
| Q1 25 | $2.1B | $1.4B | ||
| Q4 24 | $2.0B | $1.4B | ||
| Q3 24 | $2.1B | $1.4B | ||
| Q2 24 | $2.3B | $1.5B | ||
| Q1 24 | $2.3B | $1.1B |
总资产IPGPKGS
| Q4 25 | $2.4B | $4.3B | ||
| Q3 25 | $2.4B | $4.4B | ||
| Q2 25 | $2.4B | $4.4B | ||
| Q1 25 | $2.3B | $4.4B | ||
| Q4 24 | $2.3B | $4.4B | ||
| Q3 24 | $2.4B | $4.5B | ||
| Q2 24 | $2.5B | $4.4B | ||
| Q1 24 | $2.6B | $3.3B |
负债/权益比IPGPKGS
| Q4 25 | — | 2.12× | ||
| Q3 25 | — | 2.08× | ||
| Q2 25 | — | 1.89× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.88× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | 1.71× | ||
| Q1 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 | $194.9M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $142.0M |
| 自由现金流率自由现金流/营收 | 4.0% | 42.7% |
| 资本支出强度资本支出/营收 | 6.5% | 15.9% |
| 现金转化率经营现金流/净利润 | 2.17× | 7.91× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $284.3M |
8季度趋势，按日历期对齐
经营现金流IPGPKGS
| Q4 25 | $28.8M | $194.9M | ||
| Q3 25 | $35.3M | $113.4M | ||
| Q2 25 | $-2.2M | $177.2M | ||
| Q1 25 | $13.4M | $114.3M | ||
| Q4 24 | $73.8M | $118.5M | ||
| Q3 24 | $66.1M | $36.9M | ||
| Q2 24 | $53.5M | $121.1M | ||
| Q1 24 | $54.6M | $51.5M |
自由现金流IPGPKGS
| Q4 25 | $10.9M | $142.0M | ||
| Q3 25 | $14.6M | $10.9M | ||
| Q2 25 | $-17.6M | $94.6M | ||
| Q1 25 | $-11.4M | $36.8M | ||
| Q4 24 | $50.6M | $45.2M | ||
| Q3 24 | $43.0M | $-49.7M | ||
| Q2 24 | $29.2M | $4.0M | ||
| Q1 24 | $26.5M | $-8.6M |
自由现金流率IPGPKGS
| Q4 25 | 4.0% | 42.7% | ||
| Q3 25 | 5.8% | 3.4% | ||
| Q2 25 | -7.0% | 29.3% | ||
| Q1 25 | -5.0% | 11.2% | ||
| Q4 24 | 21.6% | 14.6% | ||
| Q3 24 | 18.4% | -15.3% | ||
| Q2 24 | 11.3% | 1.3% | ||
| Q1 24 | 10.5% | -4.0% |
资本支出强度IPGPKGS
| Q4 25 | 6.5% | 15.9% | ||
| Q3 25 | 8.3% | 31.7% | ||
| Q2 25 | 6.1% | 25.6% | ||
| Q1 25 | 10.9% | 23.5% | ||
| Q4 24 | 9.9% | 23.7% | ||
| Q3 24 | 9.9% | 26.7% | ||
| Q2 24 | 9.4% | 37.8% | ||
| Q1 24 | 11.1% | 27.9% |
现金转化率IPGPKGS
| Q4 25 | 2.17× | 7.91× | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | 4.49× | ||
| Q1 25 | 3.58× | 3.76× | ||
| Q4 24 | 9.44× | 6.21× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | 19.44× | ||
| Q1 24 | 2.27× | 1.70× |
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% |
KGS
| Other Services | $126.8M | 38% |
| Other | $112.2M | 34% |
| Transferred At Point In Time | $93.8M | 28% |
