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IPG PHOTONICS CORP（IPGP）与BRC Group Holdings, Inc.（RILY）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BRC Group Holdings, Inc.的1.5倍（$274.5M vs $188.3M），BRC Group Holdings, Inc.净利率更高（47.9% vs 4.8%，领先43.1%），IPG PHOTONICS CORP同比增速更快（17.1% vs -21.9%），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -15.4%）
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。
IPGP vs RILY — 直观对比
营收规模更大
IPGP
是对方的1.5倍
$188.3M
营收增速更快
IPGP
高出39.0%
-21.9%
净利率更高
RILY
高出43.1%
4.8%
两年增速更快
IPGP
近两年复合增速
-15.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $188.3M |
| 净利润 | $13.3M | $90.3M |
| 毛利率 | 36.1% | 79.5% |
| 营业利润率 | 1.2% | 32.3% |
| 净利率 | 4.8% | 47.9% |
| 营收同比 | 17.1% | -21.9% |
| 净利润同比 | 69.8% | 1710.8% |
| 每股收益（稀释后） | $0.30 | $2.78 |
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IPGPRILY
| Q4 25 | $274.5M | $188.3M | ||
| Q3 25 | $250.8M | $215.3M | ||
| Q2 25 | $250.7M | $188.2M | ||
| Q1 25 | $227.8M | $197.2M | ||
| Q4 24 | $234.3M | $241.0M | ||
| Q3 24 | $233.1M | $225.5M | ||
| Q2 24 | $257.6M | $256.0M | ||
| Q1 24 | $252.0M | $263.4M |
净利润IPGPRILY
| Q4 25 | $13.3M | $90.3M | ||
| Q3 25 | $7.5M | $91.1M | ||
| Q2 25 | $6.6M | $139.5M | ||
| Q1 25 | $3.8M | $-10.0M | ||
| Q4 24 | $7.8M | $-5.6M | ||
| Q3 24 | $-233.6M | $-284.4M | ||
| Q2 24 | $20.2M | $-433.6M | ||
| Q1 24 | $24.1M | $-49.2M |
毛利率IPGPRILY
| Q4 25 | 36.1% | 79.5% | ||
| Q3 25 | 39.5% | 83.7% | ||
| Q2 25 | 37.3% | 81.3% | ||
| Q1 25 | 39.4% | 81.4% | ||
| Q4 24 | 38.6% | 79.8% | ||
| Q3 24 | 23.2% | 82.1% | ||
| Q2 24 | 37.3% | 84.5% | ||
| Q1 24 | 38.7% | 85.3% |
营业利润率IPGPRILY
| Q4 25 | 1.2% | 32.3% | ||
| Q3 25 | 3.1% | 30.4% | ||
| Q2 25 | 0.0% | 5.7% | ||
| Q1 25 | 0.8% | -31.2% | ||
| Q4 24 | 6.0% | -69.2% | ||
| Q3 24 | -108.7% | -36.4% | ||
| Q2 24 | 4.7% | -90.8% | ||
| Q1 24 | 7.6% | -6.1% |
净利率IPGPRILY
| Q4 25 | 4.8% | 47.9% | ||
| Q3 25 | 3.0% | 42.3% | ||
| Q2 25 | 2.6% | 74.1% | ||
| Q1 25 | 1.6% | -5.1% | ||
| Q4 24 | 3.3% | -2.3% | ||
| Q3 24 | -100.2% | -126.1% | ||
| Q2 24 | 7.8% | -169.4% | ||
| Q1 24 | 9.6% | -18.7% |
每股收益（稀释后）IPGPRILY
| Q4 25 | $0.30 | $2.78 | ||
| Q3 25 | $0.18 | $2.91 | ||
| Q2 25 | $0.16 | $4.50 | ||
| Q1 25 | $0.09 | $-0.39 | ||
| Q4 24 | $0.27 | $-0.01 | ||
| Q3 24 | $-5.33 | $-9.39 | ||
| Q2 24 | $0.45 | $-14.35 | ||
| Q1 24 | $0.52 | $-1.71 |
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 | $226.6M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | $2.1B | $-171.5M |
| 总资产 | $2.4B | $1.7B |
| 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IPGPRILY
| Q4 25 | $839.3M | $226.6M | ||
| Q3 25 | $870.4M | $184.2M | ||
| Q2 25 | $899.6M | $267.4M | ||
| Q1 25 | $926.9M | $138.3M | ||
| Q4 24 | $930.2M | $146.9M | ||
| Q3 24 | $1.0B | $159.2M | ||
| Q2 24 | $1.1B | $236.9M | ||
| Q1 24 | $1.1B | $190.7M |
总债务IPGPRILY
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益IPGPRILY
| Q4 25 | $2.1B | $-171.5M | ||
| Q3 25 | $2.1B | $-260.5M | ||
| Q2 25 | $2.1B | $-351.7M | ||
| Q1 25 | $2.1B | $-496.8M | ||
| Q4 24 | $2.0B | $-488.2M | ||
| Q3 24 | $2.1B | $-497.6M | ||
| Q2 24 | $2.3B | $-218.3M | ||
| Q1 24 | $2.3B | $228.4M |
总资产IPGPRILY
| Q4 25 | $2.4B | $1.7B | ||
| Q3 25 | $2.4B | $1.7B | ||
| Q2 25 | $2.4B | $1.5B | ||
| Q1 25 | $2.3B | $1.5B | ||
| Q4 24 | $2.3B | $1.8B | ||
| Q3 24 | $2.4B | $2.2B | ||
| Q2 24 | $2.5B | $3.2B | ||
| Q1 24 | $2.6B | $5.0B |
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 | $26.2M |
| 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× | 0.29× |
| 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IPGPRILY
| Q4 25 | $28.8M | $26.2M | ||
| Q3 25 | $35.3M | $-60.6M | ||
| Q2 25 | $-2.2M | $-25.6M | ||
| Q1 25 | $13.4M | $184.0K | ||
| Q4 24 | $73.8M | $-2.7M | ||
| Q3 24 | $66.1M | $19.5M | ||
| Q2 24 | $53.5M | $111.5M | ||
| Q1 24 | $54.6M | $135.4M |
自由现金流IPGPRILY
| 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IPGPRILY
| 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IPGPRILY
| 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IPGPRILY
| Q4 25 | 2.17× | 0.29× | ||
| Q3 25 | 4.73× | -0.66× | ||
| Q2 25 | -0.34× | -0.18× | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | — | ||
| 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% |
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
