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IPG PHOTONICS CORP（IPGP）与Palomar Holdings, Inc.（PLMR）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Palomar Holdings, Inc.的1.1倍（$274.5M vs $253.4M），Palomar Holdings, Inc.同比增速更快（62.7% vs 17.1%），Palomar Holdings, Inc.自由现金流更多（$409.0M vs $10.9M），过去两年Palomar Holdings, Inc.的营收复合增速更高（46.2% 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。
Palomar Holdings, Inc.是一家专业保险控股企业，主要为存在巨灾风险敞口的住宅及商业资产提供财产保险产品，业务范围覆盖美国全境，核心业务板块包含地震、洪水、风暴等高危财产保障服务。
IPGP vs PLMR — 直观对比
营收规模更大
IPGP
是对方的1.1倍
$253.4M
营收增速更快
PLMR
高出45.5%
17.1%
自由现金流更多
PLMR
多$398.1M
$10.9M
两年增速更快
PLMR
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $253.4M |
| 净利润 | $13.3M | — |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 28.7% |
| 净利率 | 4.8% | — |
| 营收同比 | 17.1% | 62.7% |
| 净利润同比 | 69.8% | — |
| 每股收益（稀释后） | $0.30 | $2.05 |
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IPGPPLMR
| Q4 25 | $274.5M | $253.4M | ||
| Q3 25 | $250.8M | $244.7M | ||
| Q2 25 | $250.7M | $203.3M | ||
| Q1 25 | $227.8M | $174.6M | ||
| Q4 24 | $234.3M | $155.8M | ||
| Q3 24 | $233.1M | $148.5M | ||
| Q2 24 | $257.6M | $131.1M | ||
| Q1 24 | $252.0M | $118.5M |
净利润IPGPPLMR
| Q4 25 | $13.3M | — | ||
| Q3 25 | $7.5M | $51.5M | ||
| Q2 25 | $6.6M | $46.5M | ||
| Q1 25 | $3.8M | $42.9M | ||
| Q4 24 | $7.8M | — | ||
| Q3 24 | $-233.6M | $30.5M | ||
| Q2 24 | $20.2M | $25.7M | ||
| Q1 24 | $24.1M | $26.4M |
毛利率IPGPPLMR
| 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IPGPPLMR
| Q4 25 | 1.2% | 28.7% | ||
| Q3 25 | 3.1% | 27.4% | ||
| Q2 25 | 0.0% | 29.5% | ||
| Q1 25 | 0.8% | 30.8% | ||
| Q4 24 | 6.0% | 28.9% | ||
| Q3 24 | -108.7% | 25.9% | ||
| Q2 24 | 4.7% | 25.5% | ||
| Q1 24 | 7.6% | 29.0% |
净利率IPGPPLMR
| Q4 25 | 4.8% | — | ||
| Q3 25 | 3.0% | 21.0% | ||
| Q2 25 | 2.6% | 22.9% | ||
| Q1 25 | 1.6% | 24.6% | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | -100.2% | 20.5% | ||
| Q2 24 | 7.8% | 19.6% | ||
| Q1 24 | 9.6% | 22.3% |
每股收益（稀释后）IPGPPLMR
| Q4 25 | $0.30 | $2.05 | ||
| Q3 25 | $0.18 | $1.87 | ||
| Q2 25 | $0.16 | $1.68 | ||
| Q1 25 | $0.09 | $1.57 | ||
| Q4 24 | $0.27 | $1.29 | ||
| Q3 24 | $-5.33 | $1.15 | ||
| Q2 24 | $0.45 | $1.00 | ||
| Q1 24 | $0.52 | $1.04 |
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 | $106.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $942.7M |
| 总资产 | $2.4B | $3.1B |
| 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IPGPPLMR
| Q4 25 | $839.3M | $106.9M | ||
| Q3 25 | $870.4M | $111.7M | ||
| Q2 25 | $899.6M | $81.3M | ||
| Q1 25 | $926.9M | $119.3M | ||
| Q4 24 | $930.2M | $80.4M | ||
| Q3 24 | $1.0B | $86.5M | ||
| Q2 24 | $1.1B | $47.8M | ||
| Q1 24 | $1.1B | $61.4M |
股东权益IPGPPLMR
| Q4 25 | $2.1B | $942.7M | ||
| Q3 25 | $2.1B | $878.1M | ||
| Q2 25 | $2.1B | $847.2M | ||
| Q1 25 | $2.1B | $790.4M | ||
| Q4 24 | $2.0B | $729.0M | ||
| Q3 24 | $2.1B | $703.3M | ||
| Q2 24 | $2.3B | $532.6M | ||
| Q1 24 | $2.3B | $501.7M |
总资产IPGPPLMR
| Q4 25 | $2.4B | $3.1B | ||
| Q3 25 | $2.4B | $2.9B | ||
| Q2 25 | $2.4B | $2.8B | ||
| Q1 25 | $2.3B | $2.4B | ||
| Q4 24 | $2.3B | $2.3B | ||
| Q3 24 | $2.4B | $2.3B | ||
| Q2 24 | $2.5B | $2.0B | ||
| Q1 24 | $2.6B | $1.9B |
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 | $409.1M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $409.0M |
| 自由现金流率自由现金流/营收 | 4.0% | 161.4% |
| 资本支出强度资本支出/营收 | 6.5% | 0.1% |
| 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 | $700.6M |
8季度趋势，按日历期对齐
经营现金流IPGPPLMR
| Q4 25 | $28.8M | $409.1M | ||
| Q3 25 | $35.3M | $83.6M | ||
| Q2 25 | $-2.2M | $120.9M | ||
| Q1 25 | $13.4M | $87.2M | ||
| Q4 24 | $73.8M | $261.2M | ||
| Q3 24 | $66.1M | $100.3M | ||
| Q2 24 | $53.5M | $55.1M | ||
| Q1 24 | $54.6M | $33.1M |
自由现金流IPGPPLMR
| Q4 25 | $10.9M | $409.0M | ||
| Q3 25 | $14.6M | $83.6M | ||
| Q2 25 | $-17.6M | $120.8M | ||
| Q1 25 | $-11.4M | $87.1M | ||
| Q4 24 | $50.6M | $260.9M | ||
| Q3 24 | $43.0M | $100.1M | ||
| Q2 24 | $29.2M | — | ||
| Q1 24 | $26.5M | — |
自由现金流率IPGPPLMR
| Q4 25 | 4.0% | 161.4% | ||
| Q3 25 | 5.8% | 34.2% | ||
| Q2 25 | -7.0% | 59.4% | ||
| Q1 25 | -5.0% | 49.9% | ||
| Q4 24 | 21.6% | 167.5% | ||
| Q3 24 | 18.4% | 67.4% | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 10.5% | — |
资本支出强度IPGPPLMR
| Q4 25 | 6.5% | 0.1% | ||
| Q3 25 | 8.3% | 0.0% | ||
| Q2 25 | 6.1% | 0.0% | ||
| Q1 25 | 10.9% | 0.0% | ||
| Q4 24 | 9.9% | 0.2% | ||
| Q3 24 | 9.9% | 0.1% | ||
| Q2 24 | 9.4% | 0.0% | ||
| Q1 24 | 11.1% | 0.0% |
现金转化率IPGPPLMR
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 1.63× | ||
| Q2 25 | -0.34× | 2.60× | ||
| Q1 25 | 3.58× | 2.03× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 3.29× | ||
| Q2 24 | 2.65× | 2.14× | ||
| Q1 24 | 2.27× | 1.26× |
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% |
PLMR
暂无分部数据
