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IPG PHOTONICS CORP（IPGP）与MADRIGAL PHARMACEUTICALS, INC.（MDGL）财务数据对比。点击上方公司名可切换其他公司
MADRIGAL PHARMACEUTICALS, INC.的季度营收约是IPG PHOTONICS CORP的1.2倍（$321.1M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs -18.2%，领先23.1%），MADRIGAL PHARMACEUTICALS, INC.同比增速更快（210.8% vs 17.1%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-133.8M）
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。
本公司是一家美国生物制药企业，成立于2002年，专注于研发新型合成胆汁酸类似物，可用于治疗原发性胆汁性胆管炎、非酒精性脂肪肝、肝硬化等慢性肝病，以及胆汁酸性腹泻等肠道疾病。
IPGP vs MDGL — 直观对比
营收规模更大
MDGL
是对方的1.2倍
$274.5M
营收增速更快
MDGL
高出193.6%
17.1%
净利率更高
IPGP
高出23.1%
-18.2%
自由现金流更多
IPGP
多$144.8M
$-133.8M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $321.1M |
| 净利润 | $13.3M | $-58.6M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | -18.6% |
| 净利率 | 4.8% | -18.2% |
| 营收同比 | 17.1% | 210.8% |
| 净利润同比 | 69.8% | 1.4% |
| 每股收益（稀释后） | $0.30 | $-2.55 |
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IPGPMDGL
| Q4 25 | $274.5M | $321.1M | ||
| Q3 25 | $250.8M | $287.3M | ||
| Q2 25 | $250.7M | $212.8M | ||
| Q1 25 | $227.8M | $137.3M | ||
| Q4 24 | $234.3M | $103.3M | ||
| Q3 24 | $233.1M | $62.2M | ||
| Q2 24 | $257.6M | — | ||
| Q1 24 | $252.0M | $0 |
净利润IPGPMDGL
| Q4 25 | $13.3M | $-58.6M | ||
| Q3 25 | $7.5M | $-114.2M | ||
| Q2 25 | $6.6M | $-42.3M | ||
| Q1 25 | $3.8M | $-73.2M | ||
| Q4 24 | $7.8M | $-59.4M | ||
| Q3 24 | $-233.6M | $-107.0M | ||
| Q2 24 | $20.2M | — | ||
| Q1 24 | $24.1M | $-147.5M |
毛利率IPGPMDGL
| Q4 25 | 36.1% | — | ||
| Q3 25 | 39.5% | — | ||
| Q2 25 | 37.3% | — | ||
| Q1 25 | 39.4% | 96.7% | ||
| Q4 24 | 38.6% | — | ||
| Q3 24 | 23.2% | — | ||
| Q2 24 | 37.3% | — | ||
| Q1 24 | 38.7% | — |
营业利润率IPGPMDGL
| Q4 25 | 1.2% | -18.6% | ||
| Q3 25 | 3.1% | -39.7% | ||
| Q2 25 | 0.0% | -22.2% | ||
| Q1 25 | 0.8% | -57.8% | ||
| Q4 24 | 6.0% | -64.8% | ||
| Q3 24 | -108.7% | -187.1% | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 7.6% | — |
净利率IPGPMDGL
| Q4 25 | 4.8% | -18.2% | ||
| Q3 25 | 3.0% | -39.8% | ||
| Q2 25 | 2.6% | -19.9% | ||
| Q1 25 | 1.6% | -53.4% | ||
| Q4 24 | 3.3% | -57.5% | ||
| Q3 24 | -100.2% | -172.0% | ||
| Q2 24 | 7.8% | — | ||
| Q1 24 | 9.6% | — |
每股收益（稀释后）IPGPMDGL
| Q4 25 | $0.30 | $-2.55 | ||
| Q3 25 | $0.18 | $-5.08 | ||
| Q2 25 | $0.16 | $-1.90 | ||
| Q1 25 | $0.09 | $-3.32 | ||
| Q4 24 | $0.27 | $-2.50 | ||
| Q3 24 | $-5.33 | $-4.92 | ||
| Q2 24 | $0.45 | — | ||
| Q1 24 | $0.52 | $-7.38 |
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 | $198.7M |
| 总债务越低越好 | — | $339.9M |
| 股东权益账面价值 | $2.1B | $602.7M |
| 总资产 | $2.4B | $1.3B |
| 负债/权益比越低杠杆越低 | — | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资IPGPMDGL
| Q4 25 | $839.3M | $198.7M | ||
| Q3 25 | $870.4M | $295.7M | ||
