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IPG PHOTONICS CORP（IPGP）与Mativ Holdings, Inc.（MATV）财务数据对比。点击上方公司名可切换其他公司
Mativ Holdings, Inc.的季度营收约是IPG PHOTONICS CORP的1.7倍（$463.1M vs $274.5M），Mativ Holdings, Inc.净利率更高（21.8% vs 4.8%，领先16.9%），IPG PHOTONICS CORP同比增速更快（17.1% vs 1.0%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $8.0M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -3.8%）
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。
Mativ Holdings是一家全球特种材料制造商，主要生产高性能先进聚合物、无纺布、过滤解决方案及功能性涂层材料，服务医疗、工业、消费品、航空航天、能源等领域，业务遍及北美、欧洲及亚太地区。
IPGP vs MATV — 直观对比
营收规模更大
MATV
是对方的1.7倍
$274.5M
营收增速更快
IPGP
高出16.1%
1.0%
净利率更高
MATV
高出16.9%
4.8%
自由现金流更多
IPGP
多$2.9M
$8.0M
两年增速更快
IPGP
近两年复合增速
-3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $463.1M |
| 净利润 | $13.3M | $100.8M |
| 毛利率 | 36.1% | 18.8% |
| 营业利润率 | 1.2% | 2.2% |
| 净利率 | 4.8% | 21.8% |
| 营收同比 | 17.1% | 1.0% |
| 净利润同比 | 69.8% | 6620.0% |
| 每股收益（稀释后） | $0.30 | $1.87 |
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IPGPMATV
| Q4 25 | $274.5M | $463.1M | ||
| Q3 25 | $250.8M | $513.7M | ||
| Q2 25 | $250.7M | $525.4M | ||
| Q1 25 | $227.8M | $484.8M | ||
| Q4 24 | $234.3M | $458.6M | ||
| Q3 24 | $233.1M | $498.5M | ||
| Q2 24 | $257.6M | $523.8M | ||
| Q1 24 | $252.0M | $500.2M |
净利润IPGPMATV
| Q4 25 | $13.3M | $100.8M | ||
| Q3 25 | $7.5M | $-3.2M | ||
| Q2 25 | $6.6M | $-9.5M | ||
| Q1 25 | $3.8M | $-425.5M | ||
| Q4 24 | $7.8M | $1.5M | ||
| Q3 24 | $-233.6M | $-20.8M | ||
| Q2 24 | $20.2M | $-1.4M | ||
| Q1 24 | $24.1M | $-28.0M |
毛利率IPGPMATV
| Q4 25 | 36.1% | 18.8% | ||
| Q3 25 | 39.5% | 19.3% | ||
| Q2 25 | 37.3% | 19.7% | ||
| Q1 25 | 39.4% | 15.0% | ||
| Q4 24 | 38.6% | 16.9% | ||
| Q3 24 | 23.2% | 18.8% | ||
| Q2 24 | 37.3% | 20.8% | ||
| Q1 24 | 38.7% | 16.8% |
营业利润率IPGPMATV
| Q4 25 | 1.2% | 2.2% | ||
| Q3 25 | 3.1% | 3.1% | ||
| Q2 25 | 0.0% | 3.8% | ||
| Q1 25 | 0.8% | -88.8% | ||
| Q4 24 | 6.0% | 0.6% | ||
| Q3 24 | -108.7% | 1.4% | ||
| Q2 24 | 4.7% | 2.0% | ||
| Q1 24 | 7.6% | -2.8% |
净利率IPGPMATV
| Q4 25 | 4.8% | 21.8% | ||
| Q3 25 | 3.0% | -0.6% | ||
| Q2 25 | 2.6% | -1.8% | ||
| Q1 25 | 1.6% | -87.8% | ||
| Q4 24 | 3.3% | 0.3% | ||
| Q3 24 | -100.2% | -4.2% | ||
| Q2 24 | 7.8% | -0.3% | ||
| Q1 24 | 9.6% | -5.6% |
每股收益（稀释后）IPGPMATV
| Q4 25 | $0.30 | $1.87 | ||
| Q3 25 | $0.18 | $-0.06 | ||
| Q2 25 | $0.16 | $-0.18 | ||
| Q1 25 | $0.09 | $-7.82 | ||
| Q4 24 | $0.27 | $0.03 | ||
| Q3 24 | $-5.33 | $-0.38 | ||
| Q2 24 | $0.45 | $-0.03 | ||
| Q1 24 | $0.52 | $-0.52 |
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 | $84.2M |
| 总债务越低越好 | — | $1.0B |
| 股东权益账面价值 | $2.1B | $498.7M |
| 总资产 | $2.4B | $2.1B |
