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IPG PHOTONICS CORP（IPGP）与USA Compression Partners, LP（USAC）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USA Compression Partners, LP的1.1倍（$274.5M vs $252.5M），USA Compression Partners, LP净利率更高（11.0% vs 4.8%，领先6.2%），IPG PHOTONICS CORP同比增速更快（17.1% vs 2.7%），USA Compression Partners, LP自由现金流更多（$87.7M vs $10.9M），过去两年USA Compression Partners, LP的营收复合增速更高（4.9% 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。
USA Compression Partners, LP是一家总部位于美国的天然气压缩服务供应商，服务覆盖油气行业上游、中游及下游领域，提供定制化压缩系统、设备维护与运营支持，助力天然气生产、加工和运输环节高效运转。
IPGP vs USAC — 直观对比
营收规模更大
IPGP
是对方的1.1倍
$252.5M
营收增速更快
IPGP
高出14.4%
2.7%
净利率更高
USAC
高出6.2%
4.8%
自由现金流更多
USAC
多$76.8M
$10.9M
两年增速更快
USAC
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $252.5M |
| 净利润 | $13.3M | $27.8M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 30.3% |
| 净利率 | 4.8% | 11.0% |
| 营收同比 | 17.1% | 2.7% |
| 净利润同比 | 69.8% | 9.1% |
| 每股收益（稀释后） | $0.30 | — |
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IPGPUSAC
| Q4 25 | $274.5M | $252.5M | ||
| Q3 25 | $250.8M | $250.3M | ||
| Q2 25 | $250.7M | $250.1M | ||
| Q1 25 | $227.8M | $245.2M | ||
| Q4 24 | $234.3M | $245.9M | ||
| Q3 24 | $233.1M | $240.0M | ||
| Q2 24 | $257.6M | $235.3M | ||
| Q1 24 | $252.0M | $229.3M |
净利润IPGPUSAC
| Q4 25 | $13.3M | $27.8M | ||
| Q3 25 | $7.5M | $34.5M | ||
| Q2 25 | $6.6M | $28.6M | ||
| Q1 25 | $3.8M | $20.5M | ||
| Q4 24 | $7.8M | $25.4M | ||
| Q3 24 | $-233.6M | $19.3M | ||
| Q2 24 | $20.2M | $31.2M | ||
| Q1 24 | $24.1M | $23.6M |
毛利率IPGPUSAC
| 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IPGPUSAC
| Q4 25 | 1.2% | 30.3% | ||
| Q3 25 | 3.1% | 33.5% | ||
| Q2 25 | 0.0% | 30.6% | ||
| Q1 25 | 0.8% | 28.3% | ||
| Q4 24 | 6.0% | 30.3% | ||
| Q3 24 | -108.7% | 31.5% | ||
| Q2 24 | 4.7% | 32.9% | ||
| Q1 24 | 7.6% | 29.2% |
净利率IPGPUSAC
| Q4 25 | 4.8% | 11.0% | ||
| Q3 25 | 3.0% | 13.8% | ||
| Q2 25 | 2.6% | 11.4% | ||
| Q1 25 | 1.6% | 8.4% | ||
| Q4 24 | 3.3% | 10.3% | ||
| Q3 24 | -100.2% | 8.1% | ||
| Q2 24 | 7.8% | 13.3% | ||
| Q1 24 | 9.6% | 10.3% |
每股收益（稀释后）IPGPUSAC
| Q4 25 | $0.30 | — | ||
| Q3 25 | $0.18 | — | ||
| Q2 25 | $0.16 | — | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $-5.33 | — | ||
| Q2 24 | $0.45 | — | ||
| Q1 24 | $0.52 | — |
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 | $8.6M |
| 总债务越低越好 | — | $2.5B |
| 股东权益账面价值 | $2.1B | — |
| 总资产 | $2.4B | $2.6B |
| 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IPGPUSAC
