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NORTECH SYSTEMS INC（NSYS）与IMPINJ INC（PI）财务数据对比。点击上方公司名可切换其他公司
IMPINJ INC的季度营收约是NORTECH SYSTEMS INC的3.1倍（$92.8M vs $30.3M）。NORTECH SYSTEMS INC净利率更高（3.0% vs -1.2%，领先4.2%）。NORTECH SYSTEMS INC同比增速更快（5.9% vs 1.4%）。IMPINJ INC自由现金流更多（$13.6M vs $5.5M）。过去两年IMPINJ INC的营收复合增速更高（9.9% vs -5.9%）
Nortech Systems Inc是一家全球电子制造服务提供商，为医疗科技、工业自动化、航空航天国防、交通运输等领域客户提供产品设计、原型制作、规模生产、供应链管理等全链路解决方案，主打符合行业规范的高可靠性电子组件与装配产品。
Impinj Inc.是一家美国射频识别（RFID）设备及软件提供商，成立于2000年，总部位于华盛顿州西雅图，源自加州理工学院Carver Mead与Chris Diorio的研究成果。公司主营EPC Class 1 Gen 2无源超高频RFID芯片、读写器、读写器芯片、天线，以及芯片编码、业务数据采集相关的软件应用，为各行业RFID应用提供全链路产品支持。
NSYS vs PI — 直观对比
营收规模更大
PI
是对方的3.1倍
$30.3M
营收增速更快
NSYS
高出4.5%
1.4%
净利率更高
NSYS
高出4.2%
-1.2%
自由现金流更多
PI
多$8.2M
$5.5M
两年增速更快
PI
近两年复合增速
-5.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $30.3M | $92.8M |
| 净利润 | $897.0K | $-1.1M |
| 毛利率 | 16.7% | 51.8% |
| 营业利润率 | 3.0% | -2.9% |
| 净利率 | 3.0% | -1.2% |
| 营收同比 | 5.9% | 1.4% |
| 净利润同比 | 160.7% | 57.7% |
| 每股收益（稀释后） | $0.32 | $-0.02 |
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NSYSPI
| Q4 25 | $30.3M | $92.8M | ||
| Q3 25 | $30.5M | $96.1M | ||
| Q2 25 | $30.7M | $97.9M | ||
| Q1 25 | $26.9M | $74.3M | ||
| Q4 24 | $28.6M | $91.6M | ||
| Q3 24 | $31.4M | $95.2M | ||
| Q2 24 | $33.9M | $102.5M | ||
| Q1 24 | $34.2M | $76.8M |
净利润NSYSPI
| Q4 25 | $897.0K | $-1.1M | ||
| Q3 25 | $-146.0K | $-12.8M | ||
| Q2 25 | $313.0K | $11.6M | ||
| Q1 25 | $-1.3M | $-8.5M | ||
| Q4 24 | $-1.5M | $-2.7M | ||
| Q3 24 | $-739.0K | $221.0K | ||
| Q2 24 | $157.0K | $10.0M | ||
| Q1 24 | $765.0K | $33.3M |
毛利率NSYSPI
| Q4 25 | 16.7% | 51.8% | ||
| Q3 25 | 16.5% | 50.3% | ||
| Q2 25 | 15.8% | 57.8% | ||
| Q1 25 | 11.4% | 49.4% | ||
| Q4 24 | 9.9% | 50.5% | ||
| Q3 24 | 12.2% | 50.0% | ||
| Q2 24 | 13.6% | 56.1% | ||
| Q1 24 | 15.9% | 48.9% |
营业利润率NSYSPI
| Q4 25 | 3.0% | -2.9% | ||
| Q3 25 | 3.1% | 0.7% | ||
| Q2 25 | 2.4% | 11.1% | ||
| Q1 25 | -6.0% | -12.9% | ||
| Q4 24 | -4.3% | -3.9% | ||
| Q3 24 | -1.5% | -0.8% | ||
| Q2 24 | 1.0% | 8.8% | ||
| Q1 24 | 3.4% | -15.3% |
净利率NSYSPI
| Q4 25 | 3.0% | -1.2% | ||
| Q3 25 | -0.5% | -13.3% | ||
| Q2 25 | 1.0% | 11.8% | ||
| Q1 25 | -4.9% | -11.4% | ||
| Q4 24 | -5.2% | -2.9% | ||
| Q3 24 | -2.4% | 0.2% | ||
| Q2 24 | 0.5% | 9.7% | ||
| Q1 24 | 2.2% | 43.4% |
每股收益（稀释后）NSYSPI
| Q4 25 | $0.32 | $-0.02 | ||
| Q3 25 | $-0.05 | $-0.44 | ||
| Q2 25 | $0.12 | $0.39 | ||
| Q1 25 | $-0.48 | $-0.30 | ||
| Q4 24 | $-0.51 | $-0.06 | ||
| Q3 24 | $-0.27 | $0.01 | ||
| Q2 24 | $0.05 | $0.34 | ||
| Q1 24 | $0.26 | $1.10 |
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 | $1.7M | $175.3M |
| 总债务越低越好 | — | $280.9M |
| 股东权益账面价值 | $34.5M | $209.2M |
| 总资产 | $71.9M | $545.2M |
| 负债/权益比越低杠杆越低 | — | 1.34× |
8季度趋势，按日历期对齐
现金及短期投资NSYSPI
