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IPG PHOTONICS CORP（IPGP）与PAMT CORP（PAMT）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PAMT CORP的1.9倍（$274.5M vs $141.3M），IPG PHOTONICS CORP净利率更高（4.8% vs -20.7%，领先25.5%），IPG PHOTONICS CORP同比增速更快（17.1% vs -15.1%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-25.0M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -12.0%）
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。
IPGP vs PAMT — 直观对比
营收规模更大
IPGP
是对方的1.9倍
$141.3M
营收增速更快
IPGP
高出32.3%
-15.1%
净利率更高
IPGP
高出25.5%
-20.7%
自由现金流更多
IPGP
多$35.9M
$-25.0M
两年增速更快
IPGP
近两年复合增速
-12.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $141.3M |
| 净利润 | $13.3M | $-29.3M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | -27.0% |
| 净利率 | 4.8% | -20.7% |
| 营收同比 | 17.1% | -15.1% |
| 净利润同比 | 69.8% | 7.4% |
| 每股收益（稀释后） | $0.30 | $-1.38 |
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IPGPPAMT
| Q4 25 | $274.5M | $141.3M | ||
| Q3 25 | $250.8M | $150.3M | ||
| Q2 25 | $250.7M | $151.1M | ||
| Q1 25 | $227.8M | $155.3M | ||
| Q4 24 | $234.3M | $166.5M | ||
| Q3 24 | $233.1M | $182.6M | ||
| Q2 24 | $257.6M | $182.9M | ||
| Q1 24 | $252.0M | $182.6M |
净利润IPGPPAMT
| Q4 25 | $13.3M | $-29.3M | ||
| Q3 25 | $7.5M | $-5.6M | ||
| Q2 25 | $6.6M | $-9.6M | ||
| Q1 25 | $3.8M | $-8.1M | ||
| Q4 24 | $7.8M | $-31.6M | ||
| Q3 24 | $-233.6M | $2.4M | ||
| Q2 24 | $20.2M | $-2.9M | ||
| Q1 24 | $24.1M | $281.0K |
毛利率IPGPPAMT
| 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% | — | ||
| Q1 24 | 38.7% | — |
营业利润率IPGPPAMT
| Q4 25 | 1.2% | -27.0% | ||
| Q3 25 | 3.1% | -3.8% | ||
| Q2 25 | 0.0% | -7.3% | ||
| Q1 25 | 0.8% | -5.9% | ||
| Q4 24 | 6.0% | -22.6% | ||
| Q3 24 | -108.7% | 1.3% | ||
| Q2 24 | 4.7% | -0.4% | ||
| Q1 24 | 7.6% | -0.4% |
净利率IPGPPAMT
| Q4 25 | 4.8% | -20.7% | ||
| Q3 25 | 3.0% | -3.7% | ||
| Q2 25 | 2.6% | -6.4% | ||
| Q1 25 | 1.6% | -5.2% | ||
| Q4 24 | 3.3% | -19.0% | ||
| Q3 24 | -100.2% | 1.3% | ||
| Q2 24 | 7.8% | -1.6% | ||
| Q1 24 | 9.6% | 0.2% |
每股收益（稀释后）IPGPPAMT
| Q4 25 | $0.30 | $-1.38 | ||
| Q3 25 | $0.18 | $-0.27 | ||
| Q2 25 | $0.16 | $-0.46 | ||
| Q1 25 | $0.09 | $-0.37 | ||
| Q4 24 | $0.27 | $-1.44 | ||
| Q3 24 | $-5.33 | $0.11 | ||
| Q2 24 | $0.45 | $-0.13 | ||
| Q1 24 | $0.52 | $0.01 |
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 | $83.7M |
| 总债务越低越好 | — | $333.9M |
| 股东权益账面价值 | $2.1B | $210.5M |
| 总资产 | $2.4B | $697.9M |
| 负债/权益比越低杠杆越低 | — | 1.59× |
8季度趋势，按日历期对齐
现金及短期投资IPGPPAMT
| Q4 25 | $839.3M | $83.7M | ||
