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IPG PHOTONICS CORP（IPGP）与null（SDHC）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null的1.1倍（$274.5M vs $260.4M），IPG PHOTONICS CORP净利率更高（4.8% vs 1.4%，领先3.5%），IPG PHOTONICS CORP同比增速更快（17.1% vs -9.4%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $8.7M），过去两年null的营收复合增速更高（17.3% 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。
史密斯韦森品牌公司是美国的枪械制造商，总部位于美国田纳西州玛丽维尔，是该领域历史悠久且知名的生产企业，在民用及警用枪械市场拥有较高的认可度。
IPGP vs SDHC — 直观对比
营收规模更大
IPGP
是对方的1.1倍
$260.4M
营收增速更快
IPGP
高出26.5%
-9.4%
净利率更高
IPGP
高出3.5%
1.4%
自由现金流更多
IPGP
多$2.2M
$8.7M
两年增速更快
SDHC
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $260.4M |
| 净利润 | $13.3M | $3.5M |
| 毛利率 | 36.1% | 19.9% |
| 营业利润率 | 1.2% | 6.5% |
| 净利率 | 4.8% | 1.4% |
| 营收同比 | 17.1% | -9.4% |
| 净利润同比 | 69.8% | -14.3% |
| 每股收益（稀释后） | $0.30 | $0.39 |
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IPGPSDHC
| Q4 25 | $274.5M | $260.4M | ||
| Q3 25 | $250.8M | $262.0M | ||
| Q2 25 | $250.7M | $223.9M | ||
| Q1 25 | $227.8M | $224.7M | ||
| Q4 24 | $234.3M | $287.5M | ||
| Q3 24 | $233.1M | $277.8M | ||
| Q2 24 | $257.6M | $220.9M | ||
| Q1 24 | $252.0M | $189.2M |
净利润IPGPSDHC
| Q4 25 | $13.3M | $3.5M | ||
| Q3 25 | $7.5M | $2.1M | ||
| Q2 25 | $6.6M | $2.4M | ||
| Q1 25 | $3.8M | $2.7M | ||
| Q4 24 | $7.8M | $4.1M | ||
| Q3 24 | $-233.6M | $5.3M | ||
| Q2 24 | $20.2M | $3.6M | ||
| Q1 24 | $24.1M | $3.0M |
毛利率IPGPSDHC
| Q4 25 | 36.1% | 19.9% | ||
| Q3 25 | 39.5% | 21.0% | ||
| Q2 25 | 37.3% | 23.2% | ||
| Q1 25 | 39.4% | 23.8% | ||
| Q4 24 | 38.6% | 25.5% | ||
| Q3 24 | 23.2% | 26.5% | ||
| Q2 24 | 37.3% | 26.7% | ||
| Q1 24 | 38.7% | 26.1% |
营业利润率IPGPSDHC
| Q4 25 | 1.2% | 6.5% | ||
| Q3 25 | 3.1% | 6.6% | ||
| Q2 25 | 0.0% | 7.7% | ||
| Q1 25 | 0.8% | 8.7% | ||
| Q4 24 | 6.0% | 10.4% | ||
| Q3 24 | -108.7% | 14.2% | ||
| Q2 24 | 4.7% | 11.7% | ||
| Q1 24 | 7.6% | 11.3% |
净利率IPGPSDHC
| Q4 25 | 4.8% | 1.4% | ||
| Q3 25 | 3.0% | 0.8% | ||
| Q2 25 | 2.6% | 1.1% | ||
| Q1 25 | 1.6% | 1.2% | ||
| Q4 24 | 3.3% | 1.4% | ||
| Q3 24 | -100.2% | 1.9% | ||
| Q2 24 | 7.8% | 1.7% | ||
| Q1 24 | 9.6% | 1.6% |
每股收益（稀释后）IPGPSDHC
| Q4 25 | $0.30 | $0.39 | ||
| Q3 25 | $0.18 | $0.24 | ||
| Q2 25 | $0.16 | $0.26 | ||
| Q1 25 | $0.09 | $0.30 | ||
| Q4 24 | $0.27 | $0.50 | ||
| Q3 24 | $-5.33 | $0.58 | ||
| Q2 24 | $0.45 | $0.40 | ||
| Q1 24 | $0.52 | $0.33 |
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 | $12.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $86.7M |
