vs
IPG PHOTONICS CORP（IPGP）与STRATTEC SECURITY CORP（STRT）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STRATTEC SECURITY CORP的2.0倍（$274.5M vs $137.5M），IPG PHOTONICS CORP净利率更高（4.8% vs 3.6%，领先1.2%），IPG PHOTONICS CORP同比增速更快（17.1% vs 5.9%），STRATTEC SECURITY CORP自由现金流更多（$11.3M vs $10.9M），过去两年STRATTEC SECURITY CORP的营收复合增速更高（7.7% 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。
STRATTEC安全公司是专业的汽车安全访问解决方案供应商，主营汽车机械与电子锁具、钥匙、无钥匙进入系统等产品，主要服务全球汽车整车厂商、重型车辆制造商及汽车后市场客户，业务覆盖北美、欧洲、亚太等地区。
IPGP vs STRT — 直观对比
营收规模更大
IPGP
是对方的2.0倍
$137.5M
营收增速更快
IPGP
高出11.3%
5.9%
净利率更高
IPGP
高出1.2%
3.6%
自由现金流更多
STRT
多$332.0K
$10.9M
两年增速更快
STRT
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $137.5M |
| 净利润 | $13.3M | $4.9M |
| 毛利率 | 36.1% | 16.5% |
| 营业利润率 | 1.2% | 3.5% |
| 净利率 | 4.8% | 3.6% |
| 营收同比 | 17.1% | 5.9% |
| 净利润同比 | 69.8% | 275.1% |
| 每股收益（稀释后） | $0.30 | $1.20 |
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IPGPSTRT
| Q4 25 | $274.5M | $137.5M | ||
| Q3 25 | $250.8M | $152.4M | ||
| Q2 25 | $250.7M | $152.0M | ||
| Q1 25 | $227.8M | $144.1M | ||
| Q4 24 | $234.3M | $129.9M | ||
| Q3 24 | $233.1M | $139.1M | ||
| Q2 24 | $257.6M | — | ||
| Q1 24 | $252.0M | $140.8M |
净利润IPGPSTRT
| Q4 25 | $13.3M | $4.9M | ||
| Q3 25 | $7.5M | $8.5M | ||
| Q2 25 | $6.6M | $8.3M | ||
| Q1 25 | $3.8M | $5.4M | ||
| Q4 24 | $7.8M | $1.3M | ||
| Q3 24 | $-233.6M | $3.7M | ||
| Q2 24 | $20.2M | — | ||
| Q1 24 | $24.1M | $1.5M |
毛利率IPGPSTRT
| Q4 25 | 36.1% | 16.5% | ||
| Q3 25 | 39.5% | 17.3% | ||
| Q2 25 | 37.3% | 16.7% | ||
| Q1 25 | 39.4% | 16.0% | ||
| Q4 24 | 38.6% | 13.2% | ||
| Q3 24 | 23.2% | 13.6% | ||
| Q2 24 | 37.3% | — | ||
| Q1 24 | 38.7% | 10.4% |
营业利润率IPGPSTRT
| Q4 25 | 1.2% | 3.5% | ||
| Q3 25 | 3.1% | 6.9% | ||
| Q2 25 | 0.0% | 5.6% | ||
| Q1 25 | 0.8% | 4.9% | ||
| Q4 24 | 6.0% | 1.6% | ||
| Q3 24 | -108.7% | 3.6% | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 7.6% | 1.4% |
净利率IPGPSTRT
| Q4 25 | 4.8% | 3.6% | ||
| Q3 25 | 3.0% | 5.6% | ||
| Q2 25 | 2.6% | 5.4% | ||
| Q1 25 | 1.6% | 3.7% | ||
| Q4 24 | 3.3% | 1.0% | ||
| Q3 24 | -100.2% | 2.7% | ||
| Q2 24 | 7.8% | — | ||
| Q1 24 | 9.6% | 1.1% |
每股收益（稀释后）IPGPSTRT
| Q4 25 | $0.30 | $1.20 | ||
| Q3 25 | $0.18 | $2.07 | ||
| Q2 25 | $0.16 | $2.02 | ||
| Q1 25 | $0.09 | $1.32 | ||
| Q4 24 | $0.27 | $0.32 | ||
| Q3 24 | $-5.33 | $0.92 | ||
| Q2 24 | $0.45 | — | ||
| Q1 24 | $0.52 | $0.37 |
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 | $99.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $236.8M |
| 总资产 | $2.4B | $392.2M |
| 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IPGPSTRT
| Q4 25 | $839.3M | $99.0M | ||
