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IPG PHOTONICS CORP（IPGP）与VIRTUS INVESTMENT PARTNERS, INC.（VRTS）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VIRTUS INVESTMENT PARTNERS, INC.的1.3倍（$274.5M vs $208.0M），VIRTUS INVESTMENT PARTNERS, INC.净利率更高（16.3% vs 4.8%，领先11.4%），IPG PHOTONICS CORP同比增速更快（17.1% vs -10.9%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-74.1M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -3.2%）
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。
Virtus Investment Partners是一家美国多管理人资产管理企业，旗下汇集多家具备独立投资流程与自有品牌的关联投资管理人，同时也提供非关联子投资顾问服务，为客户提供多元化的资产管理解决方案。
IPGP vs VRTS — 直观对比
营收规模更大
IPGP
是对方的1.3倍
$208.0M
营收增速更快
IPGP
高出28.0%
-10.9%
净利率更高
VRTS
高出11.4%
4.8%
自由现金流更多
IPGP
多$85.0M
$-74.1M
两年增速更快
IPGP
近两年复合增速
-3.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $208.0M |
| 净利润 | $13.3M | $33.9M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | 19.1% |
| 净利率 | 4.8% | 16.3% |
| 营收同比 | 17.1% | -10.9% |
| 净利润同比 | 69.8% | -14.2% |
| 每股收益（稀释后） | $0.30 | $5.15 |
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IPGPVRTS
| Q4 25 | $274.5M | $208.0M | ||
| Q3 25 | $250.8M | $216.4M | ||
| Q2 25 | $250.7M | $210.5M | ||
| Q1 25 | $227.8M | $217.9M | ||
| Q4 24 | $234.3M | $233.5M | ||
| Q3 24 | $233.1M | $227.0M | ||
| Q2 24 | $257.6M | $224.4M | ||
| Q1 24 | $252.0M | $222.0M |
净利润IPGPVRTS
| Q4 25 | $13.3M | $33.9M | ||
| Q3 25 | $7.5M | $31.3M | ||
| Q2 25 | $6.6M | $42.7M | ||
| Q1 25 | $3.8M | $28.1M | ||
| Q4 24 | $7.8M | $39.5M | ||
| Q3 24 | $-233.6M | $49.1M | ||
| Q2 24 | $20.2M | $26.0M | ||
| Q1 24 | $24.1M | $37.9M |
毛利率IPGPVRTS
| 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IPGPVRTS
| Q4 25 | 1.2% | 19.1% | ||
| Q3 25 | 3.1% | 21.7% | ||
| Q2 25 | 0.0% | 21.5% | ||
| Q1 25 | 0.8% | 16.8% | ||
| Q4 24 | 6.0% | 21.7% | ||
| Q3 24 | -108.7% | 24.3% | ||
| Q2 24 | 4.7% | 19.7% | ||
| Q1 24 | 7.6% | 14.5% |
净利率IPGPVRTS
| Q4 25 | 4.8% | 16.3% | ||
| Q3 25 | 3.0% | 14.5% | ||
| Q2 25 | 2.6% | 20.3% | ||
| Q1 25 | 1.6% | 12.9% | ||
| Q4 24 | 3.3% | 16.9% | ||
| Q3 24 | -100.2% | 21.6% | ||
| Q2 24 | 7.8% | 11.6% | ||
| Q1 24 | 9.6% | 17.1% |
每股收益（稀释后）IPGPVRTS
| Q4 25 | $0.30 | $5.15 | ||
| Q3 25 | $0.18 | $4.65 | ||
| Q2 25 | $0.16 | $6.12 | ||
| Q1 25 | $0.09 | $4.05 | ||
| Q4 24 | $0.27 | $4.65 | ||
| Q3 24 | $-5.33 | $5.71 | ||
| Q2 24 | $0.45 | $2.43 | ||
| Q1 24 | $0.52 | $4.10 |
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 | — |
| 总债务越低越好 | — | $390.0M |
| 股东权益账面价值 | $2.1B | $934.0M |
| 总资产 | $2.4B | $4.3B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资IPGPVRTS
