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IPG PHOTONICS CORP（IPGP）与Limbach Holdings, Inc.（LMB）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Limbach Holdings, Inc.的2.0倍（$274.5M vs $138.9M），IPG PHOTONICS CORP净利率更高（4.8% vs 3.2%，领先1.7%），IPG PHOTONICS CORP同比增速更快（17.1% vs 4.3%），过去两年Limbach Holdings, Inc.的营收复合增速更高（6.6% 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。
林巴赫航空发动机是一家由中资控股、总部位于德国的企业，主营航空发动机的研发与制造业务，在航空动力装备领域拥有成熟的生产技术与行业经验。
IPGP vs LMB — 直观对比
营收规模更大
IPGP
是对方的2.0倍
$138.9M
营收增速更快
IPGP
高出12.8%
4.3%
净利率更高
IPGP
高出1.7%
3.2%
两年增速更快
LMB
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $138.9M |
| 净利润 | $13.3M | $4.4M |
| 毛利率 | 36.1% | 22.4% |
| 营业利润率 | 1.2% | 0.8% |
| 净利率 | 4.8% | 3.2% |
| 营收同比 | 17.1% | 4.3% |
| 净利润同比 | 69.8% | — |
| 每股收益（稀释后） | $0.30 | $0.36 |
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IPGPLMB
| Q1 26 | — | $138.9M | ||
| Q4 25 | $274.5M | $186.9M | ||
| Q3 25 | $250.8M | $184.6M | ||
| Q2 25 | $250.7M | $142.2M | ||
| Q1 25 | $227.8M | $133.1M | ||
| Q4 24 | $234.3M | $143.7M | ||
| Q3 24 | $233.1M | $133.9M | ||
| Q2 24 | $257.6M | $122.2M |
净利润IPGPLMB
| Q1 26 | — | $4.4M | ||
| Q4 25 | $13.3M | $12.3M | ||
| Q3 25 | $7.5M | $8.8M | ||
| Q2 25 | $6.6M | $7.8M | ||
| Q1 25 | $3.8M | $10.2M | ||
| Q4 24 | $7.8M | $9.8M | ||
| Q3 24 | $-233.6M | $7.5M | ||
| Q2 24 | $20.2M | $6.0M |
毛利率IPGPLMB
| Q1 26 | — | 22.4% | ||
| Q4 25 | 36.1% | 25.7% | ||
| Q3 25 | 39.5% | 24.2% | ||
| Q2 25 | 37.3% | 28.0% | ||
| Q1 25 | 39.4% | 27.6% | ||
| Q4 24 | 38.6% | 30.3% | ||
| Q3 24 | 23.2% | 27.0% | ||
| Q2 24 | 37.3% | 27.4% |
营业利润率IPGPLMB
| Q1 26 | — | 0.8% | ||
| Q4 25 | 1.2% | 9.4% | ||
| Q3 25 | 3.1% | 7.2% | ||
| Q2 25 | 0.0% | 7.5% | ||
| Q1 25 | 0.8% | 5.9% | ||
| Q4 24 | 6.0% | 9.1% | ||
| Q3 24 | -108.7% | 8.1% | ||
| Q2 24 | 4.7% | 6.7% |
净利率IPGPLMB
| Q1 26 | — | 3.2% | ||
| Q4 25 | 4.8% | 6.6% | ||
| Q3 25 | 3.0% | 4.8% | ||
| Q2 25 | 2.6% | 5.5% | ||
| Q1 25 | 1.6% | 7.7% | ||
| Q4 24 | 3.3% | 6.9% | ||
| Q3 24 | -100.2% | 5.6% | ||
| Q2 24 | 7.8% | 4.9% |
每股收益（稀释后）IPGPLMB
| Q1 26 | — | $0.36 | ||
| Q4 25 | $0.30 | $1.01 | ||
| Q3 25 | $0.18 | $0.73 | ||
| Q2 25 | $0.16 | $0.64 | ||
| Q1 25 | $0.09 | $0.85 | ||
| Q4 24 | $0.27 | $0.81 | ||
| Q3 24 | $-5.33 | $0.62 | ||
| Q2 24 | $0.45 | $0.50 |
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 | $15.8M |
| 总债务越低越好 | — | $56.6M |
| 股东权益账面价值 | $2.1B | $196.3M |
| 总资产 | $2.4B | $377.0M |
| 负债/权益比越低杠杆越低 | — | 0.29× |
8季度趋势，按日历期对齐
现金及短期投资IPGPLMB
| Q1 26 | — | $15.8M | ||
