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IPG PHOTONICS CORP（IPGP）与LendingTree, Inc.（TREE）财务数据对比。点击上方公司名可切换其他公司
LendingTree, Inc.的季度营收约是IPG PHOTONICS CORP的1.2倍（$327.3M vs $274.5M），LendingTree, Inc.净利率更高（5.3% vs 4.8%，领先0.5%），IPG PHOTONICS CORP同比增速更快（17.1% vs 2.4%），过去两年LendingTree, Inc.的营收复合增速更高（24.8% 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。
LendingTree, Inc.是1996年成立的在线借贷交易平台，总部位于北卡罗来纳州夏洛特。该平台对接潜在借款用户与多家贷款机构，可提供贷款、信用卡、存款账户、保险等多种金融产品服务，支持用户对比不同机构的利率与条款，还配套提供金融工具、贷款查询及借贷相关资讯服务。
IPGP vs TREE — 直观对比
营收规模更大
TREE
是对方的1.2倍
$274.5M
营收增速更快
IPGP
高出14.7%
2.4%
净利率更高
TREE
高出0.5%
4.8%
两年增速更快
TREE
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $327.3M |
| 净利润 | $13.3M | $17.3M |
| 毛利率 | 36.1% | 100.0% |
| 营业利润率 | 1.2% | 9.5% |
| 净利率 | 4.8% | 5.3% |
| 营收同比 | 17.1% | 2.4% |
| 净利润同比 | 69.8% | 239.5% |
| 每股收益（稀释后） | $0.30 | $1.22 |
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IPGPTREE
| Q1 26 | — | $327.3M | ||
| Q4 25 | $274.5M | $319.7M | ||
| Q3 25 | $250.8M | $307.8M | ||
| Q2 25 | $250.7M | $250.1M | ||
| Q1 25 | $227.8M | $239.7M | ||
| Q4 24 | $234.3M | $261.5M | ||
| Q3 24 | $233.1M | $260.8M | ||
| Q2 24 | $257.6M | $210.1M |
净利润IPGPTREE
| Q1 26 | — | $17.3M | ||
| Q4 25 | $13.3M | $144.7M | ||
| Q3 25 | $7.5M | $10.2M | ||
| Q2 25 | $6.6M | $8.9M | ||
| Q1 25 | $3.8M | $-12.4M | ||
| Q4 24 | $7.8M | $7.5M | ||
| Q3 24 | $-233.6M | $-58.0M | ||
| Q2 24 | $20.2M | $7.8M |
毛利率IPGPTREE
| Q1 26 | — | 100.0% | ||
| Q4 25 | 36.1% | 29.2% | ||
| Q3 25 | 39.5% | 30.7% | ||
| Q2 25 | 37.3% | 34.0% | ||
| Q1 25 | 39.4% | 32.9% | ||
| Q4 24 | 38.6% | 33.6% | ||
| Q3 24 | 23.2% | 30.2% | ||
| Q2 24 | 37.3% | 34.5% |
营业利润率IPGPTREE
| Q1 26 | — | 9.5% | ||
| Q4 25 | 1.2% | 7.0% | ||
| Q3 25 | 3.1% | 9.3% | ||
| Q2 25 | 0.0% | 8.4% | ||
| Q1 25 | 0.8% | -3.0% | ||
| Q4 24 | 6.0% | 6.9% | ||
| Q3 24 | -108.7% | 3.8% | ||
| Q2 24 | 4.7% | 4.6% |
净利率IPGPTREE
| Q1 26 | — | 5.3% | ||
| Q4 25 | 4.8% | 45.2% | ||
| Q3 25 | 3.0% | 3.3% | ||
| Q2 25 | 2.6% | 3.5% | ||
| Q1 25 | 1.6% | -5.2% | ||
| Q4 24 | 3.3% | 2.9% | ||
| Q3 24 | -100.2% | -22.2% | ||
| Q2 24 | 7.8% | 3.7% |
每股收益（稀释后）IPGPTREE
| Q1 26 | — | $1.22 | ||
| Q4 25 | $0.30 | $10.32 | ||
| Q3 25 | $0.18 | $0.73 | ||
| Q2 25 | $0.16 | $0.65 | ||
| Q1 25 | $0.09 | $-0.92 | ||
| Q4 24 | $0.27 | $0.54 | ||
| Q3 24 | $-5.33 | $-4.34 | ||
| Q2 24 | $0.45 | $0.58 |
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 | $85.5M |
| 总债务越低越好 | — | $390.9M |
| 股东权益账面价值 | $2.1B | $304.7M |
| 总资产 | $2.4B | $863.9M |
| 负债/权益比越低杠杆越低 | — | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资IPGPTREE
| Q1 26 | — | $85.5M | ||
| Q4 25 | $839.3M | $81.1M | ||
| Q3 25 | $870.4M | $68.6M | ||
