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IPG PHOTONICS CORP（IPGP）与Shimmick Corp（SHIM）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Shimmick Corp的1.9倍（$274.5M vs $141.9M），IPG PHOTONICS CORP净利率更高（4.8% vs -3.1%，领先7.9%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-28.7M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -10.1%）
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。
Shimmick Corp是一家总部位于美国的重型民用建筑企业，专注于水处理设施、交通系统、大坝工程、环境修复等关键公共基础设施的建造与升级，主要服务北美各级政府客户，承接各类复杂大型建筑项目。
IPGP vs SHIM — 直观对比
营收规模更大
IPGP
是对方的1.9倍
$141.9M
净利率更高
IPGP
高出7.9%
-3.1%
自由现金流更多
IPGP
多$39.6M
$-28.7M
两年增速更快
IPGP
近两年复合增速
-10.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $141.9M |
| 净利润 | $13.3M | $-4.4M |
| 毛利率 | 36.1% | 7.6% |
| 营业利润率 | 1.2% | -2.2% |
| 净利率 | 4.8% | -3.1% |
| 营收同比 | 17.1% | — |
| 净利润同比 | 69.8% | — |
| 每股收益（稀释后） | $0.30 | $-0.12 |
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IPGPSHIM
| Q4 25 | $274.5M | $141.9M | ||
| Q3 25 | $250.8M | $128.4M | ||
| Q2 25 | $250.7M | $122.1M | ||
| Q1 25 | $227.8M | $103.6M | ||
| Q4 24 | $234.3M | — | ||
| Q3 24 | $233.1M | $166.0M | ||
| Q2 24 | $257.6M | $90.6M | ||
| Q1 24 | $252.0M | $120.0M |
净利润IPGPSHIM
| Q4 25 | $13.3M | $-4.4M | ||
| Q3 25 | $7.5M | $-8.5M | ||
| Q2 25 | $6.6M | $-9.8M | ||
| Q1 25 | $3.8M | $-38.5M | ||
| Q4 24 | $7.8M | — | ||
| Q3 24 | $-233.6M | $-1.6M | ||
| Q2 24 | $20.2M | $-51.4M | ||
| Q1 24 | $24.1M | $-33.3M |
毛利率IPGPSHIM
| Q4 25 | 36.1% | 7.6% | ||
| Q3 25 | 39.5% | 6.3% | ||
| Q2 25 | 37.3% | 3.8% | ||
| Q1 25 | 39.4% | -20.1% | ||
| Q4 24 | 38.6% | — | ||
| Q3 24 | 23.2% | 7.3% | ||
| Q2 24 | 37.3% | -34.4% | ||
| Q1 24 | 38.7% | -13.2% |
营业利润率IPGPSHIM
| Q4 25 | 1.2% | -2.2% | ||
| Q3 25 | 3.1% | -5.5% | ||
| Q2 25 | 0.0% | -7.3% | ||
| Q1 25 | 0.8% | -39.3% | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | -108.7% | 0.7% | ||
| Q2 24 | 4.7% | -53.0% | ||
| Q1 24 | 7.6% | -26.5% |
净利率IPGPSHIM
| Q4 25 | 4.8% | -3.1% | ||
| Q3 25 | 3.0% | -6.6% | ||
| Q2 25 | 2.6% | -8.0% | ||
| Q1 25 | 1.6% | -37.1% | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | -100.2% | -0.9% | ||
| Q2 24 | 7.8% | -56.7% | ||
| Q1 24 | 9.6% | -27.8% |
每股收益（稀释后）IPGPSHIM
| Q4 25 | $0.30 | $-0.12 | ||
| Q3 25 | $0.18 | $-0.25 | ||
| Q2 25 | $0.16 | $-0.28 | ||
| Q1 25 | $0.09 | $-0.92 | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $-5.33 | $-0.05 | ||
| Q2 24 | $0.45 | $-1.83 | ||
| Q1 24 | $0.52 | $-1.30 |
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 | $17.6M |
| 总债务越低越好 | — | $57.5M |
| 股东权益账面价值 | $2.1B | $-52.7M |
| 总资产 | $2.4B | $218.5M |
| 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IPGPSHIM
