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Side-by-side financial comparison of Amphastar Pharmaceuticals, Inc. (AMPH) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $183.1M, roughly 1.5× Amphastar Pharmaceuticals, Inc.). Amphastar Pharmaceuticals, Inc. runs the higher net margin — 13.3% vs 4.8%, a 8.5% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -1.8%). Amphastar Pharmaceuticals, Inc. produced more free cash flow last quarter ($24.6M vs $10.9M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs 3.2%).
Amphastar Pharmaceuticals is a publicly traded American speciality pharmaceutical company. It was incorporated in May 2004 and primarily develops, manufactures, and sells inhalation and intranasal products.
IPG Photonics Corporation is a manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, Russia and Italy.
AMPH vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.1M | $274.5M |
| Net Profit | $24.4M | $13.3M |
| Gross Margin | 46.8% | 36.1% |
| Operating Margin | 19.4% | 1.2% |
| Net Margin | 13.3% | 4.8% |
| Revenue YoY | -1.8% | 17.1% |
| Net Profit YoY | -35.7% | 69.8% |
| EPS (diluted) | $0.51 | $0.30 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $183.1M | $274.5M | ||
| Q3 25 | $191.8M | $250.8M | ||
| Q2 25 | $174.4M | $250.7M | ||
| Q1 25 | $170.5M | $227.8M | ||
| Q4 24 | $186.5M | $234.3M | ||
| Q3 24 | $191.2M | $233.1M | ||
| Q2 24 | $182.4M | $257.6M | ||
| Q1 24 | $171.8M | $252.0M |
| Q4 25 | $24.4M | $13.3M | ||
| Q3 25 | $17.4M | $7.5M | ||
| Q2 25 | $31.0M | $6.6M | ||
| Q1 25 | $25.3M | $3.8M | ||
| Q4 24 | $38.0M | $7.8M | ||
| Q3 24 | $40.4M | $-233.6M | ||
| Q2 24 | $37.9M | $20.2M | ||
| Q1 24 | $43.2M | $24.1M |
| Q4 25 | 46.8% | 36.1% | ||
| Q3 25 | 51.4% | 39.5% | ||
| Q2 25 | 49.6% | 37.3% | ||
| Q1 25 | 50.0% | 39.4% | ||
| Q4 24 | 46.5% | 38.6% | ||
| Q3 24 | 53.3% | 23.2% | ||
| Q2 24 | 52.2% | 37.3% | ||
| Q1 24 | 52.4% | 38.7% |
| Q4 25 | 19.4% | 1.2% | ||
| Q3 25 | 13.2% | 3.1% | ||
| Q2 25 | 24.2% | 0.0% | ||
| Q1 25 | 21.9% | 0.8% | ||
| Q4 24 | 24.2% | 6.0% | ||
| Q3 24 | 29.8% | -108.7% | ||
| Q2 24 | 30.3% | 4.7% | ||
| Q1 24 | 27.9% | 7.6% |
| Q4 25 | 13.3% | 4.8% | ||
| Q3 25 | 9.0% | 3.0% | ||
| Q2 25 | 17.8% | 2.6% | ||
| Q1 25 | 14.8% | 1.6% | ||
| Q4 24 | 20.4% | 3.3% | ||
| Q3 24 | 21.1% | -100.2% | ||
| Q2 24 | 20.8% | 7.8% | ||
| Q1 24 | 25.1% | 9.6% |
| Q4 25 | $0.51 | $0.30 | ||
| Q3 25 | $0.37 | $0.18 | ||
| Q2 25 | $0.64 | $0.16 | ||
| Q1 25 | $0.51 | $0.09 | ||
| Q4 24 | $0.74 | $0.27 | ||
| Q3 24 | $0.78 | $-5.33 | ||
| Q2 24 | $0.73 | $0.45 | ||
| Q1 24 | $0.81 | $0.52 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $282.8M | $839.3M |
| Total DebtLower is stronger | $608.7M | — |
| Stockholders' EquityBook value | $788.8M | $2.1B |
| Total Assets | $1.6B | $2.4B |
| Debt / EquityLower = less leverage | 0.77× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.8M | $839.3M | ||
