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IPG PHOTONICS CORP（IPGP）与RLJ Lodging Trust（RLJ）财务数据对比。点击上方公司名可切换其他公司
RLJ Lodging Trust的季度营收约是IPG PHOTONICS CORP的1.2倍（$328.6M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs 0.1%，领先4.7%），IPG PHOTONICS CORP同比增速更快（17.1% vs -0.4%），RLJ Lodging Trust自由现金流更多（$117.4M vs $10.9M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs 0.6%）
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。
RLJ集团是美国企业家罗伯特·路易斯·约翰逊创办的资产管理企业。约翰逊在2001年出售自己一手创立的黑人娱乐电视台后，于马里兰州贝塞斯达成立了这家公司。集团业务覆盖酒店不动产投资、私募股权投资、金融服务、资产管理、保险、汽车经销、文体娱乐以及电子彩票 gaming 等多个领域，总部设于贝塞斯达。
IPGP vs RLJ — 直观对比
营收规模更大
RLJ
是对方的1.2倍
$274.5M
营收增速更快
IPGP
高出17.5%
-0.4%
净利率更高
IPGP
高出4.7%
0.1%
自由现金流更多
RLJ
多$106.5M
$10.9M
两年增速更快
IPGP
近两年复合增速
0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $328.6M |
| 净利润 | $13.3M | $430.0K |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 0.2% |
| 净利率 | 4.8% | 0.1% |
| 营收同比 | 17.1% | -0.4% |
| 净利润同比 | 69.8% | -92.0% |
| 每股收益（稀释后） | $0.30 | $-0.05 |
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IPGPRLJ
| Q4 25 | $274.5M | $328.6M | ||
| Q3 25 | $250.8M | $330.0M | ||
| Q2 25 | $250.7M | $363.1M | ||
| Q1 25 | $227.8M | $328.1M | ||
| Q4 24 | $234.3M | $330.0M | ||
| Q3 24 | $233.1M | $345.7M | ||
| Q2 24 | $257.6M | $369.3M | ||
| Q1 24 | $252.0M | $324.4M |
净利润IPGPRLJ
| Q4 25 | $13.3M | $430.0K | ||
| Q3 25 | $7.5M | $-3.7M | ||
| Q2 25 | $6.6M | $28.5M | ||
| Q1 25 | $3.8M | $3.4M | ||
| Q4 24 | $7.8M | $5.4M | ||
| Q3 24 | $-233.6M | $20.6M | ||
| Q2 24 | $20.2M | $37.1M | ||
| Q1 24 | $24.1M | $4.9M |
毛利率IPGPRLJ
| Q4 25 | 36.1% | — | ||
| Q3 25 | 39.5% | — | ||
| Q2 25 | 37.3% | — | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 38.6% | — | ||
| Q3 24 | 23.2% | — | ||
| Q2 24 | 37.3% | — | ||
| Q1 24 | 38.7% | — |
营业利润率IPGPRLJ
| Q4 25 | 1.2% | 0.2% | ||
| Q3 25 | 3.1% | -1.0% | ||
| Q2 25 | 0.0% | 8.0% | ||
| Q1 25 | 0.8% | 1.1% | ||
| Q4 24 | 6.0% | 1.8% | ||
| Q3 24 | -108.7% | 6.1% | ||
| Q2 24 | 4.7% | 10.2% | ||
| Q1 24 | 7.6% | 1.6% |
净利率IPGPRLJ
| Q4 25 | 4.8% | 0.1% | ||
| Q3 25 | 3.0% | -1.1% | ||
| Q2 25 | 2.6% | 7.8% | ||
| Q1 25 | 1.6% | 1.0% | ||
| Q4 24 | 3.3% | 1.6% | ||
| Q3 24 | -100.2% | 6.0% | ||
| Q2 24 | 7.8% | 10.0% | ||
| Q1 24 | 9.6% | 1.5% |
每股收益（稀释后）IPGPRLJ
| Q4 25 | $0.30 | $-0.05 | ||
| Q3 25 | $0.18 | $-0.07 | ||
| Q2 25 | $0.16 | $0.15 | ||
| Q1 25 | $0.09 | $-0.02 | ||
| Q4 24 | $0.27 | $-0.01 | ||
| Q3 24 | $-5.33 | $0.09 | ||
| Q2 24 | $0.45 | $0.20 | ||
| Q1 24 | $0.52 | $-0.01 |
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 | $410.2M |
| 总债务越低越好 | — | $2.2B |
| 股东权益账面价值 | $2.1B | $2.2B |
| 总资产 | $2.4B | $4.7B |
| 负债/权益比越低杠杆越低 | — | 1.01× |
8季度趋势，按日历期对齐