| Q4 25 | $839.3M | $17.6M | ||
| Q3 25 | $870.4M | $21.4M | ||
| Q2 25 | $899.6M | $16.3M | ||
| Q1 25 | $926.9M | $33.7M | ||
| Q4 24 | $930.2M | — | ||
| Q3 24 | $1.0B | $26.0M | ||
| Q2 24 | $1.1B | $22.4M | ||
| Q1 24 | $1.1B | $27.3M |
总债务IPGPSHIM
| Q4 25 | — | $57.5M | ||
| Q3 25 | — | $36.4M | ||
| Q2 25 | — | $31.4M | ||
| Q1 25 | — | $9.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $39.9M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $31.5M |
股东权益IPGPSHIM
| Q4 25 | $2.1B | $-52.7M | ||
| Q3 25 | $2.1B | $-49.5M | ||
| Q2 25 | $2.1B | $-42.6M | ||
| Q1 25 | $2.1B | $-34.7M | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | $973.0K | ||
| Q2 24 | $2.3B | $436.0K | ||
| Q1 24 | $2.3B | $38.1M |
总资产IPGPSHIM
| Q4 25 | $2.4B | $218.5M | ||
| Q3 25 | $2.4B | $203.0M | ||
| Q2 25 | $2.4B | $227.7M | ||
| Q1 25 | $2.3B | $233.9M | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.4B | $346.7M | ||
| Q2 24 | $2.5B | $344.5M | ||
| Q1 24 | $2.6B | $378.0M |
负债/权益比IPGPSHIM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 41.01× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.83× |
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 | $-23.7M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $-28.7M |
| 自由现金流率自由现金流/营收 | 4.0% | -20.2% |
| 资本支出强度资本支出/营收 | 6.5% | 3.5% |
| 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 | $-27.2M |
8季度趋势，按日历期对齐
经营现金流IPGPSHIM
| Q4 25 | $28.8M | $-23.7M | ||
| Q3 25 | $35.3M | $-3.8M | ||
| Q2 25 | $-2.2M | $-38.2M | ||
| Q1 25 | $13.4M | $44.9M | ||
| Q4 24 | $73.8M | — | ||
| Q3 24 | $66.1M | $12.7M | ||
| Q2 24 | $53.5M | $-43.9M | ||
| Q1 24 | $54.6M | $-35.0M |
自由现金流IPGPSHIM
| Q4 25 | $10.9M | $-28.7M | ||
| Q3 25 | $14.6M | $-4.2M | ||
| Q2 25 | $-17.6M | $-38.7M | ||
| Q1 25 | $-11.4M | $44.4M | ||
| Q4 24 | $50.6M | — | ||
| Q3 24 | $43.0M | $10.3M | ||
| Q2 24 | $29.2M | $-46.8M | ||
| Q1 24 | $26.5M | $-39.6M |
自由现金流率IPGPSHIM
| Q4 25 | 4.0% | -20.2% | ||
| Q3 25 | 5.8% | -3.2% | ||
| Q2 25 | -7.0% | -31.7% | ||
| Q1 25 | -5.0% | 42.9% | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 18.4% | 6.2% | ||
| Q2 24 | 11.3% | -51.7% | ||
| Q1 24 | 10.5% | -33.0% |
资本支出强度IPGPSHIM
| Q4 25 | 6.5% | 3.5% | ||
| Q3 25 | 8.3% | 0.3% | ||
| Q2 25 | 6.1% | 0.4% | ||
| Q1 25 | 10.9% | 0.5% | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 9.9% | 1.4% | ||
| Q2 24 | 9.4% | 3.3% | ||
| Q1 24 | 11.1% | 3.8% |
现金转化率IPGPSHIM
| 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× | — | ||
| 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% |
SHIM
| Shimmick Projects | $106.8M | 75% |
| Non Core Projects | $35.1M | 25% |