| Q3 25 | $276.2M | $870.4M | ||
| Q2 25 | $231.8M | $899.6M | ||
| Q1 25 | $236.9M | $926.9M | ||
| Q4 24 | $221.6M | $930.2M | ||
| Q3 24 | $250.5M | $1.0B | ||
| Q2 24 | $217.8M | $1.1B | ||
| Q1 24 | $289.6M | $1.1B |
| Q4 25 | $608.7M | — | ||
| Q3 25 | $608.6M | — | ||
| Q2 25 | $607.7M | — | ||
| Q1 25 | $603.9M | — | ||
| Q4 24 | $601.6M | — | ||
| Q3 24 | $596.4M | — | ||
| Q2 24 | $586.9M | — | ||
| Q1 24 | $594.0M | — |
| Q4 25 | $788.8M | $2.1B | ||
| Q3 25 | $776.7M | $2.1B | ||
| Q2 25 | $757.5M | $2.1B | ||
| Q1 25 | $751.3M | $2.1B | ||
| Q4 24 | $732.3M | $2.0B | ||
| Q3 24 | $727.7M | $2.1B | ||
| Q2 24 | $713.3M | $2.3B | ||
| Q1 24 | $672.4M | $2.3B |
| Q4 25 | $1.6B | $2.4B | ||
| Q3 25 | $1.7B | $2.4B | ||
| Q2 25 | $1.6B | $2.4B | ||
| Q1 25 | $1.6B | $2.3B | ||
| Q4 24 | $1.6B | $2.3B | ||
| Q3 24 | $1.5B | $2.4B | ||
| Q2 24 | $1.5B | $2.5B | ||
| Q1 24 | $1.6B | $2.6B |
| Q4 25 | 0.77× | — | ||
| Q3 25 | 0.78× | — | ||
| Q2 25 | 0.80× | — | ||
| Q1 25 | 0.80× | — | ||
| Q4 24 | 0.82× | — | ||
| Q3 24 | 0.82× | — | ||
| Q2 24 | 0.82× | — | ||
| Q1 24 | 0.88× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $32.9M | $28.8M |
| Free Cash FlowOCF − Capex | $24.6M | $10.9M |
| FCF MarginFCF / Revenue | 13.4% | 4.0% |
| Capex IntensityCapex / Revenue | 4.5% | 6.5% |
| Cash ConversionOCF / Net Profit | 1.35× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $121.2M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.9M | $28.8M | ||
| Q3 25 | $52.6M | $35.3M | ||
| Q2 25 | $35.6M | $-2.2M | ||
| Q1 25 | $35.1M | $13.4M | ||
| Q4 24 | $29.0M | $73.8M | ||
| Q3 24 | $60.0M | $66.1M | ||
| Q2 24 | $69.1M | $53.5M | ||
| Q1 24 | $55.3M | $54.6M |
| Q4 25 | $24.6M | $10.9M | ||
| Q3 25 | $47.2M | $14.6M | ||
| Q2 25 | $25.0M | $-17.6M | ||
| Q1 25 | $24.4M | $-11.4M | ||
| Q4 24 | $16.6M | $50.6M | ||
| Q3 24 | $46.2M | $43.0M | ||
| Q2 24 | $63.1M | $29.2M | ||
| Q1 24 | $46.5M | $26.5M |
| Q4 25 | 13.4% | 4.0% | ||
| Q3 25 | 24.6% | 5.8% | ||
| Q2 25 | 14.3% | -7.0% | ||
| Q1 25 | 14.3% | -5.0% | ||
| Q4 24 | 8.9% | 21.6% | ||
| Q3 24 | 24.1% | 18.4% | ||
| Q2 24 | 34.6% | 11.3% | ||
| Q1 24 | 27.1% | 10.5% |
| Q4 25 | 4.5% | 6.5% | ||
| Q3 25 | 2.8% | 8.3% | ||
| Q2 25 | 6.1% | 6.1% | ||
| Q1 25 | 6.3% | 10.9% | ||
| Q4 24 | 6.7% | 9.9% | ||
| Q3 24 | 7.2% | 9.9% | ||
| Q2 24 | 3.3% | 9.4% | ||
| Q1 24 | 5.1% | 11.1% |
| Q4 25 | 1.35× | 2.17× | ||
| Q3 25 | 3.03× | 4.73× | ||
| Q2 25 | 1.15× | -0.34× | ||
| Q1 25 | 1.39× | 3.58× | ||
| Q4 24 | 0.76× | 9.44× | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 1.82× | 2.65× | ||
| Q1 24 | 1.28× | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMPH
| Other Products | $62.4M | 34% |
| Baqsimi | $46.7M | 26% |
| Primatenemist | $27.9M | 15% |
| Epinephrine | $17.1M | 9% |
| Lidocaine | $14.9M | 8% |
| Glucagon | $14.1M | 8% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
