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IPG PHOTONICS CORP（IPGP）与Rocket Lab Corp（RKLB）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Rocket Lab Corp的1.5倍（$274.5M vs $179.7M），IPG PHOTONICS CORP净利率更高（4.8% vs -29.5%，领先34.3%），Rocket Lab Corp同比增速更快（35.7% vs 17.1%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% 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。
Rocket Lab是公开上市的航空航天制造商及发射服务提供商，旗下Electron轨道火箭主打小型卫星发射，截至2026年1月已成功完成超75次任务，是全球现役发射次数最多的小型运载火箭。公司还开发了Electron的亚轨道改型HASTE用作高超音速技术测试平台，下一代可复用中型运载火箭Neutron目前也在研发中。
IPGP vs RKLB — 直观对比
营收规模更大
IPGP
是对方的1.5倍
$179.7M
营收增速更快
RKLB
高出18.6%
17.1%
净利率更高
IPGP
高出34.3%
-29.5%
自由现金流更多
IPGP
多$125.1M
$-114.2M
两年增速更快
RKLB
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $179.7M |
| 净利润 | $13.3M | $-52.9M |
| 毛利率 | 36.1% | 38.0% |
| 营业利润率 | 1.2% | -28.4% |
| 净利率 | 4.8% | -29.5% |
| 营收同比 | 17.1% | 35.7% |
| 净利润同比 | 69.8% | -1.1% |
| 每股收益（稀释后） | $0.30 | $-0.09 |
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IPGPRKLB
| Q4 25 | $274.5M | $179.7M | ||
| Q3 25 | $250.8M | $155.1M | ||
| Q2 25 | $250.7M | $144.5M | ||
| Q1 25 | $227.8M | $122.6M | ||
| Q4 24 | $234.3M | $132.4M | ||
| Q3 24 | $233.1M | $104.8M | ||
| Q2 24 | $257.6M | $106.3M | ||
| Q1 24 | $252.0M | $92.8M |
净利润IPGPRKLB
| Q4 25 | $13.3M | $-52.9M | ||
| Q3 25 | $7.5M | $-18.3M | ||
| Q2 25 | $6.6M | $-66.4M | ||
| Q1 25 | $3.8M | $-60.6M | ||
| Q4 24 | $7.8M | $-52.3M | ||
| Q3 24 | $-233.6M | $-51.9M | ||
| Q2 24 | $20.2M | $-41.6M | ||
| Q1 24 | $24.1M | $-44.3M |
毛利率IPGPRKLB
| Q4 25 | 36.1% | 38.0% | ||
| Q3 25 | 39.5% | 37.0% | ||
| Q2 25 | 37.3% | 32.1% | ||
| Q1 25 | 39.4% | 28.8% | ||
| Q4 24 | 38.6% | 27.8% | ||
| Q3 24 | 23.2% | 26.7% | ||
| Q2 24 | 37.3% | 25.6% | ||
| Q1 24 | 38.7% | 26.1% |
营业利润率IPGPRKLB
| Q4 25 | 1.2% | -28.4% | ||
| Q3 25 | 3.1% | -38.0% | ||
| Q2 25 | 0.0% | -41.3% | ||
| Q1 25 | 0.8% | -48.3% | ||
| Q4 24 | 6.0% | -38.9% | ||
| Q3 24 | -108.7% | -49.5% | ||
| Q2 24 | 4.7% | -40.7% | ||
| Q1 24 | 7.6% | -46.4% |
净利率IPGPRKLB
| Q4 25 | 4.8% | -29.5% | ||
| Q3 25 | 3.0% | -11.8% | ||
| Q2 25 | 2.6% | -46.0% | ||
| Q1 25 | 1.6% | -49.5% | ||
| Q4 24 | 3.3% | -39.5% | ||
| Q3 24 | -100.2% | -49.6% | ||
| Q2 24 | 7.8% | -39.2% | ||
| Q1 24 | 9.6% | -47.7% |
每股收益（稀释后）IPGPRKLB
| Q4 25 | $0.30 | $-0.09 | ||
| Q3 25 | $0.18 | $-0.03 | ||
| Q2 25 | $0.16 | $-0.13 | ||
| Q1 25 | $0.09 | $-0.12 | ||
| Q4 24 | $0.27 | $-0.11 | ||
| Q3 24 | $-5.33 | $-0.10 | ||
| Q2 24 | $0.45 | $-0.08 | ||
| Q1 24 | $0.52 | $-0.09 |
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 | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $2.1B | $1.7B |
