vs
IPG PHOTONICS CORP（IPGP）与百胜餐饮集团（LCUT）财务数据对比。点击上方公司名可切换其他公司
IPG PHOTONICS CORP的季度营收约是百胜餐饮集团的1.3倍（$274.5M vs $204.1M），百胜餐饮集团净利率更高（8.9% vs 4.8%，领先4.1%），IPG PHOTONICS CORP同比增速更快（17.1% vs -5.2%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $2.6M），过去两年百胜餐饮集团的营收复合增速更高（19.8% 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。
百胜餐饮集团是美国跨国快餐企业，1977年百事可乐收购肯德基、必胜客、塔可Bell后将其整合为旗下子公司，1997年百事剥离该业务板块后正式独立为百胜集团。集团目前运营肯德基、必胜客、塔可Bell、哈比特汉堡等多个餐饮品牌，同时布局相关餐饮科技业务，门店网络遍布全球多个国家和地区。
IPGP vs LCUT — 直观对比
营收规模更大
IPGP
是对方的1.3倍
$204.1M
营收增速更快
IPGP
高出22.3%
-5.2%
净利率更高
LCUT
高出4.1%
4.8%
自由现金流更多
IPGP
多$8.3M
$2.6M
两年增速更快
LCUT
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $204.1M |
| 净利润 | $13.3M | $18.2M |
| 毛利率 | 36.1% | 38.6% |
| 营业利润率 | 1.2% | 9.8% |
| 净利率 | 4.8% | 8.9% |
| 营收同比 | 17.1% | -5.2% |
| 净利润同比 | 69.8% | 103.5% |
| 每股收益（稀释后） | $0.30 | $0.83 |
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IPGPLCUT
| Q4 25 | $274.5M | $204.1M | ||
| Q3 25 | $250.8M | $171.9M | ||
| Q2 25 | $250.7M | $131.9M | ||
| Q1 25 | $227.8M | $140.1M | ||
| Q4 24 | $234.3M | $215.2M | ||
| Q3 24 | $233.1M | $183.8M | ||
| Q2 24 | $257.6M | $141.7M | ||
| Q1 24 | $252.0M | $142.2M |
净利润IPGPLCUT
| Q4 25 | $13.3M | $18.2M | ||
| Q3 25 | $7.5M | $-1.2M | ||
| Q2 25 | $6.6M | $-39.7M | ||
| Q1 25 | $3.8M | $-4.2M | ||
| Q4 24 | $7.8M | $8.9M | ||
| Q3 24 | $-233.6M | $344.0K | ||
| Q2 24 | $20.2M | $-18.2M | ||
| Q1 24 | $24.1M | $-6.3M |
毛利率IPGPLCUT
| Q4 25 | 36.1% | 38.6% | ||
| Q3 25 | 39.5% | 35.1% | ||
| Q2 25 | 37.3% | 38.6% | ||
| Q1 25 | 39.4% | 36.1% | ||
| Q4 24 | 38.6% | 37.7% | ||
| Q3 24 | 23.2% | 36.7% | ||
| Q2 24 | 37.3% | 38.5% | ||
| Q1 24 | 38.7% | 40.5% |
营业利润率IPGPLCUT
| Q4 25 | 1.2% | 9.8% | ||
| Q3 25 | 3.1% | 3.9% | ||
| Q2 25 | 0.0% | -28.2% | ||
| Q1 25 | 0.8% | 0.8% | ||
| Q4 24 | 6.0% | 7.2% | ||
| Q3 24 | -108.7% | 4.7% | ||
| Q2 24 | 4.7% | 0.8% | ||
| Q1 24 | 7.6% | 1.3% |
净利率IPGPLCUT
| Q4 25 | 4.8% | 8.9% | ||
| Q3 25 | 3.0% | -0.7% | ||
| Q2 25 | 2.6% | -30.1% | ||
| Q1 25 | 1.6% | -3.0% | ||
| Q4 24 | 3.3% | 4.1% | ||
| Q3 24 | -100.2% | 0.2% | ||
| Q2 24 | 7.8% | -12.8% | ||
| Q1 24 | 9.6% | -4.4% |
每股收益（稀释后）IPGPLCUT
| Q4 25 | $0.30 | $0.83 | ||
| Q3 25 | $0.18 | $-0.05 | ||
| Q2 25 | $0.16 | $-1.83 | ||
| Q1 25 | $0.09 | $-0.19 | ||
| Q4 24 | $0.27 | $0.41 | ||
| Q3 24 | $-5.33 | $0.02 | ||
| Q2 24 | $0.45 | $-0.85 | ||
| Q1 24 | $0.52 | $-0.29 |
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 | $4.3M |
| 总债务越低越好 | — | $135.0M |
| 股东权益账面价值 | $2.1B | $202.3M |
| 总资产 | $2.4B | $572.6M |
| 负债/权益比越低杠杆越低 | — | 0.67× |
8季度趋势，按日历期对齐
现金及短期投资IPGPLCUT
| Q4 25 | $839.3M | $4.3M | ||