| 总资产 | $2.4B | $557.6M |
| 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IPGPSDHC
| Q4 25 | $839.3M | $12.7M | ||
| Q3 25 | $870.4M | $14.8M | ||
| Q2 25 | $899.6M | $16.8M | ||
| Q1 25 | $926.9M | $12.7M | ||
| Q4 24 | $930.2M | $22.4M | ||
| Q3 24 | $1.0B | $23.7M | ||
| Q2 24 | $1.1B | $17.3M | ||
| Q1 24 | $1.1B | $32.8M |
股东权益IPGPSDHC
| Q4 25 | $2.1B | $86.7M | ||
| Q3 25 | $2.1B | $82.2M | ||
| Q2 25 | $2.1B | $80.0M | ||
| Q1 25 | $2.1B | $76.9M | ||
| Q4 24 | $2.0B | $73.6M | ||
| Q3 24 | $2.1B | $68.4M | ||
| Q2 24 | $2.3B | $62.1M | ||
| Q1 24 | $2.3B | $59.7M |
总资产IPGPSDHC
| Q4 25 | $2.4B | $557.6M | ||
| Q3 25 | $2.4B | $571.6M | ||
| Q2 25 | $2.4B | $570.2M | ||
| Q1 25 | $2.3B | $513.9M | ||
| Q4 24 | $2.3B | $475.9M | ||
| Q3 24 | $2.4B | $460.1M | ||
| Q2 24 | $2.5B | $429.3M | ||
| Q1 24 | $2.6B | $401.3M |
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 | $9.8M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $8.7M |
| 自由现金流率自由现金流/营收 | 4.0% | 3.4% |
| 资本支出强度资本支出/营收 | 6.5% | 0.4% |
| 现金转化率经营现金流/净利润 | 2.17× | 2.77× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $-36.9M |
8季度趋势，按日历期对齐
经营现金流IPGPSDHC
| Q4 25 | $28.8M | $9.8M | ||
| Q3 25 | $35.3M | $22.8M | ||
| Q2 25 | $-2.2M | $-28.9M | ||
| Q1 25 | $13.4M | $-34.9M | ||
| Q4 24 | $73.8M | $5.5M | ||
| Q3 24 | $66.1M | $22.9M | ||
| Q2 24 | $53.5M | $39.0K | ||
| Q1 24 | $54.6M | $-9.3M |
自由现金流IPGPSDHC
| Q4 25 | $10.9M | $8.7M | ||
| Q3 25 | $14.6M | $21.4M | ||
| Q2 25 | $-17.6M | $-31.1M | ||
| Q1 25 | $-11.4M | $-35.9M | ||
| Q4 24 | $50.6M | $4.8M | ||
| Q3 24 | $43.0M | $22.3M | ||
| Q2 24 | $29.2M | $-2.1M | ||
| Q1 24 | $26.5M | $-9.7M |
自由现金流率IPGPSDHC
| Q4 25 | 4.0% | 3.4% | ||
| Q3 25 | 5.8% | 8.2% | ||
| Q2 25 | -7.0% | -13.9% | ||
| Q1 25 | -5.0% | -16.0% | ||
| Q4 24 | 21.6% | 1.7% | ||
| Q3 24 | 18.4% | 8.0% | ||
| Q2 24 | 11.3% | -1.0% | ||
| Q1 24 | 10.5% | -5.1% |
资本支出强度IPGPSDHC
| Q4 25 | 6.5% | 0.4% | ||
| Q3 25 | 8.3% | 0.5% | ||
| Q2 25 | 6.1% | 0.9% | ||
| Q1 25 | 10.9% | 0.5% | ||
| Q4 24 | 9.9% | 0.2% | ||
| Q3 24 | 9.9% | 0.2% | ||
| Q2 24 | 9.4% | 1.0% | ||
| Q1 24 | 11.1% | 0.2% |
现金转化率IPGPSDHC
| Q4 25 | 2.17× | 2.77× | ||
| Q3 25 | 4.73× | 10.70× | ||
| Q2 25 | -0.34× | -12.24× | ||
| Q1 25 | 3.58× | -13.01× | ||
| Q4 24 | 9.44× | 1.33× | ||
| Q3 24 | — | 4.28× | ||
| Q2 24 | 2.65× | 0.01× | ||
| Q1 24 | 2.27× | -3.12× |
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% |
SDHC
| Southeast | $164.7M | 63% |
| Central | $95.8M | 37% |
