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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) 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 $164.3M, roughly 1.7× AMERICAN STATES WATER CO). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs 4.8%, a 12.7% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 14.8%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-36.0M). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs 4.4%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
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.
AWR vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $274.5M |
| Net Profit | $28.7M | $13.3M |
| Gross Margin | 88.9% | 36.1% |
| Operating Margin | 27.4% | 1.2% |
| Net Margin | 17.5% | 4.8% |
| Revenue YoY | 14.8% | 17.1% |
| Net Profit YoY | 1.1% | 69.8% |
| EPS (diluted) | $0.74 | $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 | $164.3M | $274.5M | ||
| Q3 25 | $182.7M | $250.8M | ||
| Q2 25 | $163.1M | $250.7M | ||
| Q1 25 | $148.0M | $227.8M | ||
| Q4 24 | $143.1M | $234.3M | ||
| Q3 24 | $161.8M | $233.1M | ||
| Q2 24 | $155.3M | $257.6M | ||
| Q1 24 | $135.3M | $252.0M |
| Q4 25 | $28.7M | $13.3M | ||
| Q3 25 | $41.2M | $7.5M | ||
| Q2 25 | $33.7M | $6.6M | ||
| Q1 25 | $26.8M | $3.8M | ||
| Q4 24 | $28.4M | $7.8M | ||
| Q3 24 | $35.8M | $-233.6M | ||
| Q2 24 | $31.9M | $20.2M | ||
| Q1 24 | $23.1M | $24.1M |
| Q4 25 | 88.9% | 36.1% | ||
| Q3 25 | 91.0% | 39.5% | ||
| Q2 25 | 92.1% | 37.3% | ||
| Q1 25 | 91.3% | 39.4% | ||
| Q4 24 | 92.4% | 38.6% | ||
| Q3 24 | 92.7% | 23.2% | ||
| Q2 24 | 89.6% | 37.3% | ||
| Q1 24 | 88.4% | 38.7% |
| Q4 25 | 27.4% | 1.2% | ||
| Q3 25 | 33.8% | 3.1% | ||
| Q2 25 | 31.3% | 0.0% | ||
| Q1 25 | 30.8% | 0.8% | ||
| Q4 24 | 27.0% | 6.0% | ||
| Q3 24 | 34.0% | -108.7% | ||
| Q2 24 | 33.3% | 4.7% | ||
| Q1 24 | 28.8% | 7.6% |
| Q4 25 | 17.5% | 4.8% | ||
| Q3 25 | 22.5% | 3.0% | ||
| Q2 25 | 20.7% | 2.6% | ||
| Q1 25 | 18.1% | 1.6% | ||
| Q4 24 | 19.9% | 3.3% | ||
| Q3 24 | 22.1% | -100.2% | ||
| Q2 24 | 20.5% | 7.8% | ||
| Q1 24 | 17.1% | 9.6% |
| Q4 25 | $0.74 | $0.30 | ||
| Q3 25 | $1.06 | $0.18 | ||
| Q2 25 | $0.87 | $0.16 | ||
| Q1 25 | $0.70 | $0.09 | ||
| Q4 24 | $0.75 | $0.27 | ||
| Q3 24 | $0.95 | $-5.33 | ||
| Q2 24 | $0.85 | $0.45 | ||
| Q1 24 | $0.62 | $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 | $18.8M | $839.3M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $2.1B |
| Total Assets | $2.7B | $2.4B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $839.3M | ||
| Q3 25 | $26.1M | $870.4M | ||
| Q2 25 | $20.2M | $899.6M | ||
| Q1 25 | $21.2M | $926.9M | ||
| Q4 24 | $26.7M | $930.2M | ||
| Q3 24 | $16.5M | $1.0B | ||
| Q2 24 | $3.6M | $1.1B | ||
| Q1 24 | $17.0M | $1.1B |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $2.1B | ||
| Q3 25 | $1.0B | $2.1B | ||
| Q2 25 | $972.5M | $2.1B | ||
| Q1 25 | $956.4M | $2.1B | ||
| Q4 24 | $920.1M | $2.0B | ||
| Q3 24 | $879.5M | $2.1B | ||
| Q2 24 | $833.5M | $2.3B | ||
| Q1 24 | $800.5M | $2.3B |
| Q4 25 | $2.7B | $2.4B | ||
| Q3 25 | $2.7B | $2.4B | ||
| Q2 25 | $2.6B | $2.4B | ||
| Q1 25 | $2.5B | $2.3B | ||
| Q4 24 | $2.5B | $2.3B | ||
| Q3 24 | $2.4B | $2.4B | ||
| Q2 24 | $2.3B | $2.5B | ||
| Q1 24 | $2.3B | $2.6B |
| Q4 25 | 0.75× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $27.7M | $28.8M |
| Free Cash FlowOCF − Capex | $-36.0M | $10.9M |
| FCF MarginFCF / Revenue | -21.9% | 4.0% |
| Capex IntensityCapex / Revenue | 38.8% | 6.5% |
| Cash ConversionOCF / Net Profit | 0.96× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $28.8M | ||
| Q3 25 | $92.4M | $35.3M | ||
| Q2 25 | $64.6M | $-2.2M | ||
| Q1 25 | $45.1M | $13.4M | ||
| Q4 24 | $64.5M | $73.8M | ||
| Q3 24 | $63.7M | $66.1M | ||
| Q2 24 | $24.7M | $53.5M | ||
| Q1 24 | $45.8M | $54.6M |
| Q4 25 | $-36.0M | $10.9M | ||
| Q3 25 | $37.7M | $14.6M | ||
| Q2 25 | $13.7M | $-17.6M | ||
| Q1 25 | $-22.5M | $-11.4M | ||
| Q4 24 | $6.0M | $50.6M | ||
| Q3 24 | $-478.0K | $43.0M | ||
| Q2 24 | $-37.0M | $29.2M | ||
| Q1 24 | $-1.7M | $26.5M |
| Q4 25 | -21.9% | 4.0% | ||
| Q3 25 | 20.7% | 5.8% | ||
| Q2 25 | 8.4% | -7.0% | ||
| Q1 25 | -15.2% | -5.0% | ||
| Q4 24 | 4.2% | 21.6% | ||
| Q3 24 | -0.3% | 18.4% | ||
| Q2 24 | -23.8% | 11.3% | ||
| Q1 24 | -1.3% | 10.5% |
| Q4 25 | 38.8% | 6.5% | ||
| Q3 25 | 29.9% | 8.3% | ||
| Q2 25 | 31.2% | 6.1% | ||
| Q1 25 | 45.6% | 10.9% | ||
| Q4 24 | 40.9% | 9.9% | ||
| Q3 24 | 39.7% | 9.9% | ||
| Q2 24 | 39.8% | 9.4% | ||
| Q1 24 | 35.2% | 11.1% |
| Q4 25 | 0.96× | 2.17× | ||
| Q3 25 | 2.24× | 4.73× | ||
| Q2 25 | 1.92× | -0.34× | ||
| Q1 25 | 1.68× | 3.58× | ||
| Q4 24 | 2.27× | 9.44× | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 0.78× | 2.65× | ||
| Q1 24 | 1.98× | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
