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IPG PHOTONICS CORP（IPGP）与WD 40 CO（WDFC）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WD 40 CO的1.8倍（$274.5M vs $154.4M），WD 40 CO净利率更高（11.3% vs 4.8%，领先6.5%），IPG PHOTONICS CORP同比增速更快（17.1% vs 0.6%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $9.1M），过去两年WD 40 CO的营收复合增速更高（5.4% 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。
WD-40公司是全球知名的消费及工业维护用品生产商，核心产品为同名多功能防锈润滑剂，同时布局清洁剂、除油剂、特殊润滑产品等品类，业务覆盖全球170余个国家和地区，服务零售、工业、汽车后市场等多个领域。
IPGP vs WDFC — 直观对比
营收规模更大
IPGP
是对方的1.8倍
$154.4M
营收增速更快
IPGP
高出16.5%
0.6%
净利率更高
WDFC
高出6.5%
4.8%
自由现金流更多
IPGP
多$1.9M
$9.1M
两年增速更快
WDFC
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $154.4M |
| 净利润 | $13.3M | $17.5M |
| 毛利率 | 36.1% | 56.2% |
| 营业利润率 | 1.2% | 15.1% |
| 净利率 | 4.8% | 11.3% |
| 营收同比 | 17.1% | 0.6% |
| 净利润同比 | 69.8% | -7.8% |
| 每股收益（稀释后） | $0.30 | $1.28 |
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IPGPWDFC
| Q4 25 | $274.5M | $154.4M | ||
| Q3 25 | $250.8M | $163.5M | ||
| Q2 25 | $250.7M | $156.9M | ||
| Q1 25 | $227.8M | $146.1M | ||
| Q4 24 | $234.3M | $153.5M | ||
| Q3 24 | $233.1M | $156.0M | ||
| Q2 24 | $257.6M | $155.0M | ||
| Q1 24 | $252.0M | $139.1M |
净利润IPGPWDFC
| Q4 25 | $13.3M | $17.5M | ||
| Q3 25 | $7.5M | $21.2M | ||
| Q2 25 | $6.6M | $21.0M | ||
| Q1 25 | $3.8M | $29.9M | ||
| Q4 24 | $7.8M | $18.9M | ||
| Q3 24 | $-233.6M | $16.8M | ||
| Q2 24 | $20.2M | $19.8M | ||
| Q1 24 | $24.1M | $15.5M |
毛利率IPGPWDFC
| Q4 25 | 36.1% | 56.2% | ||
| Q3 25 | 39.5% | 54.7% | ||
| Q2 25 | 37.3% | 56.2% | ||
| Q1 25 | 39.4% | 54.6% | ||
| Q4 24 | 38.6% | 54.8% | ||
| Q3 24 | 23.2% | 54.1% | ||
| Q2 24 | 37.3% | 53.1% | ||
| Q1 24 | 38.7% | 52.4% |
营业利润率IPGPWDFC
| Q4 25 | 1.2% | 15.1% | ||
| Q3 25 | 3.1% | 17.1% | ||
| Q2 25 | 0.0% | 17.4% | ||
| Q1 25 | 0.8% | 15.9% | ||
| Q4 24 | 6.0% | 16.4% | ||
| Q3 24 | -108.7% | 15.4% | ||
| Q2 24 | 4.7% | 17.5% | ||
| Q1 24 | 7.6% | 15.1% |
净利率IPGPWDFC
| Q4 25 | 4.8% | 11.3% | ||
| Q3 25 | 3.0% | 13.0% | ||
| Q2 25 | 2.6% | 13.4% | ||
| Q1 25 | 1.6% | 20.4% | ||
| Q4 24 | 3.3% | 12.3% | ||
| Q3 24 | -100.2% | 10.8% | ||
| Q2 24 | 7.8% | 12.8% | ||
| Q1 24 | 9.6% | 11.2% |
每股收益（稀释后）IPGPWDFC
| Q4 25 | $0.30 | $1.28 | ||
| Q3 25 | $0.18 | $1.57 | ||
| Q2 25 | $0.16 | $1.54 | ||
| Q1 25 | $0.09 | $2.19 | ||
| Q4 24 | $0.27 | $1.39 | ||
| Q3 24 | $-5.33 | $1.23 | ||
| Q2 24 | $0.45 | $1.46 | ||
| Q1 24 | $0.52 | $1.14 |
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 | $48.6M |
| 总债务越低越好 | — | $85.7M |
| 股东权益账面价值 | $2.1B | $264.1M |
| 总资产 | $2.4B | $459.7M |
| 负债/权益比越低杠杆越低 | — | 0.32× |
8季度趋势，按日历期对齐
现金及短期投资IPGPWDFC
| Q4 25 | $839.3M | $48.6M | ||
| Q3 25 | $870.4M | $58.1M | ||
| Q2 25 | $899.6M | $51.7M | ||
| Q1 25 | $926.9M | $53.0M | ||
| Q4 24 | $930.2M | $54.9M | ||
| Q3 24 | $1.0B | $46.7M | ||
