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IPG PHOTONICS CORP（IPGP）与WESBANCO INC（WSBC）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WESBANCO INC的1.1倍（$274.5M vs $257.2M），WESBANCO INC净利率更高（34.5% vs 4.8%，领先29.6%），过去两年WESBANCO INC的营收复合增速更高（31.9% 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。
WesBanco是一家总部位于美国西弗吉尼亚州惠灵的银行控股公司，业务覆盖广泛，目前在西弗吉尼亚州、俄亥俄州、宾夕法尼亚州西部、肯塔基州、马里兰州及印第安纳州南部拥有超过200家营业网点，为当地客户提供多元金融服务。
IPGP vs WSBC — 直观对比
营收规模更大
IPGP
是对方的1.1倍
$257.2M
净利率更高
WSBC
高出29.6%
4.8%
两年增速更快
WSBC
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $257.2M |
| 净利润 | $13.3M | $88.6M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 1.2% | — |
| 净利率 | 4.8% | 34.5% |
| 营收同比 | 17.1% | — |
| 净利润同比 | 69.8% | 54.4% |
| 每股收益（稀释后） | $0.30 | $0.88 |
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IPGPWSBC
| Q1 26 | — | $257.2M | ||
| Q4 25 | $274.5M | $265.6M | ||
| Q3 25 | $250.8M | $261.6M | ||
| Q2 25 | $250.7M | $260.7M | ||
| Q1 25 | $227.8M | $193.2M | ||
| Q4 24 | $234.3M | $162.9M | ||
| Q3 24 | $233.1M | $150.8M | ||
| Q2 24 | $257.6M | $147.9M |
净利润IPGPWSBC
| Q1 26 | — | $88.6M | ||
| Q4 25 | $13.3M | $91.1M | ||
| Q3 25 | $7.5M | $83.6M | ||
| Q2 25 | $6.6M | $57.4M | ||
| Q1 25 | $3.8M | $-9.0M | ||
| Q4 24 | $7.8M | $49.6M | ||
| Q3 24 | $-233.6M | $37.3M | ||
| Q2 24 | $20.2M | $28.9M |
毛利率IPGPWSBC
| Q1 26 | — | — | ||
| 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% | — |
营业利润率IPGPWSBC
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 43.2% | ||
| Q3 25 | 3.1% | 39.5% | ||
| Q2 25 | 0.0% | 27.2% | ||
| Q1 25 | 0.8% | -5.0% | ||
| Q4 24 | 6.0% | 38.0% | ||
| Q3 24 | -108.7% | 29.7% | ||
| Q2 24 | 4.7% | 23.7% |
净利率IPGPWSBC
| Q1 26 | — | 34.5% | ||
| Q4 25 | 4.8% | 34.3% | ||
| Q3 25 | 3.0% | 31.9% | ||
| Q2 25 | 2.6% | 22.0% | ||
| Q1 25 | 1.6% | -4.7% | ||
| Q4 24 | 3.3% | 30.5% | ||
| Q3 24 | -100.2% | 24.7% | ||
| Q2 24 | 7.8% | 19.5% |
每股收益（稀释后）IPGPWSBC
| Q1 26 | — | $0.88 | ||
| Q4 25 | $0.30 | $0.97 | ||
| Q3 25 | $0.18 | $0.84 | ||
| Q2 25 | $0.16 | $0.57 | ||
| Q1 25 | $0.09 | $-0.15 | ||
| Q4 24 | $0.27 | $0.72 | ||
| Q3 24 | $-5.33 | $0.54 | ||
| Q2 24 | $0.45 | $0.44 |
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 | — | — |
| 股东权益账面价值 | $2.1B | $4.1B |
| 总资产 | $2.4B | $27.5B |
| 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IPGPWSBC
| Q1 26 | — | — | ||
| Q4 25 | $839.3M | $956.1M | ||
| Q3 25 | $870.4M | $1.0B | ||
| Q2 25 | $899.6M | $1.2B | ||
| Q1 25 | $926.9M | $1.1B | ||
| Q4 24 | $930.2M | $568.1M | ||
| Q3 24 | $1.0B | $620.9M | ||
| Q2 24 | $1.1B | $486.8M |
股东权益IPGPWSBC
| Q1 26 | — | $4.1B | ||
| Q4 25 | $2.1B | $4.0B | ||
| Q3 25 | $2.1B | $4.1B | ||
| Q2 25 | $2.1B | $3.8B | ||
| Q1 25 | $2.1B | $3.8B | ||
| Q4 24 | $2.0B | $2.8B | ||
| Q3 24 | $2.1B | $2.8B | ||
| Q2 24 | $2.3B | $2.5B |
总资产IPGPWSBC
| Q1 26 | — | $27.5B | ||
| Q4 25 | $2.4B | $27.7B | ||
| Q3 25 | $2.4B | $27.5B | ||
| Q2 25 | $2.4B | $27.6B | ||
| Q1 25 | $2.3B | $27.4B | ||
| Q4 24 | $2.3B | $18.7B | ||
| Q3 24 | $2.4B | $18.5B | ||
| Q2 24 | $2.5B | $18.1B |
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IPGPWSBC
| Q1 26 | — | — | ||
| Q4 25 | $28.8M | $290.4M | ||
| Q3 25 | $35.3M | $116.9M | ||
| Q2 25 | $-2.2M | $105.0M | ||
| Q1 25 | $13.4M | $-26.4M | ||
| Q4 24 | $73.8M | $211.0M | ||
| Q3 24 | $66.1M | $60.7M | ||
| Q2 24 | $53.5M | $18.2M |
自由现金流IPGPWSBC
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $280.0M | ||
| Q3 25 | $14.6M | $114.9M | ||
| Q2 25 | $-17.6M | $98.3M | ||
| Q1 25 | $-11.4M | $-30.7M | ||
| Q4 24 | $50.6M | $200.7M | ||
| Q3 24 | $43.0M | $56.9M | ||
| Q2 24 | $29.2M | $17.3M |
自由现金流率IPGPWSBC
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 105.4% | ||
| Q3 25 | 5.8% | 43.9% | ||
| Q2 25 | -7.0% | 37.7% | ||
| Q1 25 | -5.0% | -15.9% | ||
| Q4 24 | 21.6% | 123.2% | ||
| Q3 24 | 18.4% | 37.7% | ||
| Q2 24 | 11.3% | 11.7% |
资本支出强度IPGPWSBC
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 3.9% | ||
| Q3 25 | 8.3% | 0.8% | ||
| Q2 25 | 6.1% | 2.6% | ||
| Q1 25 | 10.9% | 2.2% | ||
| Q4 24 | 9.9% | 6.3% | ||
| Q3 24 | 9.9% | 2.5% | ||
| Q2 24 | 9.4% | 0.6% |
现金转化率IPGPWSBC
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | 3.19× | ||
| Q3 25 | 4.73× | 1.40× | ||
| Q2 25 | -0.34× | 1.83× | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | 4.25× | ||
| Q3 24 | — | 1.63× | ||
| Q2 24 | 2.65× | 0.63× |
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% |
WSBC
| Net Interest Income | $215.4M | 84% |
| Noninterest Income | $41.8M | 16% |
