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IPG PHOTONICS CORP（IPGP）与Liberty Broadband Corp（LBRDA）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Liberty Broadband Corp的1.1倍（$274.5M vs $261.0M），Liberty Broadband Corp净利率更高（146.7% vs 4.8%，领先141.9%），IPG PHOTONICS CORP同比增速更快（17.1% vs 6.1%），Liberty Broadband Corp自由现金流更多（$37.0M vs $10.9M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs 4.3%）
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。
本公司是一家覆盖英、荷、美三地的跨国电信企业，注册地为百慕大，在伦敦、阿姆斯特丹、丹佛设有总部，旗下拥有多家对应司法辖区的运营主体，其中英国主体为公开上市实体，2005年由自由媒体国际业务板块与UnitedGlobalCom合并成立。
IPGP vs LBRDA — 直观对比
营收规模更大
IPGP
是对方的1.1倍
$261.0M
营收增速更快
IPGP
高出11.0%
6.1%
净利率更高
LBRDA
高出141.9%
4.8%
自由现金流更多
LBRDA
多$26.1M
$10.9M
两年增速更快
IPGP
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q2 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $261.0M |
| 净利润 | $13.3M | $383.0M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 15.7% |
| 净利率 | 4.8% | 146.7% |
| 营收同比 | 17.1% | 6.1% |
| 净利润同比 | 69.8% | 96.4% |
| 每股收益（稀释后） | $0.30 | $2.68 |
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IPGPLBRDA
| Q4 25 | $274.5M | — | ||
| Q3 25 | $250.8M | — | ||
| Q2 25 | $250.7M | $261.0M | ||
| Q1 25 | $227.8M | $266.0M | ||
| Q4 24 | $234.3M | $263.0M | ||
| Q3 24 | $233.1M | $262.0M | ||
| Q2 24 | $257.6M | $246.0M | ||
| Q1 24 | $252.0M | $245.0M |
净利润IPGPLBRDA
| Q4 25 | $13.3M | — | ||
| Q3 25 | $7.5M | — | ||
| Q2 25 | $6.6M | $383.0M | ||
| Q1 25 | $3.8M | $268.0M | ||
| Q4 24 | $7.8M | $291.0M | ||
| Q3 24 | $-233.6M | $142.0M | ||
| Q2 24 | $20.2M | $195.0M | ||
| Q1 24 | $24.1M | $241.0M |
毛利率IPGPLBRDA
| 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% | — | ||
| Q1 24 | 38.7% | — |
营业利润率IPGPLBRDA
| Q4 25 | 1.2% | — | ||
| Q3 25 | 3.1% | — | ||
| Q2 25 | 0.0% | 15.7% | ||
| Q1 25 | 0.8% | 16.2% | ||
| Q4 24 | 6.0% | 4.9% | ||
| Q3 24 | -108.7% | 11.5% | ||
| Q2 24 | 4.7% | 8.5% | ||
| Q1 24 | 7.6% | 11.4% |
净利率IPGPLBRDA
| Q4 25 | 4.8% | — | ||
| Q3 25 | 3.0% | — | ||
| Q2 25 | 2.6% | 146.7% | ||
| Q1 25 | 1.6% | 100.8% | ||
| Q4 24 | 3.3% | 110.6% | ||
| Q3 24 | -100.2% | 54.2% | ||
| Q2 24 | 7.8% | 79.3% | ||
| Q1 24 | 9.6% | 98.4% |
每股收益（稀释后）IPGPLBRDA
| Q4 25 | $0.30 | — | ||
| Q3 25 | $0.18 | — | ||
| Q2 25 | $0.16 | $2.68 | ||
| Q1 25 | $0.09 | $1.87 | ||
| Q4 24 | $0.27 | $2.04 | ||
| Q3 24 | $-5.33 | $0.99 | ||
| Q2 24 | $0.45 | $1.36 | ||
| Q1 24 | $0.52 | $1.69 |
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 | $180.0M |
| 总债务越低越好 | — | $3.1B |
| 股东权益账面价值 | $2.1B | $10.4B |
| 总资产 | $2.4B | $16.6B |
| 负债/权益比越低杠杆越低 | — | 0.30× |