现金及短期投资IPGPRLJ
| Q4 25 | $839.3M | $410.2M | ||
| Q3 25 | $870.4M | $374.8M | ||
| Q2 25 | $899.6M | $373.9M | ||
| Q1 25 | $926.9M | $347.5M | ||
| Q4 24 | $930.2M | $409.8M | ||
| Q3 24 | $1.0B | $385.4M | ||
| Q2 24 | $1.1B | $371.1M | ||
| Q1 24 | $1.1B | $350.2M |
总债务IPGPRLJ
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.2B |
股东权益IPGPRLJ
| Q4 25 | $2.1B | $2.2B | ||
| Q3 25 | $2.1B | $2.2B | ||
| Q2 25 | $2.1B | $2.2B | ||
| Q1 25 | $2.1B | $2.2B | ||
| Q4 24 | $2.0B | $2.3B | ||
| Q3 24 | $2.1B | $2.3B | ||
| Q2 24 | $2.3B | $2.3B | ||
| Q1 24 | $2.3B | $2.3B |
总资产IPGPRLJ
| Q4 25 | $2.4B | $4.7B | ||
| Q3 25 | $2.4B | $4.8B | ||
| Q2 25 | $2.4B | $4.8B | ||
| Q1 25 | $2.3B | $4.8B | ||
| Q4 24 | $2.3B | $4.9B | ||
| Q3 24 | $2.4B | $4.9B | ||
| Q2 24 | $2.5B | $4.9B | ||
| Q1 24 | $2.6B | $4.9B |
负债/权益比IPGPRLJ
| Q4 25 | — | 1.01× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.97× | ||
| Q3 24 | — | 0.96× | ||
| Q2 24 | — | 0.95× | ||
| Q1 24 | — | 0.96× |
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 | $243.8M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $117.4M |
| 自由现金流率自由现金流/营收 | 4.0% | 35.7% |
| 资本支出强度资本支出/营收 | 6.5% | 38.5% |
| 现金转化率经营现金流/净利润 | 2.17× | 566.97× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $186.6M |
8季度趋势，按日历期对齐
经营现金流IPGPRLJ
| Q4 25 | $28.8M | $243.8M | ||
| Q3 25 | $35.3M | $63.3M | ||
| Q2 25 | $-2.2M | $101.3M | ||
| Q1 25 | $13.4M | $16.3M | ||
| Q4 24 | $73.8M | $285.4M | ||
| Q3 24 | $66.1M | $80.1M | ||
| Q2 24 | $53.5M | $113.5M | ||
| Q1 24 | $54.6M | $20.8M |
自由现金流IPGPRLJ
| Q4 25 | $10.9M | $117.4M | ||
| Q3 25 | $14.6M | $33.6M | ||
| Q2 25 | $-17.6M | $66.1M | ||
| Q1 25 | $-11.4M | $-30.5M | ||
| Q4 24 | $50.6M | $148.9M | ||
| Q3 24 | $43.0M | $45.4M | ||
| Q2 24 | $29.2M | $74.9M | ||
| Q1 24 | $26.5M | $-13.0M |
自由现金流率IPGPRLJ
| Q4 25 | 4.0% | 35.7% | ||
| Q3 25 | 5.8% | 10.2% | ||
| Q2 25 | -7.0% | 18.2% | ||
| Q1 25 | -5.0% | -9.3% | ||
| Q4 24 | 21.6% | 45.1% | ||
| Q3 24 | 18.4% | 13.1% | ||
| Q2 24 | 11.3% | 20.3% | ||
| Q1 24 | 10.5% | -4.0% |
资本支出强度IPGPRLJ
| Q4 25 | 6.5% | 38.5% | ||
| Q3 25 | 8.3% | 9.0% | ||
| Q2 25 | 6.1% | 9.7% | ||
| Q1 25 | 10.9% | 14.3% | ||
| Q4 24 | 9.9% | 41.4% | ||
| Q3 24 | 9.9% | 10.0% | ||
| Q2 24 | 9.4% | 10.4% | ||
| Q1 24 | 11.1% | 10.4% |
现金转化率IPGPRLJ
| Q4 25 | 2.17× | 566.97× | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | 3.56× | ||
| Q1 25 | 3.58× | 4.85× | ||
| Q4 24 | 9.44× | 53.09× | ||
| Q3 24 | — | 3.89× | ||
| Q2 24 | 2.65× | 3.06× | ||
| Q1 24 | 2.27× | 4.21× |
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% |
RLJ
| Occupancy | $262.1M | 80% |
| Food And Beverage | $41.9M | 13% |
| Hotel Other | $24.6M | 7% |
