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IPG PHOTONICS CORP（IPGP）与LANDS' END, INC.（LE）财务数据对比。点击上方公司名可切换其他公司
LANDS' END, INC.的季度营收约是IPG PHOTONICS CORP的1.2倍（$317.5M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs 1.6%，领先3.2%），IPG PHOTONICS CORP同比增速更快（17.1% vs 0.1%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-22.4M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -0.9%）
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。
Lands' End是1963年诞生于美国芝加哥的服饰零售品牌，最初以邮购游艇用品起家，目前业务拓展至服饰、箱包与家居用品领域。截至2024年2月，品牌在美国本土共开设26家门店，总部位于威斯康星州道奇维尔。品牌名源自地名兰兹角，因创立时印刷错了撇号位置又无力重印，错拼的名称便沿用至今。
IPGP vs LE — 直观对比
营收规模更大
LE
是对方的1.2倍
$274.5M
营收增速更快
IPGP
高出17.0%
0.1%
净利率更高
IPGP
高出3.2%
1.6%
自由现金流更多
IPGP
多$33.4M
$-22.4M
两年增速更快
IPGP
近两年复合增速
-0.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $317.5M |
| 净利润 | $13.3M | $5.2M |
| 毛利率 | 36.1% | 51.8% |
| 营业利润率 | 1.2% | 5.3% |
| 净利率 | 4.8% | 1.6% |
| 营收同比 | 17.1% | 0.1% |
| 净利润同比 | 69.8% | 198.3% |
| 每股收益（稀释后） | $0.30 | $0.17 |
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IPGPLE
| Q4 25 | $274.5M | $317.5M | ||
| Q3 25 | $250.8M | — | ||
| Q2 25 | $250.7M | $261.2M | ||
| Q1 25 | $227.8M | — | ||
| Q4 24 | $234.3M | $318.6M | ||
| Q3 24 | $233.1M | $317.2M | ||
| Q2 24 | $257.6M | $285.5M | ||
| Q1 24 | $252.0M | $514.9M |
净利润IPGPLE
| Q4 25 | $13.3M | $5.2M | ||
| Q3 25 | $7.5M | — | ||
| Q2 25 | $6.6M | $-8.3M | ||
| Q1 25 | $3.8M | — | ||
| Q4 24 | $7.8M | $-593.0K | ||
| Q3 24 | $-233.6M | $-5.3M | ||
| Q2 24 | $20.2M | $-6.4M | ||
| Q1 24 | $24.1M | $-8.6M |
毛利率IPGPLE
| Q4 25 | 36.1% | 51.8% | ||
| Q3 25 | 39.5% | — | ||
| Q2 25 | 37.3% | 50.8% | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 38.6% | 50.6% | ||
| Q3 24 | 23.2% | 47.9% | ||
| Q2 24 | 37.3% | 48.7% | ||
| Q1 24 | 38.7% | 38.0% |
营业利润率IPGPLE
| Q4 25 | 1.2% | 5.3% | ||
| Q3 25 | 3.1% | — | ||
| Q2 25 | 0.0% | -0.9% | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 6.0% | 2.9% | ||
| Q3 24 | -108.7% | 0.8% | ||
| Q2 24 | 4.7% | 0.8% | ||
| Q1 24 | 7.6% | 1.6% |
净利率IPGPLE
| Q4 25 | 4.8% | 1.6% | ||
| Q3 25 | 3.0% | — | ||
| Q2 25 | 2.6% | -3.2% | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 3.3% | -0.2% | ||
| Q3 24 | -100.2% | -1.7% | ||
| Q2 24 | 7.8% | -2.3% | ||
| Q1 24 | 9.6% | -1.7% |
每股收益（稀释后）IPGPLE
| Q4 25 | $0.30 | $0.17 | ||
| Q3 25 | $0.18 | — | ||
| Q2 25 | $0.16 | $-0.27 | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.27 | $-0.02 | ||
| Q3 24 | $-5.33 | $-0.17 | ||
| Q2 24 | $0.45 | $-0.20 | ||
| Q1 24 | $0.52 | $-0.27 |
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 | $36.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $231.0M |
| 总资产 | $2.4B | $852.7M |
| 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IPGPLE
| Q4 25 | $839.3M | $36.3M | ||
| Q3 25 | $870.4M | — | ||
| Q2 25 | $899.6M | $18.1M | ||
| Q1 25 | $926.9M | — | ||
| Q4 24 | $930.2M | $30.4M | ||
| Q3 24 | $1.0B | $25.6M | ||
| Q2 24 | $1.1B | $27.4M | ||
| Q1 24 | $1.1B | $25.3M |
股东权益IPGPLE
| Q4 25 | $2.1B | $231.0M | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | $230.1M | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.0B | $223.6M | ||
| Q3 24 | $2.1B | $226.5M | ||
| Q2 24 | $2.3B | $234.6M | ||
| Q1 24 | $2.3B | $241.6M |
总资产IPGPLE
| Q4 25 | $2.4B | $852.7M | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.4B | $760.5M | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | $843.6M | ||
| Q3 24 | $2.4B | $802.5M | ||
| Q2 24 | $2.5B | $800.1M | ||
| Q1 24 | $2.6B | $811.5M |
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 | $-15.7M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $-22.4M |
| 自由现金流率自由现金流/营收 | 4.0% | -7.1% |
| 资本支出强度资本支出/营收 | 6.5% | 2.1% |
| 现金转化率经营现金流/净利润 | 2.17× | -3.03× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $-55.0M |
8季度趋势，按日历期对齐
经营现金流IPGPLE
| Q4 25 | $28.8M | $-15.7M | ||
| Q3 25 | $35.3M | — | ||
| Q2 25 | $-2.2M | $-22.5M | ||
| Q1 25 | $13.4M | — | ||
| Q4 24 | $73.8M | $-17.1M | ||
| Q3 24 | $66.1M | $30.7M | ||
| Q2 24 | $53.5M | $-25.8M | ||
| Q1 24 | $54.6M | $93.9M |
自由现金流IPGPLE
| Q4 25 | $10.9M | $-22.4M | ||
| Q3 25 | $14.6M | — | ||
| Q2 25 | $-17.6M | $-30.7M | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $50.6M | $-27.8M | ||
| Q3 24 | $43.0M | $26.0M | ||
| Q2 24 | $29.2M | $-32.6M | ||
| Q1 24 | $26.5M | $87.5M |
自由现金流率IPGPLE
| Q4 25 | 4.0% | -7.1% | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | -7.0% | -11.8% | ||
| Q1 25 | -5.0% | — | ||
| Q4 24 | 21.6% | -8.7% | ||
| Q3 24 | 18.4% | 8.2% | ||
| Q2 24 | 11.3% | -11.4% | ||
| Q1 24 | 10.5% | 17.0% |
资本支出强度IPGPLE
| Q4 25 | 6.5% | 2.1% | ||
| Q3 25 | 8.3% | — | ||
| Q2 25 | 6.1% | 3.2% | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 9.9% | 3.3% | ||
| Q3 24 | 9.9% | 1.5% | ||
| Q2 24 | 9.4% | 2.4% | ||
| Q1 24 | 11.1% | 1.2% |
现金转化率IPGPLE
| Q4 25 | 2.17× | -3.03× | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | — | ||
| 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% |
LE
| U Se Commerce | $179.8M | 57% |
| Business Outfitters Revenue | $78.8M | 25% |
| Licensing And Retail | $20.2M | 6% |
| Other | $19.8M | 6% |
| Third Party | $18.9M | 6% |
