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IPG PHOTONICS CORP（IPGP）与Proto Labs Inc（PRLB）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Proto Labs Inc的2.0倍（$274.5M vs $139.3M），Proto Labs Inc净利率更高（5.8% vs 4.8%，领先1.0%），IPG PHOTONICS CORP同比增速更快（17.1% vs 10.4%），过去两年Proto Labs Inc的营收复合增速更高（5.3% 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。
Proto Labs是一家提供快速制造服务的企业，可通过3D打印、CNC加工、钣金加工以及注塑成型工艺，为客户生产用于原型制作和量产的定制零部件，产品广泛应用于医疗设备、航空航天、电子、家电、汽车、消费品等多个领域，公司总部位于美国明尼苏达州，在美国多地设有生产基地。
IPGP vs PRLB — 直观对比
营收规模更大
IPGP
是对方的2.0倍
$139.3M
营收增速更快
IPGP
高出6.7%
10.4%
净利率更高
PRLB
高出1.0%
4.8%
两年增速更快
PRLB
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $139.3M |
| 净利润 | $13.3M | $8.1M |
| 毛利率 | 36.1% | 45.6% |
| 营业利润率 | 1.2% | 7.1% |
| 净利率 | 4.8% | 5.8% |
| 营收同比 | 17.1% | 10.4% |
| 净利润同比 | 69.8% | 125.4% |
| 每股收益（稀释后） | $0.30 | $0.29 |
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IPGPPRLB
| Q1 26 | — | $139.3M | ||
| Q4 25 | $274.5M | $136.5M | ||
| Q3 25 | $250.8M | $135.4M | ||
| Q2 25 | $250.7M | $135.1M | ||
| Q1 25 | $227.8M | $126.2M | ||
| Q4 24 | $234.3M | $121.8M | ||
| Q3 24 | $233.1M | $125.6M | ||
| Q2 24 | $257.6M | $125.6M |
净利润IPGPPRLB
| Q1 26 | — | $8.1M | ||
| Q4 25 | $13.3M | — | ||
| Q3 25 | $7.5M | $7.2M | ||
| Q2 25 | $6.6M | $4.4M | ||
| Q1 25 | $3.8M | $3.6M | ||
| Q4 24 | $7.8M | — | ||
| Q3 24 | $-233.6M | $7.2M | ||
| Q2 24 | $20.2M | $4.5M |
毛利率IPGPPRLB
| Q1 26 | — | 45.6% | ||
| Q4 25 | 36.1% | 44.2% | ||
| Q3 25 | 39.5% | 45.3% | ||
| Q2 25 | 37.3% | 44.3% | ||
| Q1 25 | 39.4% | 44.1% | ||
| Q4 24 | 38.6% | 42.7% | ||
| Q3 24 | 23.2% | 45.6% | ||
| Q2 24 | 37.3% | 45.0% |
营业利润率IPGPPRLB
| Q1 26 | — | 7.1% | ||
| Q4 25 | 1.2% | 5.0% | ||
| Q3 25 | 3.1% | 6.5% | ||
| Q2 25 | 0.0% | 3.7% | ||
| Q1 25 | 0.8% | 3.6% | ||
| Q4 24 | 6.0% | -1.2% | ||
| Q3 24 | -108.7% | 6.8% | ||
| Q2 24 | 4.7% | 4.8% |
净利率IPGPPRLB
| Q1 26 | — | 5.8% | ||
| Q4 25 | 4.8% | — | ||
| Q3 25 | 3.0% | 5.3% | ||
| Q2 25 | 2.6% | 3.3% | ||
| Q1 25 | 1.6% | 2.9% | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | -100.2% | 5.7% | ||
| Q2 24 | 7.8% | 3.6% |
每股收益（稀释后）IPGPPRLB
| Q1 26 | — | $0.29 | ||
| Q4 25 | $0.30 | $0.25 | ||
| Q3 25 | $0.18 | $0.30 | ||
| Q2 25 | $0.16 | $0.18 | ||
| Q1 25 | $0.09 | $0.15 | ||
| Q4 24 | $0.27 | $-0.01 | ||
| Q3 24 | $-5.33 | $0.29 | ||
| Q2 24 | $0.45 | $0.18 |
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 | $124.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $683.1M |
| 总资产 | $2.4B | $778.6M |
| 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IPGPPRLB
