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Side-by-side financial comparison of AVANOS MEDICAL, INC. (AVNS) 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 $180.9M, roughly 1.5× AVANOS MEDICAL, INC.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -0.7%, a 5.6% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 0.7%). AVANOS MEDICAL, INC. produced more free cash flow last quarter ($21.3M vs $10.9M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs 4.4%).
Avanos Medical, Inc. is a medical technology company making clinical medical devices. The company consists of two franchises – Pain Management and Chronic Care – that address reducing the use of opioids while helping patients recover faster and preventing infection.
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.
AVNS vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $180.9M | $274.5M |
| Net Profit | $-1.3M | $13.3M |
| Gross Margin | 47.5% | 36.1% |
| Operating Margin | 1.4% | 1.2% |
| Net Margin | -0.7% | 4.8% |
| Revenue YoY | 0.7% | 17.1% |
| Net Profit YoY | 99.7% | 69.8% |
| EPS (diluted) | $-0.02 | $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 | $180.9M | $274.5M | ||
| Q3 25 | $177.8M | $250.8M | ||
| Q2 25 | $175.0M | $250.7M | ||
| Q1 25 | $167.5M | $227.8M | ||
| Q4 24 | $179.6M | $234.3M | ||
| Q3 24 | $170.4M | $233.1M | ||
| Q2 24 | $171.7M | $257.6M | ||
| Q1 24 | $166.1M | $252.0M |
| Q4 25 | $-1.3M | $13.3M | ||
| Q3 25 | $-1.4M | $7.5M | ||
| Q2 25 | $-76.8M | $6.6M | ||
| Q1 25 | $6.6M | $3.8M | ||
| Q4 24 | $-397.3M | $7.8M | ||
| Q3 24 | $4.3M | $-233.6M | ||
| Q2 24 | $1.8M | $20.2M | ||
| Q1 24 | $-900.0K | $24.1M |
| Q4 25 | 47.5% | 36.1% | ||
| Q3 25 | 48.4% | 39.5% | ||
| Q2 25 | 52.6% | 37.3% | ||
| Q1 25 | 53.6% | 39.4% | ||
| Q4 24 | 54.6% | 38.6% | ||
| Q3 24 | 54.5% | 23.2% | ||
| Q2 24 | 55.7% | 37.3% | ||
| Q1 24 | 57.1% | 38.7% |
| Q4 25 | 1.4% | 1.2% | ||
| Q3 25 | 0.1% | 3.1% | ||
| Q2 25 | -42.6% | 0.0% | ||
| Q1 25 | 6.1% | 0.8% | ||
| Q4 24 | -233.0% | 6.0% | ||
| Q3 24 | 7.0% | -108.7% | ||
| Q2 24 | 3.7% | 4.7% | ||
| Q1 24 | 2.4% | 7.6% |
| Q4 25 | -0.7% | 4.8% | ||
| Q3 25 | -0.8% | 3.0% | ||
| Q2 25 | -43.9% | 2.6% | ||
| Q1 25 | 3.9% | 1.6% | ||
| Q4 24 | -221.2% | 3.3% | ||
| Q3 24 | 2.5% | -100.2% | ||
| Q2 24 | 1.0% | 7.8% | ||
| Q1 24 | -0.5% | 9.6% |
| Q4 25 | $-0.02 | $0.30 | ||
| Q3 25 | $-0.03 | $0.18 | ||
| Q2 25 | $-1.66 | $0.16 | ||
| Q1 25 | $0.14 | $0.09 | ||
| Q4 24 | $-8.64 | $0.27 | ||
| Q3 24 | $0.09 | $-5.33 | ||
| Q2 24 | $0.04 | $0.45 | ||
| Q1 24 | $-0.02 | $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 | $89.8M | $839.3M |
| Total DebtLower is stronger | $90.3M | — |
| Stockholders' EquityBook value | $778.2M | $2.1B |
| Total Assets | $1.1B | $2.4B |
| Debt / EquityLower = less leverage | 0.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $89.8M | $839.3M | ||
