vs
IPG PHOTONICS CORP（IPGP）与Dave & Buster's Entertainment, Inc.（PLAY）财务数据对比。点击上方公司名可切换其他公司
Dave & Buster's Entertainment, Inc.的季度营收约是IPG PHOTONICS CORP的1.6倍（$448.2M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs -9.4%，领先14.2%），IPG PHOTONICS CORP同比增速更快（17.1% vs -1.1%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-20.6M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -13.5%）
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。
戴夫与巴斯特娱乐是总部位于美国达拉斯的餐饮娱乐企业，旗下每家门店都配备全套服务餐厅、酒吧以及名为“百万美元 midway”的游戏游乐区。截至2024年2月，该公司共开设162家门店，其中美国本土158家，波多黎各和加拿大各设2家门店，主打餐饮与休闲娱乐融合的消费体验。
IPGP vs PLAY — 直观对比
营收规模更大
PLAY
是对方的1.6倍
$274.5M
营收增速更快
IPGP
高出18.2%
-1.1%
净利率更高
IPGP
高出14.2%
-9.4%
自由现金流更多
IPGP
多$31.5M
$-20.6M
两年增速更快
IPGP
近两年复合增速
-13.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $448.2M |
| 净利润 | $13.3M | $-42.1M |
| 毛利率 | 36.1% | 85.8% |
| 营业利润率 | 1.2% | -3.6% |
| 净利率 | 4.8% | -9.4% |
| 营收同比 | 17.1% | -1.1% |
| 净利润同比 | 69.8% | -28.7% |
| 每股收益（稀释后） | $0.30 | $-1.22 |
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IPGPPLAY
| Q4 25 | $274.5M | $448.2M | ||
| Q3 25 | $250.8M | $557.4M | ||
| Q2 25 | $250.7M | $567.7M | ||
| Q1 25 | $227.8M | $534.5M | ||
| Q4 24 | $234.3M | $453.0M | ||
| Q3 24 | $233.1M | $557.1M | ||
| Q2 24 | $257.6M | $588.1M | ||
| Q1 24 | $252.0M | $599.0M |
净利润IPGPPLAY
| Q4 25 | $13.3M | $-42.1M | ||
| Q3 25 | $7.5M | $11.4M | ||
| Q2 25 | $6.6M | $21.7M | ||
| Q1 25 | $3.8M | $9.3M | ||
| Q4 24 | $7.8M | $-32.7M | ||
| Q3 24 | $-233.6M | $40.3M | ||
| Q2 24 | $20.2M | $41.4M | ||
| Q1 24 | $24.1M | $36.1M |
毛利率IPGPPLAY
| Q4 25 | 36.1% | 85.8% | ||
| Q3 25 | 39.5% | 86.3% | ||
| Q2 25 | 37.3% | 85.5% | ||
| Q1 25 | 39.4% | 85.5% | ||
| Q4 24 | 38.6% | 85.0% | ||
| Q3 24 | 23.2% | 85.3% | ||
| Q2 24 | 37.3% | 85.2% | ||
| Q1 24 | 38.7% | 84.1% |
营业利润率IPGPPLAY
| Q4 25 | 1.2% | -3.6% | ||
| Q3 25 | 3.1% | 9.5% | ||
| Q2 25 | 0.0% | 11.1% | ||
| Q1 25 | 0.8% | 8.3% | ||
| Q4 24 | 6.0% | 1.4% | ||
| Q3 24 | -108.7% | 15.2% | ||
| Q2 24 | 4.7% | 14.5% | ||
| Q1 24 | 7.6% | 14.9% |
净利率IPGPPLAY
| Q4 25 | 4.8% | -9.4% | ||
| Q3 25 | 3.0% | 2.0% | ||
| Q2 25 | 2.6% | 3.8% | ||
| Q1 25 | 1.6% | 1.7% | ||
| Q4 24 | 3.3% | -7.2% | ||
| Q3 24 | -100.2% | 7.2% | ||
| Q2 24 | 7.8% | 7.0% | ||
| Q1 24 | 9.6% | 6.0% |
每股收益（稀释后）IPGPPLAY
| Q4 25 | $0.30 | $-1.22 | ||
| Q3 25 | $0.18 | $0.32 | ||
| Q2 25 | $0.16 | $0.62 | ||
| Q1 25 | $0.09 | $0.32 | ||
| Q4 24 | $0.27 | $-0.84 | ||
| Q3 24 | $-5.33 | $0.99 | ||
| Q2 24 | $0.45 | $0.99 | ||
| Q1 24 | $0.52 | $0.95 |
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 | $13.6M |
| 总债务越低越好 | — | $1.6B |
| 股东权益账面价值 | $2.1B | $130.8M |
| 总资产 | $2.4B | $4.1B |
| 负债/权益比越低杠杆越低 | — | 12.17× |
8季度趋势，按日历期对齐
现金及短期投资IPGPPLAY
| Q4 25 | $839.3M | $13.6M | ||
| Q3 25 | $870.4M | $12.0M | ||