| Q3 25 | $870.4M | $115.6M | ||
| Q2 25 | $899.6M | $117.3M | ||
| Q1 25 | $926.9M | $102.7M | ||
| Q4 24 | $930.2M | $110.7M | ||
| Q3 24 | $1.0B | $92.3M | ||
| Q2 24 | $1.1B | $114.0M | ||
| Q1 24 | $1.1B | $125.8M |
总债务IPGPPAMT
| Q4 25 | — | $333.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $325.6M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益IPGPPAMT
| Q4 25 | $2.1B | $210.5M | ||
| Q3 25 | $2.1B | $239.5M | ||
| Q2 25 | $2.1B | $244.9M | ||
| Q1 25 | $2.1B | $269.6M | ||
| Q4 24 | $2.0B | $277.5M | ||
| Q3 24 | $2.1B | $308.9M | ||
| Q2 24 | $2.3B | $306.7M | ||
| Q1 24 | $2.3B | $314.6M |
总资产IPGPPAMT
| Q4 25 | $2.4B | $697.9M | ||
| Q3 25 | $2.4B | $715.2M | ||
| Q2 25 | $2.4B | $707.9M | ||
| Q1 25 | $2.3B | $712.6M | ||
| Q4 24 | $2.3B | $741.7M | ||
| Q3 24 | $2.4B | $756.7M | ||
| Q2 24 | $2.5B | $733.5M | ||
| Q1 24 | $2.6B | $746.4M |
负债/权益比IPGPPAMT
| Q4 25 | — | 1.59× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.17× | ||
| 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 | $-5.8M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $-25.0M |
| 自由现金流率自由现金流/营收 | 4.0% | -17.7% |
| 资本支出强度资本支出/营收 | 6.5% | 13.6% |
| 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 | $-23.4M |
8季度趋势，按日历期对齐
经营现金流IPGPPAMT
| Q4 25 | $28.8M | $-5.8M | ||
| Q3 25 | $35.3M | $5.9M | ||
| Q2 25 | $-2.2M | $12.2M | ||
| Q1 25 | $13.4M | $5.0M | ||
| Q4 24 | $73.8M | $15.2M | ||
| Q3 24 | $66.1M | $15.5M | ||
| Q2 24 | $53.5M | $18.7M | ||
| Q1 24 | $54.6M | $9.6M |
自由现金流IPGPPAMT
| Q4 25 | $10.9M | $-25.0M | ||
| Q3 25 | $14.6M | $2.5M | ||
| Q2 25 | $-17.6M | $5.9M | ||
| Q1 25 | $-11.4M | $-6.8M | ||
| Q4 24 | $50.6M | $-39.9M | ||
| Q3 24 | $43.0M | $-33.6M | ||
| Q2 24 | $29.2M | $4.1M | ||
| Q1 24 | $26.5M | $-12.2M |
自由现金流率IPGPPAMT
| Q4 25 | 4.0% | -17.7% | ||
| Q3 25 | 5.8% | 1.7% | ||
| Q2 25 | -7.0% | 3.9% | ||
| Q1 25 | -5.0% | -4.4% | ||
| Q4 24 | 21.6% | -24.0% | ||
| Q3 24 | 18.4% | -18.4% | ||
| Q2 24 | 11.3% | 2.2% | ||
| Q1 24 | 10.5% | -6.7% |
资本支出强度IPGPPAMT
| Q4 25 | 6.5% | 13.6% | ||
| Q3 25 | 8.3% | 2.3% | ||
| Q2 25 | 6.1% | 4.2% | ||
| Q1 25 | 10.9% | 7.6% | ||
| Q4 24 | 9.9% | 33.1% | ||
| Q3 24 | 9.9% | 26.9% | ||
| Q2 24 | 9.4% | 8.0% | ||
| Q1 24 | 11.1% | 12.0% |
现金转化率IPGPPAMT
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 6.44× | ||
| Q2 24 | 2.65× | — | ||
| Q1 24 | 2.27× | 34.11× |
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% |
PAMT
| Freight Transportation Service | $123.1M | 87% |
| Fuel Surcharge | $18.2M | 13% |
