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IPG PHOTONICS CORP（IPGP）与Wingstop Inc.（WING）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Wingstop Inc.的1.5倍（$274.5M vs $183.7M），Wingstop 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 7.4%），过去两年Wingstop Inc.的营收复合增速更高（8.6% 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。
Wingstop Inc.是美国知名跨国快餐连锁品牌，核心产品为布法罗鸡翅，旗下门店均采用20世纪30至40年代喷气时代前的航空主题装饰风格，目前业务已覆盖全球多个国家和地区。
IPGP vs WING — 直观对比
营收规模更大
IPGP
是对方的1.5倍
$183.7M
营收增速更快
IPGP
高出9.7%
7.4%
净利率更高
WING
高出11.4%
4.8%
两年增速更快
WING
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $183.7M |
| 净利润 | $13.3M | $29.9M |
| 毛利率 | 36.1% | 86.5% |
| 营业利润率 | 1.2% | 27.4% |
| 净利率 | 4.8% | 16.3% |
| 营收同比 | 17.1% | 7.4% |
| 净利润同比 | 69.8% | — |
| 每股收益（稀释后） | $0.30 | $1.08 |
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IPGPWING
| Q1 26 | — | $183.7M | ||
| Q4 25 | $274.5M | $175.7M | ||
| Q3 25 | $250.8M | $175.7M | ||
| Q2 25 | $250.7M | $174.3M | ||
| Q1 25 | $227.8M | $171.1M | ||
| Q4 24 | $234.3M | $161.8M | ||
| Q3 24 | $233.1M | $162.5M | ||
| Q2 24 | $257.6M | $155.7M |
净利润IPGPWING
| Q1 26 | — | $29.9M | ||
| Q4 25 | $13.3M | $26.8M | ||
| Q3 25 | $7.5M | $28.5M | ||
| Q2 25 | $6.6M | $26.8M | ||
| Q1 25 | $3.8M | $92.3M | ||
| Q4 24 | $7.8M | $26.8M | ||
| Q3 24 | $-233.6M | $25.7M | ||
| Q2 24 | $20.2M | $27.5M |
毛利率IPGPWING
| Q1 26 | — | 86.5% | ||
| Q4 25 | 36.1% | — | ||
| Q3 25 | 39.5% | — | ||
| Q2 25 | 37.3% | — | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 38.6% | 85.6% | ||
| Q3 24 | 23.2% | 85.0% | ||
| Q2 24 | 37.3% | 85.4% |
营业利润率IPGPWING
| Q1 26 | — | 27.4% | ||
| Q4 25 | 1.2% | 26.7% | ||
| Q3 25 | 3.1% | 27.9% | ||
| Q2 25 | 0.0% | 25.9% | ||
| Q1 25 | 0.8% | 22.4% | ||
| Q4 24 | 6.0% | 25.9% | ||
| Q3 24 | -108.7% | 24.5% | ||
| Q2 24 | 4.7% | 26.5% |
净利率IPGPWING
| Q1 26 | — | 16.3% | ||
| Q4 25 | 4.8% | 15.2% | ||
| Q3 25 | 3.0% | 16.2% | ||
| Q2 25 | 2.6% | 15.4% | ||
| Q1 25 | 1.6% | 53.9% | ||
| Q4 24 | 3.3% | 16.5% | ||
| Q3 24 | -100.2% | 15.8% | ||
| Q2 24 | 7.8% | 17.7% |
每股收益（稀释后）IPGPWING
| Q1 26 | — | $1.08 | ||
| Q4 25 | $0.30 | $0.99 | ||
| Q3 25 | $0.18 | $1.02 | ||
| Q2 25 | $0.16 | $0.96 | ||
| Q1 25 | $0.09 | $3.24 | ||
| Q4 24 | $0.27 | $0.91 | ||
| Q3 24 | $-5.33 | $0.88 | ||
| Q2 24 | $0.45 | $0.93 |
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 | $128.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | — |
| 总资产 | $2.4B | $648.9M |
| 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IPGPWING
