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IPG PHOTONICS CORP（IPGP）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是IPG PHOTONICS CORP的1.8倍（$489.3M vs $274.5M），IPG PHOTONICS CORP同比增速更快（17.1% vs -3.5%），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -1.0%）
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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
IPGP vs MERC — 直观对比
营收规模更大
MERC
是对方的1.8倍
$274.5M
营收增速更快
IPGP
高出20.6%
-3.5%
两年增速更快
IPGP
近两年复合增速
-1.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $489.3M |
| 净利润 | $13.3M | — |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | — |
| 净利率 | 4.8% | — |
| 营收同比 | 17.1% | -3.5% |
| 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IPGPMERC
| Q1 26 | — | $489.3M | ||
| Q4 25 | $274.5M | $449.5M | ||
| Q3 25 | $250.8M | $458.1M | ||
| Q2 25 | $250.7M | $453.5M | ||
| Q1 25 | $227.8M | $507.0M | ||
| Q4 24 | $234.3M | $488.4M | ||
| Q3 24 | $233.1M | $502.1M | ||
| Q2 24 | $257.6M | $499.4M |
净利润IPGPMERC
| Q1 26 | — | — | ||
| Q4 25 | $13.3M | $-308.7M | ||
| Q3 25 | $7.5M | $-80.8M | ||
| Q2 25 | $6.6M | $-86.1M | ||
| Q1 25 | $3.8M | $-22.3M | ||
| Q4 24 | $7.8M | $16.7M | ||
| Q3 24 | $-233.6M | $-17.6M | ||
| Q2 24 | $20.2M | $-67.6M |
毛利率IPGPMERC
| Q1 26 | — | — | ||
| 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% | — |
营业利润率IPGPMERC
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | -62.0% | ||
| Q3 25 | 3.1% | -14.8% | ||
| Q2 25 | 0.0% | -12.9% | ||
| Q1 25 | 0.8% | 1.3% | ||
| Q4 24 | 6.0% | 10.3% | ||
| Q3 24 | -108.7% | 1.8% | ||
| Q2 24 | 4.7% | -8.8% |
净利率IPGPMERC
| Q1 26 | — | — | ||
| Q4 25 | 4.8% | -68.7% | ||
| Q3 25 | 3.0% | -17.6% | ||
| Q2 25 | 2.6% | -19.0% | ||
| Q1 25 | 1.6% | -4.4% | ||
| Q4 24 | 3.3% | 3.4% | ||
| Q3 24 | -100.2% | -3.5% | ||
| Q2 24 | 7.8% | -13.5% |
每股收益（稀释后）IPGPMERC
| Q1 26 | — | — | ||
| Q4 25 | $0.30 | $-4.61 | ||
| Q3 25 | $0.18 | $-1.21 | ||
| Q2 25 | $0.16 | $-1.29 | ||
| Q1 25 | $0.09 | $-0.33 | ||
| Q4 24 | $0.27 | $0.25 | ||
| Q3 24 | $-5.33 | $-0.26 | ||
| Q2 24 | $0.45 | $-1.01 |
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 | $84.5M |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | $2.1B | — |
| 总资产 | $2.4B | $2.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资IPGPMERC
| Q1 26 | — | $84.5M | ||
| Q4 25 | $839.3M | $186.8M | ||
| Q3 25 | $870.4M | $98.1M | ||
| Q2 25 | $899.6M | $146.5M | ||
| Q1 25 | $926.9M | $181.5M | ||
| Q4 24 | $930.2M | $184.9M | ||
| Q3 24 | $1.0B | $239.0M | ||
| Q2 24 | $1.1B | $263.2M |
总债务IPGPMERC
| Q1 26 | — | $1.5B | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B |
股东权益IPGPMERC
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $68.1M | ||
| Q3 25 | $2.1B | $359.5M | ||
| Q2 25 | $2.1B | $446.5M | ||
| Q1 25 | $2.1B | $437.4M | ||
| Q4 24 | $2.0B | $429.8M | ||
| Q3 24 | $2.1B | $516.8M | ||
| Q2 24 | $2.3B | $487.7M |
总资产IPGPMERC
| Q1 26 | — | $2.0B | ||
| Q4 25 | $2.4B | $2.0B | ||
| Q3 25 | $2.4B | $2.3B | ||
| Q2 25 | $2.4B | $2.4B | ||
| Q1 25 | $2.3B | $2.3B | ||
| Q4 24 | $2.3B | $2.3B | ||
| Q3 24 | $2.4B | $2.5B | ||
| Q2 24 | $2.5B | $2.5B |
负债/权益比IPGPMERC
| Q1 26 | — | — | ||
| Q4 25 | — | 23.58× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 3.44× | ||
| Q4 24 | — | 3.43× | ||
| Q3 24 | — | 3.09× | ||
| Q2 24 | — | 3.22× |
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 | — |
| 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× | — |
| 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IPGPMERC
| Q1 26 | — | — | ||
| Q4 25 | $28.8M | $46.2M | ||
| Q3 25 | $35.3M | $-30.1M | ||
| Q2 25 | $-2.2M | $-4.5M | ||
| Q1 25 | $13.4M | $-3.0M | ||
| Q4 24 | $73.8M | $71.2M | ||
| Q3 24 | $66.1M | $-13.9M | ||
| Q2 24 | $53.5M | $62.2M |
自由现金流IPGPMERC
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $32.0M | ||
| Q3 25 | $14.6M | $-60.1M | ||
| Q2 25 | $-17.6M | $-28.9M | ||
| Q1 25 | $-11.4M | $-23.1M | ||
| Q4 24 | $50.6M | $50.4M | ||
| Q3 24 | $43.0M | $-41.2M | ||
| Q2 24 | $29.2M | $44.3M |
自由现金流率IPGPMERC
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 7.1% | ||
| Q3 25 | 5.8% | -13.1% | ||
| Q2 25 | -7.0% | -6.4% | ||
| Q1 25 | -5.0% | -4.6% | ||
| Q4 24 | 21.6% | 10.3% | ||
| Q3 24 | 18.4% | -8.2% | ||
| Q2 24 | 11.3% | 8.9% |
资本支出强度IPGPMERC
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 3.1% | ||
| Q3 25 | 8.3% | 6.6% | ||
| Q2 25 | 6.1% | 5.4% | ||
| Q1 25 | 10.9% | 4.0% | ||
| Q4 24 | 9.9% | 4.2% | ||
| Q3 24 | 9.9% | 5.4% | ||
| Q2 24 | 9.4% | 3.6% |
现金转化率IPGPMERC
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | 4.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | — |
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% |
MERC
| Pulp segment | $345.0M | 71% |
| Solid wood segment | $131.7M | 27% |
| Corporate and other | $12.6M | 3% |
