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IPG PHOTONICS CORP（IPGP）与SPORTSMAN'S WAREHOUSE HOLDINGS, INC.（SPWH）财务数据对比。点击上方公司名可切换其他公司
SPORTSMAN'S WAREHOUSE HOLDINGS, INC.的季度营收约是IPG PHOTONICS CORP的1.2倍（$331.3M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs 0.0%，领先4.8%），IPG PHOTONICS CORP同比增速更快（17.1% vs 2.2%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $8.7M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -5.4%）
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。
运动员仓库控股（Sportsman's Warehouse）是美国户外体育用品零售商，门店遍布全美29个州，主要面向狩猎、射击、露营、垂钓等各类户外休闲运动爱好者，销售户外服饰、鞋履及专业运动装备。
IPGP vs SPWH — 直观对比
营收规模更大
SPWH
是对方的1.2倍
$274.5M
营收增速更快
IPGP
高出14.9%
2.2%
净利率更高
IPGP
高出4.8%
0.0%
自由现金流更多
IPGP
多$2.2M
$8.7M
两年增速更快
IPGP
近两年复合增速
-5.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $331.3M |
| 净利润 | $13.3M | $8.0K |
| 毛利率 | 36.1% | 32.8% |
| 营业利润率 | 1.2% | 1.3% |
| 净利率 | 4.8% | 0.0% |
| 营收同比 | 17.1% | 2.2% |
| 净利润同比 | 69.8% | -97.8% |
| 每股收益（稀释后） | $0.30 | $0.00 |
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IPGPSPWH
| Q4 25 | $274.5M | $331.3M | ||
| Q3 25 | $250.8M | $293.9M | ||
| Q2 25 | $250.7M | $249.1M | ||
| Q1 25 | $227.8M | $340.4M | ||
| Q4 24 | $234.3M | $324.3M | ||
| Q3 24 | $233.1M | $288.7M | ||
| Q2 24 | $257.6M | $244.2M | ||
| Q1 24 | $252.0M | $370.4M |
净利润IPGPSPWH
| Q4 25 | $13.3M | $8.0K | ||
| Q3 25 | $7.5M | $-7.1M | ||
| Q2 25 | $6.6M | $-21.3M | ||
| Q1 25 | $3.8M | $-8.7M | ||
| Q4 24 | $7.8M | $-364.0K | ||
| Q3 24 | $-233.6M | $-5.9M | ||
| Q2 24 | $20.2M | $-18.1M | ||
| Q1 24 | $24.1M | $-8.7M |
毛利率IPGPSPWH
| Q4 25 | 36.1% | 32.8% | ||
| Q3 25 | 39.5% | 32.0% | ||
| Q2 25 | 37.3% | 30.4% | ||
| Q1 25 | 39.4% | 30.4% | ||
| Q4 24 | 38.6% | 31.8% | ||
| Q3 24 | 23.2% | 31.2% | ||
| Q2 24 | 37.3% | 30.2% | ||
| Q1 24 | 38.7% | 26.8% |
营业利润率IPGPSPWH
| Q4 25 | 1.2% | 1.3% | ||
| Q3 25 | 3.1% | -1.1% | ||
| Q2 25 | 0.0% | -7.9% | ||
| Q1 25 | 0.8% | 1.1% | ||
| Q4 24 | 6.0% | 1.0% | ||
| Q3 24 | -108.7% | -1.5% | ||
| Q2 24 | 4.7% | -8.4% | ||
| Q1 24 | 7.6% | -2.1% |
净利率IPGPSPWH
| Q4 25 | 4.8% | 0.0% | ||
| Q3 25 | 3.0% | -2.4% | ||
| Q2 25 | 2.6% | -8.5% | ||
| Q1 25 | 1.6% | -2.6% | ||
| Q4 24 | 3.3% | -0.1% | ||
| Q3 24 | -100.2% | -2.0% | ||
| Q2 24 | 7.8% | -7.4% | ||
| Q1 24 | 9.6% | -2.4% |
每股收益（稀释后）IPGPSPWH
| Q4 25 | $0.30 | $0.00 | ||
| Q3 25 | $0.18 | $-0.18 | ||
| Q2 25 | $0.16 | $-0.56 | ||
| Q1 25 | $0.09 | $-0.22 | ||
| Q4 24 | $0.27 | $-0.01 | ||
| Q3 24 | $-5.33 | $-0.16 | ||
| Q2 24 | $0.45 | $-0.48 | ||
| Q1 24 | $0.52 | $-0.22 |
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 | $2.2M |
| 总债务越低越好 | — | $44.0M |
