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IPG PHOTONICS CORP（IPGP）与Natural Grocers by Vitamin Cottage, Inc.（NGVC）财务数据对比。点击上方公司名可切换其他公司
Natural Grocers by Vitamin Cottage, Inc.的季度营收约是IPG PHOTONICS CORP的1.2倍（$335.6M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs 3.4%，领先1.5%），IPG PHOTONICS CORP同比增速更快（17.1% vs 1.6%），Natural Grocers by Vitamin Cottage, Inc.自由现金流更多（$11.6M vs $10.9M），过去两年Natural Grocers by Vitamin Cottage, Inc.的营收复合增速更高（4.4% vs 4.4%）
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。
Natural Grocers by Vitamin Cottage, Inc.是美国本土的特色零售连锁企业，主营认证有机食品、膳食补充剂、天然个护及环保家居类产品，面向健康意识较强的消费群体，门店覆盖美国多州，执行严格品控标准，拒绝售卖含人工添加剂的商品。
IPGP vs NGVC — 直观对比
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $335.6M |
| 净利润 | $13.3M | $11.3M |
| 毛利率 | 36.1% | 29.5% |
| 营业利润率 | 1.2% | 4.4% |
| 净利率 | 4.8% | 3.4% |
| 营收同比 | 17.1% | 1.6% |
| 净利润同比 | 69.8% | 14.0% |
| 每股收益（稀释后） | $0.30 | $0.49 |
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
| Q4 25 | $274.5M | $335.6M | ||
| Q3 25 | $250.8M | $336.1M | ||
| Q2 25 | $250.7M | $328.7M | ||
| Q1 25 | $227.8M | $335.8M | ||
| Q4 24 | $234.3M | $330.2M | ||
| Q3 24 | $233.1M | $322.7M | ||
| Q2 24 | $257.6M | $309.1M | ||
| Q1 24 | $252.0M | $308.1M |
| Q4 25 | $13.3M | $11.3M | ||
| Q3 25 | $7.5M | $11.8M | ||
| Q2 25 | $6.6M | $11.6M | ||
| Q1 25 | $3.8M | $13.1M | ||
| Q4 24 | $7.8M | $9.9M | ||
| Q3 24 | $-233.6M | $9.0M | ||
| Q2 24 | $20.2M | $9.2M | ||
| Q1 24 | $24.1M | $8.0M |
| Q4 25 | 36.1% | 29.5% | ||
| Q3 25 | 39.5% | 29.5% | ||
| Q2 25 | 37.3% | 29.9% | ||
| Q1 25 | 39.4% | 30.3% | ||
| Q4 24 | 38.6% | 29.9% | ||
| Q3 24 | 23.2% | 29.6% | ||
| Q2 24 | 37.3% | 29.2% | ||
| Q1 24 | 38.7% | 29.3% |
| Q4 25 | 1.2% | 4.4% | ||
| Q3 25 | 3.1% | 4.6% | ||
| Q2 25 | 0.0% | 4.7% | ||
| Q1 25 | 0.8% | 5.2% | ||
| Q4 24 | 6.0% | 4.0% | ||
| Q3 24 | -108.7% | 3.7% | ||
| Q2 24 | 4.7% | 4.2% | ||
| Q1 24 | 7.6% | 3.7% |
| Q4 25 | 4.8% | 3.4% | ||
| Q3 25 | 3.0% | 3.5% | ||
| Q2 25 | 2.6% | 3.5% | ||
| Q1 25 | 1.6% | 3.9% | ||
| Q4 24 | 3.3% | 3.0% | ||
| Q3 24 | -100.2% | 2.8% | ||
| Q2 24 | 7.8% | 3.0% | ||
| Q1 24 | 9.6% | 2.6% |
| Q4 25 | $0.30 | $0.49 | ||
| Q3 25 | $0.18 | $0.51 | ||
| Q2 25 | $0.16 | $0.50 | ||
| Q1 25 | $0.09 | $0.56 | ||
| Q4 24 | $0.27 | $0.43 | ||
| Q3 24 | $-5.33 | $0.38 | ||
| Q2 24 | $0.45 | $0.40 | ||
| Q1 24 | $0.52 | $0.35 |
