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IPG PHOTONICS CORP（IPGP）与GIBRALTAR INDUSTRIES, INC.（ROCK）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GIBRALTAR INDUSTRIES, INC.的1.2倍（$274.5M vs $225.0M），GIBRALTAR INDUSTRIES, INC.同比增速更快（24.9% vs 17.1%），GIBRALTAR INDUSTRIES, INC.自由现金流更多（$26.2M vs $10.9M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -12.3%）
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。
直布罗陀工业公司是专业建筑、基础设施及可再生能源产品制造商与分销商，主营通风系统、屋面配件、太阳能安装支架、园林景观产品等，主要服务北美地区住宅、商业建筑及清洁能源市场，专注提供创新可持续的客户解决方案。
IPGP vs ROCK — 直观对比
营收规模更大
IPGP
是对方的1.2倍
$225.0M
营收增速更快
ROCK
高出7.8%
17.1%
自由现金流更多
ROCK
多$15.3M
$10.9M
两年增速更快
IPGP
近两年复合增速
-12.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $225.0M |
| 净利润 | $13.3M | — |
| 毛利率 | 36.1% | 25.3% |
| 营业利润率 | 1.2% | 7.9% |
| 净利率 | 4.8% | — |
| 营收同比 | 17.1% | 24.9% |
| 净利润同比 | 69.8% | — |
| 每股收益（稀释后） | $0.30 | — |
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IPGPROCK
| Q4 25 | $274.5M | $225.0M | ||
| Q3 25 | $250.8M | $310.9M | ||
| Q2 25 | $250.7M | $309.5M | ||
| Q1 25 | $227.8M | $290.0M | ||
| Q4 24 | $234.3M | $180.1M | ||
| Q3 24 | $233.1M | $277.1M | ||
| Q2 24 | $257.6M | $273.6M | ||
| Q1 24 | $252.0M | $292.5M |
净利润IPGPROCK
| Q4 25 | $13.3M | — | ||
| Q3 25 | $7.5M | $-89.1M | ||
| Q2 25 | $6.6M | $26.0M | ||
| Q1 25 | $3.8M | $21.1M | ||
| Q4 24 | $7.8M | — | ||
| Q3 24 | $-233.6M | $34.0M | ||
| Q2 24 | $20.2M | $32.2M | ||
| Q1 24 | $24.1M | $24.9M |
毛利率IPGPROCK
| Q4 25 | 36.1% | 25.3% | ||
| Q3 25 | 39.5% | 26.6% | ||
| Q2 25 | 37.3% | 28.4% | ||
| Q1 25 | 39.4% | 26.8% | ||
| Q4 24 | 38.6% | 29.0% | ||
| Q3 24 | 23.2% | 29.4% | ||
| Q2 24 | 37.3% | 30.5% | ||
| Q1 24 | 38.7% | 28.9% |
营业利润率IPGPROCK
| Q4 25 | 1.2% | 7.9% | ||
| Q3 25 | 3.1% | 12.8% | ||
| Q2 25 | 0.0% | 12.8% | ||
| Q1 25 | 0.8% | 8.8% | ||
| Q4 24 | 6.0% | 13.3% | ||
| Q3 24 | -108.7% | 15.6% | ||
| Q2 24 | 4.7% | 14.9% | ||
| Q1 24 | 7.6% | 10.8% |
净利率IPGPROCK
| Q4 25 | 4.8% | — | ||
| Q3 25 | 3.0% | -28.6% | ||
| Q2 25 | 2.6% | 8.4% | ||
| Q1 25 | 1.6% | 7.3% | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | -100.2% | 12.3% | ||
| Q2 24 | 7.8% | 11.8% | ||
| Q1 24 | 9.6% | 8.5% |
每股收益（稀释后）IPGPROCK
| Q4 25 | $0.30 | — | ||
| Q3 25 | $0.18 | $-2.98 | ||
| Q2 25 | $0.16 | $0.87 | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $-5.33 | $1.11 | ||
| Q2 24 | $0.45 | $1.05 | ||
| Q1 24 | $0.52 | — |
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 | $115.7M |
| 总债务越低越好 | — | $0 |
| 股东权益账面价值 | $2.1B | $950.4M |
| 总资产 | $2.4B | $1.4B |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资IPGPROCK
