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IPG PHOTONICS CORP（IPGP）与医疗房产信托（SVC）财务数据对比。点击上方公司名可切换其他公司
医疗房产信托的季度营收约是IPG PHOTONICS CORP的1.1倍（$296.5M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs -0.3%，领先5.1%），IPG PHOTONICS CORP同比增速更快（17.1% vs -17.0%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-95.2M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -6.1%）
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。
医疗房产信托（MPT）是总部位于阿拉巴马州伯明翰的国际房地产投资信托（REIT），主要在美国和欧洲地区收购投资医疗设施与营利性医疗控股公司。该公司的房产收购多采用售后回租模式，原产权方出售房产给MPT后成为承租租户，其租户普遍签订长期三净租约。
IPGP vs SVC — 直观对比
营收规模更大
SVC
是对方的1.1倍
$274.5M
营收增速更快
IPGP
高出34.1%
-17.0%
净利率更高
IPGP
高出5.1%
-0.3%
自由现金流更多
IPGP
多$106.1M
$-95.2M
两年增速更快
IPGP
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $296.5M |
| 净利润 | $13.3M | $-782.0K |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | -3.9% |
| 净利率 | 4.8% | -0.3% |
| 营收同比 | 17.1% | -17.0% |
| 净利润同比 | 69.8% | 99.0% |
| 每股收益（稀释后） | $0.30 | $-0.01 |
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IPGPSVC
| Q4 25 | $274.5M | $296.5M | ||
| Q3 25 | $250.8M | $377.6M | ||
| Q2 25 | $250.7M | $404.4M | ||
| Q1 25 | $227.8M | $335.0M | ||
| Q4 24 | $234.3M | $357.0M | ||
| Q3 24 | $233.1M | $390.9M | ||
| Q2 24 | $257.6M | $412.5M | ||
| Q1 24 | $252.0M | $336.2M |
净利润IPGPSVC
| Q4 25 | $13.3M | $-782.0K | ||
| Q3 25 | $7.5M | $-46.9M | ||
| Q2 25 | $6.6M | $-38.2M | ||
| Q1 25 | $3.8M | $-116.4M | ||
| Q4 24 | $7.8M | $-76.4M | ||
| Q3 24 | $-233.6M | $-46.9M | ||
| Q2 24 | $20.2M | $-73.8M | ||
| Q1 24 | $24.1M | $-78.4M |
毛利率IPGPSVC
| 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IPGPSVC
| Q4 25 | 1.2% | -3.9% | ||
| Q3 25 | 3.1% | -12.8% | ||
| Q2 25 | 0.0% | -9.2% | ||
| Q1 25 | 0.8% | -33.3% | ||
| Q4 24 | 6.0% | -19.4% | ||
| Q3 24 | -108.7% | -12.8% | ||
| Q2 24 | 4.7% | -17.1% | ||
| Q1 24 | 7.6% | -21.4% |
净利率IPGPSVC
| Q4 25 | 4.8% | -0.3% | ||
| Q3 25 | 3.0% | -12.4% | ||
| Q2 25 | 2.6% | -9.4% | ||
| Q1 25 | 1.6% | -34.8% | ||
| Q4 24 | 3.3% | -21.4% | ||
| Q3 24 | -100.2% | -12.0% | ||
| Q2 24 | 7.8% | -17.9% | ||
| Q1 24 | 9.6% | -23.3% |
每股收益（稀释后）IPGPSVC
| Q4 25 | $0.30 | $-0.01 | ||
| Q3 25 | $0.18 | $-0.28 | ||
| Q2 25 | $0.16 | $-0.23 | ||
| Q1 25 | $0.09 | $-0.70 | ||
| Q4 24 | $0.27 | $-0.46 | ||
| Q3 24 | $-5.33 | $-0.28 | ||
| Q2 24 | $0.45 | $-0.45 | ||
| 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 | $346.8M |
| 总债务越低越好 | — | $5.5B |
