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IPG PHOTONICS CORP（IPGP）与Tecnoglass Inc.（TGLS）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Tecnoglass Inc.的1.1倍（$274.5M vs $245.3M），Tecnoglass Inc.净利率更高（10.6% vs 4.8%，领先5.8%），IPG PHOTONICS CORP同比增速更快（17.1% vs 2.4%），Tecnoglass Inc.自由现金流更多（$11.4M vs $10.9M），过去两年Tecnoglass Inc.的营收复合增速更高（12.8% 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。
Tecnoglass Inc.是一家领先的建筑玻璃、铝制门窗及相关建材生产商，主要服务北美及拉美地区的住宅和商业建筑领域，为新建及翻新项目提供定制化、高能效的建筑解决方案。
IPGP vs TGLS — 直观对比
营收规模更大
IPGP
是对方的1.1倍
$245.3M
营收增速更快
IPGP
高出14.7%
2.4%
净利率更高
TGLS
高出5.8%
4.8%
自由现金流更多
TGLS
多$524.0K
$10.9M
两年增速更快
TGLS
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $245.3M |
| 净利润 | $13.3M | $26.1M |
| 毛利率 | 36.1% | 40.0% |
| 营业利润率 | 1.2% | 18.3% |
| 净利率 | 4.8% | 10.6% |
| 营收同比 | 17.1% | 2.4% |
| 净利润同比 | 69.8% | -44.5% |
| 每股收益（稀释后） | $0.30 | $0.57 |
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IPGPTGLS
| Q4 25 | $274.5M | $245.3M | ||
| Q3 25 | $250.8M | $260.5M | ||
| Q2 25 | $250.7M | $255.5M | ||
| Q1 25 | $227.8M | $222.3M | ||
| Q4 24 | $234.3M | $239.6M | ||
| Q3 24 | $233.1M | $238.3M | ||
| Q2 24 | $257.6M | $219.7M | ||
| Q1 24 | $252.0M | $192.6M |
净利润IPGPTGLS
| Q4 25 | $13.3M | $26.1M | ||
| Q3 25 | $7.5M | $47.2M | ||
| Q2 25 | $6.6M | $44.1M | ||
| Q1 25 | $3.8M | $42.2M | ||
| Q4 24 | $7.8M | $47.0M | ||
| Q3 24 | $-233.6M | $49.5M | ||
| Q2 24 | $20.2M | $35.0M | ||
| Q1 24 | $24.1M | $29.7M |
毛利率IPGPTGLS
| Q4 25 | 36.1% | 40.0% | ||
| Q3 25 | 39.5% | 42.7% | ||
| Q2 25 | 37.3% | 44.7% | ||
| Q1 25 | 39.4% | 43.9% | ||
| Q4 24 | 38.6% | 44.5% | ||
| Q3 24 | 23.2% | 45.8% | ||
| Q2 24 | 37.3% | 40.8% | ||
| Q1 24 | 38.7% | 38.8% |
营业利润率IPGPTGLS
| Q4 25 | 1.2% | 18.3% | ||
| Q3 25 | 3.1% | 25.1% | ||
| Q2 25 | 0.0% | 24.0% | ||
| Q1 25 | 0.8% | 26.7% | ||
| Q4 24 | 6.0% | 28.0% | ||
| Q3 24 | -108.7% | 28.4% | ||
| Q2 24 | 4.7% | 23.3% | ||
| Q1 24 | 7.6% | 21.3% |
净利率IPGPTGLS
| Q4 25 | 4.8% | 10.6% | ||
| Q3 25 | 3.0% | 18.1% | ||
| Q2 25 | 2.6% | 17.3% | ||
| Q1 25 | 1.6% | 19.0% | ||
| Q4 24 | 3.3% | 19.6% | ||
| Q3 24 | -100.2% | 20.8% | ||
| Q2 24 | 7.8% | 15.9% | ||
| Q1 24 | 9.6% | 15.4% |
每股收益（稀释后）IPGPTGLS
| Q4 25 | $0.30 | $0.57 | ||
| Q3 25 | $0.18 | $1.01 | ||
| Q2 25 | $0.16 | $0.94 | ||
| Q1 25 | $0.09 | $0.90 | ||
| Q4 24 | $0.27 | $1.00 | ||
| Q3 24 | $-5.33 | $1.05 | ||
| Q2 24 | $0.45 | $0.75 | ||
| Q1 24 | $0.52 | $0.63 |
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 | $104.1M |
| 总债务越低越好 | — | $174.4M |
| 股东权益账面价值 | $2.1B | $713.1M |
| 总资产 | $2.4B | $1.3B |
| 负债/权益比越低杠杆越低 | — | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资IPGPTGLS
| Q4 25 | $839.3M | $104.1M | ||
| Q3 25 | $870.4M | $127.1M | ||
