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IPG PHOTONICS CORP（IPGP）与通用动力（PLOW）财务数据对比。点击上方公司名可切换其他公司
IPG PHOTONICS CORP的季度营收约是通用动力的1.5倍（$274.5M vs $184.5M），通用动力净利率更高（7.0% vs 4.8%，领先2.1%），通用动力同比增速更快（28.6% vs 17.1%），通用动力自由现金流更多（$92.8M vs $10.9M），过去两年通用动力的营收复合增速更高（38.9% 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。
通用动力公司是总部位于美国弗吉尼亚州雷斯顿的工业与科技企业，核心业务是研发制造各类先进军用装备，产品包括核潜艇、主战坦克、装甲战车等，同时也生产民用湾流公务机，并提供信息技术服务，是美国联邦政府前五大国防承包商之一。
IPGP vs PLOW — 直观对比
营收规模更大
IPGP
是对方的1.5倍
$184.5M
营收增速更快
PLOW
高出11.4%
17.1%
净利率更高
PLOW
高出2.1%
4.8%
自由现金流更多
PLOW
多$81.9M
$10.9M
两年增速更快
PLOW
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $184.5M |
| 净利润 | $13.3M | $12.8M |
| 毛利率 | 36.1% | 26.1% |
| 营业利润率 | 1.2% | 10.5% |
| 净利率 | 4.8% | 7.0% |
| 营收同比 | 17.1% | 28.6% |
| 净利润同比 | 69.8% | 62.3% |
| 每股收益（稀释后） | $0.30 | $0.54 |
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IPGPPLOW
| Q4 25 | $274.5M | $184.5M | ||
| Q3 25 | $250.8M | $162.1M | ||
| Q2 25 | $250.7M | $194.3M | ||
| Q1 25 | $227.8M | $115.1M | ||
| Q4 24 | $234.3M | $143.5M | ||
| Q3 24 | $233.1M | $129.4M | ||
| Q2 24 | $257.6M | $199.9M | ||
| Q1 24 | $252.0M | $95.7M |
净利润IPGPPLOW
| Q4 25 | $13.3M | $12.8M | ||
| Q3 25 | $7.5M | $8.0M | ||
| Q2 25 | $6.6M | $26.0M | ||
| Q1 25 | $3.8M | $148.0K | ||
| Q4 24 | $7.8M | $7.9M | ||
| Q3 24 | $-233.6M | $32.3M | ||
| Q2 24 | $20.2M | $24.3M | ||
| Q1 24 | $24.1M | $-8.4M |
毛利率IPGPPLOW
| Q4 25 | 36.1% | 26.1% | ||
| Q3 25 | 39.5% | 23.5% | ||
| Q2 25 | 37.3% | 31.0% | ||
| Q1 25 | 39.4% | 24.5% | ||
| Q4 24 | 38.6% | 24.9% | ||
| Q3 24 | 23.2% | 23.9% | ||
| Q2 24 | 37.3% | 30.7% | ||
| Q1 24 | 38.7% | 19.8% |
营业利润率IPGPPLOW
| Q4 25 | 1.2% | 10.5% | ||
| Q3 25 | 3.1% | 8.7% | ||
| Q2 25 | 0.0% | 19.0% | ||
| Q1 25 | 0.8% | 2.8% | ||
| Q4 24 | 6.0% | 9.0% | ||
| Q3 24 | -108.7% | 35.4% | ||
| Q2 24 | 4.7% | 18.2% | ||
| Q1 24 | 7.6% | -6.7% |
净利率IPGPPLOW
| Q4 25 | 4.8% | 7.0% | ||
| Q3 25 | 3.0% | 4.9% | ||
| Q2 25 | 2.6% | 13.4% | ||
| Q1 25 | 1.6% | 0.1% | ||
| Q4 24 | 3.3% | 5.5% | ||
| Q3 24 | -100.2% | 24.9% | ||
| Q2 24 | 7.8% | 12.2% | ||
| Q1 24 | 9.6% | -8.7% |
每股收益（稀释后）IPGPPLOW
| Q4 25 | $0.30 | $0.54 | ||
| Q3 25 | $0.18 | $0.33 | ||
| Q2 25 | $0.16 | $1.09 | ||
| Q1 25 | $0.09 | $0.00 | ||
| Q4 24 | $0.27 | $0.35 | ||
| Q3 24 | $-5.33 | $1.36 | ||
| Q2 24 | $0.45 | $1.02 | ||
| Q1 24 | $0.52 | $-0.37 |
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 | — |
| 总债务越低越好 | — | $144.0M |
| 股东权益账面价值 | $2.1B | $281.4M |
| 总资产 | $2.4B | $626.7M |
| 负债/权益比越低杠杆越低 | — | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资IPGPPLOW