| 股东权益账面价值 | $2.1B | $646.1M |
| 总资产 | $2.4B | $6.5B |
| 负债/权益比越低杠杆越低 | — | 8.52× |
8季度趋势，按日历期对齐
现金及短期投资IPGPSVC
| Q4 25 | $839.3M | $346.8M | ||
| Q3 25 | $870.4M | $417.4M | ||
| Q2 25 | $899.6M | $63.2M | ||
| Q1 25 | $926.9M | $80.1M | ||
| Q4 24 | $930.2M | $143.5M | ||
| Q3 24 | $1.0B | $48.6M | ||
| Q2 24 | $1.1B | $14.6M | ||
| Q1 24 | $1.1B | $71.3M |
总债务IPGPSVC
| Q4 25 | — | $5.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益IPGPSVC
| Q4 25 | $2.1B | $646.1M | ||
| Q3 25 | $2.1B | $647.9M | ||
| Q2 25 | $2.1B | $695.9M | ||
| Q1 25 | $2.1B | $734.6M | ||
| Q4 24 | $2.0B | $851.9M | ||
| Q3 24 | $2.1B | $929.0M | ||
| Q2 24 | $2.3B | $1.0B | ||
| Q1 24 | $2.3B | $1.1B |
总资产IPGPSVC
| Q4 25 | $2.4B | $6.5B | ||
| Q3 25 | $2.4B | $7.0B | ||
| Q2 25 | $2.4B | $6.9B | ||
| Q1 25 | $2.3B | $7.0B | ||
| Q4 24 | $2.3B | $7.1B | ||
| Q3 24 | $2.4B | $7.1B | ||
| Q2 24 | $2.5B | $7.1B | ||
| Q1 24 | $2.6B | $7.2B |
负债/权益比IPGPSVC
| Q4 25 | — | 8.52× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.85× | ||
| Q3 24 | — | — | ||
| 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 | $-18.5M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $-95.2M |
| 自由现金流率自由现金流/营收 | 4.0% | -32.1% |
| 资本支出强度资本支出/营收 | 6.5% | 25.9% |
| 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 | $-107.0M |
8季度趋势，按日历期对齐
经营现金流IPGPSVC
| Q4 25 | $28.8M | $-18.5M | ||
| Q3 25 | $35.3M | $98.1M | ||
| Q2 25 | $-2.2M | $-7.0K | ||
| Q1 25 | $13.4M | $38.2M | ||
| Q4 24 | $73.8M | $-9.7M | ||
| Q3 24 | $66.1M | $106.2M | ||
| Q2 24 | $53.5M | $43.8M | ||
| Q1 24 | $54.6M | $-926.0K |
自由现金流IPGPSVC
| Q4 25 | $10.9M | $-95.2M | ||
| Q3 25 | $14.6M | $57.9M | ||
| Q2 25 | $-17.6M | $-46.6M | ||
| Q1 25 | $-11.4M | $-23.2M | ||
| Q4 24 | $50.6M | $-88.9M | ||
| Q3 24 | $43.0M | $24.1M | ||
| Q2 24 | $29.2M | $-22.3M | ||
| Q1 24 | $26.5M | $-77.2M |
自由现金流率IPGPSVC
| Q4 25 | 4.0% | -32.1% | ||
| Q3 25 | 5.8% | 15.3% | ||
| Q2 25 | -7.0% | -11.5% | ||
| Q1 25 | -5.0% | -6.9% | ||
| Q4 24 | 21.6% | -24.9% | ||
| Q3 24 | 18.4% | 6.2% | ||
| Q2 24 | 11.3% | -5.4% | ||
| Q1 24 | 10.5% | -23.0% |
资本支出强度IPGPSVC
| Q4 25 | 6.5% | 25.9% | ||
| Q3 25 | 8.3% | 10.6% | ||
| Q2 25 | 6.1% | 11.5% | ||
| Q1 25 | 10.9% | 18.3% | ||
| Q4 24 | 9.9% | 22.2% | ||
| Q3 24 | 9.9% | 21.0% | ||
| Q2 24 | 9.4% | 16.0% | ||
| Q1 24 | 11.1% | 22.7% |
现金转化率IPGPSVC
| 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% |
SVC
暂无分部数据
