vs
IPG PHOTONICS CORP（IPGP）与Westrock Coffee Co（WEST）财务数据对比。点击上方公司名可切换其他公司
Westrock Coffee Co的季度营收约是IPG PHOTONICS CORP的1.2倍（$339.5M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs -6.6%，领先11.5%），Westrock Coffee Co同比增速更快（48.3% vs 17.1%），Westrock Coffee Co自由现金流更多（$27.8M vs $10.9M），过去两年Westrock Coffee Co的营收复合增速更高（32.8% 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。
Westrock Coffee Co是一家全球化综合咖啡及饮品解决方案供应商，业务覆盖咖啡、茶与功能性饮品的采购、烘焙、生产及分销，为北美及全球其他区域的零售、餐饮和商业客户提供定制化产品及配套服务。
IPGP vs WEST — 直观对比
营收规模更大
WEST
是对方的1.2倍
$274.5M
营收增速更快
WEST
高出31.1%
17.1%
净利率更高
IPGP
高出11.5%
-6.6%
自由现金流更多
WEST
多$16.9M
$10.9M
两年增速更快
WEST
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $339.5M |
| 净利润 | $13.3M | $-22.6M |
| 毛利率 | 36.1% | 11.5% |
| 营业利润率 | 1.2% | -2.6% |
| 净利率 | 4.8% | -6.6% |
| 营收同比 | 17.1% | 48.3% |
| 净利润同比 | 69.8% | 8.3% |
| 每股收益（稀释后） | $0.30 | $-0.22 |
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IPGPWEST
| Q4 25 | $274.5M | $339.5M | ||
| Q3 25 | $250.8M | $354.8M | ||
| Q2 25 | $250.7M | $280.9M | ||
| Q1 25 | $227.8M | $213.8M | ||
| Q4 24 | $234.3M | $229.0M | ||
| Q3 24 | $233.1M | $220.9M | ||
| Q2 24 | $257.6M | $208.4M | ||
| Q1 24 | $252.0M | $192.5M |
净利润IPGPWEST
| Q4 25 | $13.3M | $-22.6M | ||
| Q3 25 | $7.5M | $-19.1M | ||
| Q2 25 | $6.6M | $-21.6M | ||
| Q1 25 | $3.8M | $-27.2M | ||
| Q4 24 | $7.8M | $-24.6M | ||
| Q3 24 | $-233.6M | $-14.3M | ||
| Q2 24 | $20.2M | $-17.8M | ||
| Q1 24 | $24.1M | $-23.7M |
毛利率IPGPWEST
| Q4 25 | 36.1% | 11.5% | ||
| Q3 25 | 39.5% | 11.7% | ||
| Q2 25 | 37.3% | 14.7% | ||
| Q1 25 | 39.4% | 13.6% | ||
| Q4 24 | 38.6% | 16.6% | ||
| Q3 24 | 23.2% | 16.8% | ||
| Q2 24 | 37.3% | 19.9% | ||
| Q1 24 | 38.7% | 19.4% |
营业利润率IPGPWEST
| Q4 25 | 1.2% | -2.6% | ||
| Q3 25 | 3.1% | -2.4% | ||
| Q2 25 | 0.0% | -5.3% | ||
| Q1 25 | 0.8% | -6.1% | ||
| Q4 24 | 6.0% | -4.3% | ||
| Q3 24 | -108.7% | -5.8% | ||
| Q2 24 | 4.7% | -7.9% | ||
| Q1 24 | 7.6% | -5.3% |
净利率IPGPWEST
| Q4 25 | 4.8% | -6.6% | ||
| Q3 25 | 3.0% | -5.4% | ||
| Q2 25 | 2.6% | -7.7% | ||
| Q1 25 | 1.6% | -12.7% | ||
| Q4 24 | 3.3% | -10.7% | ||
| Q3 24 | -100.2% | -6.5% | ||
| Q2 24 | 7.8% | -8.5% | ||
| Q1 24 | 9.6% | -12.3% |
每股收益（稀释后）IPGPWEST
| Q4 25 | $0.30 | $-0.22 | ||
| Q3 25 | $0.18 | $-0.20 | ||
| Q2 25 | $0.16 | $-0.23 | ||
| Q1 25 | $0.09 | $-0.29 | ||
| Q4 24 | $0.27 | $-0.26 | ||
| Q3 24 | $-5.33 | $-0.16 | ||
| Q2 24 | $0.45 | $-0.20 | ||
| Q1 24 | $0.52 | $-0.27 |
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 | $49.9M |
| 总债务越低越好 | — | $444.1M |
| 股东权益账面价值 | $2.1B | $-1.9M |
| 总资产 | $2.4B | $1.2B |
