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IPG PHOTONICS CORP（IPGP）与SSR MINING INC.（SSRM）财务数据对比。点击上方公司名可切换其他公司
SSR MINING INC.的季度营收约是IPG PHOTONICS CORP的1.9倍（$521.7M vs $274.5M），SSR MINING INC.净利率更高（34.8% vs 4.8%，领先29.9%），SSR MINING INC.同比增速更快（61.4% vs 17.1%），SSR MINING INC.自由现金流更多（$106.4M vs $10.9M），过去两年SSR MINING INC.的营收复合增速更高（50.5% 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。
SSR Mining Inc.（前身为白银标准资源公司）总部位于美国科罗拉多州丹佛，主营金、银、铜、铅、锌矿产开采，拥有阿根廷最大的银矿，同时在美洲全境及土耳其开展矿产勘探业务。2020年与阿拉瑟黄金合并后迁至丹佛，现任总裁兼首席执行官为罗德尼·P·安塔尔。
IPGP vs SSRM — 直观对比
营收规模更大
SSRM
是对方的1.9倍
$274.5M
营收增速更快
SSRM
高出44.3%
17.1%
净利率更高
SSRM
高出29.9%
4.8%
自由现金流更多
SSRM
多$95.4M
$10.9M
两年增速更快
SSRM
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $521.7M |
| 净利润 | $13.3M | $181.5M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 38.8% |
| 净利率 | 4.8% | 34.8% |
| 营收同比 | 17.1% | 61.4% |
| 净利润同比 | 69.8% | 3166.6% |
| 每股收益（稀释后） | $0.30 | $0.84 |
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IPGPSSRM
| Q4 25 | $274.5M | $521.7M | ||
| Q3 25 | $250.8M | $385.8M | ||
| Q2 25 | $250.7M | $405.5M | ||
| Q1 25 | $227.8M | $316.6M | ||
| Q4 24 | $234.3M | $323.2M | ||
| Q3 24 | $233.1M | $257.4M | ||
| Q2 24 | $257.6M | $184.8M | ||
| Q1 24 | $252.0M | $230.2M |
净利润IPGPSSRM
| Q4 25 | $13.3M | $181.5M | ||
| Q3 25 | $7.5M | $65.4M | ||
| Q2 25 | $6.6M | $90.1M | ||
| Q1 25 | $3.8M | $58.8M | ||
| Q4 24 | $7.8M | $5.6M | ||
| Q3 24 | $-233.6M | $10.6M | ||
| Q2 24 | $20.2M | $9.7M | ||
| Q1 24 | $24.1M | $-287.1M |
毛利率IPGPSSRM
| Q4 25 | 36.1% | — | ||
| Q3 25 | 39.5% | — | ||
| Q2 25 | 37.3% | — | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 38.6% | — | ||
| Q3 24 | 23.2% | — | ||
| Q2 24 | 37.3% | — | ||
| Q1 24 | 38.7% | — |
营业利润率IPGPSSRM
| Q4 25 | 1.2% | 38.8% | ||
| Q3 25 | 3.1% | 21.6% | ||
| Q2 25 | 0.0% | 26.9% | ||
| Q1 25 | 0.8% | 21.1% | ||
| Q4 24 | 6.0% | 10.6% | ||
| Q3 24 | -108.7% | 3.5% | ||
| Q2 24 | 4.7% | 5.8% | ||
| Q1 24 | 7.6% | -163.5% |
净利率IPGPSSRM
| Q4 25 | 4.8% | 34.8% | ||
| Q3 25 | 3.0% | 17.0% | ||
| Q2 25 | 2.6% | 22.2% | ||
| Q1 25 | 1.6% | 18.6% | ||
| Q4 24 | 3.3% | 1.7% | ||
| Q3 24 | -100.2% | 4.1% | ||
| Q2 24 | 7.8% | 5.2% | ||
| Q1 24 | 9.6% | -124.7% |
每股收益（稀释后）IPGPSSRM
| Q4 25 | $0.30 | $0.84 | ||
| Q3 25 | $0.18 | $0.31 | ||
| Q2 25 | $0.16 | $0.42 | ||
| Q1 25 | $0.09 | $0.28 | ||
| Q4 24 | $0.27 | $0.03 | ||
| Q3 24 | $-5.33 | $0.05 | ||
| Q2 24 | $0.45 | $0.05 | ||
| Q1 24 | $0.52 | $-1.42 |
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 | $575.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $3.5B |
| 总资产 | $2.4B | $6.1B |
| 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IPGPSSRM
| Q4 25 | $839.3M | $575.6M | ||
