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IPG PHOTONICS CORP（IPGP）与STURM RUGER & CO INC（RGR）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STURM RUGER & CO INC的1.8倍（$274.5M vs $151.1M），IPG PHOTONICS CORP同比增速更快（17.1% vs 3.6%），STURM RUGER & CO INC自由现金流更多（$12.3M vs $10.9M），过去两年STURM RUGER & CO INC的营收复合增速更高（5.1% 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。
鲁格公司（Ruger）是总部位于美国康涅狄格州绍斯波特的枪械制造企业，除总部外，还在新罕布什尔州纽波特、北卡罗来纳州梅约丹以及亚利桑那州普雷斯科特设有生产工厂。公司由亚历山大·麦考密克·斯特姆与威廉·B·鲁格于1949年共同创立，自1969年起公开上市交易。
IPGP vs RGR — 直观对比
营收规模更大
IPGP
是对方的1.8倍
$151.1M
营收增速更快
IPGP
高出13.5%
3.6%
自由现金流更多
RGR
多$1.4M
$10.9M
两年增速更快
RGR
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $151.1M |
| 净利润 | $13.3M | — |
| 毛利率 | 36.1% | 17.8% |
| 营业利润率 | 1.2% | 2.3% |
| 净利率 | 4.8% | — |
| 营收同比 | 17.1% | 3.6% |
| 净利润同比 | 69.8% | — |
| 每股收益（稀释后） | $0.30 | $0.22 |
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IPGPRGR
| Q4 25 | $274.5M | $151.1M | ||
| Q3 25 | $250.8M | $126.8M | ||
| Q2 25 | $250.7M | $132.5M | ||
| Q1 25 | $227.8M | $135.7M | ||
| Q4 24 | $234.3M | $145.8M | ||
| Q3 24 | $233.1M | $122.3M | ||
| Q2 24 | $257.6M | $130.8M | ||
| Q1 24 | $252.0M | $136.8M |
净利润IPGPRGR
| Q4 25 | $13.3M | — | ||
| Q3 25 | $7.5M | $1.6M | ||
| Q2 25 | $6.6M | $-17.2M | ||
| Q1 25 | $3.8M | $7.8M | ||
| Q4 24 | $7.8M | — | ||
| Q3 24 | $-233.6M | $4.7M | ||
| Q2 24 | $20.2M | $8.3M | ||
| Q1 24 | $24.1M | $7.1M |
毛利率IPGPRGR
| Q4 25 | 36.1% | 17.8% | ||
| Q3 25 | 39.5% | 15.1% | ||
| Q2 25 | 37.3% | 3.9% | ||
| Q1 25 | 39.4% | 22.0% | ||
| Q4 24 | 38.6% | 22.8% | ||
| Q3 24 | 23.2% | 18.5% | ||
| Q2 24 | 37.3% | 22.3% | ||
| Q1 24 | 38.7% | 21.5% |
营业利润率IPGPRGR
| Q4 25 | 1.2% | 2.3% | ||
| Q3 25 | 3.1% | -2.7% | ||
| Q2 25 | 0.0% | -15.6% | ||
| Q1 25 | 0.8% | 6.2% | ||
| Q4 24 | 6.0% | 7.8% | ||
| Q3 24 | -108.7% | 3.1% | ||
| Q2 24 | 4.7% | 6.9% | ||
| Q1 24 | 7.6% | 5.5% |
净利率IPGPRGR
| Q4 25 | 4.8% | — | ||
| Q3 25 | 3.0% | 1.2% | ||
| Q2 25 | 2.6% | -13.0% | ||
| Q1 25 | 1.6% | 5.7% | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | -100.2% | 3.9% | ||
| Q2 24 | 7.8% | 6.3% | ||
| Q1 24 | 9.6% | 5.2% |
每股收益（稀释后）IPGPRGR
| Q4 25 | $0.30 | $0.22 | ||
| Q3 25 | $0.18 | $0.10 | ||
| Q2 25 | $0.16 | $-1.05 | ||
| Q1 25 | $0.09 | $0.46 | ||
| Q4 24 | $0.27 | $0.62 | ||
| Q3 24 | $-5.33 | $0.28 | ||
| Q2 24 | $0.45 | $0.47 | ||
| Q1 24 | $0.52 | $0.40 |
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 | $92.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $283.8M |
