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IPG PHOTONICS CORP（IPGP）与RPC INC（RES）财务数据对比。点击上方公司名可切换其他公司
RPC INC的季度营收约是IPG PHOTONICS CORP的1.6倍（$425.8M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs -0.7%，领先5.6%），RPC INC同比增速更快（27.0% vs 17.1%），RPC INC自由现金流更多（$31.2M vs $10.9M），过去两年RPC INC的营收复合增速更高（6.2% 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。
RPC集团是总部位于英国的企业，曾是欧洲规模最大的塑料包装供应商之一，总部坐落于北安普敦郡的拉什登。该公司此前在伦敦证券交易所上市，2019年被贝瑞全球集团收购，贝瑞全球集团又于2025年被安海斯包装收购。
IPGP vs RES — 直观对比
营收规模更大
RES
是对方的1.6倍
$274.5M
营收增速更快
RES
高出9.8%
17.1%
净利率更高
IPGP
高出5.6%
-0.7%
自由现金流更多
RES
多$20.3M
$10.9M
两年增速更快
RES
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $425.8M |
| 净利润 | $13.3M | $-3.1M |
| 毛利率 | 36.1% | 21.0% |
| 营业利润率 | 1.2% | -0.9% |
| 净利率 | 4.8% | -0.7% |
| 营收同比 | 17.1% | 27.0% |
| 净利润同比 | 69.8% | -124.0% |
| 每股收益（稀释后） | $0.30 | $-0.02 |
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IPGPRES
| Q4 25 | $274.5M | $425.8M | ||
| Q3 25 | $250.8M | $447.1M | ||
| Q2 25 | $250.7M | $420.8M | ||
| Q1 25 | $227.8M | $332.9M | ||
| Q4 24 | $234.3M | $335.4M | ||
| Q3 24 | $233.1M | $337.7M | ||
| Q2 24 | $257.6M | $364.2M | ||
| Q1 24 | $252.0M | $377.8M |
净利润IPGPRES
| Q4 25 | $13.3M | $-3.1M | ||
| Q3 25 | $7.5M | $13.0M | ||
| Q2 25 | $6.6M | $10.1M | ||
| Q1 25 | $3.8M | $12.0M | ||
| Q4 24 | $7.8M | $12.8M | ||
| Q3 24 | $-233.6M | $18.8M | ||
| Q2 24 | $20.2M | $32.4M | ||
| Q1 24 | $24.1M | $27.5M |
毛利率IPGPRES
| Q4 25 | 36.1% | 21.0% | ||
| Q3 25 | 39.5% | 25.1% | ||
| Q2 25 | 37.3% | 24.5% | ||
| Q1 25 | 39.4% | 26.7% | ||
| Q4 24 | 38.6% | 25.4% | ||
| Q3 24 | 23.2% | 26.7% | ||
| Q2 24 | 37.3% | 28.0% | ||
| Q1 24 | 38.7% | 26.8% |
营业利润率IPGPRES
| Q4 25 | 1.2% | -0.9% | ||
| Q3 25 | 3.1% | 4.7% | ||
| Q2 25 | 0.0% | 3.7% | ||
| Q1 25 | 0.8% | 3.7% | ||
| Q4 24 | 6.0% | 3.1% | ||
| Q3 24 | -108.7% | 5.7% | ||
| Q2 24 | 4.7% | 9.7% | ||
| Q1 24 | 7.6% | 8.6% |
净利率IPGPRES
| Q4 25 | 4.8% | -0.7% | ||
| Q3 25 | 3.0% | 2.9% | ||
| Q2 25 | 2.6% | 2.4% | ||
| Q1 25 | 1.6% | 3.6% | ||
| Q4 24 | 3.3% | 3.8% | ||
| Q3 24 | -100.2% | 5.6% | ||
| Q2 24 | 7.8% | 8.9% | ||
| Q1 24 | 9.6% | 7.3% |
每股收益（稀释后）IPGPRES
| Q4 25 | $0.30 | $-0.02 | ||
| Q3 25 | $0.18 | $0.06 | ||
| Q2 25 | $0.16 | $0.05 | ||
| Q1 25 | $0.09 | $0.06 | ||
| Q4 24 | $0.27 | $0.06 | ||
| Q3 24 | $-5.33 | $0.09 | ||
| Q2 24 | $0.45 | $0.15 | ||
| Q1 24 | $0.52 | $0.13 |
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 | $210.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $1.1B |