| Q3 25 | $870.4M | $445.4M | ||
| Q2 25 | $899.6M | $438.5M | ||
| Q1 25 | $926.9M | $341.3M | ||
| Q4 24 | $930.2M | $417.3M | ||
| Q3 24 | $1.0B | $365.8M | ||
| Q2 24 | $1.1B | $384.4M | ||
| Q1 24 | $1.1B | $492.0M |
总债务IPGPSSRM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $228.6M | ||
| Q3 24 | — | $228.3M | ||
| Q2 24 | — | $228.0M | ||
| Q1 24 | — | $228.7M |
股东权益IPGPSSRM
| Q4 25 | $2.1B | $3.5B | ||
| Q3 25 | $2.1B | $3.3B | ||
| Q2 25 | $2.1B | $3.3B | ||
| Q1 25 | $2.1B | $3.2B | ||
| Q4 24 | $2.0B | $3.1B | ||
| Q3 24 | $2.1B | $3.1B | ||
| Q2 24 | $2.3B | $3.1B | ||
| Q1 24 | $2.3B | $3.1B |
总资产IPGPSSRM
| Q4 25 | $2.4B | $6.1B | ||
| Q3 25 | $2.4B | $5.9B | ||
| Q2 25 | $2.4B | $5.8B | ||
| Q1 25 | $2.3B | $5.6B | ||
| Q4 24 | $2.3B | $5.2B | ||
| Q3 24 | $2.4B | $5.1B | ||
| Q2 24 | $2.5B | $5.2B | ||
| Q1 24 | $2.6B | $5.3B |
负债/权益比IPGPSSRM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.07× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.07× |
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 | $172.1M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $106.4M |
| 自由现金流率自由现金流/营收 | 4.0% | 20.4% |
| 资本支出强度资本支出/营收 | 6.5% | 12.6% |
| 现金转化率经营现金流/净利润 | 2.17× | 0.95× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $241.6M |
8季度趋势，按日历期对齐
经营现金流IPGPSSRM
| Q4 25 | $28.8M | $172.1M | ||
| Q3 25 | $35.3M | $57.2M | ||
| Q2 25 | $-2.2M | $157.8M | ||
| Q1 25 | $13.4M | $84.8M | ||
| Q4 24 | $73.8M | $95.0M | ||
| Q3 24 | $66.1M | $-1.3M | ||
| Q2 24 | $53.5M | $-78.1M | ||
| Q1 24 | $54.6M | $24.6M |
自由现金流IPGPSSRM
| Q4 25 | $10.9M | $106.4M | ||
| Q3 25 | $14.6M | $-2.4M | ||
| Q2 25 | $-17.6M | $98.4M | ||
| Q1 25 | $-11.4M | $39.3M | ||
| Q4 24 | $50.6M | $56.4M | ||
| Q3 24 | $43.0M | $-34.1M | ||
| Q2 24 | $29.2M | $-116.3M | ||
| Q1 24 | $26.5M | $-9.4M |
自由现金流率IPGPSSRM
| Q4 25 | 4.0% | 20.4% | ||
| Q3 25 | 5.8% | -0.6% | ||
| Q2 25 | -7.0% | 24.3% | ||
| Q1 25 | -5.0% | 12.4% | ||
| Q4 24 | 21.6% | 17.5% | ||
| Q3 24 | 18.4% | -13.2% | ||
| Q2 24 | 11.3% | -62.9% | ||
| Q1 24 | 10.5% | -4.1% |
资本支出强度IPGPSSRM
| Q4 25 | 6.5% | 12.6% | ||
| Q3 25 | 8.3% | 15.4% | ||
| Q2 25 | 6.1% | 14.7% | ||
| Q1 25 | 10.9% | 14.4% | ||
| Q4 24 | 9.9% | 11.9% | ||
| Q3 24 | 9.9% | 12.7% | ||
| Q2 24 | 9.4% | 20.7% | ||
| Q1 24 | 11.1% | 14.8% |
现金转化率IPGPSSRM
| Q4 25 | 2.17× | 0.95× | ||
| Q3 25 | 4.73× | 0.87× | ||
| Q2 25 | -0.34× | 1.75× | ||
| Q1 25 | 3.58× | 1.44× | ||
| Q4 24 | 9.44× | 17.10× | ||
| Q3 24 | — | -0.13× | ||
| Q2 24 | 2.65× | -8.06× | ||
| 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% |
SSRM
| Gold | $369.3M | 71% |
| Concentrate Sales | $124.4M | 24% |
| Other | $19.1M | 4% |
| Lead | $9.0M | 2% |