| Q4 25 | $839.3M | — | ||
| Q3 25 | $870.4M | — | ||
| Q2 25 | $899.6M | — | ||
| Q1 25 | $926.9M | — | ||
| Q4 24 | $930.2M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
总债务IPGPPLOW
| Q4 25 | — | $144.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $147.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益IPGPPLOW
| Q4 25 | $2.1B | $281.4M | ||
| Q3 25 | $2.1B | $275.3M | ||
| Q2 25 | $2.1B | $273.3M | ||
| Q1 25 | $2.1B | $258.9M | ||
| Q4 24 | $2.0B | $264.2M | ||
| Q3 24 | $2.1B | $260.8M | ||
| Q2 24 | $2.3B | $236.7M | ||
| Q1 24 | $2.3B | $217.2M |
总资产IPGPPLOW
| Q4 25 | $2.4B | $626.7M | ||
| Q3 25 | $2.4B | $694.9M | ||
| Q2 25 | $2.4B | $671.5M | ||
| Q1 25 | $2.3B | $621.0M | ||
| Q4 24 | $2.3B | $590.0M | ||
| Q3 24 | $2.4B | $665.6M | ||
| Q2 24 | $2.5B | $617.0M | ||
| Q1 24 | $2.6B | $577.1M |
负债/权益比IPGPPLOW
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.56× | ||
| 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 | $95.9M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $92.8M |
| 自由现金流率自由现金流/营收 | 4.0% | 50.3% |
| 资本支出强度资本支出/营收 | 6.5% | 1.7% |
| 现金转化率经营现金流/净利润 | 2.17× | 7.47× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $63.6M |
8季度趋势，按日历期对齐
经营现金流IPGPPLOW
| Q4 25 | $28.8M | $95.9M | ||
| Q3 25 | $35.3M | $-8.5M | ||
| Q2 25 | $-2.2M | $-11.4M | ||
| Q1 25 | $13.4M | $-1.3M | ||
| Q4 24 | $73.8M | $74.4M | ||
| Q3 24 | $66.1M | $-14.2M | ||
| Q2 24 | $53.5M | $2.5M | ||
| Q1 24 | $54.6M | $-21.6M |
自由现金流IPGPPLOW
| Q4 25 | $10.9M | $92.8M | ||
| Q3 25 | $14.6M | $-11.4M | ||
| Q2 25 | $-17.6M | $-14.3M | ||
| Q1 25 | $-11.4M | $-3.5M | ||
| Q4 24 | $50.6M | $70.2M | ||
| Q3 24 | $43.0M | $-15.2M | ||
| Q2 24 | $29.2M | $836.0K | ||
| Q1 24 | $26.5M | $-22.4M |
自由现金流率IPGPPLOW
| Q4 25 | 4.0% | 50.3% | ||
| Q3 25 | 5.8% | -7.1% | ||
| Q2 25 | -7.0% | -7.4% | ||
| Q1 25 | -5.0% | -3.0% | ||
| Q4 24 | 21.6% | 48.9% | ||
| Q3 24 | 18.4% | -11.8% | ||
| Q2 24 | 11.3% | 0.4% | ||
| Q1 24 | 10.5% | -23.4% |
资本支出强度IPGPPLOW
| Q4 25 | 6.5% | 1.7% | ||
| Q3 25 | 8.3% | 1.8% | ||
| Q2 25 | 6.1% | 1.5% | ||
| Q1 25 | 10.9% | 1.9% | ||
| Q4 24 | 9.9% | 2.9% | ||
| Q3 24 | 9.9% | 0.8% | ||
| Q2 24 | 9.4% | 0.8% | ||
| Q1 24 | 11.1% | 0.8% |
现金转化率IPGPPLOW
| Q4 25 | 2.17× | 7.47× | ||
| Q3 25 | 4.73× | -1.07× | ||
| Q2 25 | -0.34× | -0.44× | ||
| Q1 25 | 3.58× | -9.03× | ||
| Q4 24 | 9.44× | 9.41× | ||
| Q3 24 | — | -0.44× | ||
| Q2 24 | 2.65× | 0.10× | ||
| 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% |
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