| Q4 25 | $839.3M | $8.6M | ||
| Q3 25 | $870.4M | — | ||
| Q2 25 | $899.6M | $2.0K | ||
| Q1 25 | $926.9M | $2.0K | ||
| Q4 24 | $930.2M | $14.0K | ||
| Q3 24 | $1.0B | $79.0K | ||
| Q2 24 | $1.1B | $9.0K | ||
| Q1 24 | $1.1B | $8.0K |
总债务IPGPUSAC
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.5B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.5B |
股东权益IPGPUSAC
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | — |
总资产IPGPUSAC
| Q4 25 | $2.4B | $2.6B | ||
| Q3 25 | $2.4B | $2.7B | ||
| Q2 25 | $2.4B | $2.7B | ||
| Q1 25 | $2.3B | $2.7B | ||
| Q4 24 | $2.3B | $2.7B | ||
| Q3 24 | $2.4B | $2.8B | ||
| Q2 24 | $2.5B | $2.8B | ||
| Q1 24 | $2.6B | $2.8B |
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 | $139.5M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $87.7M |
| 自由现金流率自由现金流/营收 | 4.0% | 34.8% |
| 资本支出强度资本支出/营收 | 6.5% | 20.5% |
| 现金转化率经营现金流/净利润 | 2.17× | 5.02× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $277.0M |
8季度趋势，按日历期对齐
经营现金流IPGPUSAC
| Q4 25 | $28.8M | $139.5M | ||
| Q3 25 | $35.3M | $75.9M | ||
| Q2 25 | $-2.2M | $124.2M | ||
| Q1 25 | $13.4M | $54.7M | ||
| Q4 24 | $73.8M | $130.2M | ||
| Q3 24 | $66.1M | $48.5M | ||
| Q2 24 | $53.5M | $96.7M | ||
| Q1 24 | $54.6M | $65.9M |
自由现金流IPGPUSAC
| Q4 25 | $10.9M | $87.7M | ||
| Q3 25 | $14.6M | $51.9M | ||
| Q2 25 | $-17.6M | $101.1M | ||
| Q1 25 | $-11.4M | $36.3M | ||
| Q4 24 | $50.6M | $101.2M | ||
| Q3 24 | $43.0M | $19.8M | ||
| Q2 24 | $29.2M | $48.2M | ||
| Q1 24 | $26.5M | $-32.7M |
自由现金流率IPGPUSAC
| Q4 25 | 4.0% | 34.8% | ||
| Q3 25 | 5.8% | 20.7% | ||
| Q2 25 | -7.0% | 40.4% | ||
| Q1 25 | -5.0% | 14.8% | ||
| Q4 24 | 21.6% | 41.1% | ||
| Q3 24 | 18.4% | 8.2% | ||
| Q2 24 | 11.3% | 20.5% | ||
| Q1 24 | 10.5% | -14.3% |
资本支出强度IPGPUSAC
| Q4 25 | 6.5% | 20.5% | ||
| Q3 25 | 8.3% | 9.6% | ||
| Q2 25 | 6.1% | 9.3% | ||
| Q1 25 | 10.9% | 7.5% | ||
| Q4 24 | 9.9% | 11.8% | ||
| Q3 24 | 9.9% | 12.0% | ||
| Q2 24 | 9.4% | 20.6% | ||
| Q1 24 | 11.1% | 43.0% |
现金转化率IPGPUSAC
| Q4 25 | 2.17× | 5.02× | ||
| Q3 25 | 4.73× | 2.20× | ||
| Q2 25 | -0.34× | 4.35× | ||
| Q1 25 | 3.58× | 2.66× | ||
| Q4 24 | 9.44× | 5.12× | ||
| Q3 24 | — | 2.51× | ||
| Q2 24 | 2.65× | 3.10× | ||
| Q1 24 | 2.27× | 2.80× |
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% |
USAC
| Revenue From Contract Operations Excluding Revenue From Related Party | $231.7M | 92% |
| Entities Affiliated With Energy Transfer LP | $16.6M | 7% |
| Transferred At Point In Time | $5.4M | 2% |
