vs
IPG PHOTONICS CORP（IPGP）与RBC Bearings INC（RBC）财务数据对比。点击上方公司名可切换其他公司
RBC Bearings INC的季度营收约是IPG PHOTONICS CORP的1.7倍（$461.6M vs $274.5M），RBC Bearings INC净利率更高（14.6% vs 4.8%，领先9.8%），IPG PHOTONICS CORP同比增速更快（17.1% vs 17.0%），RBC Bearings INC自由现金流更多（$99.1M vs $10.9M），过去两年RBC Bearings INC的营收复合增速更高（5.6% 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。
该文本实际介绍的并非RBC Bearings，而是美国多佛公司。多佛是一家工业产品综合制造商，1955年成立，总部位于伊利诺伊州当纳斯格罗夫。2021年其业务分为五大板块：工程产品、清洁能源与加注、成像与识别、泵与工艺解决方案、气候与可持续技术，是标普500成分股，在纽约证券交易所上市。
IPGP vs RBC — 直观对比
营收规模更大
RBC
是对方的1.7倍
$274.5M
营收增速更快
IPGP
高出0.1%
17.0%
净利率更高
RBC
高出9.8%
4.8%
自由现金流更多
RBC
多$88.2M
$10.9M
两年增速更快
RBC
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $461.6M |
| 净利润 | $13.3M | $67.4M |
| 毛利率 | 36.1% | 44.3% |
| 营业利润率 | 1.2% | 22.3% |
| 净利率 | 4.8% | 14.6% |
| 营收同比 | 17.1% | 17.0% |
| 净利润同比 | 69.8% | 16.4% |
| 每股收益（稀释后） | $0.30 | $2.13 |
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IPGPRBC
| Q4 25 | $274.5M | $461.6M | ||
| Q3 25 | $250.8M | $455.3M | ||
| Q2 25 | $250.7M | $436.0M | ||
| Q1 25 | $227.8M | $437.7M | ||
| Q4 24 | $234.3M | $394.4M | ||
| Q3 24 | $233.1M | $397.9M | ||
| Q2 24 | $257.6M | $406.3M | ||
| Q1 24 | $252.0M | $413.7M |
净利润IPGPRBC
| Q4 25 | $13.3M | $67.4M | ||
| Q3 25 | $7.5M | $60.0M | ||
| Q2 25 | $6.6M | $68.5M | ||
| Q1 25 | $3.8M | $72.7M | ||
| Q4 24 | $7.8M | $57.9M | ||
| Q3 24 | $-233.6M | $54.2M | ||
| Q2 24 | $20.2M | $61.4M | ||
| Q1 24 | $24.1M | — |
毛利率IPGPRBC
| Q4 25 | 36.1% | 44.3% | ||
| Q3 25 | 39.5% | 44.1% | ||
| Q2 25 | 37.3% | 44.8% | ||
| Q1 25 | 39.4% | 44.2% | ||
| Q4 24 | 38.6% | 44.3% | ||
| Q3 24 | 23.2% | 43.7% | ||
| Q2 24 | 37.3% | 45.3% | ||
| Q1 24 | 38.7% | 43.1% |
营业利润率IPGPRBC
| Q4 25 | 1.2% | 22.3% | ||
| Q3 25 | 3.1% | 21.5% | ||
| Q2 25 | 0.0% | 23.2% | ||
| Q1 25 | 0.8% | 23.0% | ||
| Q4 24 | 6.0% | 21.7% | ||
| Q3 24 | -108.7% | 21.6% | ||
| Q2 24 | 4.7% | 24.0% | ||
| Q1 24 | 7.6% | 22.8% |
净利率IPGPRBC
| Q4 25 | 4.8% | 14.6% | ||
| Q3 25 | 3.0% | 13.2% | ||
| Q2 25 | 2.6% | 15.7% | ||
| Q1 25 | 1.6% | 16.6% | ||
| Q4 24 | 3.3% | 14.7% | ||
| Q3 24 | -100.2% | 13.6% | ||
| Q2 24 | 7.8% | 15.1% | ||
| Q1 24 | 9.6% | — |
每股收益（稀释后）IPGPRBC
| Q4 25 | $0.30 | $2.13 | ||
| Q3 25 | $0.18 | $1.90 | ||
| Q2 25 | $0.16 | $2.17 | ||
| Q1 25 | $0.09 | $2.33 | ||
| Q4 24 | $0.27 | $1.82 | ||
| Q3 24 | $-5.33 | $1.65 | ||
| Q2 24 | $0.45 | $1.90 | ||
| Q1 24 | $0.52 | $1.92 |
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 | $107.6M |
| 总债务越低越好 | — | $990.2M |
| 股东权益账面价值 | $2.1B | $3.3B |
| 总资产 | $2.4B | $5.1B |
| 负债/权益比越低杠杆越低 | — | 0.30× |
8季度趋势，按日历期对齐
