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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
APOGEE ENTERPRISES, INC. is the larger business by last-quarter revenue ($351.4M vs $274.5M, roughly 1.3× IPG PHOTONICS CORP). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs 4.7%, a 0.1% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 1.6%). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs 2.9%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
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.
APOG vs IPGP — Head-to-Head
Income Statement — Q4 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $274.5M |
| Net Profit | $16.6M | $13.3M |
| Gross Margin | 22.4% | 36.1% |
| Operating Margin | 7.3% | 1.2% |
| Net Margin | 4.7% | 4.8% |
| Revenue YoY | 1.6% | 17.1% |
| Net Profit YoY | 568.8% | 69.8% |
| EPS (diluted) | $0.78 | $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.
| Q1 26 | $351.4M | — | ||
| Q4 25 | $348.6M | $274.5M | ||
| Q3 25 | $358.2M | $250.8M | ||
| Q2 25 | $346.6M | $250.7M | ||
| Q1 25 | $345.7M | $227.8M | ||
| Q4 24 | $341.3M | $234.3M | ||
| Q3 24 | $342.4M | $233.1M | ||
| Q2 24 | $331.5M | $257.6M |
| Q1 26 | $16.6M | — | ||
| Q4 25 | $16.5M | $13.3M | ||
| Q3 25 | $23.6M | $7.5M | ||
| Q2 25 | $-2.7M | $6.6M | ||
| Q1 25 | $2.5M | $3.8M | ||
| Q4 24 | $21.0M | $7.8M | ||
| Q3 24 | $30.6M | $-233.6M | ||
| Q2 24 | $31.0M | $20.2M |
| Q1 26 | 22.4% | — | ||
| Q4 25 | 23.8% | 36.1% | ||
| Q3 25 | 23.1% | 39.5% | ||
| Q2 25 | 21.7% | 37.3% | ||
| Q1 25 | 21.6% | 39.4% | ||
| Q4 24 | 26.1% | 38.6% | ||
| Q3 24 | 28.4% | 23.2% | ||
| Q2 24 | 29.8% | 37.3% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.1% | 1.2% | ||
| Q3 25 | 7.5% | 3.1% | ||
| Q2 25 | 2.0% | 0.0% | ||
| Q1 25 | 1.8% | 0.8% | ||
| Q4 24 | 8.4% | 6.0% | ||
| Q3 24 | 12.3% | -108.7% | ||
| Q2 24 | 12.5% | 4.7% |
| Q1 26 | 4.7% | — | ||
| Q4 25 | 4.7% | 4.8% | ||
| Q3 25 | 6.6% | 3.0% | ||
| Q2 25 | -0.8% | 2.6% | ||
| Q1 25 | 0.7% | 1.6% | ||
| Q4 24 | 6.1% | 3.3% | ||
| Q3 24 | 8.9% | -100.2% | ||
| Q2 24 | 9.4% | 7.8% |
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.77 | $0.30 | ||
| Q3 25 | $1.10 | $0.18 | ||
| Q2 25 | $-0.13 | $0.16 | ||
| Q1 25 | $0.12 | $0.09 | ||
| Q4 24 | $0.96 | $0.27 | ||
| Q3 24 | $1.40 | $-5.33 | ||
| Q2 24 | $1.41 | $0.45 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $39.5M | $839.3M |
| Total DebtLower is stronger | $232.3M | — |
| Stockholders' EquityBook value | $511.8M | $2.1B |
| Total Assets | $1.1B | $2.4B |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | — | ||
| Q4 25 | $41.3M | $839.3M | ||
| Q3 25 | $39.5M | $870.4M | ||
| Q2 25 | $32.8M | $899.6M | ||
| Q1 25 | $41.4M | $926.9M | ||
| Q4 24 | $43.9M | $930.2M | ||
| Q3 24 | $51.0M | $1.0B | ||
| Q2 24 | $30.4M | $1.1B |
| Q1 26 | $232.3M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $285.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $511.8M | — | ||
| Q4 25 | $512.3M | $2.1B | ||
| Q3 25 | $500.2M | $2.1B | ||
| Q2 25 | $481.8M | $2.1B | ||
| Q1 25 | $487.9M | $2.1B | ||
| Q4 24 | $522.1M | $2.0B | ||
| Q3 24 | $506.4M | $2.1B | ||
| Q2 24 | $480.0M | $2.3B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $2.4B | ||
| Q3 25 | $1.2B | $2.4B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.2B | $2.3B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $917.1M | $2.4B | ||
| Q2 24 | $889.0M | $2.5B |
| Q1 26 | 0.45× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $122.5M | $28.8M |
| Free Cash FlowOCF − Capex | — | $10.9M |
| FCF MarginFCF / Revenue | — | 4.0% |
| Capex IntensityCapex / Revenue | 7.8% | 6.5% |
| Cash ConversionOCF / Net Profit | 7.37× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | — | ||
| Q4 25 | $29.3M | $28.8M | ||
| Q3 25 | $57.1M | $35.3M | ||
| Q2 25 | $-19.8M | $-2.2M | ||
| Q1 25 | $30.0M | $13.4M | ||
| Q4 24 | $31.0M | $73.8M | ||
| Q3 24 | $58.7M | $66.1M | ||
| Q2 24 | $5.5M | $53.5M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | $10.9M | ||
| Q3 25 | $52.4M | $14.6M | ||
| Q2 25 | $-26.9M | $-17.6M | ||
| Q1 25 | $19.1M | $-11.4M | ||
| Q4 24 | $22.0M | $50.6M | ||
| Q3 24 | $50.2M | $43.0M | ||
| Q2 24 | $-1.8M | $29.2M |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 4.0% | ||
| Q3 25 | 14.6% | 5.8% | ||
| Q2 25 | -7.8% | -7.0% | ||
| Q1 25 | 5.5% | -5.0% | ||
| Q4 24 | 6.4% | 21.6% | ||
| Q3 24 | 14.7% | 18.4% | ||
| Q2 24 | -0.5% | 11.3% |
| Q1 26 | 7.8% | — | ||
| Q4 25 | 1.9% | 6.5% | ||
| Q3 25 | 1.3% | 8.3% | ||
| Q2 25 | 2.1% | 6.1% | ||
| Q1 25 | 3.2% | 10.9% | ||
| Q4 24 | 2.6% | 9.9% | ||
| Q3 24 | 2.5% | 9.9% | ||
| Q2 24 | 2.2% | 9.4% |
| Q1 26 | 7.37× | — | ||
| Q4 25 | 1.77× | 2.17× | ||
| Q3 25 | 2.41× | 4.73× | ||
| Q2 25 | — | -0.34× | ||
| Q1 25 | 12.08× | 3.58× | ||
| Q4 24 | 1.48× | 9.44× | ||
| Q3 24 | 1.92× | — | ||
| Q2 24 | 0.18× | 2.65× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APOG
| Architectural Services | $127.1M | 36% |
| Architectural Metals | $110.0M | 31% |
| Architectural Glass | $67.4M | 19% |
| Performance Surfaces | $54.3M | 15% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
