vs
IPG PHOTONICS CORP（IPGP）与Penguin Solutions, Inc.（PENG）财务数据对比。点击上方公司名可切换其他公司
Penguin Solutions, Inc.的季度营收约是IPG PHOTONICS CORP的1.2倍（$343.1M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs 1.5%，领先3.3%），IPG PHOTONICS CORP同比增速更快（17.1% vs 0.6%），Penguin Solutions, Inc.自由现金流更多（$28.2M vs $10.9M），过去两年Penguin Solutions, Inc.的营收复合增速更高（11.8% 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。
企鹅解决方案公司旗下的兰波集团以拉姆齐解决方案品牌开展业务，是一家美国企业，业务涵盖个人理财、领导力发展、人际关系管理与职业发展相关产品与服务。该公司由戴夫·拉姆齐与妻子莎伦于1991年创立，总部位于田纳西州富兰克林。
IPGP vs PENG — 直观对比
营收规模更大
PENG
是对方的1.2倍
$274.5M
营收增速更快
IPGP
高出16.5%
0.6%
净利率更高
IPGP
高出3.3%
1.5%
自由现金流更多
PENG
多$17.3M
$10.9M
两年增速更快
PENG
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $343.1M |
| 净利润 | $13.3M | $5.3M |
| 毛利率 | 36.1% | 28.0% |
| 营业利润率 | 1.2% | 5.7% |
| 净利率 | 4.8% | 1.5% |
| 营收同比 | 17.1% | 0.6% |
| 净利润同比 | 69.8% | 1.0% |
| 每股收益（稀释后） | $0.30 | $0.04 |
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IPGPPENG
| Q4 25 | $274.5M | $343.1M | ||
| Q3 25 | $250.8M | $337.9M | ||
| Q2 25 | $250.7M | $324.3M | ||
| Q1 25 | $227.8M | $365.5M | ||
| Q4 24 | $234.3M | $341.1M | ||
| Q3 24 | $233.1M | $284.8M | ||
| Q2 24 | $257.6M | $300.6M | ||
| Q1 24 | $252.0M | — |
净利润IPGPPENG
| Q4 25 | $13.3M | $5.3M | ||
| Q3 25 | $7.5M | $9.4M | ||
| Q2 25 | $6.6M | $2.7M | ||
| Q1 25 | $3.8M | $8.1M | ||
| Q4 24 | $7.8M | $5.2M | ||
| Q3 24 | $-233.6M | — | ||
| Q2 24 | $20.2M | $5.6M | ||
| Q1 24 | $24.1M | — |
毛利率IPGPPENG
| Q4 25 | 36.1% | 28.0% | ||
| Q3 25 | 39.5% | 28.6% | ||
| Q2 25 | 37.3% | 29.3% | ||
| Q1 25 | 39.4% | 28.6% | ||
| Q4 24 | 38.6% | 28.7% | ||
| Q3 24 | 23.2% | 28.8% | ||
| Q2 24 | 37.3% | 29.6% | ||
| Q1 24 | 38.7% | — |
营业利润率IPGPPENG
| Q4 25 | 1.2% | 5.7% | ||
| Q3 25 | 3.1% | 3.7% | ||
| Q2 25 | 0.0% | 3.0% | ||
| Q1 25 | 0.8% | 5.1% | ||
| Q4 24 | 6.0% | 5.1% | ||
| Q3 24 | -108.7% | -1.2% | ||
| Q2 24 | 4.7% | 3.8% | ||
| Q1 24 | 7.6% | — |
净利率IPGPPENG
| Q4 25 | 4.8% | 1.5% | ||
| Q3 25 | 3.0% | 2.8% | ||
| Q2 25 | 2.6% | 0.8% | ||
| Q1 25 | 1.6% | 2.2% | ||
| Q4 24 | 3.3% | 1.5% | ||
| Q3 24 | -100.2% | — | ||
| Q2 24 | 7.8% | 1.9% | ||
| Q1 24 | 9.6% | — |
每股收益（稀释后）IPGPPENG
| Q4 25 | $0.30 | $0.04 | ||
| Q3 25 | $0.18 | $0.10 | ||
| Q2 25 | $0.16 | $-0.01 | ||
| Q1 25 | $0.09 | $0.09 | ||
| Q4 24 | $0.27 | $0.10 | ||
| Q3 24 | $-5.33 | — | ||
| Q2 24 | $0.45 | $0.10 | ||
| 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 | $461.5M |
| 总债务越低越好 | — | $462.3M |
| 股东权益账面价值 | $2.1B | $389.7M |
| 总资产 | $2.4B | $1.6B |
| 负债/权益比越低杠杆越低 | — | 1.19× |
8季度趋势，按日历期对齐
现金及短期投资IPGPPENG
| Q4 25 | $839.3M | $461.5M | ||
| Q3 25 | $870.4M | $453.8M | ||
| Q2 25 | $899.6M | $735.5M | ||
| Q1 25 | $926.9M | $647.0M | ||
