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IPG PHOTONICS CORP（IPGP）与Walker & Dunlop, Inc.（WD）财务数据对比。点击上方公司名可切换其他公司
Walker & Dunlop, Inc.的季度营收约是IPG PHOTONICS CORP的1.2倍（$340.0M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs -12.9%，领先17.7%），IPG PHOTONICS CORP同比增速更快（17.1% vs -0.4%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-680.1M），过去两年Walker & Dunlop, Inc.的营收复合增速更高（22.1% 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。
Walker & Dunlop, Inc.是美国乃至全球规模领先的商业地产金融与咨询服务机构，为客户提供覆盖商业地产领域的多元金融解决方案及专业咨询服务，业务辐射全球多个市场，在行业内拥有深厚的资源积累与广泛的市场认可度。
IPGP vs WD — 直观对比
营收规模更大
WD
是对方的1.2倍
$274.5M
营收增速更快
IPGP
高出17.5%
-0.4%
净利率更高
IPGP
高出17.7%
-12.9%
自由现金流更多
IPGP
多$691.0M
$-680.1M
两年增速更快
WD
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $340.0M |
| 净利润 | $13.3M | $-13.9M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | -17.2% |
| 净利率 | 4.8% | -12.9% |
| 营收同比 | 17.1% | -0.4% |
| 净利润同比 | 69.8% | -131.0% |
| 每股收益（稀释后） | $0.30 | $-0.41 |
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IPGPWD
| Q4 25 | $274.5M | $340.0M | ||
| Q3 25 | $250.8M | $337.7M | ||
| Q2 25 | $250.7M | $319.2M | ||
| Q1 25 | $227.8M | $237.4M | ||
| Q4 24 | $234.3M | $341.5M | ||
| Q3 24 | $233.1M | $292.3M | ||
| Q2 24 | $257.6M | $270.7M | ||
| Q1 24 | $252.0M | $228.1M |
净利润IPGPWD
| Q4 25 | $13.3M | $-13.9M | ||
| Q3 25 | $7.5M | $33.5M | ||
| Q2 25 | $6.6M | $34.0M | ||
| Q1 25 | $3.8M | $2.8M | ||
| Q4 24 | $7.8M | $44.8M | ||
| Q3 24 | $-233.6M | $28.8M | ||
| Q2 24 | $20.2M | $22.7M | ||
| Q1 24 | $24.1M | $11.9M |
毛利率IPGPWD
| 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IPGPWD
| Q4 25 | 1.2% | -17.2% | ||
| Q3 25 | 3.1% | 13.6% | ||
| Q2 25 | 0.0% | 14.5% | ||
| Q1 25 | 0.8% | 2.2% | ||
| Q4 24 | 6.0% | 15.3% | ||
| Q3 24 | -108.7% | 12.8% | ||
| Q2 24 | 4.7% | 10.4% | ||
| Q1 24 | 7.6% | 6.0% |
净利率IPGPWD
| Q4 25 | 4.8% | -12.9% | ||
| Q3 25 | 3.0% | 9.9% | ||
| Q2 25 | 2.6% | 10.6% | ||
| Q1 25 | 1.6% | 1.2% | ||
| Q4 24 | 3.3% | 13.1% | ||
| Q3 24 | -100.2% | 9.9% | ||
| Q2 24 | 7.8% | 8.4% | ||
| Q1 24 | 9.6% | 5.2% |
每股收益（稀释后）IPGPWD
| Q4 25 | $0.30 | $-0.41 | ||
| Q3 25 | $0.18 | $0.98 | ||
| Q2 25 | $0.16 | $0.99 | ||
| Q1 25 | $0.09 | $0.08 | ||
| Q4 24 | $0.27 | $1.32 | ||
| Q3 24 | $-5.33 | $0.85 | ||
| Q2 24 | $0.45 | $0.67 | ||
| Q1 24 | $0.52 | $0.35 |
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 | $299.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $1.7B |