| Q4 25 | $839.3M | $115.7M | ||
| Q3 25 | $870.4M | $89.4M | ||
| Q2 25 | $899.6M | $43.3M | ||
| Q1 25 | $926.9M | $25.1M | ||
| Q4 24 | $930.2M | $269.5M | ||
| Q3 24 | $1.0B | $228.9M | ||
| Q2 24 | $1.1B | $179.1M | ||
| Q1 24 | $1.1B | $146.7M |
总债务IPGPROCK
| Q4 25 | — | $0 | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $0 | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | $0 |
股东权益IPGPROCK
| Q4 25 | $2.1B | $950.4M | ||
| Q3 25 | $2.1B | $951.8M | ||
| Q2 25 | $2.1B | $1.0B | ||
| Q1 25 | $2.1B | $1.0B | ||
| Q4 24 | $2.0B | $1.0B | ||
| Q3 24 | $2.1B | $1.0B | ||
| Q2 24 | $2.3B | $975.7M | ||
| Q1 24 | $2.3B | $940.2M |
总资产IPGPROCK
| Q4 25 | $2.4B | $1.4B | ||
| Q3 25 | $2.4B | $1.4B | ||
| Q2 25 | $2.4B | $1.5B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $2.3B | $1.4B | ||
| Q3 24 | $2.4B | $1.4B | ||
| Q2 24 | $2.5B | $1.4B | ||
| Q1 24 | $2.6B | $1.3B |
负债/权益比IPGPROCK
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.00× |
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 | $35.5M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $26.2M |
| 自由现金流率自由现金流/营收 | 4.0% | 11.7% |
| 资本支出强度资本支出/营收 | 6.5% | 4.1% |
| 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 | $120.6M |
8季度趋势，按日历期对齐
经营现金流IPGPROCK
| Q4 25 | $28.8M | $35.5M | ||
| Q3 25 | $35.3M | $73.0M | ||
| Q2 25 | $-2.2M | $44.9M | ||
| Q1 25 | $13.4M | $13.7M | ||
| Q4 24 | $73.8M | $19.9M | ||
| Q3 24 | $66.1M | $64.7M | ||
| Q2 24 | $53.5M | $36.5M | ||
| Q1 24 | $54.6M | $53.2M |
自由现金流IPGPROCK
| Q4 25 | $10.9M | $26.2M | ||
| Q3 25 | $14.6M | $64.8M | ||
| Q2 25 | $-17.6M | $27.3M | ||
| Q1 25 | $-11.4M | $2.3M | ||
| Q4 24 | $50.6M | $14.1M | ||
| Q3 24 | $43.0M | $60.5M | ||
| Q2 24 | $29.2M | $33.5M | ||
| Q1 24 | $26.5M | $48.8M |
自由现金流率IPGPROCK
| Q4 25 | 4.0% | 11.7% | ||
| Q3 25 | 5.8% | 20.8% | ||
| Q2 25 | -7.0% | 8.8% | ||
| Q1 25 | -5.0% | 0.8% | ||
| Q4 24 | 21.6% | 7.8% | ||
| Q3 24 | 18.4% | 21.8% | ||
| Q2 24 | 11.3% | 12.2% | ||
| Q1 24 | 10.5% | 16.7% |
资本支出强度IPGPROCK
| Q4 25 | 6.5% | 4.1% | ||
| Q3 25 | 8.3% | 2.6% | ||
| Q2 25 | 6.1% | 5.7% | ||
| Q1 25 | 10.9% | 3.9% | ||
| Q4 24 | 9.9% | 3.3% | ||
| Q3 24 | 9.9% | 1.5% | ||
| Q2 24 | 9.4% | 1.1% | ||
| Q1 24 | 11.1% | 1.5% |
现金转化率IPGPROCK
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | 1.73× | ||
| Q1 25 | 3.58× | 0.65× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 1.90× | ||
| Q2 24 | 2.65× | 1.13× | ||
| Q1 24 | 2.27× | 2.13× |
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% |
ROCK
| Transferred At Point In Time | $183.5M | 82% |
| Infrastructure | $22.5M | 10% |
| Other | $18.9M | 8% |
