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IPG PHOTONICS CORP（IPGP）与VERRA MOBILITY Corp（VRRM）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VERRA MOBILITY Corp的1.2倍（$274.5M vs $223.6M），VERRA MOBILITY Corp净利率更高（12.0% vs 4.8%，领先7.1%），IPG PHOTONICS CORP同比增速更快（17.1% vs 0.1%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $9.6M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs 0.3%）
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。
Verra Mobility Corp是全球领先的智慧出行技术解决方案提供商，业务涵盖收费管理、停车与交通合规执法、车联网服务及车队管理工具，服务对象包括政府交通部门、租车运营商、商业车队所有者及汽车行业合作伙伴，覆盖北美、欧洲及亚太市场。
IPGP vs VRRM — 直观对比
营收规模更大
IPGP
是对方的1.2倍
$223.6M
营收增速更快
IPGP
高出17.0%
0.1%
净利率更高
VRRM
高出7.1%
4.8%
自由现金流更多
IPGP
多$1.3M
$9.6M
两年增速更快
IPGP
近两年复合增速
0.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $223.6M |
| 净利润 | $13.3M | $26.7M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 23.2% |
| 净利率 | 4.8% | 12.0% |
| 营收同比 | 17.1% | 0.1% |
| 净利润同比 | 69.8% | -17.3% |
| 每股收益（稀释后） | $0.30 | $0.17 |
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IPGPVRRM
| Q1 26 | — | $223.6M | ||
| Q4 25 | $274.5M | $257.9M | ||
| Q3 25 | $250.8M | $261.9M | ||
| Q2 25 | $250.7M | $236.0M | ||
| Q1 25 | $227.8M | $223.3M | ||
| Q4 24 | $234.3M | $221.5M | ||
| Q3 24 | $233.1M | $225.6M | ||
| Q2 24 | $257.6M | $222.4M |
净利润IPGPVRRM
| Q1 26 | — | $26.7M | ||
| Q4 25 | $13.3M | $18.9M | ||
| Q3 25 | $7.5M | $46.8M | ||
| Q2 25 | $6.6M | $38.6M | ||
| Q1 25 | $3.8M | $32.3M | ||
| Q4 24 | $7.8M | $-66.7M | ||
| Q3 24 | $-233.6M | $34.7M | ||
| Q2 24 | $20.2M | $34.2M |
毛利率IPGPVRRM
| 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IPGPVRRM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 1.2% | 16.7% | ||
| Q3 25 | 3.1% | 28.6% | ||
| Q2 25 | 0.0% | 26.8% | ||
| Q1 25 | 0.8% | 25.7% | ||
| Q4 24 | 6.0% | -19.6% | ||
| Q3 24 | -108.7% | 28.3% | ||
| Q2 24 | 4.7% | 27.5% |
净利率IPGPVRRM
| Q1 26 | — | 12.0% | ||
| Q4 25 | 4.8% | 7.3% | ||
| Q3 25 | 3.0% | 17.9% | ||
| Q2 25 | 2.6% | 16.3% | ||
| Q1 25 | 1.6% | 14.5% | ||
| Q4 24 | 3.3% | -30.1% | ||
| Q3 24 | -100.2% | 15.4% | ||
| Q2 24 | 7.8% | 15.4% |
每股收益（稀释后）IPGPVRRM
| Q1 26 | — | $0.17 | ||
| Q4 25 | $0.30 | $0.12 | ||
| Q3 25 | $0.18 | $0.29 | ||
| Q2 25 | $0.16 | $0.24 | ||
| Q1 25 | $0.09 | $0.20 | ||
| Q4 24 | $0.27 | $-0.39 | ||
| Q3 24 | $-5.33 | $0.21 | ||
| Q2 24 | $0.45 | $0.20 |
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 | $46.9M |
| 总债务越低越好 | — | $34.1M |
| 股东权益账面价值 | $2.1B | $272.0M |
| 总资产 | $2.4B | $1.7B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资IPGPVRRM
| Q1 26 | — | $46.9M | ||
| Q4 25 | $839.3M | $65.3M | ||
| Q3 25 | $870.4M | $196.1M | ||
| Q2 25 | $899.6M | $147.7M | ||
| Q1 25 | $926.9M | $108.5M | ||