| 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IPGPMATV
| Q4 25 | $839.3M | $84.2M | ||
| Q3 25 | $870.4M | $97.1M | ||
| Q2 25 | $899.6M | $95.6M | ||
| Q1 25 | $926.9M | $84.0M | ||
| Q4 24 | $930.2M | $94.3M | ||
| Q3 24 | $1.0B | $162.2M | ||
| Q2 24 | $1.1B | $133.4M | ||
| Q1 24 | $1.1B | $128.9M |
总债务IPGPMATV
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
股东权益IPGPMATV
| Q4 25 | $2.1B | $498.7M | ||
| Q3 25 | $2.1B | $397.4M | ||
| Q2 25 | $2.1B | $416.6M | ||
| Q1 25 | $2.1B | $428.2M | ||
| Q4 24 | $2.0B | $858.5M | ||
| Q3 24 | $2.1B | $882.3M | ||
| Q2 24 | $2.3B | $898.0M | ||
| Q1 24 | $2.3B | $906.9M |
总资产IPGPMATV
| Q4 25 | $2.4B | $2.1B | ||
| Q3 25 | $2.4B | $2.0B | ||
| Q2 25 | $2.4B | $2.1B | ||
| Q1 25 | $2.3B | $2.1B | ||
| Q4 24 | $2.3B | $2.4B | ||
| Q3 24 | $2.4B | $2.6B | ||
| Q2 24 | $2.5B | $2.6B | ||
| Q1 24 | $2.6B | $2.7B |
负债/权益比IPGPMATV
| Q4 25 | — | 2.07× | ||
| Q3 25 | — | 2.63× | ||
| Q2 25 | — | 2.66× | ||
| Q1 25 | — | 2.67× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 1.32× | ||
| Q2 24 | — | 1.29× | ||
| Q1 24 | — | 1.30× |
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 | $19.3M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $8.0M |
| 自由现金流率自由现金流/营收 | 4.0% | 1.7% |
| 资本支出强度资本支出/营收 | 6.5% | 2.4% |
| 现金转化率经营现金流/净利润 | 2.17× | 0.19× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $93.8M |
8季度趋势，按日历期对齐
经营现金流IPGPMATV
| Q4 25 | $28.8M | $19.3M | ||
| Q3 25 | $35.3M | $72.8M | ||
| Q2 25 | $-2.2M | $57.6M | ||
| Q1 25 | $13.4M | $-15.9M | ||
| Q4 24 | $73.8M | $24.1M | ||
| Q3 24 | $66.1M | $37.6M | ||
| Q2 24 | $53.5M | $46.1M | ||
| Q1 24 | $54.6M | $-13.0M |
自由现金流IPGPMATV
| Q4 25 | $10.9M | $8.0M | ||
| Q3 25 | $14.6M | $66.7M | ||
| Q2 25 | $-17.6M | $48.9M | ||
| Q1 25 | $-11.4M | $-29.8M | ||
| Q4 24 | $50.6M | $2.0M | ||
| Q3 24 | $43.0M | $25.5M | ||
| Q2 24 | $29.2M | $37.4M | ||
| Q1 24 | $26.5M | $-25.1M |
自由现金流率IPGPMATV
| Q4 25 | 4.0% | 1.7% | ||
| Q3 25 | 5.8% | 13.0% | ||
| Q2 25 | -7.0% | 9.3% | ||
| Q1 25 | -5.0% | -6.1% | ||
| Q4 24 | 21.6% | 0.4% | ||
| Q3 24 | 18.4% | 5.1% | ||
| Q2 24 | 11.3% | 7.1% | ||
| Q1 24 | 10.5% | -5.0% |
资本支出强度IPGPMATV
| Q4 25 | 6.5% | 2.4% | ||
| Q3 25 | 8.3% | 1.2% | ||
| Q2 25 | 6.1% | 1.7% | ||
| Q1 25 | 10.9% | 2.9% | ||
| Q4 24 | 9.9% | 4.8% | ||
| Q3 24 | 9.9% | 2.4% | ||
| Q2 24 | 9.4% | 1.7% | ||
| Q1 24 | 11.1% | 2.4% |
现金转化率IPGPMATV
| Q4 25 | 2.17× | 0.19× | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | 16.07× | ||
| 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% |
MATV
| Other | $208.7M | 45% |
| SAS Segment | $157.4M | 34% |
| FAM Segment | $97.0M | 21% |
