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IPG PHOTONICS CORP（IPGP）与RAYONIER INC（RYN）财务数据对比。点击上方公司名可切换其他公司
RAYONIER INC的季度营收约是IPG PHOTONICS CORP的1.0倍（$276.8M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs -4.5%，领先9.3%），RAYONIER INC同比增速更快（233.9% vs 17.1%），过去两年RAYONIER INC的营收复合增速更高（66.7% 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。
Rayonier Inc.是总部位于佛罗里达州怀尔德莱特的林地房地产投资信托（REIT），资产分布在美国和新西兰的软木种植区域，核心业务板块为木材业务与房地产业务。
IPGP vs RYN — 直观对比
营收规模更大
RYN
是对方的1.0倍
$274.5M
营收增速更快
RYN
高出216.8%
17.1%
净利率更高
IPGP
高出9.3%
-4.5%
两年增速更快
RYN
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $276.8M |
| 净利润 | $13.3M | $-12.4M |
| 毛利率 | 36.1% | 100.0% |
| 营业利润率 | 1.2% | — |
| 净利率 | 4.8% | -4.5% |
| 营收同比 | 17.1% | 233.9% |
| 净利润同比 | 69.8% | -264.7% |
| 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IPGPRYN
| Q1 26 | — | $276.8M | ||
| Q4 25 | $274.5M | $117.5M | ||
| Q3 25 | $250.8M | $177.5M | ||
| Q2 25 | $250.7M | $106.5M | ||
| Q1 25 | $227.8M | $82.9M | ||
| Q4 24 | $234.3M | $650.5M | ||
| Q3 24 | $233.1M | $124.1M | ||
| Q2 24 | $257.6M | $99.6M |
净利润IPGPRYN
| Q1 26 | — | $-12.4M | ||
| Q4 25 | $13.3M | $25.9M | ||
| Q3 25 | $7.5M | $43.2M | ||
| Q2 25 | $6.6M | $408.7M | ||
| Q1 25 | $3.8M | $-3.4M | ||
| Q4 24 | $7.8M | $327.1M | ||
| Q3 24 | $-233.6M | $28.8M | ||
| Q2 24 | $20.2M | $1.9M |
毛利率IPGPRYN
| Q1 26 | — | 100.0% | ||
| Q4 25 | 36.1% | 41.9% | ||
| Q3 25 | 39.5% | 32.9% | ||
| Q2 25 | 37.3% | 29.7% | ||
| Q1 25 | 39.4% | 21.7% | ||
| Q4 24 | 38.6% | 53.8% | ||
| Q3 24 | 23.2% | 30.4% | ||
| Q2 24 | 37.3% | 25.4% |
营业利润率IPGPRYN
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 23.0% | ||
| Q3 25 | 3.1% | 23.5% | ||
| Q2 25 | 0.0% | 13.7% | ||
| Q1 25 | 0.8% | 0.1% | ||
| Q4 24 | 6.0% | 47.7% | ||
| Q3 24 | -108.7% | 15.2% | ||
| Q2 24 | 4.7% | 4.6% |
净利率IPGPRYN
| Q1 26 | — | -4.5% | ||
| Q4 25 | 4.8% | 22.1% | ||
| Q3 25 | 3.0% | 24.3% | ||
| Q2 25 | 2.6% | 383.6% | ||
| Q1 25 | 1.6% | -4.1% | ||
| Q4 24 | 3.3% | 45.1% | ||
| Q3 24 | -100.2% | 23.2% | ||
| Q2 24 | 7.8% | 1.9% |
每股收益（稀释后）IPGPRYN
| Q1 26 | — | — | ||
| Q4 25 | $0.30 | $0.14 | ||
| Q3 25 | $0.18 | $0.28 | ||
| Q2 25 | $0.16 | $2.63 | ||
| Q1 25 | $0.09 | $-0.02 | ||
| Q4 24 | $0.27 | $2.18 | ||
| Q3 24 | $-5.33 | $0.19 | ||
| Q2 24 | $0.45 | $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 | $681.7M |
| 总债务越低越好 | — | $2.1B |
| 股东权益账面价值 | $2.1B | $5.3B |
| 总资产 | $2.4B | $7.7B |
| 负债/权益比越低杠杆越低 | — | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资IPGPRYN
| Q1 26 | — | $681.7M | ||
| Q4 25 | $839.3M | $842.9M | ||
| Q3 25 | $870.4M | $919.6M | ||
