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IPG PHOTONICS CORP（IPGP）与迈心诺（MASI）财务数据对比。点击上方公司名可切换其他公司
迈心诺的季度营收约是IPG PHOTONICS CORP的1.4倍（$371.5M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs -27.0%，领先31.9%），IPG PHOTONICS CORP同比增速更快（17.1% vs -26.4%），迈心诺自由现金流更多（$50.9M vs $10.9M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -17.7%）
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。
迈心诺（Masimo Corporation）是总部位于美国加利福尼亚州尔湾的健康科技及消费电子企业，核心产品包括面向医院及家用场景的患者监护设备、无创传感器及配套软件平台，同时也布局了消费级音频和可穿戴设备赛道。
IPGP vs MASI — 直观对比
营收规模更大
MASI
是对方的1.4倍
$274.5M
营收增速更快
IPGP
高出43.5%
-26.4%
净利率更高
IPGP
高出31.9%
-27.0%
自由现金流更多
MASI
多$40.0M
$10.9M
两年增速更快
IPGP
近两年复合增速
-17.7%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $371.5M |
| 净利润 | $13.3M | $-100.4M |
| 毛利率 | 36.1% | 62.1% |
| 营业利润率 | 1.2% | 22.5% |
| 净利率 | 4.8% | -27.0% |
| 营收同比 | 17.1% | -26.4% |
| 净利润同比 | 69.8% | -1124.5% |
| 每股收益（稀释后） | $0.30 | $-1.84 |
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IPGPMASI
| Q4 25 | $274.5M | — | ||
| Q3 25 | $250.8M | $371.5M | ||
| Q2 25 | $250.7M | $370.9M | ||
| Q1 25 | $227.8M | $372.0M | ||
| Q4 24 | $234.3M | $600.7M | ||
| Q3 24 | $233.1M | $504.6M | ||
| Q2 24 | $257.6M | $496.3M | ||
| Q1 24 | $252.0M | $492.8M |
净利润IPGPMASI
| Q4 25 | $13.3M | — | ||
| Q3 25 | $7.5M | $-100.4M | ||
| Q2 25 | $6.6M | $51.3M | ||
| Q1 25 | $3.8M | $-170.7M | ||
| Q4 24 | $7.8M | $-349.6M | ||
| Q3 24 | $-233.6M | $9.8M | ||
| Q2 24 | $20.2M | $16.0M | ||
| Q1 24 | $24.1M | $18.9M |
毛利率IPGPMASI
| Q4 25 | 36.1% | — | ||
| Q3 25 | 39.5% | 62.1% | ||
| Q2 25 | 37.3% | 62.9% | ||
| Q1 25 | 39.4% | 62.9% | ||
| Q4 24 | 38.6% | 40.7% | ||
| Q3 24 | 23.2% | 52.2% | ||
| Q2 24 | 37.3% | 51.3% | ||
| Q1 24 | 38.7% | 49.0% |
营业利润率IPGPMASI
| Q4 25 | 1.2% | — | ||
| Q3 25 | 3.1% | 22.5% | ||
| Q2 25 | 0.0% | 17.4% | ||
| Q1 25 | 0.8% | 21.0% | ||
| Q4 24 | 6.0% | -59.8% | ||
| Q3 24 | -108.7% | 6.0% | ||
| Q2 24 | 4.7% | 5.7% | ||
| Q1 24 | 7.6% | 6.9% |
净利率IPGPMASI
| Q4 25 | 4.8% | — | ||
| Q3 25 | 3.0% | -27.0% | ||
| Q2 25 | 2.6% | 13.8% | ||
| Q1 25 | 1.6% | -45.9% | ||
| Q4 24 | 3.3% | -58.2% | ||
| Q3 24 | -100.2% | 1.9% | ||
| Q2 24 | 7.8% | 3.2% | ||
| Q1 24 | 9.6% | 3.8% |
每股收益（稀释后）IPGPMASI
| Q4 25 | $0.30 | — | ||
| Q3 25 | $0.18 | $-1.84 | ||
| Q2 25 | $0.16 | $0.94 | ||
| Q1 25 | $0.09 | $-3.12 | ||
| Q4 24 | $0.27 | $-6.54 | ||
| Q3 24 | $-5.33 | $0.18 | ||
| Q2 24 | $0.45 | $0.29 | ||
| Q1 24 | $0.52 | $0.35 |
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 | $312.3M |
| 总债务越低越好 | — | $559.1M |
| 股东权益账面价值 | $2.1B | $810.0M |
| 总资产 | $2.4B | $1.8B |
| 负债/权益比越低杠杆越低 | — | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资IPGPMASI
