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Side-by-side financial comparison of Axos Financial, Inc. (AX) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
Axos Financial, Inc. is the larger business by last-quarter revenue ($392.2M vs $274.5M, roughly 1.4× IPG PHOTONICS CORP). Axos Financial, Inc. runs the higher net margin — 31.8% vs 4.8%, a 27.0% gap on every dollar of revenue. Over the past eight quarters, Axos Financial, Inc.'s revenue compounded faster (16.1% CAGR vs 4.4%).
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform.
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.
AX vs IPGP — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $392.2M | $274.5M |
| Net Profit | $124.7M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | — | 1.2% |
| Net Margin | 31.8% | 4.8% |
| Revenue YoY | — | 17.1% |
| Net Profit YoY | 18.5% | 69.8% |
| EPS (diluted) | $2.15 | $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 | $392.2M | — | ||
| Q4 25 | $385.1M | $274.5M | ||
| Q3 25 | $323.4M | $250.8M | ||
| Q2 25 | $321.4M | $250.7M | ||
| Q1 25 | $308.8M | $227.8M | ||
| Q4 24 | $307.9M | $234.3M | ||
| Q3 24 | $320.7M | $233.1M | ||
| Q2 24 | $290.9M | $257.6M |
| Q1 26 | $124.7M | — | ||
| Q4 25 | $128.4M | $13.3M | ||
| Q3 25 | $112.4M | $7.5M | ||
| Q2 25 | $110.7M | $6.6M | ||
| Q1 25 | $105.2M | $3.8M | ||
| Q4 24 | $104.7M | $7.8M | ||
| Q3 24 | $112.3M | $-233.6M | ||
| Q2 24 | $104.9M | $20.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 39.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 37.3% |
| Q1 26 | — | — | ||
| Q4 25 | 45.6% | 1.2% | ||
| Q3 25 | 46.3% | 3.1% | ||
| Q2 25 | 48.5% | 0.0% | ||
| Q1 25 | 47.9% | 0.8% | ||
| Q4 24 | 48.8% | 6.0% | ||
| Q3 24 | 49.6% | -108.7% | ||
| Q2 24 | 49.6% | 4.7% |
| Q1 26 | 31.8% | — | ||
| Q4 25 | 33.3% | 4.8% | ||
| Q3 25 | 34.7% | 3.0% | ||
| Q2 25 | 34.4% | 2.6% | ||
| Q1 25 | 34.1% | 1.6% | ||
| Q4 24 | 34.0% | 3.3% | ||
| Q3 24 | 35.0% | -100.2% | ||
| Q2 24 | 36.0% | 7.8% |
| Q1 26 | $2.15 | — | ||
| Q4 25 | $2.22 | $0.30 | ||
| Q3 25 | $1.94 | $0.18 | ||
| Q2 25 | $1.89 | $0.16 | ||
| Q1 25 | $1.81 | $0.09 | ||
| Q4 24 | $1.80 | $0.27 | ||
| Q3 24 | $1.93 | $-5.33 | ||
| Q2 24 | $1.75 | $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 | — | $839.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.1B | $2.1B |
| Total Assets | $29.2B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $839.3M | ||
| Q3 25 | $2.6B | $870.4M | ||
| Q2 25 | $1.9B | $899.6M | ||
| Q1 25 | $2.0B | $926.9M | ||
| Q4 24 | $2.4B | $930.2M | ||
| Q3 24 | $2.6B | $1.0B | ||
| Q2 24 | $2.0B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $312.7M | — | ||
| Q1 25 | $377.4M | — | ||
| Q4 24 | $358.7M | — | ||
| Q3 24 | $313.5M | — | ||
| Q2 24 | $325.7M | — |
| Q1 26 | $3.1B | — | ||
| Q4 25 | $2.9B | $2.1B | ||
| Q3 25 | $2.8B | $2.1B | ||
| Q2 25 | $2.7B | $2.1B | ||
| Q1 25 | $2.6B | $2.1B | ||
| Q4 24 | $2.5B | $2.0B | ||
| Q3 24 | $2.4B | $2.1B | ||
| Q2 24 | $2.3B | $2.3B |
| Q1 26 | $29.2B | — | ||
| Q4 25 | $28.2B | $2.4B | ||
| Q3 25 | $27.4B | $2.4B | ||
| Q2 25 | $24.8B | $2.4B | ||
| Q1 25 | $24.0B | $2.3B | ||
| Q4 24 | $23.7B | $2.3B | ||
| Q3 24 | $23.6B | $2.4B | ||
| Q2 24 | $22.9B | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.13× | — | ||
| Q2 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 | — | $28.8M |
| Free Cash FlowOCF − Capex | — | $10.9M |
| FCF MarginFCF / Revenue | — | 4.0% |
| Capex IntensityCapex / Revenue | — | 6.5% |
| Cash ConversionOCF / Net Profit | — | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | $28.8M | ||
| Q3 25 | $118.4M | $35.3M | ||
| Q2 25 | $490.3M | $-2.2M | ||
| Q1 25 | $73.7M | $13.4M | ||
| Q4 24 | $162.5M | $73.8M | ||
| Q3 24 | $70.8M | $66.1M | ||
| Q2 24 | $305.5M | $53.5M |
| Q1 26 | — | — | ||
| Q4 25 | $85.4M | $10.9M | ||
| Q3 25 | $109.3M | $14.6M | ||
| Q2 25 | $436.1M | $-17.6M | ||
| Q1 25 | $65.1M | $-11.4M | ||
| Q4 24 | $156.4M | $50.6M | ||
| Q3 24 | $53.0M | $43.0M | ||
| Q2 24 | $269.5M | $29.2M |
| Q1 26 | — | — | ||
| Q4 25 | 22.2% | 4.0% | ||
| Q3 25 | 33.8% | 5.8% | ||
| Q2 25 | 135.7% | -7.0% | ||
| Q1 25 | 21.1% | -5.0% | ||
| Q4 24 | 50.8% | 21.6% | ||
| Q3 24 | 16.5% | 18.4% | ||
| Q2 24 | 92.6% | 11.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 6.5% | ||
| Q3 25 | 2.8% | 8.3% | ||
| Q2 25 | 16.9% | 6.1% | ||
| Q1 25 | 2.8% | 10.9% | ||
| Q4 24 | 2.0% | 9.9% | ||
| Q3 24 | 5.5% | 9.9% | ||
| Q2 24 | 12.4% | 9.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.81× | 2.17× | ||
| Q3 25 | 1.05× | 4.73× | ||
| Q2 25 | 4.43× | -0.34× | ||
| Q1 25 | 0.70× | 3.58× | ||
| Q4 24 | 1.55× | 9.44× | ||
| Q3 24 | 0.63× | — | ||
| Q2 24 | 2.91× | 2.65× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AX
| Net Interest Income | $306.3M | 78% |
| Noninterest Income | $86.0M | 22% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
