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IPG PHOTONICS CORP（IPGP）与Thryv Holdings, Inc.（THRY）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Thryv Holdings, Inc.的1.6倍（$274.5M vs $167.7M），IPG PHOTONICS CORP净利率更高（4.8% vs 2.7%，领先2.1%），IPG PHOTONICS CORP同比增速更快（17.1% vs -7.5%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-5.5M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -13.5%）
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。
Thryv Holdings, Inc.是一家上市软件服务（SaaS）企业，面向中小企业提供客户关系管理与网络声誉管理软件解决方案。公司总部位于得克萨斯州达拉斯，业务覆盖美国48个州，现有员工超过2400名，其前身是多家黄页企业组成的集团。
IPGP vs THRY — 直观对比
营收规模更大
IPGP
是对方的1.6倍
$167.7M
营收增速更快
IPGP
高出24.7%
-7.5%
净利率更高
IPGP
高出2.1%
2.7%
自由现金流更多
IPGP
多$16.4M
$-5.5M
两年增速更快
IPGP
近两年复合增速
-13.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $167.7M |
| 净利润 | $13.3M | $4.5M |
| 毛利率 | 36.1% | 65.2% |
| 营业利润率 | 1.2% | 37.3% |
| 净利率 | 4.8% | 2.7% |
| 营收同比 | 17.1% | -7.5% |
| 净利润同比 | 69.8% | 147.2% |
| 每股收益（稀释后） | $0.30 | $0.10 |
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IPGPTHRY
| Q1 26 | — | $167.7M | ||
| Q4 25 | $274.5M | $191.6M | ||
| Q3 25 | $250.8M | $201.6M | ||
| Q2 25 | $250.7M | $210.5M | ||
| Q1 25 | $227.8M | $181.4M | ||
| Q4 24 | $234.3M | $186.6M | ||
| Q3 24 | $233.1M | $179.9M | ||
| Q2 24 | $257.6M | $224.1M |
净利润IPGPTHRY
| Q1 26 | — | $4.5M | ||
| Q4 25 | $13.3M | $-9.7M | ||
| Q3 25 | $7.5M | $5.7M | ||
| Q2 25 | $6.6M | $13.9M | ||
| Q1 25 | $3.8M | $-9.6M | ||
| Q4 24 | $7.8M | $7.9M | ||
| Q3 24 | $-233.6M | $-96.1M | ||
| Q2 24 | $20.2M | $5.5M |
毛利率IPGPTHRY
| Q1 26 | — | 65.2% | ||
| Q4 25 | 36.1% | 68.0% | ||
| Q3 25 | 39.5% | 67.7% | ||
| Q2 25 | 37.3% | 69.7% | ||
| Q1 25 | 39.4% | 65.8% | ||
| Q4 24 | 38.6% | 65.9% | ||
| Q3 24 | 23.2% | 62.3% | ||
| Q2 24 | 37.3% | 66.3% |
营业利润率IPGPTHRY
| Q1 26 | — | 37.3% | ||
| Q4 25 | 1.2% | 5.3% | ||
| Q3 25 | 3.1% | 9.9% | ||
| Q2 25 | 0.0% | 14.0% | ||
| Q1 25 | 0.8% | -1.7% | ||
| Q4 24 | 6.0% | -3.9% | ||
| Q3 24 | -108.7% | -49.2% | ||
| Q2 24 | 4.7% | 14.0% |
净利率IPGPTHRY
| Q1 26 | — | 2.7% | ||
| Q4 25 | 4.8% | -5.0% | ||
| Q3 25 | 3.0% | 2.8% | ||
| Q2 25 | 2.6% | 6.6% | ||
| Q1 25 | 1.6% | -5.3% | ||
| Q4 24 | 3.3% | 4.2% | ||
| Q3 24 | -100.2% | -53.4% | ||
| Q2 24 | 7.8% | 2.5% |
每股收益（稀释后）IPGPTHRY
| Q1 26 | — | $0.10 | ||
| Q4 25 | $0.30 | $-0.21 | ||
| Q3 25 | $0.18 | $0.13 | ||
| Q2 25 | $0.16 | $0.31 | ||
| Q1 25 | $0.09 | $-0.22 | ||
| Q4 24 | $0.27 | $0.28 | ||
| Q3 24 | $-5.33 | $-2.65 | ||
| Q2 24 | $0.45 | $0.15 |
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 | $8.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $225.4M |
| 总资产 | $2.4B | $693.7M |
| 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IPGPTHRY