| Q3 25 | $870.4M | $12.1M | ||
| Q2 25 | $899.6M | $12.0M | ||
| Q1 25 | $926.9M | $10.4M | ||
| Q4 24 | $930.2M | $2.9M | ||
| Q3 24 | $1.0B | $6.0M | ||
| Q2 24 | $1.1B | $3.4M | ||
| Q1 24 | $1.1B | $4.6M |
总债务IPGPLCUT
| Q4 25 | — | $135.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $142.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益IPGPLCUT
| Q4 25 | $2.1B | $202.3M | ||
| Q3 25 | $2.1B | $184.6M | ||
| Q2 25 | $2.1B | $185.8M | ||
| Q1 25 | $2.1B | $225.7M | ||
| Q4 24 | $2.0B | $229.9M | ||
| Q3 24 | $2.1B | $220.9M | ||
| Q2 24 | $2.3B | $219.8M | ||
| Q1 24 | $2.3B | $223.7M |
总资产IPGPLCUT
| Q4 25 | $2.4B | $572.6M | ||
| Q3 25 | $2.4B | $581.1M | ||
| Q2 25 | $2.4B | $551.9M | ||
| Q1 25 | $2.3B | $594.6M | ||
| Q4 24 | $2.3B | $634.3M | ||
| Q3 24 | $2.4B | $668.7M | ||
| Q2 24 | $2.5B | $617.0M | ||
| Q1 24 | $2.6B | $602.7M |
负债/权益比IPGPLCUT
| Q4 25 | — | 0.67× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.62× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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 | $3.7M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $2.6M |
| 自由现金流率自由现金流/营收 | 4.0% | 1.3% |
| 资本支出强度资本支出/营收 | 6.5% | 0.6% |
| 现金转化率经营现金流/净利润 | 2.17× | 0.21× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $3.3M |
8季度趋势，按日历期对齐
经营现金流IPGPLCUT
| Q4 25 | $28.8M | $3.7M | ||
| Q3 25 | $35.3M | $-22.2M | ||
| Q2 25 | $-2.2M | $9.3M | ||
| Q1 25 | $13.4M | $16.7M | ||
| Q4 24 | $73.8M | $20.3M | ||
| Q3 24 | $66.1M | $-22.7M | ||
| Q2 24 | $53.5M | $10.4M | ||
| Q1 24 | $54.6M | $10.5M |
自由现金流IPGPLCUT
| Q4 25 | $10.9M | $2.6M | ||
| Q3 25 | $14.6M | $-22.7M | ||
| Q2 25 | $-17.6M | $8.2M | ||
| Q1 25 | $-11.4M | $15.1M | ||
| Q4 24 | $50.6M | $19.7M | ||
| Q3 24 | $43.0M | $-23.2M | ||
| Q2 24 | $29.2M | $9.9M | ||
| Q1 24 | $26.5M | $9.9M |
自由现金流率IPGPLCUT
| Q4 25 | 4.0% | 1.3% | ||
| Q3 25 | 5.8% | -13.2% | ||
| Q2 25 | -7.0% | 6.2% | ||
| Q1 25 | -5.0% | 10.8% | ||
| Q4 24 | 21.6% | 9.1% | ||
| Q3 24 | 18.4% | -12.6% | ||
| Q2 24 | 11.3% | 7.0% | ||
| Q1 24 | 10.5% | 7.0% |
资本支出强度IPGPLCUT
| Q4 25 | 6.5% | 0.6% | ||
| Q3 25 | 8.3% | 0.3% | ||
| Q2 25 | 6.1% | 0.9% | ||
| Q1 25 | 10.9% | 1.1% | ||
| Q4 24 | 9.9% | 0.3% | ||
| Q3 24 | 9.9% | 0.3% | ||
| Q2 24 | 9.4% | 0.4% | ||
| Q1 24 | 11.1% | 0.4% |
现金转化率IPGPLCUT
| Q4 25 | 2.17× | 0.21× | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | 2.28× | ||
| Q3 24 | — | -65.89× | ||
| 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% |
LCUT
| Kitchenware | $114.3M | 56% |
| Tableware | $41.7M | 20% |
| Home Solutions | $29.4M | 14% |
| Other | $18.8M | 9% |
