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IPG PHOTONICS CORP（IPGP）与MACERICH CO（MAC）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MACERICH CO的1.0倍（$274.5M vs $261.7M），IPG PHOTONICS CORP净利率更高（4.8% vs -7.2%，领先12.0%），IPG PHOTONICS CORP同比增速更快（17.1% vs -4.4%），过去两年MACERICH CO的营收复合增速更高（12.0% 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。
Macerich是一家专注于购物中心投资的房地产投资信托基金，为美国第三大购物中心持有及运营商。截至2024年12月31日，公司共持有43处物业的权益，可租赁总面积达4300万平方英尺，公司名称由创始人Mace Siegel与Richard Cohen的名字组合而来。
IPGP vs MAC — 直观对比
营收规模更大
IPGP
是对方的1.0倍
$261.7M
营收增速更快
IPGP
高出21.5%
-4.4%
净利率更高
IPGP
高出12.0%
-7.2%
两年增速更快
MAC
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $261.7M |
| 净利润 | $13.3M | $-18.8M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | — |
| 净利率 | 4.8% | -7.2% |
| 营收同比 | 17.1% | -4.4% |
| 净利润同比 | 69.8% | 91.1% |
| 每股收益（稀释后） | $0.30 | $-0.08 |
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IPGPMAC
| Q4 25 | $274.5M | $261.7M | ||
| Q3 25 | $250.8M | $253.3M | ||
| Q2 25 | $250.7M | $249.8M | ||
| Q1 25 | $227.8M | $249.2M | ||
| Q4 24 | $234.3M | $273.7M | ||
| Q3 24 | $233.1M | $220.2M | ||
| Q2 24 | $257.6M | $215.5M | ||
| Q1 24 | $252.0M | $208.8M |
净利润IPGPMAC
| Q4 25 | $13.3M | $-18.8M | ||
| Q3 25 | $7.5M | $-87.4M | ||
| Q2 25 | $6.6M | $-40.9M | ||
| Q1 25 | $3.8M | $-50.1M | ||
| Q4 24 | $7.8M | $-211.2M | ||
| Q3 24 | $-233.6M | $-108.2M | ||
| Q2 24 | $20.2M | $252.0M | ||
| Q1 24 | $24.1M | $-126.7M |
毛利率IPGPMAC
| 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IPGPMAC
| Q4 25 | 1.2% | — | ||
| Q3 25 | 3.1% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | -108.7% | — | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 7.6% | — |
净利率IPGPMAC
| Q4 25 | 4.8% | -7.2% | ||
| Q3 25 | 3.0% | -34.5% | ||
| Q2 25 | 2.6% | -16.4% | ||
| Q1 25 | 1.6% | -20.1% | ||
| Q4 24 | 3.3% | -77.2% | ||
| Q3 24 | -100.2% | -49.1% | ||
| Q2 24 | 7.8% | 116.9% | ||
| Q1 24 | 9.6% | -60.7% |
每股收益（稀释后）IPGPMAC
| Q4 25 | $0.30 | $-0.08 | ||
| Q3 25 | $0.18 | $-0.34 | ||
| Q2 25 | $0.16 | $-0.16 | ||
| Q1 25 | $0.09 | $-0.20 | ||
| Q4 24 | $0.27 | $-0.95 | ||
| Q3 24 | $-5.33 | $-0.50 | ||
| Q2 24 | $0.45 | $1.16 | ||
| Q1 24 | $0.52 | $-0.59 |
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 | $280.2M |
| 总债务越低越好 | — | $5.1B |
| 股东权益账面价值 | $2.1B | $2.4B |
| 总资产 | $2.4B | $8.4B |
| 负债/权益比越低杠杆越低 | — | 2.07× |
8季度趋势，按日历期对齐
现金及短期投资IPGPMAC
| Q4 25 | $839.3M | $280.2M | ||
| Q3 25 | $870.4M | $290.2M | ||
| Q2 25 | $899.6M | $131.1M | ||
| Q1 25 | $926.9M | $253.2M | ||
| Q4 24 | $930.2M | $89.9M | ||
| Q3 24 | $1.0B | $116.5M | ||
| Q2 24 | $1.1B | $70.7M | ||
| Q1 24 | $1.1B | $120.1M |
总债务IPGPMAC
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | $5.1B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | — | $5.2B | ||
| Q4 24 | — | $4.9B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.1B |
股东权益IPGPMAC
| Q4 25 | $2.1B | $2.4B | ||
| Q3 25 | $2.1B | $2.5B | ||
| Q2 25 | $2.1B | $2.6B | ||
| Q1 25 | $2.1B | $2.7B | ||
| Q4 24 | $2.0B | $2.8B | ||
| Q3 24 | $2.1B | $2.5B | ||
| Q2 24 | $2.3B | $2.5B | ||
| Q1 24 | $2.3B | $2.3B |
总资产IPGPMAC
| Q4 25 | $2.4B | $8.4B | ||
| Q3 25 | $2.4B | $8.4B | ||
| Q2 25 | $2.4B | $8.7B | ||
| Q1 25 | $2.3B | $8.7B | ||
| Q4 24 | $2.3B | $8.6B | ||
| Q3 24 | $2.4B | $7.6B | ||
| Q2 24 | $2.5B | $7.8B | ||
| Q1 24 | $2.6B | $7.4B |
负债/权益比IPGPMAC
| Q4 25 | — | 2.07× | ||
| Q3 25 | — | 2.02× | ||
| Q2 25 | — | 2.02× | ||
| Q1 25 | — | 1.96× | ||
| Q4 24 | — | 1.78× | ||
| Q3 24 | — | 1.73× | ||
| Q2 24 | — | 1.75× | ||
| Q1 24 | — | 1.79× |
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 | $50.2M |
| 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IPGPMAC
| Q4 25 | $28.8M | $50.2M | ||
| Q3 25 | $35.3M | $112.4M | ||
| Q2 25 | $-2.2M | $70.5M | ||
| Q1 25 | $13.4M | $88.5M | ||
| Q4 24 | $73.8M | $54.9M | ||
| Q3 24 | $66.1M | $100.0M | ||
| Q2 24 | $53.5M | $67.4M | ||
| Q1 24 | $54.6M | $61.1M |
自由现金流IPGPMAC
| Q4 25 | $10.9M | — | ||
| Q3 25 | $14.6M | — | ||
| Q2 25 | $-17.6M | — | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $50.6M | — | ||
| Q3 24 | $43.0M | — | ||
| Q2 24 | $29.2M | — | ||
| Q1 24 | $26.5M | — |
自由现金流率IPGPMAC
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | -5.0% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 18.4% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 10.5% | — |
资本支出强度IPGPMAC
| Q4 25 | 6.5% | — | ||
| Q3 25 | 8.3% | — | ||
| Q2 25 | 6.1% | — | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 9.9% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 11.1% | — |
现金转化率IPGPMAC
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | 0.27× | ||
| 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% |
MAC
暂无分部数据