| Q1 26 | — | $128.8M | ||
| Q4 25 | $839.3M | $196.6M | ||
| Q3 25 | $870.4M | $237.6M | ||
| Q2 25 | $899.6M | $227.9M | ||
| Q1 25 | $926.9M | $251.4M | ||
| Q4 24 | $930.2M | $315.9M | ||
| Q3 24 | $1.0B | $84.0M | ||
| Q2 24 | $1.1B | $96.7M |
总债务IPGPWING
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益IPGPWING
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $-736.8M | ||
| Q3 25 | $2.1B | $-702.6M | ||
| Q2 25 | $2.1B | $-686.0M | ||
| Q1 25 | $2.1B | $-715.0M | ||
| Q4 24 | $2.0B | $-675.6M | ||
| Q3 24 | $2.1B | $-447.5M | ||
| Q2 24 | $2.3B | $-437.5M |
总资产IPGPWING
| Q1 26 | — | $648.9M | ||
| Q4 25 | $2.4B | $693.4M | ||
| Q3 25 | $2.4B | $721.0M | ||
| Q2 25 | $2.4B | $708.3M | ||
| Q1 25 | $2.3B | $696.8M | ||
| Q4 24 | $2.3B | $716.2M | ||
| Q3 24 | $2.4B | $484.8M | ||
| Q2 24 | $2.5B | $451.8M |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $10.9M | — |
| 自由现金流率自由现金流/营收 | 4.0% | — |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $-3.5M | — |
8季度趋势，按日历期对齐
经营现金流IPGPWING
| Q1 26 | — | — | ||
| Q4 25 | $28.8M | $57.3M | ||
| Q3 25 | $35.3M | $63.9M | ||
| Q2 25 | $-2.2M | $6.6M | ||
| Q1 25 | $13.4M | $25.3M | ||
| Q4 24 | $73.8M | $7.7M | ||
| Q3 24 | $66.1M | $69.0M | ||
| Q2 24 | $53.5M | $36.2M |
自由现金流IPGPWING
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $34.5M | ||
| Q3 25 | $14.6M | $61.7M | ||
| Q2 25 | $-17.6M | $-7.8M | ||
| Q1 25 | $-11.4M | $17.3M | ||
| Q4 24 | $50.6M | $-8.6M | ||
| Q3 24 | $43.0M | $54.9M | ||
| Q2 24 | $29.2M | $25.9M |
自由现金流率IPGPWING
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 19.6% | ||
| Q3 25 | 5.8% | 35.1% | ||
| Q2 25 | -7.0% | -4.5% | ||
| Q1 25 | -5.0% | 10.1% | ||
| Q4 24 | 21.6% | -5.3% | ||
| Q3 24 | 18.4% | 33.8% | ||
| Q2 24 | 11.3% | 16.6% |
资本支出强度IPGPWING
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 13.0% | ||
| Q3 25 | 8.3% | 1.3% | ||
| Q2 25 | 6.1% | 8.2% | ||
| Q1 25 | 10.9% | 4.7% | ||
| Q4 24 | 9.9% | 10.1% | ||
| Q3 24 | 9.9% | 8.7% | ||
| Q2 24 | 9.4% | 6.6% |
现金转化率IPGPWING
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | 2.14× | ||
| Q3 25 | 4.73× | 2.24× | ||
| Q2 25 | -0.34× | 0.25× | ||
| Q1 25 | 3.58× | 0.27× | ||
| Q4 24 | 9.44× | 0.29× | ||
| Q3 24 | — | 2.68× | ||
| Q2 24 | 2.65× | 1.32× |
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% |
WING
| Royalty revenue, franchise fees and other | $87.5M | 48% |
| Advertising fees | $63.3M | 34% |
| Company-owned restaurant sales | $33.0M | 18% |