| 总资产 | $2.4B | $2.3B |
| 负债/权益比越低杠杆越低 | — | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资IPGPRKLB
| Q4 25 | $839.3M | $1.0B | ||
| Q3 25 | $870.4M | $976.7M | ||
| Q2 25 | $899.6M | $688.1M | ||
| Q1 25 | $926.9M | $428.4M | ||
| Q4 24 | $930.2M | $419.0M | ||
| Q3 24 | $1.0B | $442.4M | ||
| Q2 24 | $1.1B | $496.8M | ||
| Q1 24 | $1.1B | $492.5M |
总债务IPGPRKLB
| Q4 25 | — | $152.4M | ||
| Q3 25 | — | $347.0M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $345.9M | ||
| Q4 24 | — | $345.4M | ||
| Q3 24 | — | $61.2M | ||
| Q2 24 | — | $64.2M | ||
| Q1 24 | — | $66.8M |
股东权益IPGPRKLB
| Q4 25 | $2.1B | $1.7B | ||
| Q3 25 | $2.1B | $1.3B | ||
| Q2 25 | $2.1B | $688.5M | ||
| Q1 25 | $2.1B | $431.3M | ||
| Q4 24 | $2.0B | $382.5M | ||
| Q3 24 | $2.1B | $419.8M | ||
| Q2 24 | $2.3B | $455.2M | ||
| Q1 24 | $2.3B | $478.9M |
总资产IPGPRKLB
| Q4 25 | $2.4B | $2.3B | ||
| Q3 25 | $2.4B | $2.2B | ||
| Q2 25 | $2.4B | $1.6B | ||
| Q1 25 | $2.3B | $1.3B | ||
| Q4 24 | $2.3B | $1.2B | ||
| Q3 24 | $2.4B | $1.2B | ||
| Q2 24 | $2.5B | $1.2B | ||
| Q1 24 | $2.6B | $1.2B |
负债/权益比IPGPRKLB
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.14× |
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 | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $-114.2M |
| 自由现金流率自由现金流/营收 | 4.0% | -63.6% |
| 资本支出强度资本支出/营收 | 6.5% | 27.6% |
| 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 | $-321.8M |
8季度趋势，按日历期对齐
经营现金流IPGPRKLB
| Q4 25 | $28.8M | $-64.5M | ||
| Q3 25 | $35.3M | $-23.5M | ||
| Q2 25 | $-2.2M | $-23.2M | ||
| Q1 25 | $13.4M | $-54.2M | ||
| Q4 24 | $73.8M | $-2.4M | ||
| Q3 24 | $66.1M | $-30.9M | ||
| Q2 24 | $53.5M | $-13.0M | ||
| Q1 24 | $54.6M | $-2.6M |
自由现金流IPGPRKLB
| Q4 25 | $10.9M | $-114.2M | ||
| Q3 25 | $14.6M | $-69.4M | ||
| Q2 25 | $-17.6M | $-55.3M | ||
| Q1 25 | $-11.4M | $-82.9M | ||
| Q4 24 | $50.6M | $-23.9M | ||
| Q3 24 | $43.0M | $-41.9M | ||
| Q2 24 | $29.2M | $-28.3M | ||
| Q1 24 | $26.5M | $-21.8M |
自由现金流率IPGPRKLB
| Q4 25 | 4.0% | -63.6% | ||
| Q3 25 | 5.8% | -44.8% | ||
| Q2 25 | -7.0% | -38.3% | ||
| Q1 25 | -5.0% | -67.6% | ||
| Q4 24 | 21.6% | -18.1% | ||
| Q3 24 | 18.4% | -40.0% | ||
| Q2 24 | 11.3% | -26.7% | ||
| Q1 24 | 10.5% | -23.5% |
资本支出强度IPGPRKLB
| Q4 25 | 6.5% | 27.6% | ||
| Q3 25 | 8.3% | 29.6% | ||
| Q2 25 | 6.1% | 22.2% | ||
| Q1 25 | 10.9% | 23.4% | ||
| Q4 24 | 9.9% | 16.3% | ||
| Q3 24 | 9.9% | 10.5% | ||
| Q2 24 | 9.4% | 14.4% | ||
| Q1 24 | 11.1% | 20.7% |
现金转化率IPGPRKLB
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| 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% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