| Q3 25 | $870.4M | $90.5M | ||
| Q2 25 | $899.6M | $84.6M | ||
| Q1 25 | $926.9M | $62.1M | ||
| Q4 24 | $930.2M | $42.6M | ||
| Q3 24 | $1.0B | $34.4M | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | $9.6M |
股东权益IPGPSTRT
| Q4 25 | $2.1B | $236.8M | ||
| Q3 25 | $2.1B | $230.5M | ||
| Q2 25 | $2.1B | $221.6M | ||
| Q1 25 | $2.1B | $210.7M | ||
| Q4 24 | $2.0B | $204.5M | ||
| Q3 24 | $2.1B | $203.0M | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | $193.8M |
总资产IPGPSTRT
| Q4 25 | $2.4B | $392.2M | ||
| Q3 25 | $2.4B | $390.1M | ||
| Q2 25 | $2.4B | $391.5M | ||
| Q1 25 | $2.3B | $387.4M | ||
| Q4 24 | $2.3B | $355.9M | ||
| Q3 24 | $2.4B | $366.9M | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.6B | $348.5M |
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 | $13.9M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $11.3M |
| 自由现金流率自由现金流/营收 | 4.0% | 8.2% |
| 资本支出强度资本支出/营收 | 6.5% | 1.9% |
| 现金转化率经营现金流/净利润 | 2.17× | 2.81× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $67.8M |
8季度趋势，按日历期对齐
经营现金流IPGPSTRT
| Q4 25 | $28.8M | $13.9M | ||
| Q3 25 | $35.3M | $11.3M | ||
| Q2 25 | $-2.2M | $30.2M | ||
| Q1 25 | $13.4M | $20.7M | ||
| Q4 24 | $73.8M | $9.4M | ||
| Q3 24 | $66.1M | $11.3M | ||
| Q2 24 | $53.5M | — | ||
| Q1 24 | $54.6M | $-309.0K |
自由现金流IPGPSTRT
| Q4 25 | $10.9M | $11.3M | ||
| Q3 25 | $14.6M | $9.8M | ||
| Q2 25 | $-17.6M | $27.2M | ||
| Q1 25 | $-11.4M | $19.6M | ||
| Q4 24 | $50.6M | $8.5M | ||
| Q3 24 | $43.0M | $9.3M | ||
| Q2 24 | $29.2M | — | ||
| Q1 24 | $26.5M | $-2.0M |
自由现金流率IPGPSTRT
| Q4 25 | 4.0% | 8.2% | ||
| Q3 25 | 5.8% | 6.4% | ||
| Q2 25 | -7.0% | 17.9% | ||
| Q1 25 | -5.0% | 13.6% | ||
| Q4 24 | 21.6% | 6.6% | ||
| Q3 24 | 18.4% | 6.7% | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 10.5% | -1.4% |
资本支出强度IPGPSTRT
| Q4 25 | 6.5% | 1.9% | ||
| Q3 25 | 8.3% | 1.0% | ||
| Q2 25 | 6.1% | 2.0% | ||
| Q1 25 | 10.9% | 0.8% | ||
| Q4 24 | 9.9% | 0.7% | ||
| Q3 24 | 9.9% | 1.5% | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 11.1% | 1.2% |
现金转化率IPGPSTRT
| Q4 25 | 2.17× | 2.81× | ||
| Q3 25 | 4.73× | 1.33× | ||
| Q2 25 | -0.34× | 3.65× | ||
| Q1 25 | 3.58× | 3.84× | ||
| Q4 24 | 9.44× | 7.16× | ||
| Q3 24 | — | 3.06× | ||
| Q2 24 | 2.65× | — | ||
| Q1 24 | 2.27× | -0.21× |
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% |
STRT
| Door Handles And Exterior Trim | $35.0M | 25% |
| Power Access Solutions | $34.5M | 25% |
| Keys And Locksets | $26.8M | 19% |
| Latches | $16.3M | 12% |
| User Interface Controls | $12.5M | 9% |
| Aftermarket And Service | $9.4M | 7% |
| Other Product | $3.1M | 2% |
| Related Party | $1.3M | 1% |