| Q4 25 | $839.3M | — | ||
| Q3 25 | $870.4M | — | ||
| Q2 25 | $899.6M | — | ||
| Q1 25 | $926.9M | — | ||
| Q4 24 | $930.2M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
总债务IPGPVRTS
| Q4 25 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M | ||
| Q1 24 | — | $253.0M |
股东权益IPGPVRTS
| Q4 25 | $2.1B | $934.0M | ||
| Q3 25 | $2.1B | $918.7M | ||
| Q2 25 | $2.1B | $896.4M | ||
| Q1 25 | $2.1B | $893.7M | ||
| Q4 24 | $2.0B | $897.5M | ||
| Q3 24 | $2.1B | $889.0M | ||
| Q2 24 | $2.3B | $868.7M | ||
| Q1 24 | $2.3B | $871.7M |
总资产IPGPVRTS
| Q4 25 | $2.4B | $4.3B | ||
| Q3 25 | $2.4B | $3.9B | ||
| Q2 25 | $2.4B | $3.7B | ||
| Q1 25 | $2.3B | $3.7B | ||
| Q4 24 | $2.3B | $4.0B | ||
| Q3 24 | $2.4B | $3.6B | ||
| Q2 24 | $2.5B | $3.6B | ||
| Q1 24 | $2.6B | $3.5B |
负债/权益比IPGPVRTS
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× | ||
| Q1 24 | — | 0.29× |
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 | $-67.2M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $-74.1M |
| 自由现金流率自由现金流/营收 | 4.0% | -35.6% |
| 资本支出强度资本支出/营收 | 6.5% | 3.3% |
| 现金转化率经营现金流/净利润 | 2.17× | -1.99× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $100.2M |
8季度趋势，按日历期对齐
经营现金流IPGPVRTS
| Q4 25 | $28.8M | $-67.2M | ||
| Q3 25 | $35.3M | $108.3M | ||
| Q2 25 | $-2.2M | $75.8M | ||
| Q1 25 | $13.4M | $-3.8M | ||
| Q4 24 | $73.8M | $1.8M | ||
| Q3 24 | $66.1M | $69.1M | ||
| Q2 24 | $53.5M | $70.0M | ||
| Q1 24 | $54.6M | $-34.5M |
自由现金流IPGPVRTS
| Q4 25 | $10.9M | $-74.1M | ||
| Q3 25 | $14.6M | $106.9M | ||
| Q2 25 | $-17.6M | $74.2M | ||
| Q1 25 | $-11.4M | $-6.8M | ||
| Q4 24 | $50.6M | $-3.8M | ||
| Q3 24 | $43.0M | $68.7M | ||
| Q2 24 | $29.2M | $68.6M | ||
| Q1 24 | $26.5M | $-36.5M |
自由现金流率IPGPVRTS
| Q4 25 | 4.0% | -35.6% | ||
| Q3 25 | 5.8% | 49.4% | ||
| Q2 25 | -7.0% | 35.2% | ||
| Q1 25 | -5.0% | -3.1% | ||
| Q4 24 | 21.6% | -1.6% | ||
| Q3 24 | 18.4% | 30.3% | ||
| Q2 24 | 11.3% | 30.6% | ||
| Q1 24 | 10.5% | -16.4% |
资本支出强度IPGPVRTS
| Q4 25 | 6.5% | 3.3% | ||
| Q3 25 | 8.3% | 0.7% | ||
| Q2 25 | 6.1% | 0.7% | ||
| Q1 25 | 10.9% | 1.4% | ||
| Q4 24 | 9.9% | 2.4% | ||
| Q3 24 | 9.9% | 0.2% | ||
| Q2 24 | 9.4% | 0.6% | ||
| Q1 24 | 11.1% | 0.9% |
现金转化率IPGPVRTS
| Q4 25 | 2.17× | -1.99× | ||
| Q3 25 | 4.73× | 3.45× | ||
| Q2 25 | -0.34× | 1.77× | ||
| Q1 25 | 3.58× | -0.13× | ||
| Q4 24 | 9.44× | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | 2.65× | 2.69× | ||
| Q1 24 | 2.27× | -0.91× |
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% |
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