现金及短期投资IPGPRBC
| Q4 25 | $839.3M | $107.6M | ||
| Q3 25 | $870.4M | $91.2M | ||
| Q2 25 | $899.6M | $132.9M | ||
| Q1 25 | $926.9M | $36.8M | ||
| Q4 24 | $930.2M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.1B | $76.8M | ||
| Q1 24 | $1.1B | $63.5M |
总债务IPGPRBC
| Q4 25 | — | $990.2M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $915.6M | ||
| Q1 25 | — | $920.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.2B |
股东权益IPGPRBC
| Q4 25 | $2.1B | $3.3B | ||
| Q3 25 | $2.1B | $3.2B | ||
| Q2 25 | $2.1B | $3.1B | ||
| Q1 25 | $2.1B | $3.0B | ||
| Q4 24 | $2.0B | $2.9B | ||
| Q3 24 | $2.1B | $2.9B | ||
| Q2 24 | $2.3B | $2.8B | ||
| Q1 24 | $2.3B | $2.8B |
总资产IPGPRBC
| Q4 25 | $2.4B | $5.1B | ||
| Q3 25 | $2.4B | $5.1B | ||
| Q2 25 | $2.4B | $4.8B | ||
| Q1 25 | $2.3B | $4.7B | ||
| Q4 24 | $2.3B | $4.7B | ||
| Q3 24 | $2.4B | $4.7B | ||
| Q2 24 | $2.5B | $4.7B | ||
| Q1 24 | $2.6B | $4.7B |
负债/权益比IPGPRBC
| Q4 25 | — | 0.30× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.43× |
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 | $122.1M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $99.1M |
| 自由现金流率自由现金流/营收 | 4.0% | 21.5% |
| 资本支出强度资本支出/营收 | 6.5% | 5.0% |
| 现金转化率经营现金流/净利润 | 2.17× | 1.81× |
| 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IPGPRBC
| Q4 25 | $28.8M | $122.1M | ||
| Q3 25 | $35.3M | $88.4M | ||
| Q2 25 | $-2.2M | $120.0M | ||
| Q1 25 | $13.4M | — | ||
| Q4 24 | $73.8M | $84.0M | ||
| Q3 24 | $66.1M | — | ||
| Q2 24 | $53.5M | $97.4M | ||
| Q1 24 | $54.6M | — |
自由现金流IPGPRBC
| Q4 25 | $10.9M | $99.1M | ||
| Q3 25 | $14.6M | $71.7M | ||
| Q2 25 | $-17.6M | $104.3M | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $50.6M | $73.6M | ||
| Q3 24 | $43.0M | — | ||
| Q2 24 | $29.2M | $88.4M | ||
| Q1 24 | $26.5M | — |
自由现金流率IPGPRBC
| Q4 25 | 4.0% | 21.5% | ||
| Q3 25 | 5.8% | 15.7% | ||
| Q2 25 | -7.0% | 23.9% | ||
| Q1 25 | -5.0% | — | ||
| Q4 24 | 21.6% | 18.7% | ||
| Q3 24 | 18.4% | — | ||
| Q2 24 | 11.3% | 21.8% | ||
| Q1 24 | 10.5% | — |
资本支出强度IPGPRBC
| Q4 25 | 6.5% | 5.0% | ||
| Q3 25 | 8.3% | 3.7% | ||
| Q2 25 | 6.1% | 3.6% | ||
| Q1 25 | 10.9% | 3.2% | ||
| Q4 24 | 9.9% | 2.6% | ||
| Q3 24 | 9.9% | 4.1% | ||
| Q2 24 | 9.4% | 2.2% | ||
| Q1 24 | 11.1% | — |
现金转化率IPGPRBC
| Q4 25 | 2.17× | 1.81× | ||
| Q3 25 | 4.73× | 1.47× | ||
| Q2 25 | -0.34× | 1.75× | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | 1.45× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | 1.59× | ||
| 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% |
RBC
| Domestic | $413.3M | 90% |
| Foreign | $48.3M | 10% |