| Q4 25 | $1.7M | $175.3M | ||
| Q3 25 | $1.3M | $190.1M | ||
| Q2 25 | $652.0K | $193.2M | ||
| Q1 25 | $1.2M | $147.9M | ||
| Q4 24 | $916.0K | $164.7M | ||
| Q3 24 | $1.2M | $170.3M | ||
| Q2 24 | $1.5M | $220.2M | ||
| Q1 24 | $4.0M | $174.1M |
总债务NSYSPI
| Q4 25 | — | $280.9M | ||
| Q3 25 | — | $280.4M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $283.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NSYSPI
| Q4 25 | $34.5M | $209.2M | ||
| Q3 25 | $33.4M | $195.0M | ||
| Q2 25 | $33.4M | $187.7M | ||
| Q1 25 | $32.8M | $160.6M | ||
| Q4 24 | $34.0M | $149.9M | ||
| Q3 24 | $35.7M | $136.1M | ||
| Q2 24 | $36.1M | $117.0M | ||
| Q1 24 | $36.0M | $85.9M |
总资产NSYSPI
| Q4 25 | $71.9M | $545.2M | ||
| Q3 25 | $74.8M | $516.5M | ||
| Q2 25 | $74.8M | $508.8M | ||
| Q1 25 | $73.5M | $479.8M | ||
| Q4 24 | $72.4M | $489.1M | ||
| Q3 24 | $77.0M | $476.4M | ||
| Q2 24 | $76.3M | $446.1M | ||
| Q1 24 | $75.5M | $413.9M |
负债/权益比NSYSPI
| Q4 25 | — | 1.34× | ||
| Q3 25 | — | 1.44× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.89× | ||
| 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 | $5.6M | $15.1M |
| 自由现金流经营现金流 - 资本支出 | $5.5M | $13.6M |
| 自由现金流率自由现金流/营收 | 18.0% | 14.7% |
| 资本支出强度资本支出/营收 | 0.5% | 1.6% |
| 现金转化率经营现金流/净利润 | 6.25× | — |
| 过去12个月自由现金流最近4个季度 | $2.1M | $45.9M |
8季度趋势，按日历期对齐
经营现金流NSYSPI
| Q4 25 | $5.6M | $15.1M | ||
| Q3 25 | $-92.0K | $20.9M | ||
| Q2 25 | $157.0K | $33.9M | ||
| Q1 25 | $-2.9M | $-11.1M | ||
| Q4 24 | $793.0K | $12.6M | ||
| Q3 24 | $-1.6M | $10.1M | ||
| Q2 24 | $-4.3M | $45.5M | ||
| Q1 24 | $2.8M | $60.1M |
自由现金流NSYSPI
| Q4 25 | $5.5M | $13.6M | ||
| Q3 25 | $-242.0K | $18.0M | ||
| Q2 25 | $58.0K | $27.3M | ||
| Q1 25 | $-3.2M | $-13.0M | ||
| Q4 24 | $503.0K | $8.5M | ||
| Q3 24 | $-1.6M | $4.7M | ||
| Q2 24 | $-4.6M | $44.1M | ||
| Q1 24 | $2.1M | $53.9M |
自由现金流率NSYSPI
| Q4 25 | 18.0% | 14.7% | ||
| Q3 25 | -0.8% | 18.7% | ||
| Q2 25 | 0.2% | 27.9% | ||
| Q1 25 | -11.9% | -17.5% | ||
| Q4 24 | 1.8% | 9.3% | ||
| Q3 24 | -5.2% | 4.9% | ||
| Q2 24 | -13.5% | 43.0% | ||
| Q1 24 | 6.1% | 70.2% |
资本支出强度NSYSPI
| Q4 25 | 0.5% | 1.6% | ||
| Q3 25 | 0.5% | 3.1% | ||
| Q2 25 | 0.3% | 6.7% | ||
| Q1 25 | 1.0% | 2.5% | ||
| Q4 24 | 1.0% | 4.5% | ||
| Q3 24 | 0.1% | 5.7% | ||
| Q2 24 | 0.8% | 1.3% | ||
| Q1 24 | 2.2% | 8.1% |
现金转化率NSYSPI
| Q4 25 | 6.25× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.50× | 2.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 45.56× | ||
| Q2 24 | -27.30× | 4.56× | ||
| Q1 24 | 3.70× | 1.80× |
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
NSYS
| Medical Imaging | $11.4M | 37% |
| Medical Device | $8.0M | 26% |
| Industrial | $7.3M | 24% |
| Aerospace And Defense | $3.7M | 12% |
PI
| Endpoint I Cs | $75.2M | 81% |
| Systems | $17.7M | 19% |
