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IPG PHOTONICS CORP（IPGP）与麦格劳希尔（MH）财务数据对比。点击上方公司名可切换其他公司
麦格劳希尔的季度营收约是IPG PHOTONICS CORP的1.6倍（$434.2M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs -4.7%，领先9.5%），IPG PHOTONICS CORP同比增速更快（17.1% vs -35.1%），麦格劳希尔自由现金流更多（$285.4M vs $10.9M）
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。
麦格劳希尔是美国知名教育科技企业，面向K12、高等教育及职业领域的师生提供多元教育内容、软件与服务。核心产品包含教材、数字学习工具及自适应技术，助力优化学习体验、提升学习效果，是与霍顿米夫林哈考特、培生教育齐名的全球三大教育出版商之一。
IPGP vs MH — 直观对比
营收规模更大
MH
是对方的1.6倍
$274.5M
营收增速更快
IPGP
高出52.2%
-35.1%
净利率更高
IPGP
高出9.5%
-4.7%
自由现金流更多
MH
多$274.5M
$10.9M
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $434.2M |
| 净利润 | $13.3M | $-20.2M |
| 毛利率 | 36.1% | 85.3% |
| 营业利润率 | 1.2% | 7.0% |
| 净利率 | 4.8% | -4.7% |
| 营收同比 | 17.1% | -35.1% |
| 净利润同比 | 69.8% | -119.2% |
| 每股收益（稀释后） | $0.30 | $-0.11 |
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IPGPMH
| Q4 25 | $274.5M | $434.2M | ||
| Q3 25 | $250.8M | $669.2M | ||
| Q2 25 | $250.7M | $535.7M | ||
| Q1 25 | $227.8M | — | ||
| Q4 24 | $234.3M | — | ||
| Q3 24 | $233.1M | — | ||
| Q2 24 | $257.6M | — | ||
| Q1 24 | $252.0M | — |
净利润IPGPMH
| Q4 25 | $13.3M | $-20.2M | ||
| Q3 25 | $7.5M | $105.3M | ||
| Q2 25 | $6.6M | $502.0K | ||
| Q1 25 | $3.8M | — | ||
| Q4 24 | $7.8M | — | ||
| Q3 24 | $-233.6M | — | ||
| Q2 24 | $20.2M | — | ||
| Q1 24 | $24.1M | — |
毛利率IPGPMH
| Q4 25 | 36.1% | 85.3% | ||
| Q3 25 | 39.5% | 79.2% | ||
| Q2 25 | 37.3% | 77.0% | ||
| 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IPGPMH
| Q4 25 | 1.2% | 7.0% | ||
| Q3 25 | 3.1% | 23.4% | ||
| Q2 25 | 0.0% | 18.0% | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | -108.7% | — | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 7.6% | — |
净利率IPGPMH
| Q4 25 | 4.8% | -4.7% | ||
| Q3 25 | 3.0% | 15.7% | ||
| Q2 25 | 2.6% | 0.1% | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | -100.2% | — | ||
| Q2 24 | 7.8% | — | ||
| Q1 24 | 9.6% | — |
每股收益（稀释后）IPGPMH
| Q4 25 | $0.30 | $-0.11 | ||
| Q3 25 | $0.18 | $0.57 | ||
| Q2 25 | $0.16 | $0.00 | ||
| 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 | $514.4M |
| 总债务越低越好 | — | $2.6B |
| 股东权益账面价值 | $2.1B | $775.3M |
| 总资产 | $2.4B | $5.6B |
| 负债/权益比越低杠杆越低 | — | 3.36× |
8季度趋势，按日历期对齐
现金及短期投资IPGPMH
| Q4 25 | $839.3M | $514.4M | ||
| Q3 25 | $870.4M | $463.2M | ||
| Q2 25 | $899.6M | $247.3M | ||
| Q1 25 | $926.9M | — | ||
| Q4 24 | $930.2M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
总债务IPGPMH
| Q4 25 | — | $2.6B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益IPGPMH
| Q4 25 | $2.1B | $775.3M | ||
| Q3 25 | $2.1B | $794.6M | ||
| Q2 25 | $2.1B | $283.3M | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | — |
总资产IPGPMH
| Q4 25 | $2.4B | $5.6B | ||
| Q3 25 | $2.4B | $6.0B | ||
| Q2 25 | $2.4B | $5.7B | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.6B | — |
负债/权益比IPGPMH
| Q4 25 | — | 3.36× | ||
| Q3 25 | — | 3.52× | ||
| Q2 25 | — | 11.17× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $309.0M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $285.4M |
| 自由现金流率自由现金流/营收 | 4.0% | 65.7% |
| 资本支出强度资本支出/营收 | 6.5% | 5.4% |
| 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IPGPMH
| Q4 25 | $28.8M | $309.0M | ||
| Q3 25 | $35.3M | $265.0M | ||
| Q2 25 | $-2.2M | $-96.7M | ||
| Q1 25 | $13.4M | — | ||
| Q4 24 | $73.8M | — | ||
| Q3 24 | $66.1M | — | ||
| Q2 24 | $53.5M | — | ||
| Q1 24 | $54.6M | — |
自由现金流IPGPMH
| Q4 25 | $10.9M | $285.4M | ||
| Q3 25 | $14.6M | $243.8M | ||
| Q2 25 | $-17.6M | $-112.9M | ||
| 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IPGPMH
| Q4 25 | 4.0% | 65.7% | ||
| Q3 25 | 5.8% | 36.4% | ||
| Q2 25 | -7.0% | -21.1% | ||
| 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IPGPMH
| Q4 25 | 6.5% | 5.4% | ||
| Q3 25 | 8.3% | 3.2% | ||
| Q2 25 | 6.1% | 3.0% | ||
| 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IPGPMH
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 2.52× | ||
| Q2 25 | -0.34× | -192.53× | ||
| 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% |
MH
| Higher Education | $225.4M | 52% |
| Digital | $103.5M | 24% |
| Other | $44.4M | 10% |
| Global Professional | $36.2M | 8% |
| $24.7M | 6% |
