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IPG PHOTONICS CORP（IPGP）与MARCUS CORP（MCS）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MARCUS CORP的1.4倍（$274.5M vs $193.5M），IPG PHOTONICS CORP同比增速更快（17.1% vs 2.8%），MARCUS CORP自由现金流更多（$26.4M vs $10.9M），过去两年MARCUS CORP的营收复合增速更高（18.2% 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。
马库斯公司是一家美国企业，主营商业地产领域相关服务，业务覆盖美国与加拿大，提供商业地产经纪、按揭经纪、行业研究以及咨询服务，首创了由单一经纪公司独家代理房源挂牌的行业模式，目前在美加两国设有超过80家办公室，拥有员工超1800名。
IPGP vs MCS — 直观对比
营收规模更大
IPGP
是对方的1.4倍
$193.5M
营收增速更快
IPGP
高出14.4%
2.8%
自由现金流更多
MCS
多$15.5M
$10.9M
两年增速更快
MCS
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $193.5M |
| 净利润 | $13.3M | — |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 0.9% |
| 净利率 | 4.8% | — |
| 营收同比 | 17.1% | 2.8% |
| 净利润同比 | 69.8% | — |
| 每股收益（稀释后） | $0.30 | — |
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IPGPMCS
| Q4 25 | $274.5M | $193.5M | ||
| Q3 25 | $250.8M | $210.2M | ||
| Q2 25 | $250.7M | $206.0M | ||
| Q1 25 | $227.8M | $148.8M | ||
| Q4 24 | $234.3M | $188.3M | ||
| Q3 24 | $233.1M | $232.7M | ||
| Q2 24 | $257.6M | $176.0M | ||
| Q1 24 | $252.0M | $138.5M |
净利润IPGPMCS
| Q4 25 | $13.3M | — | ||
| Q3 25 | $7.5M | $16.2M | ||
| Q2 25 | $6.6M | $7.3M | ||
| Q1 25 | $3.8M | $-16.8M | ||
| Q4 24 | $7.8M | $986.0K | ||
| Q3 24 | $-233.6M | $23.3M | ||
| Q2 24 | $20.2M | $-20.2M | ||
| Q1 24 | $24.1M | $-11.9M |
毛利率IPGPMCS
| 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IPGPMCS
| Q4 25 | 1.2% | 0.9% | ||
| Q3 25 | 3.1% | 10.8% | ||
| Q2 25 | 0.0% | 6.3% | ||
| Q1 25 | 0.8% | -13.7% | ||
| Q4 24 | 6.0% | -1.2% | ||
| Q3 24 | -108.7% | 14.1% | ||
| Q2 24 | 4.7% | 1.3% | ||
| Q1 24 | 7.6% | -12.0% |
净利率IPGPMCS
| Q4 25 | 4.8% | — | ||
| Q3 25 | 3.0% | 7.7% | ||
| Q2 25 | 2.6% | 3.6% | ||
| Q1 25 | 1.6% | -11.3% | ||
| Q4 24 | 3.3% | 0.5% | ||
| Q3 24 | -100.2% | 10.0% | ||
| Q2 24 | 7.8% | -11.5% | ||
| Q1 24 | 9.6% | -8.6% |
每股收益（稀释后）IPGPMCS
| Q4 25 | $0.30 | — | ||
| Q3 25 | $0.18 | — | ||
| Q2 25 | $0.16 | — | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $-5.33 | — | ||
| Q2 24 | $0.45 | — | ||
| Q1 24 | $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 | $23.4M |
| 总债务越低越好 | — | $159.0M |
| 股东权益账面价值 | $2.1B | $457.4M |
| 总资产 | $2.4B | $1.0B |
| 负债/权益比越低杠杆越低 | — | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资IPGPMCS
| Q4 25 | $839.3M | $23.4M | ||
| Q3 25 | $870.4M | $7.4M | ||
| Q2 25 | $899.6M | $14.9M | ||
| Q1 25 | $926.9M | $11.9M | ||
| Q4 24 | $930.2M | $40.8M | ||
| Q3 24 | $1.0B | $28.4M | ||
| Q2 24 | $1.1B | $32.8M | ||