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 | $23.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $220.0M |
| 总资产 | $2.4B | $668.6M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $839.3M | $23.2M | ||
| Q3 25 | $870.4M | $17.1M | ||
| Q2 25 | $899.6M | $13.2M | ||
| Q1 25 | $926.9M | $21.2M | ||
| Q4 24 | $930.2M | $6.3M | ||
| Q3 24 | $1.0B | $8.9M | ||
| Q2 24 | $1.1B | $13.9M | ||
| Q1 24 | $1.1B | $11.0M |
| Q4 25 | $2.1B | $220.0M | ||
| Q3 25 | $2.1B | $212.4M | ||
| Q2 25 | $2.1B | $202.5M | ||
| Q1 25 | $2.1B | $193.0M | ||
| Q4 24 | $2.0B | $181.9M | ||
| Q3 24 | $2.1B | $174.3M | ||
| Q2 24 | $2.3B | $167.8M | ||
| Q1 24 | $2.3B | $160.0M |
| Q4 25 | $2.4B | $668.6M | ||
| Q3 25 | $2.4B | $670.5M | ||
| Q2 25 | $2.4B | $659.0M | ||
| Q1 25 | $2.3B | $664.6M | ||
| Q4 24 | $2.3B | $648.9M | ||
| Q3 24 | $2.4B | $655.5M | ||
| Q2 24 | $2.5B | $654.4M | ||
| Q1 24 | $2.6B | $656.6M |
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 | $21.1M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $11.6M |
| 自由现金流率自由现金流/营收 | 4.0% | 3.4% |
| 资本支出强度资本支出/营收 | 6.5% | 2.9% |
| 现金转化率经营现金流/净利润 | 2.17× | 1.86× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $42.6M |
8季度趋势，按日历期对齐
| Q4 25 | $28.8M | $21.1M | ||
| Q3 25 | $35.3M | $15.6M | ||
| Q2 25 | $-2.2M | $2.9M | ||
| Q1 25 | $13.4M | $34.1M | ||
| Q4 24 | $73.8M | $2.7M | ||
| Q3 24 | $66.1M | $24.5M | ||
| Q2 24 | $53.5M | $12.4M | ||
| Q1 24 | $54.6M | $20.2M |
| Q4 25 | $10.9M | $11.6M | ||
| Q3 25 | $14.6M | $7.5M | ||
| Q2 25 | $-17.6M | $-4.2M | ||
| Q1 25 | $-11.4M | $27.6M | ||
| Q4 24 | $50.6M | $-6.9M | ||
| Q3 24 | $43.0M | $18.0M | ||
| Q2 24 | $29.2M | $3.6M | ||
| Q1 24 | $26.5M | $9.8M |
| Q4 25 | 4.0% | 3.4% | ||
| Q3 25 | 5.8% | 2.2% | ||
| Q2 25 | -7.0% | -1.3% | ||
| Q1 25 | -5.0% | 8.2% | ||
| Q4 24 | 21.6% | -2.1% | ||
| Q3 24 | 18.4% | 5.6% | ||
| Q2 24 | 11.3% | 1.2% | ||
| Q1 24 | 10.5% | 3.2% |
| Q4 25 | 6.5% | 2.9% | ||
| Q3 25 | 8.3% | 2.4% | ||
| Q2 25 | 6.1% | 2.2% | ||
| Q1 25 | 10.9% | 1.9% | ||
| Q4 24 | 9.9% | 2.9% | ||
| Q3 24 | 9.9% | 2.0% | ||
| Q2 24 | 9.4% | 2.9% | ||
| Q1 24 | 11.1% | 3.4% |
| Q4 25 | 2.17× | 1.86× | ||
| Q3 25 | 4.73× | 1.32× | ||
| Q2 25 | -0.34× | 0.25× | ||
| Q1 25 | 3.58× | 2.60× | ||
| Q4 24 | 9.44× | 0.27× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | 2.65× | 1.35× | ||
| Q1 24 | 2.27× | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
