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IPG PHOTONICS CORP（IPGP）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是IPG PHOTONICS CORP的1.7倍（$461.6M vs $274.5M），IPG PHOTONICS CORP同比增速更快（17.1% vs -4.1%），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -10.7%）
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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
IPGP vs SAM — 直观对比
营收规模更大
SAM
是对方的1.7倍
$274.5M
营收增速更快
IPGP
高出21.2%
-4.1%
两年增速更快
IPGP
近两年复合增速
-10.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $461.6M |
| 净利润 | $13.3M | — |
| 毛利率 | 36.1% | 46.4% |
| 营业利润率 | 1.2% | 12.4% |
| 净利率 | 4.8% | — |
| 营收同比 | 17.1% | -4.1% |
| 净利润同比 | 69.8% | — |
| 每股收益（稀释后） | $0.30 | $2.16 |
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IPGPSAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $274.5M | $385.7M | ||
| Q3 25 | $250.8M | $537.5M | ||
| Q2 25 | $250.7M | $587.9M | ||
| Q1 25 | $227.8M | $453.9M | ||
| Q4 24 | $234.3M | $402.3M | ||
| Q3 24 | $233.1M | $605.5M | ||
| Q2 24 | $257.6M | $579.1M |
净利润IPGPSAM
| Q1 26 | — | — | ||
| Q4 25 | $13.3M | $-22.5M | ||
| Q3 25 | $7.5M | $46.2M | ||
| Q2 25 | $6.6M | $60.4M | ||
| Q1 25 | $3.8M | $24.4M | ||
| Q4 24 | $7.8M | $-38.8M | ||
| Q3 24 | $-233.6M | $33.5M | ||
| Q2 24 | $20.2M | $52.3M |
毛利率IPGPSAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | 36.1% | 43.5% | ||
| Q3 25 | 39.5% | 50.8% | ||
| Q2 25 | 37.3% | 49.8% | ||
| Q1 25 | 39.4% | 48.3% | ||
| Q4 24 | 38.6% | 39.9% | ||
| Q3 24 | 23.2% | 46.3% | ||
| Q2 24 | 37.3% | 46.0% |
营业利润率IPGPSAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | 1.2% | -8.6% | ||
| Q3 25 | 3.1% | 11.5% | ||
| Q2 25 | 0.0% | 14.0% | ||
| Q1 25 | 0.8% | 7.4% | ||
| Q4 24 | 6.0% | -13.9% | ||
| Q3 24 | -108.7% | 7.6% | ||
| Q2 24 | 4.7% | 12.2% |
净利率IPGPSAM
| Q1 26 | — | — | ||
| Q4 25 | 4.8% | -5.8% | ||
| Q3 25 | 3.0% | 8.6% | ||
| Q2 25 | 2.6% | 10.3% | ||
| Q1 25 | 1.6% | 5.4% | ||
| Q4 24 | 3.3% | -9.6% | ||
| Q3 24 | -100.2% | 5.5% | ||
| Q2 24 | 7.8% | 9.0% |
每股收益（稀释后）IPGPSAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $0.30 | $-1.97 | ||
| Q3 25 | $0.18 | $4.25 | ||
| Q2 25 | $0.16 | $5.45 | ||
| Q1 25 | $0.09 | $2.16 | ||
| Q4 24 | $0.27 | $-3.23 | ||
| Q3 24 | $-5.33 | $2.86 | ||
| Q2 24 | $0.45 | $4.39 |
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 | $164.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $682.6M |
| 总资产 | $2.4B | $1.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资IPGPSAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | $839.3M | $223.4M | ||
| Q3 25 | $870.4M | $250.5M | ||
| Q2 25 | $899.6M | $212.4M | ||
| Q1 25 | $926.9M | $152.5M | ||
| Q4 24 | $930.2M | $211.8M | ||
| Q3 24 | $1.0B | $255.6M | ||
| Q2 24 | $1.1B | $219.3M |
股东权益IPGPSAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $2.1B | $846.3M | ||
| Q3 25 | $2.1B | $911.0M | ||
| Q2 25 | $2.1B | $912.3M | ||
| Q1 25 | $2.1B | $897.0M | ||
| Q4 24 | $2.0B | $916.2M | ||
| Q3 24 | $2.1B | $1.0B | ||
| Q2 24 | $2.3B | $1.0B |
总资产IPGPSAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $2.4B | $1.2B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.4B | $1.3B | ||
| Q1 25 | $2.3B | $1.2B | ||
| Q4 24 | $2.3B | $1.3B | ||
| Q3 24 | $2.4B | $1.4B | ||
| Q2 24 | $2.5B | $1.4B |
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% | — |
| 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IPGPSAM
| Q1 26 | — | — | ||
| Q4 25 | $28.8M | $39.9M | ||
| Q3 25 | $35.3M | $101.8M | ||
| Q2 25 | $-2.2M | $126.5M | ||
| Q1 25 | $13.4M | $1.9M | ||
| Q4 24 | $73.8M | $41.9M | ||
| Q3 24 | $66.1M | $115.9M | ||
| Q2 24 | $53.5M | $96.0M |
自由现金流IPGPSAM
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $22.1M | ||
| Q3 25 | $14.6M | $89.2M | ||
| Q2 25 | $-17.6M | $112.2M | ||
| Q1 25 | $-11.4M | $-8.0M | ||
| Q4 24 | $50.6M | $18.4M | ||
| Q3 24 | $43.0M | $99.2M | ||
| Q2 24 | $29.2M | $75.6M |
自由现金流率IPGPSAM
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 5.7% | ||
| Q3 25 | 5.8% | 16.6% | ||
| Q2 25 | -7.0% | 19.1% | ||
| Q1 25 | -5.0% | -1.8% | ||
| Q4 24 | 21.6% | 4.6% | ||
| Q3 24 | 18.4% | 16.4% | ||
| Q2 24 | 11.3% | 13.1% |
资本支出强度IPGPSAM
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 4.6% | ||
| Q3 25 | 8.3% | 2.3% | ||
| Q2 25 | 6.1% | 2.4% | ||
| Q1 25 | 10.9% | 2.2% | ||
| Q4 24 | 9.9% | 5.8% | ||
| Q3 24 | 9.9% | 2.8% | ||
| Q2 24 | 9.4% | 3.5% |
现金转化率IPGPSAM
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 2.21× | ||
| Q2 25 | -0.34× | 2.09× | ||
| Q1 25 | 3.58× | 0.08× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 3.46× | ||
| Q2 24 | 2.65× | 1.83× |
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% |
SAM
暂无分部数据
