vs
IPG PHOTONICS CORP（IPGP）与Upstart Holdings, Inc.（UPST）财务数据对比。点击上方公司名可切换其他公司
Upstart Holdings, Inc.的季度营收约是IPG PHOTONICS CORP的1.1倍（$308.2M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs -2.2%，领先7.0%），Upstart Holdings, Inc.同比增速更快（44.4% vs 17.1%），过去两年Upstart Holdings, Inc.的营收复合增速更高（55.4% 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。
Upstart是一家AI信贷平台服务商，与银行及信用合作社合作，将教育背景、就业情况等非传统指标纳入信用评估模型，更精准地预测借款人的信用状况，为用户提供消费贷款服务，助力金融机构提升信贷效率、扩大服务覆盖范围。
IPGP vs UPST — 直观对比
营收规模更大
UPST
是对方的1.1倍
$274.5M
营收增速更快
UPST
高出27.3%
17.1%
净利率更高
IPGP
高出7.0%
-2.2%
两年增速更快
UPST
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $308.2M |
| 净利润 | $13.3M | $-6.6M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | -2.4% |
| 净利率 | 4.8% | -2.2% |
| 营收同比 | 17.1% | 44.4% |
| 净利润同比 | 69.8% | -171.6% |
| 每股收益（稀释后） | $0.30 | $-0.07 |
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IPGPUPST
| Q1 26 | — | $308.2M | ||
| Q4 25 | $274.5M | $296.1M | ||
| Q3 25 | $250.8M | $277.1M | ||
| Q2 25 | $250.7M | $257.3M | ||
| Q1 25 | $227.8M | $213.4M | ||
| Q4 24 | $234.3M | $219.0M | ||
| Q3 24 | $233.1M | $162.1M | ||
| Q2 24 | $257.6M | $127.6M |
净利润IPGPUPST
| Q1 26 | — | $-6.6M | ||
| Q4 25 | $13.3M | $18.6M | ||
| Q3 25 | $7.5M | $31.8M | ||
| Q2 25 | $6.6M | $5.6M | ||
| Q1 25 | $3.8M | $-2.4M | ||
| Q4 24 | $7.8M | $-2.8M | ||
| Q3 24 | $-233.6M | $-6.8M | ||
| Q2 24 | $20.2M | $-54.5M |
毛利率IPGPUPST
| Q1 26 | — | — | ||
| 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% | — |
营业利润率IPGPUPST
| Q1 26 | — | -2.4% | ||
| Q4 25 | 1.2% | 6.4% | ||
| Q3 25 | 3.1% | 8.5% | ||
| Q2 25 | 0.0% | 1.8% | ||
| Q1 25 | 0.8% | -2.1% | ||
| Q4 24 | 6.0% | -2.2% | ||
| Q3 24 | -108.7% | -27.8% | ||
| Q2 24 | 4.7% | -43.5% |
净利率IPGPUPST
| Q1 26 | — | -2.2% | ||
| Q4 25 | 4.8% | 6.3% | ||
| Q3 25 | 3.0% | 11.5% | ||
| Q2 25 | 2.6% | 2.2% | ||
| Q1 25 | 1.6% | -1.1% | ||
| Q4 24 | 3.3% | -1.3% | ||
| Q3 24 | -100.2% | -4.2% | ||
| Q2 24 | 7.8% | -42.7% |
每股收益（稀释后）IPGPUPST
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $0.30 | $0.20 | ||
| Q3 25 | $0.18 | $0.23 | ||
| Q2 25 | $0.16 | $0.05 | ||
| Q1 25 | $0.09 | $-0.03 | ||
| Q4 24 | $0.27 | $-0.01 | ||
| Q3 24 | $-5.33 | $-0.07 | ||
| Q2 24 | $0.45 | $-0.62 |
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 | $472.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $733.2M |
| 总资产 | $2.4B | $3.0B |
| 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IPGPUPST
| Q1 26 | — | $472.9M | ||
| Q4 25 | $839.3M | $652.4M | ||
| Q3 25 | $870.4M | $489.8M | ||
| Q2 25 | $899.6M | $395.9M | ||
| Q1 25 | $926.9M | $599.8M | ||
| Q4 24 | $930.2M | $788.4M | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.1B | — |
股东权益IPGPUPST
| Q1 26 | — | $733.2M | ||
| Q4 25 | $2.1B | $798.8M | ||
| Q3 25 | $2.1B | $743.7M | ||
| Q2 25 | $2.1B | $722.0M | ||
| Q1 25 | $2.1B | $676.6M | ||
| Q4 24 | $2.0B | $633.2M | ||
| Q3 24 | $2.1B | $595.5M | ||
| Q2 24 | $2.3B | $594.7M |
总资产IPGPUPST
| Q1 26 | — | $3.0B | ||
| Q4 25 | $2.4B | $3.0B | ||
| Q3 25 | $2.4B | $2.9B | ||
| Q2 25 | $2.4B | $2.5B | ||
| Q1 25 | $2.3B | $2.3B | ||
| Q4 24 | $2.3B | $2.4B | ||
| Q3 24 | $2.4B | $1.8B | ||
| Q2 24 | $2.5B | $1.8B |
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 | $-133.3M |
| 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× | — |
| 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IPGPUPST
| Q1 26 | — | $-133.3M | ||
| Q4 25 | $28.8M | $108.6M | ||
| Q3 25 | $35.3M | $-122.6M | ||
| Q2 25 | $-2.2M | $-120.2M | ||
| Q1 25 | $13.4M | $-13.5M | ||
| Q4 24 | $73.8M | $-110.9M | ||
| Q3 24 | $66.1M | $179.3M | ||
| Q2 24 | $53.5M | $65.3M |
自由现金流IPGPUPST
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $108.4M | ||
| Q3 25 | $14.6M | $-122.7M | ||
| Q2 25 | $-17.6M | $-120.3M | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $50.6M | — | ||
| Q3 24 | $43.0M | $179.2M | ||
| Q2 24 | $29.2M | $65.3M |
自由现金流率IPGPUPST
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 36.6% | ||
| Q3 25 | 5.8% | -44.3% | ||
| Q2 25 | -7.0% | -46.7% | ||
| Q1 25 | -5.0% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 18.4% | 110.5% | ||
| Q2 24 | 11.3% | 51.1% |
资本支出强度IPGPUPST
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 0.1% | ||
| Q3 25 | 8.3% | 0.0% | ||
| Q2 25 | 6.1% | 0.0% | ||
| Q1 25 | 10.9% | 0.0% | ||
| Q4 24 | 9.9% | 0.0% | ||
| Q3 24 | 9.9% | 0.1% | ||
| Q2 24 | 9.4% | 0.0% |
现金转化率IPGPUPST
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | 5.82× | ||
| Q3 25 | 4.73× | -3.86× | ||
| Q2 25 | -0.34× | -21.43× | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | — |
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% |
UPST
| Platform and referral fees, net | $224.6M | 73% |
| Servicing and other fees, net | $52.4M | 17% |
| Other | $31.2M | 10% |