| Q1 26 | — | $124.0M | ||
| Q4 25 | $839.3M | $128.1M | ||
| Q3 25 | $870.4M | $119.2M | ||
| Q2 25 | $899.6M | $103.2M | ||
| Q1 25 | $926.9M | $96.8M | ||
| Q4 24 | $930.2M | $103.1M | ||
| Q3 24 | $1.0B | $100.5M | ||
| Q2 24 | $1.1B | $112.9M |
股东权益IPGPPRLB
| Q1 26 | — | $683.1M | ||
| Q4 25 | $2.1B | $673.9M | ||
| Q3 25 | $2.1B | $664.7M | ||
| Q2 25 | $2.1B | $664.7M | ||
| Q1 25 | $2.1B | $656.8M | ||
| Q4 24 | $2.0B | $670.2M | ||
| Q3 24 | $2.1B | $680.0M | ||
| Q2 24 | $2.3B | $685.2M |
总资产IPGPPRLB
| Q1 26 | — | $778.6M | ||
| Q4 25 | $2.4B | $763.4M | ||
| Q3 25 | $2.4B | $756.9M | ||
| Q2 25 | $2.4B | $743.3M | ||
| Q1 25 | $2.3B | $737.5M | ||
| Q4 24 | $2.3B | $743.5M | ||
| Q3 24 | $2.4B | $753.8M | ||
| Q2 24 | $2.5B | $758.2M |
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 | $17.5M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | — |
| 自由现金流率自由现金流/营收 | 4.0% | — |
| 资本支出强度资本支出/营收 | 6.5% | — |
| 现金转化率经营现金流/净利润 | 2.17× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | — |
8季度趋势，按日历期对齐
经营现金流IPGPPRLB
| Q1 26 | — | $17.5M | ||
| Q4 25 | $28.8M | $16.5M | ||
| Q3 25 | $35.3M | $29.1M | ||
| Q2 25 | $-2.2M | $10.6M | ||
| Q1 25 | $13.4M | $18.4M | ||
| Q4 24 | $73.8M | $17.3M | ||
| Q3 24 | $66.1M | $24.8M | ||
| Q2 24 | $53.5M | $14.4M |
自由现金流IPGPPRLB
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $8.4M | ||
| Q3 25 | $14.6M | $25.0M | ||
| Q2 25 | $-17.6M | $9.1M | ||
| Q1 25 | $-11.4M | $17.1M | ||
| Q4 24 | $50.6M | $16.5M | ||
| Q3 24 | $43.0M | $23.2M | ||
| Q2 24 | $29.2M | $10.2M |
自由现金流率IPGPPRLB
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 6.2% | ||
| Q3 25 | 5.8% | 18.5% | ||
| Q2 25 | -7.0% | 6.7% | ||
| Q1 25 | -5.0% | 13.6% | ||
| Q4 24 | 21.6% | 13.5% | ||
| Q3 24 | 18.4% | 18.5% | ||
| Q2 24 | 11.3% | 8.2% |
资本支出强度IPGPPRLB
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 5.9% | ||
| Q3 25 | 8.3% | 3.0% | ||
| Q2 25 | 6.1% | 1.1% | ||
| Q1 25 | 10.9% | 1.0% | ||
| Q4 24 | 9.9% | 0.7% | ||
| Q3 24 | 9.9% | 1.2% | ||
| Q2 24 | 9.4% | 3.3% |
现金转化率IPGPPRLB
| Q1 26 | — | 2.16× | ||
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 4.03× | ||
| Q2 25 | -0.34× | 2.39× | ||
| Q1 25 | 3.58× | 5.11× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 3.44× | ||
| Q2 24 | 2.65× | 3.18× |
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% |
PRLB
| CNC Machining | $63.2M | 45% |
| Injection Molding | $51.1M | 37% |
| 3D Printing | $20.5M | 15% |
| Sheet Metal | $4.4M | 3% |
| Other Revenue | $207.0K | 0% |