| 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IPGPWEST
| Q4 25 | $839.3M | $49.9M | ||
| Q3 25 | $870.4M | $34.0M | ||
| Q2 25 | $899.6M | $44.0M | ||
| Q1 25 | $926.9M | $33.1M | ||
| Q4 24 | $930.2M | $26.2M | ||
| Q3 24 | $1.0B | $22.4M | ||
| Q2 24 | $1.1B | $24.3M | ||
| Q1 24 | $1.1B | $12.6M |
总债务IPGPWEST
| Q4 25 | — | $444.1M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $393.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益IPGPWEST
| Q4 25 | $2.1B | $-1.9M | ||
| Q3 25 | $2.1B | $11.4M | ||
| Q2 25 | $2.1B | $18.2M | ||
| Q1 25 | $2.1B | $71.4M | ||
| Q4 24 | $2.0B | $97.5M | ||
| Q3 24 | $2.1B | $110.3M | ||
| Q2 24 | $2.3B | $81.5M | ||
| Q1 24 | $2.3B | $91.7M |
总资产IPGPWEST
| Q4 25 | $2.4B | $1.2B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.4B | $1.2B | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | $2.3B | $1.1B | ||
| Q3 24 | $2.4B | $1.1B | ||
| Q2 24 | $2.5B | $1.1B | ||
| Q1 24 | $2.6B | $983.3M |
负债/权益比IPGPWEST
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.03× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $36.7M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $27.8M |
| 自由现金流率自由现金流/营收 | 4.0% | 8.2% |
| 资本支出强度资本支出/营收 | 6.5% | 2.6% |
| 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 | $-107.8M |
8季度趋势，按日历期对齐
经营现金流IPGPWEST
| Q4 25 | $28.8M | $36.7M | ||
| Q3 25 | $35.3M | $-26.6M | ||
| Q2 25 | $-2.2M | $-7.0M | ||
| Q1 25 | $13.4M | $-22.1M | ||
| Q4 24 | $73.8M | $2.8M | ||
| Q3 24 | $66.1M | $-332.0K | ||
| Q2 24 | $53.5M | $-23.7M | ||
| Q1 24 | $54.6M | $8.0M |
自由现金流IPGPWEST
| Q4 25 | $10.9M | $27.8M | ||
| Q3 25 | $14.6M | $-44.7M | ||
| Q2 25 | $-17.6M | $-27.5M | ||
| Q1 25 | $-11.4M | $-63.4M | ||
| Q4 24 | $50.6M | $-15.4M | ||
| Q3 24 | $43.0M | $-36.7M | ||
| Q2 24 | $29.2M | $-59.9M | ||
| Q1 24 | $26.5M | $-60.9M |
自由现金流率IPGPWEST
| Q4 25 | 4.0% | 8.2% | ||
| Q3 25 | 5.8% | -12.6% | ||
| Q2 25 | -7.0% | -9.8% | ||
| Q1 25 | -5.0% | -29.7% | ||
| Q4 24 | 21.6% | -6.7% | ||
| Q3 24 | 18.4% | -16.6% | ||
| Q2 24 | 11.3% | -28.7% | ||
| Q1 24 | 10.5% | -31.7% |
资本支出强度IPGPWEST
| Q4 25 | 6.5% | 2.6% | ||
| Q3 25 | 8.3% | 5.1% | ||
| Q2 25 | 6.1% | 7.3% | ||
| Q1 25 | 10.9% | 19.3% | ||
| Q4 24 | 9.9% | 7.9% | ||
| Q3 24 | 9.9% | 16.5% | ||
| Q2 24 | 9.4% | 17.4% | ||
| Q1 24 | 11.1% | 35.8% |
现金转化率IPGPWEST
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | — | ||
| Q1 24 | 2.27× | — |
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% |
WEST
| Coffee And Tea | $202.6M | 60% |
| Flavors Extracts And Ingredients | $69.6M | 21% |
| Sustainable Sourcing And Traceability Segments | $66.9M | 20% |
