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IPG PHOTONICS CORP（IPGP）与Regency Centers（REG）财务数据对比。点击上方公司名可切换其他公司
Regency Centers的季度营收约是IPG PHOTONICS CORP的1.5倍（$404.2M vs $274.5M），Regency Centers净利率更高（50.1% vs 4.8%，领先45.3%），IPG PHOTONICS CORP同比增速更快（17.1% vs 8.5%），过去两年Regency Centers的营收复合增速更高（5.4% 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。
Regency Centers是总部位于美国佛罗里达州杰克逊维尔的房地产投资信托基金，也是以超市为核心租户的大型购物中心运营商之一。截至2020年10月21日，公司共持有415处物业，总建筑面积达5600万平方英尺，知名资产包括Serramonte Center及Village District 30%的股权。
IPGP vs REG — 直观对比
营收规模更大
REG
是对方的1.5倍
$274.5M
营收增速更快
IPGP
高出8.6%
8.5%
净利率更高
REG
高出45.3%
4.8%
两年增速更快
REG
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $404.2M |
| 净利润 | $13.3M | $202.5M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 71.0% |
| 净利率 | 4.8% | 50.1% |
| 营收同比 | 17.1% | 8.5% |
| 净利润同比 | 69.8% | 134.1% |
| 每股收益（稀释后） | $0.30 | — |
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IPGPREG
| Q4 25 | $274.5M | $404.2M | ||
| Q3 25 | $250.8M | $387.6M | ||
| Q2 25 | $250.7M | $380.8M | ||
| Q1 25 | $227.8M | $380.9M | ||
| Q4 24 | $234.3M | $372.5M | ||
| Q3 24 | $233.1M | $360.3M | ||
| Q2 24 | $257.6M | $357.3M | ||
| Q1 24 | $252.0M | $363.9M |
净利润IPGPREG
| Q4 25 | $13.3M | $202.5M | ||
| Q3 25 | $7.5M | $109.4M | ||
| Q2 25 | $6.6M | $106.0M | ||
| Q1 25 | $3.8M | $109.6M | ||
| Q4 24 | $7.8M | $86.5M | ||
| Q3 24 | $-233.6M | $101.5M | ||
| Q2 24 | $20.2M | $102.7M | ||
| Q1 24 | $24.1M | $109.8M |
毛利率IPGPREG
| 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% | — |
营业利润率IPGPREG
| Q4 25 | 1.2% | 71.0% | ||
| Q3 25 | 3.1% | 72.7% | ||
| Q2 25 | 0.0% | 73.8% | ||
| Q1 25 | 0.8% | 71.8% | ||
| Q4 24 | 6.0% | 71.1% | ||
| Q3 24 | -108.7% | 72.5% | ||
| Q2 24 | 4.7% | 72.3% | ||
| Q1 24 | 7.6% | 72.3% |
净利率IPGPREG
| Q4 25 | 4.8% | 50.1% | ||
| Q3 25 | 3.0% | 28.2% | ||
| Q2 25 | 2.6% | 27.8% | ||
| Q1 25 | 1.6% | 28.8% | ||
| Q4 24 | 3.3% | 23.2% | ||
| Q3 24 | -100.2% | 28.2% | ||
| Q2 24 | 7.8% | 28.7% | ||
| Q1 24 | 9.6% | 30.2% |
每股收益（稀释后）IPGPREG
| Q4 25 | $0.30 | — | ||
| Q3 25 | $0.18 | — | ||
| Q2 25 | $0.16 | — | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $-5.33 | — | ||
| Q2 24 | $0.45 | — | ||
| Q1 24 | $0.52 | — |
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 | — | $4.7B |
| 股东权益账面价值 | $2.1B | $6.9B |
| 总资产 | $2.4B | $13.0B |
| 负债/权益比越低杠杆越低 | — | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资IPGPREG
| 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IPGPREG
| Q4 25 | — | $4.7B | ||
| Q3 25 | — | $4.9B | ||
| Q2 25 | — | $4.8B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.4B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.4B |
股东权益IPGPREG
| Q4 25 | $2.1B | $6.9B | ||
| Q3 25 | $2.1B | $6.8B | ||
| Q2 25 | $2.1B | $6.7B | ||
| Q1 25 | $2.1B | $6.7B | ||
| Q4 24 | $2.0B | $6.7B | ||
| Q3 24 | $2.1B | $6.8B | ||
| Q2 24 | $2.3B | $6.8B | ||
| Q1 24 | $2.3B | $7.0B |
总资产IPGPREG
| Q4 25 | $2.4B | $13.0B | ||
| Q3 25 | $2.4B | $13.1B | ||
| Q2 25 | $2.4B | $12.7B | ||
| Q1 25 | $2.3B | $12.6B | ||
| Q4 24 | $2.3B | $12.4B | ||
| Q3 24 | $2.4B | $12.4B | ||
| Q2 24 | $2.5B | $12.4B | ||
| Q1 24 | $2.6B | $12.7B |
负债/权益比IPGPREG
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.63× |
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 | $203.9M |
| 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× | 1.01× |
| 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IPGPREG
| Q4 25 | $28.8M | $203.9M | ||
| Q3 25 | $35.3M | $218.7M | ||
| Q2 25 | $-2.2M | $244.0M | ||
| Q1 25 | $13.4M | $161.0M | ||
| Q4 24 | $73.8M | $191.4M | ||
| Q3 24 | $66.1M | $227.6M | ||
| Q2 24 | $53.5M | $203.5M | ||
| Q1 24 | $54.6M | $167.8M |
自由现金流IPGPREG
| Q4 25 | $10.9M | — | ||
| Q3 25 | $14.6M | — | ||
| Q2 25 | $-17.6M | — | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $50.6M | — | ||
| Q3 24 | $43.0M | — | ||
| Q2 24 | $29.2M | — | ||
| Q1 24 | $26.5M | — |
自由现金流率IPGPREG
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | -5.0% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 18.4% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 10.5% | — |
资本支出强度IPGPREG
| Q4 25 | 6.5% | — | ||
| Q3 25 | 8.3% | — | ||
| Q2 25 | 6.1% | — | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 9.9% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 11.1% | — |
现金转化率IPGPREG
| Q4 25 | 2.17× | 1.01× | ||
| Q3 25 | 4.73× | 2.00× | ||
| Q2 25 | -0.34× | 2.30× | ||
| Q1 25 | 3.58× | 1.47× | ||
| Q4 24 | 9.44× | 2.21× | ||
| Q3 24 | — | 2.24× | ||
| Q2 24 | 2.65× | 1.98× | ||
| Q1 24 | 2.27× | 1.53× |
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% |
REG
| Shopping Centers | $418.0M | 103% |
| Propertymanagementservices | $4.1M | 1% |
| Assetmanagementservices | $1.7M | 0% |