| Q2 24 | $1.1B | $45.3M | ||
| Q1 24 | $1.1B | $55.4M |
总债务IPGPWDFC
| Q4 25 | — | $85.7M | ||
| Q3 25 | — | $86.2M | ||
| Q2 25 | — | $85.6M | ||
| Q1 25 | — | $84.4M | ||
| Q4 24 | — | $84.6M | ||
| Q3 24 | — | $86.0M | ||
| Q2 24 | — | $85.5M | ||
| Q1 24 | — | $85.9M |
股东权益IPGPWDFC
| Q4 25 | $2.1B | $264.1M | ||
| Q3 25 | $2.1B | $268.2M | ||
| Q2 25 | $2.1B | $257.1M | ||
| Q1 25 | $2.1B | $242.1M | ||
| Q4 24 | $2.0B | $226.3M | ||
| Q3 24 | $2.1B | $230.5M | ||
| Q2 24 | $2.3B | $222.2M | ||
| Q1 24 | $2.3B | $216.3M |
总资产IPGPWDFC
| Q4 25 | $2.4B | $459.7M | ||
| Q3 25 | $2.4B | $475.8M | ||
| Q2 25 | $2.4B | $456.0M | ||
| Q1 25 | $2.3B | $458.3M | ||
| Q4 24 | $2.3B | $447.3M | ||
| Q3 24 | $2.4B | $449.0M | ||
| Q2 24 | $2.5B | $443.6M | ||
| Q1 24 | $2.6B | $442.0M |
负债/权益比IPGPWDFC
| Q4 25 | — | 0.32× | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.33× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 0.37× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.38× | ||
| Q1 24 | — | 0.40× |
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 | $10.0M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $9.1M |
| 自由现金流率自由现金流/营收 | 4.0% | 5.9% |
| 资本支出强度资本支出/营收 | 6.5% | 0.6% |
| 现金转化率经营现金流/净利润 | 2.17× | 0.57× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $78.2M |
8季度趋势，按日历期对齐
经营现金流IPGPWDFC
| Q4 25 | $28.8M | $10.0M | ||
| Q3 25 | $35.3M | $29.9M | ||
| Q2 25 | $-2.2M | $35.1M | ||
| Q1 25 | $13.4M | $8.0M | ||
| Q4 24 | $73.8M | $14.9M | ||
| Q3 24 | $66.1M | $27.2M | ||
| Q2 24 | $53.5M | $19.9M | ||
| Q1 24 | $54.6M | $18.0M |
自由现金流IPGPWDFC
| Q4 25 | $10.9M | $9.1M | ||
| Q3 25 | $14.6M | $28.6M | ||
| Q2 25 | $-17.6M | $34.0M | ||
| Q1 25 | $-11.4M | $6.6M | ||
| Q4 24 | $50.6M | $14.2M | ||
| Q3 24 | $43.0M | $26.4M | ||
| Q2 24 | $29.2M | $18.7M | ||
| Q1 24 | $26.5M | $16.7M |
自由现金流率IPGPWDFC
| Q4 25 | 4.0% | 5.9% | ||
| Q3 25 | 5.8% | 17.5% | ||
| Q2 25 | -7.0% | 21.6% | ||
| Q1 25 | -5.0% | 4.5% | ||
| Q4 24 | 21.6% | 9.3% | ||
| Q3 24 | 18.4% | 16.9% | ||
| Q2 24 | 11.3% | 12.0% | ||
| Q1 24 | 10.5% | 12.0% |
资本支出强度IPGPWDFC
| Q4 25 | 6.5% | 0.6% | ||
| Q3 25 | 8.3% | 0.8% | ||
| Q2 25 | 6.1% | 0.7% | ||
| Q1 25 | 10.9% | 0.9% | ||
| Q4 24 | 9.9% | 0.5% | ||
| Q3 24 | 9.9% | 0.5% | ||
| Q2 24 | 9.4% | 0.8% | ||
| Q1 24 | 11.1% | 0.9% |
现金转化率IPGPWDFC
| Q4 25 | 2.17× | 0.57× | ||
| Q3 25 | 4.73× | 1.41× | ||
| Q2 25 | -0.34× | 1.67× | ||
| Q1 25 | 3.58× | 0.27× | ||
| Q4 24 | 9.44× | 0.79× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | 2.65× | 1.00× | ||
| Q1 24 | 2.27× | 1.16× |
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% |
WDFC
| Other | $82.6M | 53% |
| WD40Multi Use Product | $56.0M | 36% |
| WD40Specialist | $9.0M | 6% |
| Other Maintenance Products | $4.0M | 3% |
| Homecare And Cleaning Products | $2.7M | 2% |
