vs
IPG PHOTONICS CORP（IPGP）与STARWOOD PROPERTY TRUST, INC.（STWD）财务数据对比。点击上方公司名可切换其他公司
STARWOOD PROPERTY TRUST, INC.的季度营收约是IPG PHOTONICS CORP的1.8倍（$492.9M vs $274.5M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs 4.8%，领先14.8%），IPG PHOTONICS CORP同比增速更快（17.1% vs 8.5%），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -2.9%）
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。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
IPGP vs STWD — 直观对比
营收规模更大
STWD
是对方的1.8倍
$274.5M
营收增速更快
IPGP
高出8.6%
8.5%
净利率更高
STWD
高出14.8%
4.8%
两年增速更快
IPGP
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $492.9M |
| 净利润 | $13.3M | $96.9M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 26.6% |
| 净利率 | 4.8% | 19.7% |
| 营收同比 | 17.1% | 8.5% |
| 净利润同比 | 69.8% | 87.7% |
| 每股收益（稀释后） | $0.30 | $0.25 |
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IPGPSTWD
| Q4 25 | $274.5M | $492.9M | ||
| Q3 25 | $250.8M | $488.9M | ||
| Q2 25 | $250.7M | $444.3M | ||
| Q1 25 | $227.8M | $418.2M | ||
| Q4 24 | $234.3M | $454.4M | ||
| Q3 24 | $233.1M | $479.5M | ||
| Q2 24 | $257.6M | $489.8M | ||
| Q1 24 | $252.0M | $523.1M |
净利润IPGPSTWD
| Q4 25 | $13.3M | $96.9M | ||
| Q3 25 | $7.5M | $72.6M | ||
| Q2 25 | $6.6M | $129.8M | ||
| Q1 25 | $3.8M | $112.3M | ||
| Q4 24 | $7.8M | $51.6M | ||
| Q3 24 | $-233.6M | $76.1M | ||
| Q2 24 | $20.2M | $77.9M | ||
| Q1 24 | $24.1M | $154.3M |
毛利率IPGPSTWD
| 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IPGPSTWD
| Q4 25 | 1.2% | 26.6% | ||
| Q3 25 | 3.1% | 19.1% | ||
| Q2 25 | 0.0% | 30.5% | ||
| Q1 25 | 0.8% | 28.7% | ||
| Q4 24 | 6.0% | 15.1% | ||
| Q3 24 | -108.7% | 17.2% | ||
| Q2 24 | 4.7% | 19.1% | ||
| Q1 24 | 7.6% | 30.8% |
净利率IPGPSTWD
| Q4 25 | 4.8% | 19.7% | ||
| Q3 25 | 3.0% | 14.8% | ||
| Q2 25 | 2.6% | 29.2% | ||
| Q1 25 | 1.6% | 26.8% | ||
| Q4 24 | 3.3% | 11.4% | ||
| Q3 24 | -100.2% | 15.9% | ||
| Q2 24 | 7.8% | 15.9% | ||
| Q1 24 | 9.6% | 29.5% |
每股收益（稀释后）IPGPSTWD
| Q4 25 | $0.30 | $0.25 | ||
| Q3 25 | $0.18 | $0.19 | ||
| Q2 25 | $0.16 | $0.38 | ||
| Q1 25 | $0.09 | $0.33 | ||
| Q4 24 | $0.27 | $0.15 | ||
| Q3 24 | $-5.33 | $0.23 | ||
| Q2 24 | $0.45 | $0.24 | ||
| Q1 24 | $0.52 | $0.48 |
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 | $499.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $6.8B |
| 总资产 | $2.4B | $63.2B |
| 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IPGPSTWD
| Q4 25 | $839.3M | $499.5M | ||
| Q3 25 | $870.4M | $301.1M | ||
| Q2 25 | $899.6M | $259.9M | ||
| Q1 25 | $926.9M | $440.6M | ||
| Q4 24 | $930.2M | $377.8M | ||
| Q3 24 | $1.0B | $357.9M | ||
| Q2 24 | $1.1B | $259.3M | ||
| Q1 24 | $1.1B | $327.4M |
股东权益IPGPSTWD
| Q4 25 | $2.1B | $6.8B | ||
| Q3 25 | $2.1B | $6.9B | ||
| Q2 25 | $2.1B | $6.4B | ||
| Q1 25 | $2.1B | $6.4B | ||
| Q4 24 | $2.0B | $6.4B | ||
| Q3 24 | $2.1B | $6.5B | ||
| Q2 24 | $2.3B | $6.2B | ||
| Q1 24 | $2.3B | $6.3B |
总资产IPGPSTWD
| Q4 25 | $2.4B | $63.2B | ||
| Q3 25 | $2.4B | $62.4B | ||
| Q2 25 | $2.4B | $62.4B | ||
| Q1 25 | $2.3B | $62.2B | ||
| Q4 24 | $2.3B | $62.6B | ||
| Q3 24 | $2.4B | $64.2B | ||
| Q2 24 | $2.5B | $64.1B | ||
| Q1 24 | $2.6B | $66.2B |
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 | $488.8M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | — |
| 自由现金流率自由现金流/营收 | 4.0% | — |
| 资本支出强度资本支出/营收 | 6.5% | — |
| 现金转化率经营现金流/净利润 | 2.17× | 5.04× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | — |
8季度趋势，按日历期对齐
经营现金流IPGPSTWD
| Q4 25 | $28.8M | $488.8M | ||
| Q3 25 | $35.3M | $337.6M | ||
| Q2 25 | $-2.2M | $-87.4M | ||
| Q1 25 | $13.4M | $238.9M | ||
| Q4 24 | $73.8M | $295.6M | ||
| Q3 24 | $66.1M | $241.8M | ||
| Q2 24 | $53.5M | $53.3M | ||
| Q1 24 | $54.6M | $55.9M |
自由现金流IPGPSTWD
| Q4 25 | $10.9M | — | ||
| Q3 25 | $14.6M | — | ||
| Q2 25 | $-17.6M | — | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $50.6M | — | ||
| Q3 24 | $43.0M | — | ||
| Q2 24 | $29.2M | — | ||
| Q1 24 | $26.5M | — |
自由现金流率IPGPSTWD
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | -5.0% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 18.4% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 10.5% | — |
资本支出强度IPGPSTWD
| Q4 25 | 6.5% | — | ||
| Q3 25 | 8.3% | — | ||
| Q2 25 | 6.1% | — | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 9.9% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 11.1% | — |
现金转化率IPGPSTWD
| Q4 25 | 2.17× | 5.04× | ||
| Q3 25 | 4.73× | 4.65× | ||
| Q2 25 | -0.34× | -0.67× | ||
| Q1 25 | 3.58× | 2.13× | ||
| Q4 24 | 9.44× | 5.72× | ||
| Q3 24 | — | 3.18× | ||
| Q2 24 | 2.65× | 0.68× | ||
| Q1 24 | 2.27× | 0.36× |
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% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
