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IPG PHOTONICS CORP（IPGP）与POWER SOLUTIONS INTERNATIONAL, INC.（PSIX）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POWER SOLUTIONS INTERNATIONAL, INC.的1.4倍（$274.5M vs $191.2M），POWER SOLUTIONS INTERNATIONAL, INC.净利率更高（8.4% vs 4.8%，领先3.6%），POWER SOLUTIONS INTERNATIONAL, INC.同比增速更快（32.5% vs 17.1%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-7.6M），过去两年POWER SOLUTIONS INTERNATIONAL, INC.的营收复合增速更高（41.7% 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。
阿达尼能源解决方案有限公司（前身为阿达尼输电有限公司）是一家电力输配企业，总部位于艾哈迈达巴德。截至2025年4月，公司累计输电网络总长26696回路公里，是印度规模最大的民营输电企业之一。
IPGP vs PSIX — 直观对比
营收规模更大
IPGP
是对方的1.4倍
$191.2M
营收增速更快
PSIX
高出15.4%
17.1%
净利率更高
PSIX
高出3.6%
4.8%
自由现金流更多
IPGP
多$18.5M
$-7.6M
两年增速更快
PSIX
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $191.2M |
| 净利润 | $13.3M | $16.1M |
| 毛利率 | 36.1% | 21.9% |
| 营业利润率 | 1.2% | 12.7% |
| 净利率 | 4.8% | 8.4% |
| 营收同比 | 17.1% | 32.5% |
| 净利润同比 | 69.8% | -31.0% |
| 每股收益（稀释后） | $0.30 | $0.69 |
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IPGPPSIX
| Q4 25 | $274.5M | $191.2M | ||
| Q3 25 | $250.8M | $203.8M | ||
| Q2 25 | $250.7M | $191.9M | ||
| Q1 25 | $227.8M | $135.4M | ||
| Q4 24 | $234.3M | $144.3M | ||
| Q3 24 | $233.1M | $125.8M | ||
| Q2 24 | $257.6M | $110.6M | ||
| Q1 24 | $252.0M | $95.2M |
净利润IPGPPSIX
| Q4 25 | $13.3M | $16.1M | ||
| Q3 25 | $7.5M | $27.6M | ||
| Q2 25 | $6.6M | $51.2M | ||
| Q1 25 | $3.8M | $19.1M | ||
| Q4 24 | $7.8M | $23.3M | ||
| Q3 24 | $-233.6M | $17.3M | ||
| Q2 24 | $20.2M | $21.5M | ||
| Q1 24 | $24.1M | $7.1M |
毛利率IPGPPSIX
| Q4 25 | 36.1% | 21.9% | ||
| Q3 25 | 39.5% | 23.9% | ||
| Q2 25 | 37.3% | 28.2% | ||
| Q1 25 | 39.4% | 29.7% | ||
| Q4 24 | 38.6% | 29.9% | ||
| Q3 24 | 23.2% | 28.9% | ||
| Q2 24 | 37.3% | 31.8% | ||
| Q1 24 | 38.7% | 27.0% |
营业利润率IPGPPSIX
| Q4 25 | 1.2% | 12.7% | ||
| Q3 25 | 3.1% | 13.9% | ||
| Q2 25 | 0.0% | 16.9% | ||
| Q1 25 | 0.8% | 18.2% | ||
| Q4 24 | 6.0% | 17.5% | ||
| Q3 24 | -108.7% | 16.3% | ||
| Q2 24 | 4.7% | 22.9% | ||
| Q1 24 | 7.6% | 11.2% |
净利率IPGPPSIX
| Q4 25 | 4.8% | 8.4% | ||
| Q3 25 | 3.0% | 13.5% | ||
| Q2 25 | 2.6% | 26.7% | ||
| Q1 25 | 1.6% | 14.1% | ||
| Q4 24 | 3.3% | 16.1% | ||
| Q3 24 | -100.2% | 13.8% | ||
| Q2 24 | 7.8% | 19.5% | ||
| Q1 24 | 9.6% | 7.5% |
每股收益（稀释后）IPGPPSIX
| Q4 25 | $0.30 | $0.69 | ||
| Q3 25 | $0.18 | $1.20 | ||
| Q2 25 | $0.16 | $2.22 | ||
| Q1 25 | $0.09 | $0.83 | ||
| Q4 24 | $0.27 | $1.01 | ||
| Q3 24 | $-5.33 | $0.75 | ||
| Q2 24 | $0.45 | $0.94 | ||
| Q1 24 | $0.52 | $0.31 |
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 | $41.3M |
| 总债务越低越好 | — | $96.6M |
| 股东权益账面价值 | $2.1B | $178.6M |
| 总资产 | $2.4B | $424.7M |
| 负债/权益比越低杠杆越低 | — | 0.54× |
8季度趋势，按日历期对齐
现金及短期投资IPGPPSIX
| Q4 25 | $839.3M | $41.3M | ||
| Q3 25 | $870.4M | $49.0M | ||