| Q4 25 | $839.3M | — | ||
| Q3 25 | $870.4M | $312.3M | ||
| Q2 25 | $899.6M | $149.6M | ||
| Q1 25 | $926.9M | $130.8M | ||
| Q4 24 | $930.2M | $177.6M | ||
| Q3 24 | $1.0B | $158.5M | ||
| Q2 24 | $1.1B | $129.6M | ||
| Q1 24 | $1.1B | $157.6M |
总债务IPGPMASI
| Q4 25 | — | — | ||
| Q3 25 | — | $559.1M | ||
| Q2 25 | — | $613.7M | ||
| Q1 25 | — | $651.0M | ||
| Q4 24 | — | $765.2M | ||
| Q3 24 | — | $772.6M | ||
| Q2 24 | — | $781.6M | ||
| Q1 24 | — | $876.0M |
股东权益IPGPMASI
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $810.0M | ||
| Q2 25 | $2.1B | $1.0B | ||
| Q1 25 | $2.1B | $946.4M | ||
| Q4 24 | $2.0B | $1.1B | ||
| Q3 24 | $2.1B | $1.5B | ||
| Q2 24 | $2.3B | $1.4B | ||
| Q1 24 | $2.3B | $1.4B |
总资产IPGPMASI
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | $1.8B | ||
| Q2 25 | $2.4B | $2.4B | ||
| Q1 25 | $2.3B | $2.3B | ||
| Q4 24 | $2.3B | $2.6B | ||
| Q3 24 | $2.4B | $3.1B | ||
| Q2 24 | $2.5B | $2.9B | ||
| Q1 24 | $2.6B | $3.0B |
负债/权益比IPGPMASI
| Q4 25 | — | — | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.53× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.64× |
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 | $56.8M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $50.9M |
| 自由现金流率自由现金流/营收 | 4.0% | 13.7% |
| 资本支出强度资本支出/营收 | 6.5% | 1.6% |
| 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 | $191.0M |
8季度趋势，按日历期对齐
经营现金流IPGPMASI
| Q4 25 | $28.8M | — | ||
| Q3 25 | $35.3M | $56.8M | ||
| Q2 25 | $-2.2M | $69.4M | ||
| Q1 25 | $13.4M | $31.1M | ||
| Q4 24 | $73.8M | $50.5M | ||
| Q3 24 | $66.1M | $25.6M | ||
| Q2 24 | $53.5M | $74.5M | ||
| Q1 24 | $54.6M | $45.8M |
自由现金流IPGPMASI
| Q4 25 | $10.9M | — | ||
| Q3 25 | $14.6M | $50.9M | ||
| Q2 25 | $-17.6M | $65.6M | ||
| Q1 25 | $-11.4M | $28.5M | ||
| Q4 24 | $50.6M | $46.0M | ||
| Q3 24 | $43.0M | $16.9M | ||
| Q2 24 | $29.2M | $66.9M | ||
| Q1 24 | $26.5M | $37.6M |
自由现金流率IPGPMASI
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.8% | 13.7% | ||
| Q2 25 | -7.0% | 17.7% | ||
| Q1 25 | -5.0% | 7.7% | ||
| Q4 24 | 21.6% | 7.7% | ||
| Q3 24 | 18.4% | 3.3% | ||
| Q2 24 | 11.3% | 13.5% | ||
| Q1 24 | 10.5% | 7.6% |
资本支出强度IPGPMASI
| Q4 25 | 6.5% | — | ||
| Q3 25 | 8.3% | 1.6% | ||
| Q2 25 | 6.1% | 1.0% | ||
| Q1 25 | 10.9% | 0.7% | ||
| Q4 24 | 9.9% | 0.7% | ||
| Q3 24 | 9.9% | 1.7% | ||
| Q2 24 | 9.4% | 1.5% | ||
| Q1 24 | 11.1% | 1.7% |
现金转化率IPGPMASI
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | 1.35× | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 2.61× | ||
| Q2 24 | 2.65× | 4.66× | ||
| Q1 24 | 2.27× | 2.42× |
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% |
MASI
暂无分部数据