| Q2 25 | $899.6M | $149.1M | ||
| Q1 25 | $926.9M | $126.4M | ||
| Q4 24 | $930.2M | $106.6M | ||
| Q3 24 | $1.0B | $96.8M | ||
| Q2 24 | $1.1B | $66.8M |
总债务IPGPTREE
| Q1 26 | — | $390.9M | ||
| Q4 25 | — | $387.7M | ||
| Q3 25 | — | $388.4M | ||
| Q2 25 | — | $385.1M | ||
| Q1 25 | — | $387.7M | ||
| Q4 24 | — | $344.1M | ||
| Q3 24 | — | $346.2M | ||
| Q2 24 | — | $467.7M |
股东权益IPGPTREE
| Q1 26 | — | $304.7M | ||
| Q4 25 | $2.1B | $286.8M | ||
| Q3 25 | $2.1B | $132.4M | ||
| Q2 25 | $2.1B | $118.1M | ||
| Q1 25 | $2.1B | $103.7M | ||
| Q4 24 | $2.0B | $108.8M | ||
| Q3 24 | $2.1B | $94.3M | ||
| Q2 24 | $2.3B | $145.8M |
总资产IPGPTREE
| Q1 26 | — | $863.9M | ||
| Q4 25 | $2.4B | $855.7M | ||
| Q3 25 | $2.4B | $759.9M | ||
| Q2 25 | $2.4B | $835.8M | ||
| Q1 25 | $2.3B | $777.1M | ||
| Q4 24 | $2.3B | $767.7M | ||
| Q3 24 | $2.4B | $787.2M | ||
| Q2 24 | $2.5B | $802.2M |
负债/权益比IPGPTREE
| Q1 26 | — | 1.28× | ||
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | 2.93× | ||
| Q2 25 | — | 3.26× | ||
| Q1 25 | — | 3.74× | ||
| Q4 24 | — | 3.16× | ||
| Q3 24 | — | 3.67× | ||
| Q2 24 | — | 3.21× |
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 | — |
| 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% | 0.8% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流IPGPTREE
| Q1 26 | — | — | ||
| Q4 25 | $28.8M | $73.1M | ||
| Q3 25 | $35.3M | $28.8M | ||
| Q2 25 | $-2.2M | $28.0M | ||
| Q1 25 | $13.4M | $-210.0K | ||
| Q4 24 | $73.8M | $62.3M | ||
| Q3 24 | $66.1M | $45.3M | ||
| Q2 24 | $53.5M | $-4.9M |
自由现金流IPGPTREE
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $60.7M | ||
| Q3 25 | $14.6M | $25.6M | ||
| Q2 25 | $-17.6M | $25.2M | ||
| Q1 25 | $-11.4M | $-3.6M | ||
| Q4 24 | $50.6M | $51.0M | ||
| Q3 24 | $43.0M | $42.3M | ||
| Q2 24 | $29.2M | $-7.7M |
自由现金流率IPGPTREE
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 19.0% | ||
| Q3 25 | 5.8% | 8.3% | ||
| Q2 25 | -7.0% | 10.1% | ||
| Q1 25 | -5.0% | -1.5% | ||
| Q4 24 | 21.6% | 19.5% | ||
| Q3 24 | 18.4% | 16.2% | ||
| Q2 24 | 11.3% | -3.7% |
资本支出强度IPGPTREE
| Q1 26 | — | 0.8% | ||
| Q4 25 | 6.5% | 3.9% | ||
| Q3 25 | 8.3% | 1.1% | ||
| Q2 25 | 6.1% | 1.1% | ||
| Q1 25 | 10.9% | 1.4% | ||
| Q4 24 | 9.9% | 4.3% | ||
| Q3 24 | 9.9% | 1.1% | ||
| Q2 24 | 9.4% | 1.3% |
现金转化率IPGPTREE
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | 0.51× | ||
| Q3 25 | 4.73× | 2.84× | ||
| Q2 25 | -0.34× | 3.15× | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | 8.29× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | -0.64× |
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% |
TREE
| Insurance segment | $221.9M | 68% |
| Consumer segment | $66.3M | 20% |
| Home segment | $39.1M | 12% |