| Q2 25 | $899.6M | $186.2M | ||
| Q1 25 | $926.9M | $183.6M | ||
| Q4 24 | $930.2M | $100.0M | ||
| Q3 24 | $1.0B | $232.7M | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | $622.5M |
总债务IPGPMDGL
| Q4 25 | — | $339.9M | ||
| Q3 25 | — | $339.8M | ||
| Q2 25 | — | $118.4M | ||
| Q1 25 | — | $118.0M | ||
| Q4 24 | — | $117.6M | ||
| Q3 24 | — | $117.1M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $116.1M |
股东权益IPGPMDGL
| Q4 25 | $2.1B | $602.7M | ||
| Q3 25 | $2.1B | $625.7M | ||
| Q2 25 | $2.1B | $696.0M | ||
| Q1 25 | $2.1B | $710.6M | ||
| Q4 24 | $2.0B | $754.4M | ||
| Q3 24 | $2.1B | $777.2M | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | $850.8M |
总资产IPGPMDGL
| Q4 25 | $2.4B | $1.3B | ||
| Q3 25 | $2.4B | $1.4B | ||
| Q2 25 | $2.4B | $1.0B | ||
| Q1 25 | $2.3B | $996.6M | ||
| Q4 24 | $2.3B | $1.0B | ||
| Q3 24 | $2.4B | $1.1B | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.6B | $1.1B |
负债/权益比IPGPMDGL
| Q4 25 | — | 0.56× | ||
| Q3 25 | — | 0.54× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.17× | ||
| Q4 24 | — | 0.16× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.14× |
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 | $-133.5M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $-133.8M |
| 自由现金流率自由现金流/营收 | 4.0% | -41.7% |
| 资本支出强度资本支出/营收 | 6.5% | 0.1% |
| 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IPGPMDGL
| Q4 25 | $28.8M | $-133.5M | ||
| Q3 25 | $35.3M | $79.8M | ||
| Q2 25 | $-2.2M | $-47.1M | ||
| Q1 25 | $13.4M | $-88.9M | ||
| Q4 24 | $73.8M | $-104.5M | ||
| Q3 24 | $66.1M | $-67.0M | ||
| Q2 24 | $53.5M | — | ||
| Q1 24 | $54.6M | $-149.2M |
自由现金流IPGPMDGL
| Q4 25 | $10.9M | $-133.8M | ||
| Q3 25 | $14.6M | $79.0M | ||
| Q2 25 | $-17.6M | — | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $50.6M | $-104.7M | ||
| Q3 24 | $43.0M | $-67.8M | ||
| Q2 24 | $29.2M | — | ||
| Q1 24 | $26.5M | $-149.5M |
自由现金流率IPGPMDGL
| Q4 25 | 4.0% | -41.7% | ||
| Q3 25 | 5.8% | 27.5% | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | -5.0% | — | ||
| Q4 24 | 21.6% | -101.3% | ||
| Q3 24 | 18.4% | -109.0% | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 10.5% | — |
资本支出强度IPGPMDGL
| Q4 25 | 6.5% | 0.1% | ||
| Q3 25 | 8.3% | 0.3% | ||
| Q2 25 | 6.1% | 0.0% | ||
| Q1 25 | 10.9% | 0.0% | ||
| Q4 24 | 9.9% | 0.2% | ||
| Q3 24 | 9.9% | 1.3% | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 11.1% | — |
现金转化率IPGPMDGL
| 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× | — | ||
| 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% |
MDGL
| Rebates Customer Fees Credits Co Pay Assistance And Other | $208.5M | 65% |
| Other | $76.0M | 24% |
| Chargebacks Discounts For Prompt Pay And Other Allowances | $36.6M | 11% |