| 总资产 | $2.4B | $5.1B |
| 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IPGPWD
| Q4 25 | $839.3M | $299.3M | ||
| Q3 25 | $870.4M | $274.8M | ||
| Q2 25 | $899.6M | $233.7M | ||
| Q1 25 | $926.9M | $181.0M | ||
| Q4 24 | $930.2M | $279.3M | ||
| Q3 24 | $1.0B | $179.8M | ||
| Q2 24 | $1.1B | $208.1M | ||
| Q1 24 | $1.1B | $216.5M |
股东权益IPGPWD
| Q4 25 | $2.1B | $1.7B | ||
| Q3 25 | $2.1B | $1.8B | ||
| Q2 25 | $2.1B | $1.8B | ||
| Q1 25 | $2.1B | $1.7B | ||
| Q4 24 | $2.0B | $1.7B | ||
| Q3 24 | $2.1B | $1.7B | ||
| Q2 24 | $2.3B | $1.7B | ||
| Q1 24 | $2.3B | $1.7B |
总资产IPGPWD
| Q4 25 | $2.4B | $5.1B | ||
| Q3 25 | $2.4B | $5.8B | ||
| Q2 25 | $2.4B | $4.7B | ||
| Q1 25 | $2.3B | $4.5B | ||
| Q4 24 | $2.3B | $4.4B | ||
| Q3 24 | $2.4B | $4.6B | ||
| Q2 24 | $2.5B | $4.2B | ||
| Q1 24 | $2.6B | $3.8B |
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 | $-664.3M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $-680.1M |
| 自由现金流率自由现金流/营收 | 4.0% | -200.0% |
| 资本支出强度资本支出/营收 | 6.5% | 4.6% |
| 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 | $-2.2B |
8季度趋势，按日历期对齐
经营现金流IPGPWD
| Q4 25 | $28.8M | $-664.3M | ||
| Q3 25 | $35.3M | $-948.1M | ||
| Q2 25 | $-2.2M | $-238.5M | ||
| Q1 25 | $13.4M | $-281.1M | ||
| Q4 24 | $73.8M | $129.4M | ||
| Q3 24 | $66.1M | $-202.0M | ||
| Q2 24 | $53.5M | $-237.8M | ||
| Q1 24 | $54.6M | $38.4M |
自由现金流IPGPWD
| Q4 25 | $10.9M | $-680.1M | ||
| Q3 25 | $14.6M | $-950.4M | ||
| Q2 25 | $-17.6M | $-241.0M | ||
| Q1 25 | $-11.4M | $-284.7M | ||
| Q4 24 | $50.6M | $116.4M | ||
| Q3 24 | $43.0M | $-204.0M | ||
| Q2 24 | $29.2M | $-241.7M | ||
| Q1 24 | $26.5M | $35.2M |
自由现金流率IPGPWD
| Q4 25 | 4.0% | -200.0% | ||
| Q3 25 | 5.8% | -281.5% | ||
| Q2 25 | -7.0% | -75.5% | ||
| Q1 25 | -5.0% | -120.0% | ||
| Q4 24 | 21.6% | 34.1% | ||
| Q3 24 | 18.4% | -69.8% | ||
| Q2 24 | 11.3% | -89.3% | ||
| Q1 24 | 10.5% | 15.4% |
资本支出强度IPGPWD
| Q4 25 | 6.5% | 4.6% | ||
| Q3 25 | 8.3% | 0.7% | ||
| Q2 25 | 6.1% | 0.8% | ||
| Q1 25 | 10.9% | 1.5% | ||
| Q4 24 | 9.9% | 3.8% | ||
| Q3 24 | 9.9% | 0.7% | ||
| Q2 24 | 9.4% | 1.4% | ||
| Q1 24 | 11.1% | 1.4% |
现金转化率IPGPWD
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | -28.34× | ||
| Q2 25 | -0.34× | -7.02× | ||
| Q1 25 | 3.58× | -102.07× | ||
| Q4 24 | 9.44× | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | 2.65× | -10.49× | ||
| Q1 24 | 2.27× | 3.24× |
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% |
WD
暂无分部数据
