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IPG PHOTONICS CORP（IPGP）与MARTIN MIDSTREAM PARTNERS L.P.（MMLP）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MARTIN MIDSTREAM PARTNERS L.P.的1.5倍（$274.5M vs $187.7M），IPG PHOTONICS CORP净利率更高（4.8% vs 1.7%，领先3.1%），IPG PHOTONICS CORP同比增速更快（17.1% vs -2.5%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-6.0M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs 0.8%）
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。
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
IPGP vs MMLP — 直观对比
营收规模更大
IPGP
是对方的1.5倍
$187.7M
营收增速更快
IPGP
高出19.7%
-2.5%
净利率更高
IPGP
高出3.1%
1.7%
自由现金流更多
IPGP
多$16.9M
$-6.0M
两年增速更快
IPGP
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $187.7M |
| 净利润 | $13.3M | $3.2M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 4.1% |
| 净利率 | 4.8% | 1.7% |
| 营收同比 | 17.1% | -2.5% |
| 净利润同比 | 69.8% | -37.1% |
| 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IPGPMMLP
| Q1 26 | — | $187.7M | ||
| Q4 25 | $274.5M | $174.2M | ||
| Q3 25 | $250.8M | $168.7M | ||
| Q2 25 | $250.7M | $180.7M | ||
| Q1 25 | $227.8M | $192.5M | ||
| Q4 24 | $234.3M | $171.3M | ||
| Q3 24 | $233.1M | $170.9M | ||
| Q2 24 | $257.6M | $184.5M |
净利润IPGPMMLP
| Q1 26 | — | $3.2M | ||
| Q4 25 | $13.3M | $-2.9M | ||
| Q3 25 | $7.5M | $-8.4M | ||
| Q2 25 | $6.6M | $-2.4M | ||
| Q1 25 | $3.8M | $-1.0M | ||
| Q4 24 | $7.8M | $-8.9M | ||
| Q3 24 | $-233.6M | $-3.3M | ||
| Q2 24 | $20.2M | $3.8M |
毛利率IPGPMMLP
| Q1 26 | — | — | ||
| Q4 25 | 36.1% | 57.1% | ||
| Q3 25 | 39.5% | 55.1% | ||
| Q2 25 | 37.3% | 56.5% | ||
| Q1 25 | 39.4% | 53.5% | ||
| Q4 24 | 38.6% | 58.2% | ||
| Q3 24 | 23.2% | 58.5% | ||
| Q2 24 | 37.3% | 58.4% |
营业利润率IPGPMMLP
| Q1 26 | — | 4.1% | ||
| Q4 25 | 1.2% | 7.3% | ||
| Q3 25 | 3.1% | 4.1% | ||
| Q2 25 | 0.0% | 8.2% | ||
| Q1 25 | 0.8% | 7.5% | ||
| Q4 24 | 6.0% | 4.0% | ||
| Q3 24 | -108.7% | 7.4% | ||
| Q2 24 | 4.7% | 10.8% |
净利率IPGPMMLP
| Q1 26 | — | 1.7% | ||
| Q4 25 | 4.8% | -1.7% | ||
| Q3 25 | 3.0% | -5.0% | ||
| Q2 25 | 2.6% | -1.3% | ||
| Q1 25 | 1.6% | -0.5% | ||
| Q4 24 | 3.3% | -5.2% | ||
| Q3 24 | -100.2% | -1.9% | ||
| Q2 24 | 7.8% | 2.0% |
每股收益（稀释后）IPGPMMLP
| Q1 26 | — | — | ||
| 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 | — |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | — |
| 总资产 | $2.4B | $537.1M |
| 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IPGPMMLP
| Q1 26 | — | — | ||
| Q4 25 | $839.3M | — | ||
| Q3 25 | $870.4M | — | ||
| Q2 25 | $899.6M | — | ||
| Q1 25 | $926.9M | — | ||
| Q4 24 | $930.2M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.1B | — |
总债务IPGPMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | $428.0M | ||
| Q3 25 | — | $441.3M | ||
| Q2 25 | — | $427.8M | ||
| Q1 25 | — | $451.4M | ||
| Q4 24 | — | $437.6M | ||
| Q3 24 | — | $469.3M | ||
| Q2 24 | — | $439.4M |
股东权益IPGPMMLP
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.3B | — |
总资产IPGPMMLP
| Q1 26 | — | $537.1M | ||
| Q4 25 | $2.4B | $522.4M | ||
| Q3 25 | $2.4B | $510.1M | ||
| Q2 25 | $2.4B | $515.6M | ||
| Q1 25 | $2.3B | $533.4M | ||
| Q4 24 | $2.3B | $538.5M | ||
| Q3 24 | $2.4B | $554.8M | ||
| Q2 24 | $2.5B | $535.1M |
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 | $-6.0M |
| 自由现金流率自由现金流/营收 | 4.0% | -3.2% |
| 资本支出强度资本支出/营收 | 6.5% | 1.6% |
| 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 | $27.2M |
8季度趋势，按日历期对齐
经营现金流IPGPMMLP
| Q1 26 | — | — | ||
| Q4 25 | $28.8M | $22.4M | ||
| Q3 25 | $35.3M | $-1.2M | ||
| Q2 25 | $-2.2M | $30.9M | ||
| Q1 25 | $13.4M | $-6.0M | ||
| Q4 24 | $73.8M | $42.2M | ||
| Q3 24 | $66.1M | $-15.8M | ||
| Q2 24 | $53.5M | $11.8M |
自由现金流IPGPMMLP
| Q1 26 | — | $-6.0M | ||
| Q4 25 | $10.9M | $15.6M | ||
| Q3 25 | $14.6M | $-7.9M | ||
| Q2 25 | $-17.6M | $25.6M | ||
| Q1 25 | $-11.4M | $-11.9M | ||
| Q4 24 | $50.6M | $34.2M | ||
| Q3 24 | $43.0M | $-25.6M | ||
| Q2 24 | $29.2M | $-696.0K |
自由现金流率IPGPMMLP
| Q1 26 | — | -3.2% | ||
| Q4 25 | 4.0% | 8.9% | ||
| Q3 25 | 5.8% | -4.7% | ||
| Q2 25 | -7.0% | 14.2% | ||
| Q1 25 | -5.0% | -6.2% | ||
| Q4 24 | 21.6% | 20.0% | ||
| Q3 24 | 18.4% | -15.0% | ||
| Q2 24 | 11.3% | -0.4% |
资本支出强度IPGPMMLP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 6.5% | 3.9% | ||
| Q3 25 | 8.3% | 4.0% | ||
| Q2 25 | 6.1% | 3.0% | ||
| Q1 25 | 10.9% | 3.1% | ||
| Q4 24 | 9.9% | 4.6% | ||
| Q3 24 | 9.9% | 5.8% | ||
| Q2 24 | 9.4% | 6.8% |
现金转化率IPGPMMLP
| Q1 26 | — | — | ||
| 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× | 3.13× |
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% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