8季度趋势，按日历期对齐
现金及短期投资IPGPLBRDA
| Q4 25 | $839.3M | — | ||
| Q3 25 | $870.4M | — | ||
| Q2 25 | $899.6M | $180.0M | ||
| Q1 25 | $926.9M | $226.0M | ||
| Q4 24 | $930.2M | $163.0M | ||
| Q3 24 | $1.0B | $168.0M | ||
| Q2 24 | $1.1B | $73.0M | ||
| Q1 24 | $1.1B | $108.0M |
总债务IPGPLBRDA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.6B |
股东权益IPGPLBRDA
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | $10.4B | ||
| Q1 25 | $2.1B | $10.1B | ||
| Q4 24 | $2.0B | $9.8B | ||
| Q3 24 | $2.1B | $9.5B | ||
| Q2 24 | $2.3B | $9.3B | ||
| Q1 24 | $2.3B | $9.1B |
总资产IPGPLBRDA
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.4B | $16.6B | ||
| Q1 25 | $2.3B | $17.0B | ||
| Q4 24 | $2.3B | $16.7B | ||
| Q3 24 | $2.4B | $16.3B | ||
| Q2 24 | $2.5B | $16.0B | ||
| Q1 24 | $2.6B | $15.7B |
负债/权益比IPGPLBRDA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.30× | ||
| Q1 25 | — | 0.38× | ||
| Q4 24 | — | 0.38× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.39× | ||
| Q1 24 | — | 0.40× |
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 | $91.0M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $37.0M |
| 自由现金流率自由现金流/营收 | 4.0% | 14.2% |
| 资本支出强度资本支出/营收 | 6.5% | 20.7% |
| 现金转化率经营现金流/净利润 | 2.17× | 0.24× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $-49.0M |
8季度趋势，按日历期对齐
经营现金流IPGPLBRDA
| Q4 25 | $28.8M | — | ||
| Q3 25 | $35.3M | — | ||
| Q2 25 | $-2.2M | $91.0M | ||
| Q1 25 | $13.4M | $78.0M | ||
| Q4 24 | $73.8M | $1.0M | ||
| Q3 24 | $66.1M | $24.0M | ||
| Q2 24 | $53.5M | $27.0M | ||
| Q1 24 | $54.6M | $52.0M |
自由现金流IPGPLBRDA
| Q4 25 | $10.9M | — | ||
| Q3 25 | $14.6M | — | ||
| Q2 25 | $-17.6M | $37.0M | ||
| Q1 25 | $-11.4M | $13.0M | ||
| Q4 24 | $50.6M | $-63.0M | ||
| Q3 24 | $43.0M | $-36.0M | ||
| Q2 24 | $29.2M | $-35.0M | ||
| Q1 24 | $26.5M | $-9.0M |
自由现金流率IPGPLBRDA
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | -7.0% | 14.2% | ||
| Q1 25 | -5.0% | 4.9% | ||
| Q4 24 | 21.6% | -24.0% | ||
| Q3 24 | 18.4% | -13.7% | ||
| Q2 24 | 11.3% | -14.2% | ||
| Q1 24 | 10.5% | -3.7% |
资本支出强度IPGPLBRDA
| Q4 25 | 6.5% | — | ||
| Q3 25 | 8.3% | — | ||
| Q2 25 | 6.1% | 20.7% | ||
| Q1 25 | 10.9% | 24.4% | ||
| Q4 24 | 9.9% | 24.3% | ||
| Q3 24 | 9.9% | 22.9% | ||
| Q2 24 | 9.4% | 25.2% | ||
| Q1 24 | 11.1% | 24.9% |
现金转化率IPGPLBRDA
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | 0.24× | ||
| Q1 25 | 3.58× | 0.29× | ||
| Q4 24 | 9.44× | 0.00× | ||
| Q3 24 | — | 0.17× | ||
| Q2 24 | 2.65× | 0.14× | ||
| Q1 24 | 2.27× | 0.22× |
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% |
LBRDA
暂无分部数据