| Q1 24 | $1.1B | $17.3M |
总债务IPGPMCS
| Q4 25 | — | $159.0M | ||
| Q3 25 | — | $162.0M | ||
| Q2 25 | — | $179.9M | ||
| Q1 25 | — | $198.9M | ||
| Q4 24 | — | $159.1M | ||
| Q3 24 | — | $173.1M | ||
| Q2 24 | — | $175.7M | ||
| Q1 24 | — | $169.8M |
股东权益IPGPMCS
| Q4 25 | $2.1B | $457.4M | ||
| Q3 25 | $2.1B | $454.3M | ||
| Q2 25 | $2.1B | $448.4M | ||
| Q1 25 | $2.1B | $441.8M | ||
| Q4 24 | $2.0B | $464.9M | ||
| Q3 24 | $2.1B | $462.3M | ||
| Q2 24 | $2.3B | $449.4M | ||
| Q1 24 | $2.3B | $459.3M |
总资产IPGPMCS
| Q4 25 | $2.4B | $1.0B | ||
| Q3 25 | $2.4B | $1.0B | ||
| Q2 25 | $2.4B | $1.0B | ||
| Q1 25 | $2.3B | $1.0B | ||
| Q4 24 | $2.3B | $1.0B | ||
| Q3 24 | $2.4B | $1.0B | ||
| Q2 24 | $2.5B | $1.1B | ||
| Q1 24 | $2.6B | $1.0B |
负债/权益比IPGPMCS
| Q4 25 | — | 0.35× | ||
| Q3 25 | — | 0.36× | ||
| Q2 25 | — | 0.40× | ||
| Q1 25 | — | 0.45× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.39× | ||
| Q1 24 | — | 0.37× |
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 | $48.8M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $26.4M |
| 自由现金流率自由现金流/营收 | 4.0% | 13.6% |
| 资本支出强度资本支出/营收 | 6.5% | 11.6% |
| 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 | $989.0K |
8季度趋势，按日历期对齐
经营现金流IPGPMCS
| Q4 25 | $28.8M | $48.8M | ||
| Q3 25 | $35.3M | $39.1M | ||
| Q2 25 | $-2.2M | $31.6M | ||
| Q1 25 | $13.4M | $-35.3M | ||
| Q4 24 | $73.8M | $52.6M | ||
| Q3 24 | $66.1M | $30.5M | ||
| Q2 24 | $53.5M | $36.0M | ||
| Q1 24 | $54.6M | $-15.1M |
自由现金流IPGPMCS
| Q4 25 | $10.9M | $26.4M | ||
| Q3 25 | $14.6M | $18.2M | ||
| Q2 25 | $-17.6M | $14.7M | ||
| Q1 25 | $-11.4M | $-58.3M | ||
| Q4 24 | $50.6M | $27.1M | ||
| Q3 24 | $43.0M | $12.0M | ||
| Q2 24 | $29.2M | $16.1M | ||
| Q1 24 | $26.5M | $-30.5M |
自由现金流率IPGPMCS
| Q4 25 | 4.0% | 13.6% | ||
| Q3 25 | 5.8% | 8.7% | ||
| Q2 25 | -7.0% | 7.1% | ||
| Q1 25 | -5.0% | -39.2% | ||
| Q4 24 | 21.6% | 14.4% | ||
| Q3 24 | 18.4% | 5.2% | ||
| Q2 24 | 11.3% | 9.2% | ||
| Q1 24 | 10.5% | -22.0% |
资本支出强度IPGPMCS
| Q4 25 | 6.5% | 11.6% | ||
| Q3 25 | 8.3% | 9.9% | ||
| Q2 25 | 6.1% | 8.2% | ||
| Q1 25 | 10.9% | 15.5% | ||
| Q4 24 | 9.9% | 13.5% | ||
| Q3 24 | 9.9% | 7.9% | ||
| Q2 24 | 9.4% | 11.3% | ||
| Q1 24 | 11.1% | 11.1% |
现金转化率IPGPMCS
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 2.41× | ||
| Q2 25 | -0.34× | 4.32× | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | 53.31× | ||
| Q3 24 | — | 1.31× | ||
| 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% |
MCS
| Theatres | $123.1M | 64% |
| Concessions | $51.0M | 26% |
| Food And Beverage | $21.2M | 11% |
