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IPG PHOTONICS CORP（IPGP）与Pediatrix Medical Group, Inc.（MD）财务数据对比。点击上方公司名可切换其他公司
Pediatrix Medical Group, Inc.的季度营收约是IPG PHOTONICS CORP的1.8倍（$493.8M vs $274.5M），Pediatrix Medical Group, Inc.净利率更高（6.8% vs 4.8%，领先2.0%），IPG PHOTONICS CORP同比增速更快（17.1% vs -1.7%），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -0.1%）
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。
Pediatrix Medical Group是美国领先的专科医疗服务提供商，核心业务覆盖母胎医学、新生儿科、儿科心脏病学等儿科亚专科领域，与美国各地医疗机构合作，为女性、新生儿及儿童提供循证专科医疗服务。
IPGP vs MD — 直观对比
营收规模更大
MD
是对方的1.8倍
$274.5M
营收增速更快
IPGP
高出18.8%
-1.7%
净利率更高
MD
高出2.0%
4.8%
两年增速更快
IPGP
近两年复合增速
-0.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $493.8M |
| 净利润 | $13.3M | $33.7M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 9.9% |
| 净利率 | 4.8% | 6.8% |
| 营收同比 | 17.1% | -1.7% |
| 净利润同比 | 69.8% | 10.5% |
| 每股收益（稀释后） | $0.30 | $0.40 |
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IPGPMD
| Q4 25 | $274.5M | $493.8M | ||
| Q3 25 | $250.8M | $492.9M | ||
| Q2 25 | $250.7M | $468.8M | ||
| Q1 25 | $227.8M | $458.4M | ||
| Q4 24 | $234.3M | $502.4M | ||
| Q3 24 | $233.1M | $511.2M | ||
| Q2 24 | $257.6M | $504.3M | ||
| Q1 24 | $252.0M | $495.1M |
净利润IPGPMD
| Q4 25 | $13.3M | $33.7M | ||
| Q3 25 | $7.5M | $71.7M | ||
| Q2 25 | $6.6M | $39.3M | ||
| Q1 25 | $3.8M | $20.7M | ||
| Q4 24 | $7.8M | $30.5M | ||
| Q3 24 | $-233.6M | $19.4M | ||
| Q2 24 | $20.2M | $-153.0M | ||
| Q1 24 | $24.1M | $4.0M |
毛利率IPGPMD
| 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IPGPMD
| Q4 25 | 1.2% | 9.9% | ||
| Q3 25 | 3.1% | 13.8% | ||
| Q2 25 | 0.0% | 12.8% | ||
| Q1 25 | 0.8% | 7.0% | ||
| Q4 24 | 6.0% | 7.8% | ||
| Q3 24 | -108.7% | 6.6% | ||
| Q2 24 | 4.7% | -31.3% | ||
| Q1 24 | 7.6% | 3.2% |
净利率IPGPMD
| Q4 25 | 4.8% | 6.8% | ||
| Q3 25 | 3.0% | 14.5% | ||
| Q2 25 | 2.6% | 8.4% | ||
| Q1 25 | 1.6% | 4.5% | ||
| Q4 24 | 3.3% | 6.1% | ||
| Q3 24 | -100.2% | 3.8% | ||
| Q2 24 | 7.8% | -30.3% | ||
| Q1 24 | 9.6% | 0.8% |
每股收益（稀释后）IPGPMD
| Q4 25 | $0.30 | $0.40 | ||
| Q3 25 | $0.18 | $0.84 | ||
| Q2 25 | $0.16 | $0.46 | ||
| Q1 25 | $0.09 | $0.24 | ||
| Q4 24 | $0.27 | $0.37 | ||
| Q3 24 | $-5.33 | $0.23 | ||
| Q2 24 | $0.45 | $-1.84 | ||
| Q1 24 | $0.52 | $0.05 |
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 | $375.2M |
| 总债务越低越好 | — | $570.5M |
| 股东权益账面价值 | $2.1B | $865.9M |
| 总资产 | $2.4B | $2.2B |
| 负债/权益比越低杠杆越低 | — | 0.66× |
8季度趋势，按日历期对齐
现金及短期投资IPGPMD
| Q4 25 | $839.3M | $375.2M | ||
| Q3 25 | $870.4M | $340.1M | ||
| Q2 25 | $899.6M | $224.7M | ||
| Q1 25 | $926.9M | $99.0M | ||
| Q4 24 | $930.2M | $229.9M | ||
| Q3 24 | $1.0B | $103.8M | ||
| Q2 24 | $1.1B | $19.4M | ||
| Q1 24 | $1.1B | $8.0M |
总债务IPGPMD
| Q4 25 | — | $570.5M | ||
| Q3 25 | — | $577.2M | ||
| Q2 25 | — | $583.9M | ||
| Q1 25 | — | $590.5M | ||
| Q4 24 | — | $597.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益IPGPMD
| Q4 25 | $2.1B | $865.9M | ||
| Q3 25 | $2.1B | $890.7M | ||
| Q2 25 | $2.1B | $833.8M | ||
| Q1 25 | $2.1B | $789.2M | ||
| Q4 24 | $2.0B | $764.9M | ||
| Q3 24 | $2.1B | $732.5M | ||
| Q2 24 | $2.3B | $706.5M | ||
| Q1 24 | $2.3B | $856.2M |
总资产IPGPMD
| Q4 25 | $2.4B | $2.2B | ||
| Q3 25 | $2.4B | $2.2B | ||
| Q2 25 | $2.4B | $2.1B | ||
| Q1 25 | $2.3B | $2.0B | ||
| Q4 24 | $2.3B | $2.2B | ||
| Q3 24 | $2.4B | $2.1B | ||
| Q2 24 | $2.5B | $2.0B | ||
| Q1 24 | $2.6B | $2.2B |
负债/权益比IPGPMD
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 0.78× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $114.1M |
| 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× | 3.39× |
| 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IPGPMD
| Q4 25 | $28.8M | $114.1M | ||
| Q3 25 | $35.3M | $137.3M | ||
| Q2 25 | $-2.2M | $137.2M | ||
| Q1 25 | $13.4M | $-117.5M | ||
| Q4 24 | $73.8M | $133.0M | ||
| Q3 24 | $66.1M | $91.8M | ||
| Q2 24 | $53.5M | $107.0M | ||
| Q1 24 | $54.6M | $-125.2M |
自由现金流IPGPMD
| 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IPGPMD
| 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IPGPMD
| 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IPGPMD
| Q4 25 | 2.17× | 3.39× | ||
| Q3 25 | 4.73× | 1.91× | ||
| Q2 25 | -0.34× | 3.49× | ||
| Q1 25 | 3.58× | -5.66× | ||
| Q4 24 | 9.44× | 4.36× | ||
| Q3 24 | — | 4.72× | ||
| Q2 24 | 2.65× | — | ||
| Q1 24 | 2.27× | -31.03× |
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% |
MD
| Health Care Patient Service | $421.6M | 85% |
| Hospitals Contracts | $70.0M | 14% |
| Other | $2.2M | 0% |