| Q4 24 | $930.2M | $77.6M | ||
| Q3 24 | $1.0B | $206.1M | ||
| Q2 24 | $1.1B | $122.0M |
总债务IPGPVRRM
| Q1 26 | — | $34.1M | ||
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.0B |
股东权益IPGPVRRM
| Q1 26 | — | $272.0M | ||
| Q4 25 | $2.1B | $293.0M | ||
| Q3 25 | $2.1B | $403.1M | ||
| Q2 25 | $2.1B | $352.1M | ||
| Q1 25 | $2.1B | $299.6M | ||
| Q4 24 | $2.0B | $265.1M | ||
| Q3 24 | $2.1B | $486.5M | ||
| Q2 24 | $2.3B | $438.6M |
总资产IPGPVRRM
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.4B | $1.6B | ||
| Q3 25 | $2.4B | $1.8B | ||
| Q2 25 | $2.4B | $1.7B | ||
| Q1 25 | $2.3B | $1.6B | ||
| Q4 24 | $2.3B | $1.6B | ||
| Q3 24 | $2.4B | $1.9B | ||
| Q2 24 | $2.5B | $1.8B |
负债/权益比IPGPVRRM
| Q1 26 | — | 0.13× | ||
| Q4 25 | — | 3.51× | ||
| Q3 25 | — | 2.55× | ||
| Q2 25 | — | 2.93× | ||
| Q1 25 | — | 3.45× | ||
| Q4 24 | — | 3.90× | ||
| Q3 24 | — | 2.13× | ||
| Q2 24 | — | 2.36× |
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 | $40.8M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $9.6M |
| 自由现金流率自由现金流/营收 | 4.0% | 4.3% |
| 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× | 1.53× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $104.6M |
8季度趋势，按日历期对齐
经营现金流IPGPVRRM
| Q1 26 | — | $40.8M | ||
| Q4 25 | $28.8M | $40.0M | ||
| Q3 25 | $35.3M | $77.7M | ||
| Q2 25 | $-2.2M | $75.1M | ||
| Q1 25 | $13.4M | $63.0M | ||
| Q4 24 | $73.8M | $40.5M | ||
| Q3 24 | $66.1M | $108.8M | ||
| Q2 24 | $53.5M | $40.0M |
自由现金流IPGPVRRM
| Q1 26 | — | $9.6M | ||
| Q4 25 | $10.9M | $5.7M | ||
| Q3 25 | $14.6M | $49.0M | ||
| Q2 25 | $-17.6M | $40.3M | ||
| Q1 25 | $-11.4M | $41.7M | ||
| Q4 24 | $50.6M | $21.6M | ||
| Q3 24 | $43.0M | $85.1M | ||
| Q2 24 | $29.2M | $26.0M |
自由现金流率IPGPVRRM
| Q1 26 | — | 4.3% | ||
| Q4 25 | 4.0% | 2.2% | ||
| Q3 25 | 5.8% | 18.7% | ||
| Q2 25 | -7.0% | 17.1% | ||
| Q1 25 | -5.0% | 18.7% | ||
| Q4 24 | 21.6% | 9.8% | ||
| Q3 24 | 18.4% | 37.7% | ||
| Q2 24 | 11.3% | 11.7% |
资本支出强度IPGPVRRM
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 13.3% | ||
| Q3 25 | 8.3% | 11.0% | ||
| Q2 25 | 6.1% | 14.8% | ||
| Q1 25 | 10.9% | 9.5% | ||
| Q4 24 | 9.9% | 8.5% | ||
| Q3 24 | 9.9% | 10.5% | ||
| Q2 24 | 9.4% | 6.3% |
现金转化率IPGPVRRM
| Q1 26 | — | 1.53× | ||
| Q4 25 | 2.17× | 2.12× | ||
| Q3 25 | 4.73× | 1.66× | ||
| Q2 25 | -0.34× | 1.95× | ||
| Q1 25 | 3.58× | 1.95× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 3.13× | ||
| Q2 24 | 2.65× | 1.17× |
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% |
VRRM
| Government Solutions segment generated total | $105.3M | 47% |
| Commercial Services segment generated total | $97.8M | 44% |
| Parking Solutions segment generated total | $20.4M | 9% |
