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IPG PHOTONICS CORP（IPGP）与Ultragenyx Pharmaceutical Inc.（RARE）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Ultragenyx Pharmaceutical Inc.的1.3倍（$274.5M vs $207.3M），IPG PHOTONICS CORP净利率更高（4.8% vs -62.0%，领先66.9%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 17.1%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% 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。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
IPGP vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $207.3M |
| 净利润 | $13.3M | $-128.6M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | -54.7% |
| 净利率 | 4.8% | -62.0% |
| 营收同比 | 17.1% | 25.9% |
| 净利润同比 | 69.8% | 3.5% |
| 每股收益（稀释后） | $0.30 | $-1.28 |
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
| Q4 25 | $274.5M | $207.3M | ||
| Q3 25 | $250.8M | $159.9M | ||
| Q2 25 | $250.7M | $166.5M | ||
| Q1 25 | $227.8M | $139.3M | ||
| Q4 24 | $234.3M | $164.6M | ||
| Q3 24 | $233.1M | $139.5M | ||
| Q2 24 | $257.6M | $147.0M | ||
| Q1 24 | $252.0M | $108.8M |
| Q4 25 | $13.3M | $-128.6M | ||
| Q3 25 | $7.5M | $-180.4M | ||
| Q2 25 | $6.6M | $-115.0M | ||
| Q1 25 | $3.8M | $-151.1M | ||
| Q4 24 | $7.8M | $-133.2M | ||
| Q3 24 | $-233.6M | $-133.5M | ||
| Q2 24 | $20.2M | $-131.6M | ||
| Q1 24 | $24.1M | $-170.7M |
| 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% | — |
| Q4 25 | 1.2% | -54.7% | ||
| Q3 25 | 3.1% | -106.9% | ||
| Q2 25 | 0.0% | -64.8% | ||
| Q1 25 | 0.8% | -102.6% | ||
| Q4 24 | 6.0% | -74.3% | ||
| Q3 24 | -108.7% | -94.6% | ||
| Q2 24 | 4.7% | -79.1% | ||
| Q1 24 | 7.6% | -151.9% |
| Q4 25 | 4.8% | -62.0% | ||
| Q3 25 | 3.0% | -112.8% | ||
| Q2 25 | 2.6% | -69.0% | ||
| Q1 25 | 1.6% | -108.5% | ||
| Q4 24 | 3.3% | -80.9% | ||
| Q3 24 | -100.2% | -95.7% | ||
| Q2 24 | 7.8% | -89.5% | ||
| Q1 24 | 9.6% | -156.8% |
| Q4 25 | $0.30 | $-1.28 | ||
| Q3 25 | $0.18 | $-1.81 | ||
| Q2 25 | $0.16 | $-1.17 | ||
| Q1 25 | $0.09 | $-1.57 | ||
| Q4 24 | $0.27 | $-1.34 | ||
| Q3 24 | $-5.33 | $-1.40 | ||
| Q2 24 | $0.45 | $-1.52 | ||
| Q1 24 | $0.52 | $-2.03 |
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 | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $-80.0M |
| 总资产 | $2.4B | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $839.3M | $421.0M | ||
| Q3 25 | $870.4M | $202.5M | ||
| Q2 25 | $899.6M | $176.3M | ||
| Q1 25 | $926.9M | $127.1M | ||
| Q4 24 | $930.2M | $174.0M | ||
| Q3 24 | $1.0B | $150.6M | ||
| Q2 24 | $1.1B | $480.7M | ||
| Q1 24 | $1.1B | $112.3M |
| Q4 25 | $2.1B | $-80.0M | ||
| Q3 25 | $2.1B | $9.2M | ||
| Q2 25 | $2.1B | $151.3M | ||
| Q1 25 | $2.1B | $144.2M | ||
| Q4 24 | $2.0B | $255.0M | ||
| Q3 24 | $2.1B | $346.8M | ||
| Q2 24 | $2.3B | $432.4M | ||
| Q1 24 | $2.3B | $140.3M |
| Q4 25 | $2.4B | $1.5B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.4B | $1.3B | ||
| Q1 25 | $2.3B | $1.3B | ||
| Q4 24 | $2.3B | $1.5B | ||
| Q3 24 | $2.4B | $1.5B | ||
| Q2 24 | $2.5B | $1.6B | ||
| Q1 24 | $2.6B | $1.3B |
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 | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $-100.8M |
| 自由现金流率自由现金流/营收 | 4.0% | -48.6% |
| 资本支出强度资本支出/营收 | 6.5% | 0.5% |
| 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 | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $28.8M | $-99.8M | ||
| Q3 25 | $35.3M | $-91.4M | ||
| Q2 25 | $-2.2M | $-108.3M | ||
| Q1 25 | $13.4M | $-166.5M | ||
| Q4 24 | $73.8M | $-79.3M | ||
| Q3 24 | $66.1M | $-67.0M | ||
| Q2 24 | $53.5M | $-77.0M | ||
| Q1 24 | $54.6M | $-190.7M |
| Q4 25 | $10.9M | $-100.8M | ||
| Q3 25 | $14.6M | $-92.7M | ||
| Q2 25 | $-17.6M | $-110.7M | ||
| Q1 25 | $-11.4M | $-167.8M | ||
| Q4 24 | $50.6M | $-79.5M | ||
| Q3 24 | $43.0M | $-68.6M | ||
| Q2 24 | $29.2M | $-79.0M | ||
| Q1 24 | $26.5M | $-193.9M |
| Q4 25 | 4.0% | -48.6% | ||
| Q3 25 | 5.8% | -58.0% | ||
| Q2 25 | -7.0% | -66.5% | ||
| Q1 25 | -5.0% | -120.5% | ||
| Q4 24 | 21.6% | -48.3% | ||
| Q3 24 | 18.4% | -49.2% | ||
| Q2 24 | 11.3% | -53.7% | ||
| Q1 24 | 10.5% | -178.2% |
| Q4 25 | 6.5% | 0.5% | ||
| Q3 25 | 8.3% | 0.8% | ||
| Q2 25 | 6.1% | 1.5% | ||
| Q1 25 | 10.9% | 1.0% | ||
| Q4 24 | 9.9% | 0.1% | ||
| Q3 24 | 9.9% | 1.2% | ||
| Q2 24 | 9.4% | 1.4% | ||
| Q1 24 | 11.1% | 3.0% |
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | — | ||
| 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% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