| 股东权益账面价值 | $2.1B | $209.5M |
| 总资产 | $2.4B | $913.9M |
| 负债/权益比越低杠杆越低 | — | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资IPGPSPWH
| Q4 25 | $839.3M | $2.2M | ||
| Q3 25 | $870.4M | $1.8M | ||
| Q2 25 | $899.6M | $3.6M | ||
| Q1 25 | $926.9M | $2.8M | ||
| Q4 24 | $930.2M | $2.7M | ||
| Q3 24 | $1.0B | $2.6M | ||
| Q2 24 | $1.1B | $2.2M | ||
| Q1 24 | $1.1B | $3.1M |
总债务IPGPSPWH
| Q4 25 | — | $44.0M | ||
| Q3 25 | — | $43.9M | ||
| Q2 25 | — | $24.1M | ||
| Q1 25 | — | $24.1M | ||
| Q4 24 | — | $24.0M | ||
| Q3 24 | — | $24.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益IPGPSPWH
| Q4 25 | $2.1B | $209.5M | ||
| Q3 25 | $2.1B | $208.9M | ||
| Q2 25 | $2.1B | $215.1M | ||
| Q1 25 | $2.1B | $235.7M | ||
| Q4 24 | $2.0B | $243.6M | ||
| Q3 24 | $2.1B | $243.0M | ||
| Q2 24 | $2.3B | $247.5M | ||
| Q1 24 | $2.3B | $264.6M |
总资产IPGPSPWH
| Q4 25 | $2.4B | $913.9M | ||
| Q3 25 | $2.4B | $948.9M | ||
| Q2 25 | $2.4B | $929.7M | ||
| Q1 25 | $2.3B | $852.1M | ||
| Q4 24 | $2.3B | $967.7M | ||
| Q3 24 | $2.4B | $901.9M | ||
| Q2 24 | $2.5B | $930.4M | ||
| Q1 24 | $2.6B | $886.2M |
负债/权益比IPGPSPWH
| Q4 25 | — | 0.21× | ||
| Q3 25 | — | 0.21× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.10× | ||
| Q3 24 | — | 0.10× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $16.3M |
| 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% | 2.6% |
| 资本支出强度资本支出/营收 | 6.5% | 2.3% |
| 现金转化率经营现金流/净利润 | 2.17× | 2038.00× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $-39.7M |
8季度趋势，按日历期对齐
经营现金流IPGPSPWH
| Q4 25 | $28.8M | $16.3M | ||
| Q3 25 | $35.3M | $-26.6M | ||
| Q2 25 | $-2.2M | $-60.2M | ||
| Q1 25 | $13.4M | $52.8M | ||
| Q4 24 | $73.8M | $-2.5M | ||
| Q3 24 | $66.1M | $18.5M | ||
| Q2 24 | $53.5M | $-34.6M | ||
| Q1 24 | $54.6M | $68.9M |
自由现金流IPGPSPWH
| Q4 25 | $10.9M | $8.7M | ||
| Q3 25 | $14.6M | $-33.9M | ||
| Q2 25 | $-17.6M | $-64.0M | ||
| Q1 25 | $-11.4M | $49.6M | ||
| Q4 24 | $50.6M | $-6.2M | ||
| Q3 24 | $43.0M | $14.1M | ||
| Q2 24 | $29.2M | $-38.0M | ||
| Q1 24 | $26.5M | $60.2M |
自由现金流率IPGPSPWH
| Q4 25 | 4.0% | 2.6% | ||
| Q3 25 | 5.8% | -11.5% | ||
| Q2 25 | -7.0% | -25.7% | ||
| Q1 25 | -5.0% | 14.6% | ||
| Q4 24 | 21.6% | -1.9% | ||
| Q3 24 | 18.4% | 4.9% | ||
| Q2 24 | 11.3% | -15.5% | ||
| Q1 24 | 10.5% | 16.2% |
资本支出强度IPGPSPWH
| Q4 25 | 6.5% | 2.3% | ||
| Q3 25 | 8.3% | 2.5% | ||
| Q2 25 | 6.1% | 1.5% | ||
| Q1 25 | 10.9% | 1.0% | ||
| Q4 24 | 9.9% | 1.1% | ||
| Q3 24 | 9.9% | 1.5% | ||
| Q2 24 | 9.4% | 1.4% | ||
| Q1 24 | 11.1% | 2.4% |
现金转化率IPGPSPWH
| Q4 25 | 2.17× | 2038.00× | ||
| 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% |
SPWH
暂无分部数据