| Q1 26 | — | $8.0M | ||
| Q4 25 | $839.3M | $10.8M | ||
| Q3 25 | $870.4M | $11.6M | ||
| Q2 25 | $899.6M | $10.8M | ||
| Q1 25 | $926.9M | $11.0M | ||
| Q4 24 | $930.2M | $16.3M | ||
| Q3 24 | $1.0B | $12.5M | ||
| Q2 24 | $1.1B | $15.5M |
总债务IPGPTHRY
| Q1 26 | — | — | ||
| Q4 25 | — | $253.5M | ||
| Q3 25 | — | $268.2M | ||
| Q2 25 | — | $275.6M | ||
| Q1 25 | — | $299.0M | ||
| Q4 24 | — | $284.3M | ||
| Q3 24 | — | $307.8M | ||
| Q2 24 | — | $342.1M |
股东权益IPGPTHRY
| Q1 26 | — | $225.4M | ||
| Q4 25 | $2.1B | $218.1M | ||
| Q3 25 | $2.1B | $221.1M | ||
| Q2 25 | $2.1B | $214.9M | ||
| Q1 25 | $2.1B | $193.2M | ||
| Q4 24 | $2.0B | $196.9M | ||
| Q3 24 | $2.1B | $94.5M | ||
| Q2 24 | $2.3B | $183.1M |
总资产IPGPTHRY
| Q1 26 | — | $693.7M | ||
| Q4 25 | $2.4B | $688.6M | ||
| Q3 25 | $2.4B | $701.8M | ||
| Q2 25 | $2.4B | $687.7M | ||
| Q1 25 | $2.3B | $703.7M | ||
| Q4 24 | $2.3B | $712.2M | ||
| Q3 24 | $2.4B | $654.8M | ||
| Q2 24 | $2.5B | $785.5M |
负债/权益比IPGPTHRY
| Q1 26 | — | — | ||
| Q4 25 | — | 1.16× | ||
| Q3 25 | — | 1.21× | ||
| Q2 25 | — | 1.28× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 3.26× | ||
| Q2 24 | — | 1.87× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $-5.5M |
| 自由现金流率自由现金流/营收 | 4.0% | -3.3% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $43.3M |
8季度趋势，按日历期对齐
经营现金流IPGPTHRY
| Q1 26 | — | — | ||
| Q4 25 | $28.8M | $22.2M | ||
| Q3 25 | $35.3M | $22.2M | ||
| Q2 25 | $-2.2M | $29.6M | ||
| Q1 25 | $13.4M | $-10.5M | ||
| Q4 24 | $73.8M | $26.1M | ||
| Q3 24 | $66.1M | $36.0M | ||
| Q2 24 | $53.5M | $22.2M |
自由现金流IPGPTHRY
| Q1 26 | — | $-5.5M | ||
| Q4 25 | $10.9M | $12.3M | ||
| Q3 25 | $14.6M | $14.6M | ||
| Q2 25 | $-17.6M | $21.8M | ||
| Q1 25 | $-11.4M | $-17.6M | ||
| Q4 24 | $50.6M | $17.3M | ||
| Q3 24 | $43.0M | $27.5M | ||
| Q2 24 | $29.2M | $13.3M |
自由现金流率IPGPTHRY
| Q1 26 | — | -3.3% | ||
| Q4 25 | 4.0% | 6.4% | ||
| Q3 25 | 5.8% | 7.2% | ||
| Q2 25 | -7.0% | 10.4% | ||
| Q1 25 | -5.0% | -9.7% | ||
| Q4 24 | 21.6% | 9.3% | ||
| Q3 24 | 18.4% | 15.3% | ||
| Q2 24 | 11.3% | 5.9% |
资本支出强度IPGPTHRY
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 5.2% | ||
| Q3 25 | 8.3% | 3.8% | ||
| Q2 25 | 6.1% | 3.7% | ||
| Q1 25 | 10.9% | 3.9% | ||
| Q4 24 | 9.9% | 4.7% | ||
| Q3 24 | 9.9% | 4.7% | ||
| Q2 24 | 9.4% | 4.0% |
现金转化率IPGPTHRY
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 3.93× | ||
| Q2 25 | -0.34× | 2.12× | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | 3.32× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | 4.01× |
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% |
THRY
| SaaS | $116.7M | 70% |
| Other | $50.9M | 30% |
