vs
IPG PHOTONICS CORP（IPGP）与RAYONIER ADVANCED MATERIALS INC.（RYAM）财务数据对比。点击上方公司名可切换其他公司
RAYONIER ADVANCED MATERIALS INC.的季度营收约是IPG PHOTONICS CORP的1.5倍（$417.5M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs -5.0%，领先9.9%），IPG PHOTONICS CORP同比增速更快（17.1% vs -1.2%），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs 3.8%）
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。
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
IPGP vs RYAM — 直观对比
营收规模更大
RYAM
是对方的1.5倍
$274.5M
营收增速更快
IPGP
高出18.3%
-1.2%
净利率更高
IPGP
高出9.9%
-5.0%
两年增速更快
IPGP
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $417.5M |
| 净利润 | $13.3M | $-21.1M |
| 毛利率 | 36.1% | 8.9% |
| 营业利润率 | 1.2% | 2.6% |
| 净利率 | 4.8% | -5.0% |
| 营收同比 | 17.1% | -1.2% |
| 净利润同比 | 69.8% | -31.9% |
| 每股收益（稀释后） | $0.30 | $-0.33 |
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IPGPRYAM
| Q4 25 | $274.5M | $417.5M | ||
| Q3 25 | $250.8M | $352.8M | ||
| Q2 25 | $250.7M | $340.0M | ||
| Q1 25 | $227.8M | $356.0M | ||
| Q4 24 | $234.3M | $422.5M | ||
| Q3 24 | $233.1M | $401.1M | ||
| Q2 24 | $257.6M | $419.0M | ||
| Q1 24 | $252.0M | $387.7M |
净利润IPGPRYAM
| Q4 25 | $13.3M | $-21.1M | ||
| Q3 25 | $7.5M | $-4.5M | ||
| Q2 25 | $6.6M | $-363.2M | ||
| Q1 25 | $3.8M | $-32.0M | ||
| Q4 24 | $7.8M | $-16.0M | ||
| Q3 24 | $-233.6M | $-32.6M | ||
| Q2 24 | $20.2M | $11.4M | ||
| Q1 24 | $24.1M | $-1.6M |
毛利率IPGPRYAM
| Q4 25 | 36.1% | 8.9% | ||
| Q3 25 | 39.5% | 9.7% | ||
| Q2 25 | 37.3% | 7.0% | ||
| Q1 25 | 39.4% | 6.8% | ||
| Q4 24 | 38.6% | 8.7% | ||
| Q3 24 | 23.2% | 10.9% | ||
| Q2 24 | 37.3% | 11.5% | ||
| Q1 24 | 38.7% | 9.5% |
营业利润率IPGPRYAM
| Q4 25 | 1.2% | 2.6% | ||
| Q3 25 | 3.1% | 2.8% | ||
| Q2 25 | 0.0% | -0.4% | ||
| Q1 25 | 0.8% | -4.2% | ||
| Q4 24 | 6.0% | 2.6% | ||
| Q3 24 | -108.7% | -4.2% | ||
| Q2 24 | 4.7% | 6.7% | ||
| Q1 24 | 7.6% | 4.4% |
净利率IPGPRYAM
| Q4 25 | 4.8% | -5.0% | ||
| Q3 25 | 3.0% | -1.3% | ||
| Q2 25 | 2.6% | -106.8% | ||
| Q1 25 | 1.6% | -9.0% | ||
| Q4 24 | 3.3% | -3.8% | ||
| Q3 24 | -100.2% | -8.1% | ||
| Q2 24 | 7.8% | 2.7% | ||
| Q1 24 | 9.6% | -0.4% |
每股收益（稀释后）IPGPRYAM
| Q4 25 | $0.30 | $-0.33 | ||
| Q3 25 | $0.18 | $-0.07 | ||
| Q2 25 | $0.16 | $-5.44 | ||
| Q1 25 | $0.09 | $-0.49 | ||
| Q4 24 | $0.27 | $-0.25 | ||
| Q3 24 | $-5.33 | $-0.49 | ||
| Q2 24 | $0.45 | $0.17 | ||
| Q1 24 | $0.52 | $-0.02 |
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 | $75.4M |
| 总债务越低越好 | — | $758.1M |
| 股东权益账面价值 | $2.1B | $316.6M |
| 总资产 | $2.4B | $1.8B |
| 负债/权益比越低杠杆越低 | — | 2.39× |
8季度趋势，按日历期对齐
现金及短期投资IPGPRYAM
| Q4 25 | $839.3M | $75.4M | ||
| Q3 25 | $870.4M | $77.0M | ||
| Q2 25 | $899.6M | $70.7M | ||
| Q1 25 | $926.9M | $129.9M | ||
| Q4 24 | $930.2M | $125.2M | ||
| Q3 24 | $1.0B | $136.1M | ||
| Q2 24 | $1.1B | $114.1M | ||
| Q1 24 | $1.1B | $54.6M |
总债务IPGPRYAM
| Q4 25 | — | $758.1M | ||
| Q3 25 | — | $763.5M | ||
| Q2 25 | — | $720.4M | ||
| Q1 25 | — | $707.0M | ||
| Q4 24 | — | $706.4M | ||
| Q3 24 | — | $747.7M | ||
| Q2 24 | — | $752.8M | ||
| Q1 24 | — | $755.6M |
股东权益IPGPRYAM
| Q4 25 | $2.1B | $316.6M | ||
| Q3 25 | $2.1B | $338.2M | ||
| Q2 25 | $2.1B | $342.3M | ||
| Q1 25 | $2.1B | $688.1M | ||
| Q4 24 | $2.0B | $713.9M | ||
| Q3 24 | $2.1B | $732.7M | ||
| Q2 24 | $2.3B | $755.1M | ||
| Q1 24 | $2.3B | $741.8M |
总资产IPGPRYAM
| Q4 25 | $2.4B | $1.8B | ||
| Q3 25 | $2.4B | $1.8B | ||
| Q2 25 | $2.4B | $1.8B | ||
| Q1 25 | $2.3B | $2.1B | ||
| Q4 24 | $2.3B | $2.1B | ||
| Q3 24 | $2.4B | $2.2B | ||
| Q2 24 | $2.5B | $2.2B | ||
| Q1 24 | $2.6B | $2.1B |
负债/权益比IPGPRYAM
| Q4 25 | — | 2.39× | ||
| Q3 25 | — | 2.26× | ||
| Q2 25 | — | 2.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 0.99× | ||
| Q3 24 | — | 1.02× | ||
| Q2 24 | — | 1.00× | ||
| Q1 24 | — | 1.02× |
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 | $32.3M |
| 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× | — |
| 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IPGPRYAM
| Q4 25 | $28.8M | $32.3M | ||
| Q3 25 | $35.3M | $-17.8M | ||
| Q2 25 | $-2.2M | $-30.2M | ||
| Q1 25 | $13.4M | $39.6M | ||
| Q4 24 | $73.8M | $54.9M | ||
| Q3 24 | $66.1M | $49.8M | ||
| Q2 24 | $53.5M | $87.6M | ||
| Q1 24 | $54.6M | $11.3M |
自由现金流IPGPRYAM
| 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IPGPRYAM
| 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IPGPRYAM
| 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IPGPRYAM
| 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× | 7.69× | ||
| 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% |
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