| Q4 24 | $930.2M | $393.7M | ||
| Q3 24 | $1.0B | $389.5M | ||
| Q2 24 | $1.1B | $467.5M | ||
| Q1 24 | $1.1B | — |
总债务IPGPPENG
| Q4 25 | — | $462.3M | ||
| Q3 25 | — | $461.8M | ||
| Q2 25 | — | $659.5M | ||
| Q1 25 | — | $658.8M | ||
| Q4 24 | — | $658.1M | ||
| Q3 24 | — | $657.3M | ||
| Q2 24 | — | $667.0M | ||
| Q1 24 | — | — |
股东权益IPGPPENG
| Q4 25 | $2.1B | $389.7M | ||
| Q3 25 | $2.1B | $394.2M | ||
| Q2 25 | $2.1B | $584.8M | ||
| Q1 25 | $2.1B | $602.5M | ||
| Q4 24 | $2.0B | $400.4M | ||
| Q3 24 | $2.1B | $391.4M | ||
| Q2 24 | $2.3B | $423.4M | ||
| Q1 24 | $2.3B | — |
总资产IPGPPENG
| Q4 25 | $2.4B | $1.6B | ||
| Q3 25 | $2.4B | $1.6B | ||
| Q2 25 | $2.4B | $1.8B | ||
| Q1 25 | $2.3B | $1.8B | ||
| Q4 24 | $2.3B | $1.6B | ||
| Q3 24 | $2.4B | $1.5B | ||
| Q2 24 | $2.5B | $1.5B | ||
| Q1 24 | $2.6B | — |
负债/权益比IPGPPENG
| Q4 25 | — | 1.19× | ||
| Q3 25 | — | 1.17× | ||
| Q2 25 | — | 1.13× | ||
| Q1 25 | — | 1.09× | ||
| Q4 24 | — | 1.64× | ||
| Q3 24 | — | 1.68× | ||
| Q2 24 | — | 1.58× | ||
| 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 | $31.1M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $28.2M |
| 自由现金流率自由现金流/营收 | 4.0% | 8.2% |
| 资本支出强度资本支出/营收 | 6.5% | 0.8% |
| 现金转化率经营现金流/净利润 | 2.17× | 5.89× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $116.3M |
8季度趋势，按日历期对齐
经营现金流IPGPPENG
| Q4 25 | $28.8M | $31.1M | ||
| Q3 25 | $35.3M | $-70.4M | ||
| Q2 25 | $-2.2M | $92.8M | ||
| Q1 25 | $13.4M | $72.9M | ||
| Q4 24 | $73.8M | $13.8M | ||
| Q3 24 | $66.1M | — | ||
| Q2 24 | $53.5M | $57.9M | ||
| Q1 24 | $54.6M | — |
自由现金流IPGPPENG
| Q4 25 | $10.9M | $28.2M | ||
| Q3 25 | $14.6M | $-73.4M | ||
| Q2 25 | $-17.6M | $90.9M | ||
| Q1 25 | $-11.4M | $70.5M | ||
| Q4 24 | $50.6M | $12.0M | ||
| Q3 24 | $43.0M | — | ||
| Q2 24 | $29.2M | $48.9M | ||
| Q1 24 | $26.5M | — |
自由现金流率IPGPPENG
| Q4 25 | 4.0% | 8.2% | ||
| Q3 25 | 5.8% | -21.7% | ||
| Q2 25 | -7.0% | 28.0% | ||
| Q1 25 | -5.0% | 19.3% | ||
| Q4 24 | 21.6% | 3.5% | ||
| Q3 24 | 18.4% | — | ||
| Q2 24 | 11.3% | 16.3% | ||
| Q1 24 | 10.5% | — |
资本支出强度IPGPPENG
| Q4 25 | 6.5% | 0.8% | ||
| Q3 25 | 8.3% | 0.9% | ||
| Q2 25 | 6.1% | 0.6% | ||
| Q1 25 | 10.9% | 0.6% | ||
| Q4 24 | 9.9% | 0.5% | ||
| Q3 24 | 9.9% | — | ||
| Q2 24 | 9.4% | 3.0% | ||
| Q1 24 | 11.1% | — |
现金转化率IPGPPENG
| Q4 25 | 2.17× | 5.89× | ||
| Q3 25 | 4.73× | -7.47× | ||
| Q2 25 | -0.34× | 34.88× | ||
| Q1 25 | 3.58× | 9.02× | ||
| Q4 24 | 9.44× | 2.65× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | 10.30× | ||
| 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% |
PENG
| Integrated Memory Segment | $171.6M | 50% |
| Advanced Computing Segment | $115.7M | 34% |
| Optimized LED Segment | $55.7M | 16% |