| Q2 25 | $899.6M | $11.9M | ||
| Q1 25 | $926.9M | $6.9M | ||
| Q4 24 | $930.2M | $8.6M | ||
| Q3 24 | $1.0B | $13.1M | ||
| Q2 24 | $1.1B | $32.1M | ||
| Q1 24 | $1.1B | $37.3M |
总债务IPGPPLAY
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.3B |
股东权益IPGPPLAY
| Q4 25 | $2.1B | $130.8M | ||
| Q3 25 | $2.1B | $166.2M | ||
| Q2 25 | $2.1B | $146.8M | ||
| Q1 25 | $2.1B | $145.8M | ||
| Q4 24 | $2.0B | $226.6M | ||
| Q3 24 | $2.1B | $284.4M | ||
| Q2 24 | $2.3B | $292.5M | ||
| Q1 24 | $2.3B | $251.2M |
总资产IPGPPLAY
| Q4 25 | $2.4B | $4.1B | ||
| Q3 25 | $2.4B | $4.1B | ||
| Q2 25 | $2.4B | $4.1B | ||
| Q1 25 | $2.3B | $4.0B | ||
| Q4 24 | $2.3B | $3.9B | ||
| Q3 24 | $2.4B | $3.8B | ||
| Q2 24 | $2.5B | $3.8B | ||
| Q1 24 | $2.6B | $3.8B |
负债/权益比IPGPPLAY
| Q4 25 | — | 12.17× | ||
| Q3 25 | — | 9.57× | ||
| Q2 25 | — | 10.98× | ||
| Q1 25 | — | 10.45× | ||
| Q4 24 | — | 6.58× | ||
| Q3 24 | — | 4.72× | ||
| Q2 24 | — | 4.58× | ||
| Q1 24 | — | 5.33× |
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 | $58.0M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $-20.6M |
| 自由现金流率自由现金流/营收 | 4.0% | -4.6% |
| 资本支出强度资本支出/营收 | 6.5% | 17.5% |
| 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 | $-195.6M |
8季度趋势，按日历期对齐
经营现金流IPGPPLAY
| Q4 25 | $28.8M | $58.0M | ||
| Q3 25 | $35.3M | $34.0M | ||
| Q2 25 | $-2.2M | $95.8M | ||
| Q1 25 | $13.4M | $108.9M | ||
| Q4 24 | $73.8M | $-7.2M | ||
| Q3 24 | $66.1M | $101.8M | ||
| Q2 24 | $53.5M | $108.8M | ||
| Q1 24 | $54.6M | $97.2M |
自由现金流IPGPPLAY
| Q4 25 | $10.9M | $-20.6M | ||
| Q3 25 | $14.6M | $-55.2M | ||
| Q2 25 | $-17.6M | $-58.8M | ||
| Q1 25 | $-11.4M | $-61.0M | ||
| Q4 24 | $50.6M | $-138.4M | ||
| Q3 24 | $43.0M | $-14.3M | ||
| Q2 24 | $29.2M | $-4.2M | ||
| Q1 24 | $26.5M | $-25.4M |
自由现金流率IPGPPLAY
| Q4 25 | 4.0% | -4.6% | ||
| Q3 25 | 5.8% | -9.9% | ||
| Q2 25 | -7.0% | -10.4% | ||
| Q1 25 | -5.0% | -11.4% | ||
| Q4 24 | 21.6% | -30.6% | ||
| Q3 24 | 18.4% | -2.6% | ||
| Q2 24 | 11.3% | -0.7% | ||
| Q1 24 | 10.5% | -4.2% |
资本支出强度IPGPPLAY
| Q4 25 | 6.5% | 17.5% | ||
| Q3 25 | 8.3% | 16.0% | ||
| Q2 25 | 6.1% | 27.2% | ||
| Q1 25 | 10.9% | 31.8% | ||
| Q4 24 | 9.9% | 29.0% | ||
| Q3 24 | 9.9% | 20.8% | ||
| Q2 24 | 9.4% | 19.2% | ||
| Q1 24 | 11.1% | 20.5% |
现金转化率IPGPPLAY
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 2.98× | ||
| Q2 25 | -0.34× | 4.41× | ||
| Q1 25 | 3.58× | 11.71× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 2.53× | ||
| Q2 24 | 2.65× | 2.63× | ||
| Q1 24 | 2.27× | 2.69× |
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% |
PLAY
| Game Play Credit Usage | $273.1M | 61% |
| Food And Nonalcoholic Beverages | $115.1M | 26% |
| Alcoholic Beverage | $53.7M | 12% |
| Other Entertainment | $6.3M | 1% |
| Gift Card Revenue | $3.5M | 1% |
