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IPG PHOTONICS CORP（IPGP）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是IPG PHOTONICS CORP的1.4倍（$375.3M vs $274.5M），ROYAL GOLD INC净利率更高（24.9% vs 4.8%，领先20.1%），ROYAL GOLD INC同比增速更快（85.3% vs 17.1%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
IPGP vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.4倍
$274.5M
营收增速更快
RGLD
高出68.2%
17.1%
净利率更高
RGLD
高出20.1%
4.8%
两年增速更快
RGLD
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $375.3M |
| 净利润 | $13.3M | $93.6M |
| 毛利率 | 36.1% | 64.6% |
| 营业利润率 | 1.2% | 56.2% |
| 净利率 | 4.8% | 24.9% |
| 营收同比 | 17.1% | 85.3% |
| 净利润同比 | 69.8% | -12.8% |
| 每股收益（稀释后） | $0.30 | $1.04 |
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IPGPRGLD
| Q4 25 | $274.5M | $375.3M | ||
| Q3 25 | $250.8M | $252.1M | ||
| Q2 25 | $250.7M | $209.6M | ||
| Q1 25 | $227.8M | $193.4M | ||
| Q4 24 | $234.3M | $202.6M | ||
| Q3 24 | $233.1M | $193.8M | ||
| Q2 24 | $257.6M | $174.1M | ||
| Q1 24 | $252.0M | $148.9M |
净利润IPGPRGLD
| Q4 25 | $13.3M | $93.6M | ||
| Q3 25 | $7.5M | $126.8M | ||
| Q2 25 | $6.6M | $132.3M | ||
| Q1 25 | $3.8M | $113.5M | ||
| Q4 24 | $7.8M | $107.4M | ||
| Q3 24 | $-233.6M | $96.2M | ||
| Q2 24 | $20.2M | $81.2M | ||
| Q1 24 | $24.1M | $47.2M |
毛利率IPGPRGLD
| Q4 25 | 36.1% | 64.6% | ||
| Q3 25 | 39.5% | 73.6% | ||
| Q2 25 | 37.3% | 72.6% | ||
| Q1 25 | 39.4% | 69.4% | ||
| Q4 24 | 38.6% | 70.3% | ||
| Q3 24 | 23.2% | 66.6% | ||
| Q2 24 | 37.3% | 64.7% | ||
| Q1 24 | 38.7% | 58.4% |
营业利润率IPGPRGLD
| Q4 25 | 1.2% | 56.2% | ||
| Q3 25 | 3.1% | 64.4% | ||
| Q2 25 | 0.0% | 67.7% | ||
| Q1 25 | 0.8% | 63.6% | ||
| Q4 24 | 6.0% | 65.9% | ||
| Q3 24 | -108.7% | 61.3% | ||
| Q2 24 | 4.7% | 58.6% | ||
| Q1 24 | 7.6% | 50.7% |
净利率IPGPRGLD
| Q4 25 | 4.8% | 24.9% | ||
| Q3 25 | 3.0% | 50.3% | ||
| Q2 25 | 2.6% | 63.1% | ||
| Q1 25 | 1.6% | 58.7% | ||
| Q4 24 | 3.3% | 53.0% | ||
| Q3 24 | -100.2% | 49.7% | ||
| Q2 24 | 7.8% | 46.6% | ||
| Q1 24 | 9.6% | 31.7% |
每股收益（稀释后）IPGPRGLD
| Q4 25 | $0.30 | $1.04 | ||
| Q3 25 | $0.18 | $1.92 | ||
| Q2 25 | $0.16 | $2.01 | ||
| Q1 25 | $0.09 | $1.72 | ||
| Q4 24 | $0.27 | $1.63 | ||
| Q3 24 | $-5.33 | $1.46 | ||
| Q2 24 | $0.45 | $1.23 | ||
| Q1 24 | $0.52 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $7.2B |
| 总资产 | $2.4B | $9.5B |
| 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IPGPRGLD
| Q4 25 | $839.3M | $233.7M | ||
| Q3 25 | $870.4M | $172.8M | ||
| Q2 25 | $899.6M | $248.2M | ||
| Q1 25 | $926.9M | $240.8M | ||
| Q4 24 | $930.2M | $195.5M | ||
| Q3 24 | $1.0B | $127.9M | ||
| Q2 24 | $1.1B | $74.2M | ||
| Q1 24 | $1.1B | $137.9M |
总债务IPGPRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益IPGPRGLD
| Q4 25 | $2.1B | $7.2B | ||
| Q3 25 | $2.1B | $3.4B | ||
| Q2 25 | $2.1B | $3.3B | ||
| Q1 25 | $2.1B | $3.2B | ||
| Q4 24 | $2.0B | $3.1B | ||
| Q3 24 | $2.1B | $3.0B | ||
| Q2 24 | $2.3B | $3.0B | ||
| Q1 24 | $2.3B | $2.9B |
总资产IPGPRGLD
| Q4 25 | $2.4B | $9.5B | ||
| Q3 25 | $2.4B | $4.5B | ||
| Q2 25 | $2.4B | $3.6B | ||
| Q1 25 | $2.3B | $3.5B | ||
| Q4 24 | $2.3B | $3.4B | ||
| Q3 24 | $2.4B | $3.3B | ||
| Q2 24 | $2.5B | $3.3B | ||
| Q1 24 | $2.6B | $3.3B |
负债/权益比IPGPRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| Q1 24 | — | — |
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 | $241.7M |
| 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× | 2.58× |
| 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IPGPRGLD
| Q4 25 | $28.8M | $241.7M | ||
| Q3 25 | $35.3M | $174.0M | ||
| Q2 25 | $-2.2M | $152.8M | ||
| Q1 25 | $13.4M | $136.4M | ||
| Q4 24 | $73.8M | $141.1M | ||
| Q3 24 | $66.1M | $136.7M | ||
| Q2 24 | $53.5M | $113.5M | ||
| Q1 24 | $54.6M | $138.3M |
自由现金流IPGPRGLD
| 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IPGPRGLD
| 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IPGPRGLD
| 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IPGPRGLD
| Q4 25 | 2.17× | 2.58× | ||
| Q3 25 | 4.73× | 1.37× | ||
| Q2 25 | -0.34× | 1.15× | ||
| Q1 25 | 3.58× | 1.20× | ||
| Q4 24 | 9.44× | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | 2.65× | 1.40× | ||
| Q1 24 | 2.27× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
