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IPG PHOTONICS CORP（IPGP）与Texas Pacific Land Corporation（TPL）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Texas Pacific Land Corporation的1.3倍（$274.5M vs $211.6M），Texas Pacific Land Corporation净利率更高（58.3% vs 4.8%，领先53.5%），IPG PHOTONICS CORP同比增速更快（17.1% vs 13.9%），过去两年Texas Pacific Land Corporation的营收复合增速更高（10.2% 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。
Texas Pacific Land Corporation（简称TPL）是一家公开上市的不动产运营企业，行政总部位于美国得克萨斯州达拉斯市。公司在得州西部20个郡拥有逾88万英亩（约3600平方公里）土地，是得州规模最大的私人土地所有者之一，前身为得克萨斯太平洋土地信托。
IPGP vs TPL — 直观对比
营收规模更大
IPGP
是对方的1.3倍
$211.6M
营收增速更快
IPGP
高出3.2%
13.9%
净利率更高
TPL
高出53.5%
4.8%
两年增速更快
TPL
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $211.6M |
| 净利润 | $13.3M | $123.3M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 70.5% |
| 净利率 | 4.8% | 58.3% |
| 营收同比 | 17.1% | 13.9% |
| 净利润同比 | 69.8% | 4.2% |
| 每股收益（稀释后） | $0.30 | $-8.59 |
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IPGPTPL
| Q4 25 | $274.5M | $211.6M | ||
| Q3 25 | $250.8M | $203.1M | ||
| Q2 25 | $250.7M | $187.5M | ||
| Q1 25 | $227.8M | $196.0M | ||
| Q4 24 | $234.3M | $185.8M | ||
| Q3 24 | $233.1M | $173.6M | ||
| Q2 24 | $257.6M | $172.3M | ||
| Q1 24 | $252.0M | $174.1M |
净利润IPGPTPL
| Q4 25 | $13.3M | $123.3M | ||
| Q3 25 | $7.5M | $121.2M | ||
| Q2 25 | $6.6M | $116.1M | ||
| Q1 25 | $3.8M | $120.7M | ||
| Q4 24 | $7.8M | $118.4M | ||
| Q3 24 | $-233.6M | $106.6M | ||
| Q2 24 | $20.2M | $114.6M | ||
| Q1 24 | $24.1M | $114.4M |
毛利率IPGPTPL
| 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IPGPTPL
| Q4 25 | 1.2% | 70.5% | ||
| Q3 25 | 3.1% | 73.4% | ||
| Q2 25 | 0.0% | 76.6% | ||
| Q1 25 | 0.8% | 76.6% | ||
| Q4 24 | 6.0% | 76.7% | ||
| Q3 24 | -108.7% | 73.4% | ||
| Q2 24 | 4.7% | 77.3% | ||
| Q1 24 | 7.6% | 78.1% |
净利率IPGPTPL
| Q4 25 | 4.8% | 58.3% | ||
| Q3 25 | 3.0% | 59.7% | ||
| Q2 25 | 2.6% | 61.9% | ||
| Q1 25 | 1.6% | 61.6% | ||
| Q4 24 | 3.3% | 63.7% | ||
| Q3 24 | -100.2% | 61.4% | ||
| Q2 24 | 7.8% | 66.5% | ||
| Q1 24 | 9.6% | 65.7% |
每股收益（稀释后）IPGPTPL
| Q4 25 | $0.30 | $-8.59 | ||
| Q3 25 | $0.18 | $5.27 | ||
| Q2 25 | $0.16 | $5.05 | ||
| Q1 25 | $0.09 | $5.24 | ||
| Q4 24 | $0.27 | $5.14 | ||
| Q3 24 | $-5.33 | $4.63 | ||
| Q2 24 | $0.45 | $4.98 | ||
| Q1 24 | $0.52 | $4.97 |
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 | $144.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $1.5B |
| 总资产 | $2.4B | $1.6B |
| 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IPGPTPL
| Q4 25 | $839.3M | $144.8M | ||
| Q3 25 | $870.4M | $531.8M | ||
| Q2 25 | $899.6M | $543.9M | ||
| Q1 25 | $926.9M | $460.4M | ||
| Q4 24 | $930.2M | $369.8M | ||
| Q3 24 | $1.0B | $533.9M | ||
| Q2 24 | $1.1B | $894.7M | ||
| Q1 24 | $1.1B | $837.1M |
股东权益IPGPTPL
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.1B | $1.4B | ||
| Q2 25 | $2.1B | $1.3B | ||
| Q1 25 | $2.1B | $1.2B | ||
| Q4 24 | $2.0B | $1.1B | ||
| Q3 24 | $2.1B | $1.1B | ||
| Q2 24 | $2.3B | $1.2B | ||
| Q1 24 | $2.3B | $1.1B |
总资产IPGPTPL
| Q4 25 | $2.4B | $1.6B | ||
| Q3 25 | $2.4B | $1.5B | ||
| Q2 25 | $2.4B | $1.4B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $2.3B | $1.2B | ||
| Q3 24 | $2.4B | $1.2B | ||
| Q2 24 | $2.5B | $1.3B | ||
| Q1 24 | $2.6B | $1.3B |
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 | $113.7M |
| 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× | 0.92× |
| 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IPGPTPL
| Q4 25 | $28.8M | $113.7M | ||
| Q3 25 | $35.3M | $154.6M | ||
| Q2 25 | $-2.2M | $120.9M | ||
| Q1 25 | $13.4M | $156.7M | ||
| Q4 24 | $73.8M | $126.6M | ||
| Q3 24 | $66.1M | $118.6M | ||
| Q2 24 | $53.5M | $98.3M | ||
| Q1 24 | $54.6M | $147.2M |
自由现金流IPGPTPL
| 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IPGPTPL
| 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IPGPTPL
| 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IPGPTPL
| Q4 25 | 2.17× | 0.92× | ||
| Q3 25 | 4.73× | 1.28× | ||
| Q2 25 | -0.34× | 1.04× | ||
| Q1 25 | 3.58× | 1.30× | ||
| Q4 24 | 9.44× | 1.07× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | 2.65× | 0.86× | ||
| Q1 24 | 2.27× | 1.29× |
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% |
TPL
| Water Serviceand Operations Segment | $98.2M | 46% |
| Water Sales And Royalties | $60.7M | 29% |
| Produced Water Royalties | $33.5M | 16% |
| Easementand Sundry | $20.6M | 10% |