| Q4 25 | $839.3M | $11.3M | ||
| Q3 25 | $870.4M | $9.8M | ||
| Q2 25 | $899.6M | $38.9M | ||
| Q1 25 | $926.9M | $38.1M | ||
| Q4 24 | $930.2M | $44.9M | ||
| Q3 24 | $1.0B | $51.2M | ||
| Q2 24 | $1.1B | $59.5M |
总债务IPGPLMB
| Q1 26 | — | $56.6M | ||
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $56.3M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $23.6M | ||
| Q3 24 | — | $20.5M | ||
| Q2 24 | — | $19.7M |
股东权益IPGPLMB
| Q1 26 | — | $196.3M | ||
| Q4 25 | $2.1B | $195.7M | ||
| Q3 25 | $2.1B | $181.6M | ||
| Q2 25 | $2.1B | $170.5M | ||
| Q1 25 | $2.1B | $161.1M | ||
| Q4 24 | $2.0B | $153.5M | ||
| Q3 24 | $2.1B | $142.2M | ||
| Q2 24 | $2.3B | $133.0M |
总资产IPGPLMB
| Q1 26 | — | $377.0M | ||
| Q4 25 | $2.4B | $381.1M | ||
| Q3 25 | $2.4B | $409.1M | ||
| Q2 25 | $2.4B | $343.0M | ||
| Q1 25 | $2.3B | $336.4M | ||
| Q4 24 | $2.3B | $352.1M | ||
| Q3 24 | $2.4B | $324.4M | ||
| Q2 24 | $2.5B | $303.9M |
负债/权益比IPGPLMB
| Q1 26 | — | 0.29× | ||
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $10.9M | — |
| 自由现金流率自由现金流/营收 | 4.0% | — |
| 资本支出强度资本支出/营收 | 6.5% | — |
| 现金转化率经营现金流/净利润 | 2.17× | — |
| 过去12个月自由现金流最近4个季度 | $-3.5M | — |
8季度趋势，按日历期对齐
经营现金流IPGPLMB
| Q1 26 | — | — | ||
| Q4 25 | $28.8M | $28.1M | ||
| Q3 25 | $35.3M | $13.3M | ||
| Q2 25 | $-2.2M | $2.0M | ||
| Q1 25 | $13.4M | $2.2M | ||
| Q4 24 | $73.8M | $19.3M | ||
| Q3 24 | $66.1M | $4.9M | ||
| Q2 24 | $53.5M | $16.5M |
自由现金流IPGPLMB
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $27.9M | ||
| Q3 25 | $14.6M | $12.8M | ||
| Q2 25 | $-17.6M | $1.2M | ||
| Q1 25 | $-11.4M | $11.0K | ||
| Q4 24 | $50.6M | $18.0M | ||
| Q3 24 | $43.0M | $4.6M | ||
| Q2 24 | $29.2M | $13.2M |
自由现金流率IPGPLMB
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 14.9% | ||
| Q3 25 | 5.8% | 7.0% | ||
| Q2 25 | -7.0% | 0.8% | ||
| Q1 25 | -5.0% | 0.0% | ||
| Q4 24 | 21.6% | 12.5% | ||
| Q3 24 | 18.4% | 3.4% | ||
| Q2 24 | 11.3% | 10.8% |
资本支出强度IPGPLMB
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 0.1% | ||
| Q3 25 | 8.3% | 0.3% | ||
| Q2 25 | 6.1% | 0.6% | ||
| Q1 25 | 10.9% | 1.7% | ||
| Q4 24 | 9.9% | 0.9% | ||
| Q3 24 | 9.9% | 0.3% | ||
| Q2 24 | 9.4% | 2.7% |
现金转化率IPGPLMB
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | 2.29× | ||
| Q3 25 | 4.73× | 1.52× | ||
| Q2 25 | -0.34× | 0.26× | ||
| Q1 25 | 3.58× | 0.22× | ||
| Q4 24 | 9.44× | 1.96× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | 2.65× | 2.77× |
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% |
LMB
| ODR | $99.8M | 72% |
| GCR | $39.0M | 28% |