| 总资产 | $2.4B | $342.0M |
| 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IPGPRGR
| Q4 25 | $839.3M | $92.5M | ||
| Q3 25 | $870.4M | $80.8M | ||
| Q2 25 | $899.6M | $101.4M | ||
| Q1 25 | $926.9M | $108.3M | ||
| Q4 24 | $930.2M | $105.5M | ||
| Q3 24 | $1.0B | $96.0M | ||
| Q2 24 | $1.1B | $105.6M | ||
| Q1 24 | $1.1B | $115.3M |
股东权益IPGPRGR
| Q4 25 | $2.1B | $283.8M | ||
| Q3 25 | $2.1B | $279.6M | ||
| Q2 25 | $2.1B | $289.3M | ||
| Q1 25 | $2.1B | $321.5M | ||
| Q4 24 | $2.0B | $319.6M | ||
| Q3 24 | $2.1B | $314.9M | ||
| Q2 24 | $2.3B | $321.5M | ||
| Q1 24 | $2.3B | $332.0M |
总资产IPGPRGR
| Q4 25 | $2.4B | $342.0M | ||
| Q3 25 | $2.4B | $342.3M | ||
| Q2 25 | $2.4B | $349.5M | ||
| Q1 25 | $2.3B | $379.0M | ||
| Q4 24 | $2.3B | $384.0M | ||
| Q3 24 | $2.4B | $373.5M | ||
| Q2 24 | $2.5B | $376.7M | ||
| Q1 24 | $2.6B | $385.0M |
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 | $15.5M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $12.3M |
| 自由现金流率自由现金流/营收 | 4.0% | 8.2% |
| 资本支出强度资本支出/营收 | 6.5% | 2.1% |
| 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 | $38.5M |
8季度趋势，按日历期对齐
经营现金流IPGPRGR
| Q4 25 | $28.8M | $15.5M | ||
| Q3 25 | $35.3M | $12.9M | ||
| Q2 25 | $-2.2M | $14.7M | ||
| Q1 25 | $13.4M | $11.1M | ||
| Q4 24 | $73.8M | $20.0M | ||
| Q3 24 | $66.1M | $9.4M | ||
| Q2 24 | $53.5M | $18.7M | ||
| Q1 24 | $54.6M | $7.3M |
自由现金流IPGPRGR
| Q4 25 | $10.9M | $12.3M | ||
| Q3 25 | $14.6M | $7.0M | ||
| Q2 25 | $-17.6M | $9.1M | ||
| Q1 25 | $-11.4M | $10.0M | ||
| Q4 24 | $50.6M | $16.4M | ||
| Q3 24 | $43.0M | $2.6M | ||
| Q2 24 | $29.2M | $10.1M | ||
| Q1 24 | $26.5M | $5.6M |
自由现金流率IPGPRGR
| Q4 25 | 4.0% | 8.2% | ||
| Q3 25 | 5.8% | 5.5% | ||
| Q2 25 | -7.0% | 6.9% | ||
| Q1 25 | -5.0% | 7.4% | ||
| Q4 24 | 21.6% | 11.2% | ||
| Q3 24 | 18.4% | 2.1% | ||
| Q2 24 | 11.3% | 7.7% | ||
| Q1 24 | 10.5% | 4.1% |
资本支出强度IPGPRGR
| Q4 25 | 6.5% | 2.1% | ||
| Q3 25 | 8.3% | 4.6% | ||
| Q2 25 | 6.1% | 4.2% | ||
| Q1 25 | 10.9% | 0.8% | ||
| Q4 24 | 9.9% | 2.5% | ||
| Q3 24 | 9.9% | 5.5% | ||
| Q2 24 | 9.4% | 6.6% | ||
| Q1 24 | 11.1% | 1.3% |
现金转化率IPGPRGR
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 8.15× | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | 1.43× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 1.98× | ||
| Q2 24 | 2.65× | 2.27× | ||
| Q1 24 | 2.27× | 1.04× |
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% |
RGR
| Firearms | $150.6M | 100% |
| Castings | $7.3M | 5% |