| Q3 25 | $70.5M | $870.4M | ||
| Q2 25 | $90.3M | $899.6M | ||
| Q1 25 | $97.0M | $926.9M | ||
| Q4 24 | $107.7M | $930.2M | ||
| Q3 24 | $89.0M | $1.0B | ||
| Q2 24 | $92.2M | $1.1B | ||
| Q1 24 | $75.8M | $1.1B |
| Q4 25 | $90.3M | — | ||
| Q3 25 | $93.4M | — | ||
| Q2 25 | $95.7M | — | ||
| Q1 25 | $98.0M | — | ||
| Q4 24 | $125.3M | — | ||
| Q3 24 | $152.6M | — | ||
| Q2 24 | $164.9M | — | ||
| Q1 24 | $167.2M | — |
| Q4 25 | $778.2M | $2.1B | ||
| Q3 25 | $778.0M | $2.1B | ||
| Q2 25 | $776.3M | $2.1B | ||
| Q1 25 | $839.4M | $2.1B | ||
| Q4 24 | $828.5M | $2.0B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.2B | $2.3B | ||
| Q1 24 | $1.2B | $2.3B |
| Q4 25 | $1.1B | $2.4B | ||
| Q3 25 | $1.1B | $2.4B | ||
| Q2 25 | $1.0B | $2.4B | ||
| Q1 25 | $1.1B | $2.3B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $1.7B | $2.4B | ||
| Q2 24 | $1.7B | $2.5B | ||
| Q1 24 | $1.7B | $2.6B |
| Q4 25 | 0.12× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.12× | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | 0.12× | — | ||
| Q2 24 | 0.13× | — | ||
| Q1 24 | 0.14× | — |
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 | $28.2M | $28.8M |
| Free Cash FlowOCF − Capex | $21.3M | $10.9M |
| FCF MarginFCF / Revenue | 11.8% | 4.0% |
| Capex IntensityCapex / Revenue | 3.8% | 6.5% |
| Cash ConversionOCF / Net Profit | — | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $43.1M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | $28.8M | ||
| Q3 25 | $14.0M | $35.3M | ||
| Q2 25 | $6.8M | $-2.2M | ||
| Q1 25 | $25.7M | $13.4M | ||
| Q4 24 | $57.9M | $73.8M | ||
| Q3 24 | $23.0M | $66.1M | ||
| Q2 24 | $27.8M | $53.5M | ||
| Q1 24 | $-8.0M | $54.6M |
| Q4 25 | $21.3M | $10.9M | ||
| Q3 25 | $7.0M | $14.6M | ||
| Q2 25 | $-4.2M | $-17.6M | ||
| Q1 25 | $19.0M | $-11.4M | ||
| Q4 24 | $53.1M | $50.6M | ||
| Q3 24 | $20.0M | $43.0M | ||
| Q2 24 | $21.9M | $29.2M | ||
| Q1 24 | $-12.1M | $26.5M |
| Q4 25 | 11.8% | 4.0% | ||
| Q3 25 | 3.9% | 5.8% | ||
| Q2 25 | -2.4% | -7.0% | ||
| Q1 25 | 11.3% | -5.0% | ||
| Q4 24 | 29.6% | 21.6% | ||
| Q3 24 | 11.7% | 18.4% | ||
| Q2 24 | 12.8% | 11.3% | ||
| Q1 24 | -7.3% | 10.5% |
| Q4 25 | 3.8% | 6.5% | ||
| Q3 25 | 3.9% | 8.3% | ||
| Q2 25 | 6.3% | 6.1% | ||
| Q1 25 | 4.0% | 10.9% | ||
| Q4 24 | 2.7% | 9.9% | ||
| Q3 24 | 1.8% | 9.9% | ||
| Q2 24 | 3.4% | 9.4% | ||
| Q1 24 | 2.5% | 11.1% |
| Q4 25 | — | 2.17× | ||
| Q3 25 | — | 4.73× | ||
| Q2 25 | — | -0.34× | ||
| Q1 25 | 3.89× | 3.58× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | 5.35× | — | ||
| Q2 24 | 15.44× | 2.65× | ||
| Q1 24 | — | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNS
| Enteral Feeding | $83.0M | 46% |
| Radiofrequency Ablation | $36.9M | 20% |
| Neonate Solutions | $32.1M | 18% |
| Surgical Pain And Recovery | $24.7M | 14% |
| Corporate Other | $4.2M | 2% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