| Q2 25 | $899.6M | $892.3M | ||
| Q1 25 | $926.9M | $216.2M | ||
| Q4 24 | $930.2M | $303.1M | ||
| Q3 24 | $1.0B | $51.9M | ||
| Q2 24 | $1.1B | $120.2M |
总债务IPGPRYN
| Q1 26 | — | $2.1B | ||
| Q4 25 | — | $845.3M | ||
| Q3 25 | — | $845.1M | ||
| Q2 25 | — | $844.9M | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.4B |
股东权益IPGPRYN
| Q1 26 | — | $5.3B | ||
| Q4 25 | $2.1B | $2.2B | ||
| Q3 25 | $2.1B | $2.3B | ||
| Q2 25 | $2.1B | $2.3B | ||
| Q1 25 | $2.1B | $1.9B | ||
| Q4 24 | $2.0B | $1.8B | ||
| Q3 24 | $2.1B | $1.8B | ||
| Q2 24 | $2.3B | $1.8B |
总资产IPGPRYN
| Q1 26 | — | $7.7B | ||
| Q4 25 | $2.4B | $3.4B | ||
| Q3 25 | $2.4B | $3.5B | ||
| Q2 25 | $2.4B | $3.5B | ||
| Q1 25 | $2.3B | $3.4B | ||
| Q4 24 | $2.3B | $3.5B | ||
| Q3 24 | $2.4B | $3.5B | ||
| Q2 24 | $2.5B | $3.5B |
负债/权益比IPGPRYN
| Q1 26 | — | 0.39× | ||
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.37× | ||
| Q1 25 | — | 0.55× | ||
| Q4 24 | — | 0.59× | ||
| Q3 24 | — | 0.72× | ||
| Q2 24 | — | 0.75× |
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 | — |
| 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% | 7.4% |
| 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IPGPRYN
| Q1 26 | — | — | ||
| Q4 25 | $28.8M | $256.7M | ||
| Q3 25 | $35.3M | $116.2M | ||
| Q2 25 | $-2.2M | $61.0M | ||
| Q1 25 | $13.4M | $27.7M | ||
| Q4 24 | $73.8M | $261.6M | ||
| Q3 24 | $66.1M | $66.2M | ||
| Q2 24 | $53.5M | $55.3M |
自由现金流IPGPRYN
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | — | ||
| Q3 25 | $14.6M | $99.9M | ||
| Q2 25 | $-17.6M | — | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $50.6M | — | ||
| Q3 24 | $43.0M | $42.2M | ||
| Q2 24 | $29.2M | — |
自由现金流率IPGPRYN
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.8% | 56.3% | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | -5.0% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 18.4% | 34.0% | ||
| Q2 24 | 11.3% | — |
资本支出强度IPGPRYN
| Q1 26 | — | 7.4% | ||
| Q4 25 | 6.5% | — | ||
| Q3 25 | 8.3% | 9.2% | ||
| Q2 25 | 6.1% | — | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 9.9% | 19.3% | ||
| Q2 24 | 9.4% | — |
现金转化率IPGPRYN
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | 9.91× | ||
| Q3 25 | 4.73× | 2.69× | ||
| Q2 25 | -0.34× | 0.15× | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | 0.80× | ||
| Q3 24 | — | 2.30× | ||
| Q2 24 | 2.65× | 29.07× |
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% |
RYN
| Wood Products | $108.5M | 39% |
| Southern Timber | $88.7M | 32% |
| Real Estate | $59.8M | 22% |
| Northwest Timber | $32.1M | 12% |