| 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
现金及短期投资IPGPRES
| Q4 25 | $839.3M | $210.0M | ||
| Q3 25 | $870.4M | $163.5M | ||
| Q2 25 | $899.6M | $162.1M | ||
| Q1 25 | $926.9M | $326.7M | ||
| Q4 24 | $930.2M | $326.0M | ||
| Q3 24 | $1.0B | $276.9M | ||
| Q2 24 | $1.1B | $261.5M | ||
| Q1 24 | $1.1B | $212.2M |
股东权益IPGPRES
| Q4 25 | $2.1B | $1.1B | ||
| Q3 25 | $2.1B | $1.1B | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $2.1B | $1.1B | ||
| Q4 24 | $2.0B | $1.1B | ||
| Q3 24 | $2.1B | $1.1B | ||
| Q2 24 | $2.3B | $1.1B | ||
| Q1 24 | $2.3B | $1.0B |
总资产IPGPRES
| Q4 25 | $2.4B | $1.5B | ||
| Q3 25 | $2.4B | $1.5B | ||
| Q2 25 | $2.4B | $1.5B | ||
| Q1 25 | $2.3B | $1.3B | ||
| Q4 24 | $2.3B | $1.4B | ||
| Q3 24 | $2.4B | $1.3B | ||
| Q2 24 | $2.5B | $1.3B | ||
| 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 | $61.9M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $31.2M |
| 自由现金流率自由现金流/营收 | 4.0% | 7.3% |
| 资本支出强度资本支出/营收 | 6.5% | 7.2% |
| 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 | $52.9M |
8季度趋势，按日历期对齐
经营现金流IPGPRES
| Q4 25 | $28.8M | $61.9M | ||
| Q3 25 | $35.3M | $46.5M | ||
| Q2 25 | $-2.2M | $53.1M | ||
| Q1 25 | $13.4M | $39.9M | ||
| Q4 24 | $73.8M | $94.2M | ||
| Q3 24 | $66.1M | $70.7M | ||
| Q2 24 | $53.5M | $127.9M | ||
| Q1 24 | $54.6M | $56.6M |
自由现金流IPGPRES
| Q4 25 | $10.9M | $31.2M | ||
| Q3 25 | $14.6M | $4.1M | ||
| Q2 25 | $-17.6M | $10.0M | ||
| Q1 25 | $-11.4M | $7.6M | ||
| Q4 24 | $50.6M | $53.7M | ||
| Q3 24 | $43.0M | $19.1M | ||
| Q2 24 | $29.2M | $52.9M | ||
| Q1 24 | $26.5M | $3.8M |
自由现金流率IPGPRES
| Q4 25 | 4.0% | 7.3% | ||
| Q3 25 | 5.8% | 0.9% | ||
| Q2 25 | -7.0% | 2.4% | ||
| Q1 25 | -5.0% | 2.3% | ||
| Q4 24 | 21.6% | 16.0% | ||
| Q3 24 | 18.4% | 5.6% | ||
| Q2 24 | 11.3% | 14.5% | ||
| Q1 24 | 10.5% | 1.0% |
资本支出强度IPGPRES
| Q4 25 | 6.5% | 7.2% | ||
| Q3 25 | 8.3% | 9.5% | ||
| Q2 25 | 6.1% | 10.2% | ||
| Q1 25 | 10.9% | 9.7% | ||
| Q4 24 | 9.9% | 12.1% | ||
| Q3 24 | 9.9% | 15.3% | ||
| Q2 24 | 9.4% | 20.6% | ||
| Q1 24 | 11.1% | 14.0% |
现金转化率IPGPRES
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 3.59× | ||
| Q2 25 | -0.34× | 5.23× | ||
| Q1 25 | 3.58× | 3.31× | ||
| Q4 24 | 9.44× | 7.38× | ||
| Q3 24 | — | 3.76× | ||
| Q2 24 | 2.65× | 3.95× | ||
| Q1 24 | 2.27× | 2.06× |
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% |
RES
| Technical Service | $405.2M | 95% |
| Other | $8.8M | 2% |
| Nitrogen | $6.6M | 2% |