| Q2 25 | $899.6M | $140.9M | ||
| Q1 25 | $926.9M | $160.2M | ||
| Q4 24 | $930.2M | $137.5M | ||
| Q3 24 | $1.0B | $124.8M | ||
| Q2 24 | $1.1B | $129.5M | ||
| Q1 24 | $1.1B | $138.8M |
总债务IPGPTGLS
| Q4 25 | — | $174.4M | ||
| Q3 25 | — | $114.7M | ||
| Q2 25 | — | $110.6M | ||
| Q1 25 | — | $110.6M | ||
| Q4 24 | — | $111.1M | ||
| Q3 24 | — | $126.8M | ||
| Q2 24 | — | $144.7M | ||
| Q1 24 | — | $160.9M |
股东权益IPGPTGLS
| Q4 25 | $2.1B | $713.1M | ||
| Q3 25 | $2.1B | $764.0M | ||
| Q2 25 | $2.1B | $736.0M | ||
| Q1 25 | $2.1B | $685.1M | ||
| Q4 24 | $2.0B | $631.2M | ||
| Q3 24 | $2.1B | $613.3M | ||
| Q2 24 | $2.3B | $574.8M | ||
| Q1 24 | $2.3B | $573.6M |
总资产IPGPTGLS
| Q4 25 | $2.4B | $1.3B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.4B | $1.2B | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | $2.3B | $1.0B | ||
| Q3 24 | $2.4B | $996.3M | ||
| Q2 24 | $2.5B | $942.5M | ||
| Q1 24 | $2.6B | $981.6M |
负债/权益比IPGPTGLS
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.25× | ||
| Q1 24 | — | 0.28× |
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 | $31.0M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $11.4M |
| 自由现金流率自由现金流/营收 | 4.0% | 4.7% |
| 资本支出强度资本支出/营收 | 6.5% | 8.0% |
| 现金转化率经营现金流/净利润 | 2.17× | 1.19× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $34.5M |
8季度趋势，按日历期对齐
经营现金流IPGPTGLS
| Q4 25 | $28.8M | $31.0M | ||
| Q3 25 | $35.3M | $40.0M | ||
| Q2 25 | $-2.2M | $17.9M | ||
| Q1 25 | $13.4M | $46.9M | ||
| Q4 24 | $73.8M | $61.1M | ||
| Q3 24 | $66.1M | $41.5M | ||
| Q2 24 | $53.5M | $34.5M | ||
| Q1 24 | $54.6M | $33.4M |
自由现金流IPGPTGLS
| Q4 25 | $10.9M | $11.4M | ||
| Q3 25 | $14.6M | $21.2M | ||
| Q2 25 | $-17.6M | $-14.7M | ||
| Q1 25 | $-11.4M | $16.5M | ||
| Q4 24 | $50.6M | $35.4M | ||
| Q3 24 | $43.0M | $17.8M | ||
| Q2 24 | $29.2M | $14.2M | ||
| Q1 24 | $26.5M | $23.6M |
自由现金流率IPGPTGLS
| Q4 25 | 4.0% | 4.7% | ||
| Q3 25 | 5.8% | 8.2% | ||
| Q2 25 | -7.0% | -5.7% | ||
| Q1 25 | -5.0% | 7.4% | ||
| Q4 24 | 21.6% | 14.8% | ||
| Q3 24 | 18.4% | 7.5% | ||
| Q2 24 | 11.3% | 6.5% | ||
| Q1 24 | 10.5% | 12.2% |
资本支出强度IPGPTGLS
| Q4 25 | 6.5% | 8.0% | ||
| Q3 25 | 8.3% | 7.2% | ||
| Q2 25 | 6.1% | 12.7% | ||
| Q1 25 | 10.9% | 13.7% | ||
| Q4 24 | 9.9% | 10.7% | ||
| Q3 24 | 9.9% | 9.9% | ||
| Q2 24 | 9.4% | 9.2% | ||
| Q1 24 | 11.1% | 5.1% |
现金转化率IPGPTGLS
| Q4 25 | 2.17× | 1.19× | ||
| Q3 25 | 4.73× | 0.85× | ||
| Q2 25 | -0.34× | 0.41× | ||
| Q1 25 | 3.58× | 1.11× | ||
| Q4 24 | 9.44× | 1.30× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | 2.65× | 0.98× | ||
| Q1 24 | 2.27× | 1.13× |
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% |
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