| Q2 25 | $899.6M | $49.5M | ||
| Q1 25 | $926.9M | $50.0M | ||
| Q4 24 | $930.2M | $55.3M | ||
| Q3 24 | $1.0B | $40.5M | ||
| Q2 24 | $1.1B | $28.8M | ||
| Q1 24 | $1.1B | $33.1M |
总债务IPGPPSIX
| Q4 25 | — | $96.6M | ||
| Q3 25 | — | $96.7M | ||
| Q2 25 | — | $1.8M | ||
| Q1 25 | — | $1.0M | ||
| Q4 24 | — | $184.0K | ||
| Q3 24 | — | $238.0K | ||
| Q2 24 | — | $292.0K | ||
| Q1 24 | — | $345.0K |
股东权益IPGPPSIX
| Q4 25 | $2.1B | $178.6M | ||
| Q3 25 | $2.1B | $162.5M | ||
| Q2 25 | $2.1B | $135.7M | ||
| Q1 25 | $2.1B | $84.3M | ||
| Q4 24 | $2.0B | $65.3M | ||
| Q3 24 | $2.1B | $42.1M | ||
| Q2 24 | $2.3B | $24.8M | ||
| Q1 24 | $2.3B | $3.2M |
总资产IPGPPSIX
| Q4 25 | $2.4B | $424.7M | ||
| Q3 25 | $2.4B | $458.9M | ||
| Q2 25 | $2.4B | $437.7M | ||
| Q1 25 | $2.3B | $372.7M | ||
| Q4 24 | $2.3B | $328.2M | ||
| Q3 24 | $2.4B | $339.1M | ||
| Q2 24 | $2.5B | $307.6M | ||
| Q1 24 | $2.6B | $286.8M |
负债/权益比IPGPPSIX
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.01× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.01× | ||
| Q2 24 | — | 0.01× | ||
| Q1 24 | — | 0.11× |
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 | $-4.6M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $-7.6M |
| 自由现金流率自由现金流/营收 | 4.0% | -4.0% |
| 资本支出强度资本支出/营收 | 6.5% | 1.6% |
| 现金转化率经营现金流/净利润 | 2.17× | -0.29× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $14.1M |
8季度趋势，按日历期对齐
经营现金流IPGPPSIX
| Q4 25 | $28.8M | $-4.6M | ||
| Q3 25 | $35.3M | $3.3M | ||
| Q2 25 | $-2.2M | $16.7M | ||
| Q1 25 | $13.4M | $8.8M | ||
| Q4 24 | $73.8M | $32.7M | ||
| Q3 24 | $66.1M | $12.6M | ||
| Q2 24 | $53.5M | $1.5M | ||
| Q1 24 | $54.6M | $15.6M |
自由现金流IPGPPSIX
| Q4 25 | $10.9M | $-7.6M | ||
| Q3 25 | $14.6M | $1.7M | ||
| Q2 25 | $-17.6M | $14.6M | ||
| Q1 25 | $-11.4M | $5.4M | ||
| Q4 24 | $50.6M | $30.0M | ||
| Q3 24 | $43.0M | $12.1M | ||
| Q2 24 | $29.2M | $822.0K | ||
| Q1 24 | $26.5M | $14.8M |
自由现金流率IPGPPSIX
| Q4 25 | 4.0% | -4.0% | ||
| Q3 25 | 5.8% | 0.8% | ||
| Q2 25 | -7.0% | 7.6% | ||
| Q1 25 | -5.0% | 4.0% | ||
| Q4 24 | 21.6% | 20.8% | ||
| Q3 24 | 18.4% | 9.7% | ||
| Q2 24 | 11.3% | 0.7% | ||
| Q1 24 | 10.5% | 15.6% |
资本支出强度IPGPPSIX
| Q4 25 | 6.5% | 1.6% | ||
| Q3 25 | 8.3% | 0.8% | ||
| Q2 25 | 6.1% | 1.1% | ||
| Q1 25 | 10.9% | 2.5% | ||
| Q4 24 | 9.9% | 1.8% | ||
| Q3 24 | 9.9% | 0.3% | ||
| Q2 24 | 9.4% | 0.6% | ||
| Q1 24 | 11.1% | 0.9% |
现金转化率IPGPPSIX
| Q4 25 | 2.17× | -0.29× | ||
| Q3 25 | 4.73× | 0.12× | ||
| Q2 25 | -0.34× | 0.33× | ||
| Q1 25 | 3.58× | 0.46× | ||
| Q4 24 | 9.44× | 1.40× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | 2.65× | 0.07× | ||
| Q1 24 | 2.27× | 2.20× |
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% |
PSIX
| Energy End Market | $153.4M | 80% |
| Industrial End Market | $33.3M | 17% |
| Transportation End Market | $4.6M | 2% |
