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Side-by-side financial comparison of Blue Bird Corp (BLBD) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
Blue Bird Corp is the larger business by last-quarter revenue ($333.1M vs $274.5M, roughly 1.2× IPG PHOTONICS CORP). Blue Bird Corp runs the higher net margin — 9.2% vs 4.8%, a 4.4% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 6.1%). Blue Bird Corp produced more free cash flow last quarter ($31.1M vs $10.9M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -1.9%).
The Blue Bird Corporation is an American bus manufacturer. Headquartered in Fort Valley, Georgia, the company was best known for its production of school buses. The company has also manufactured a wide variety of other bus types, including transit buses, motorhomes, and specialty vehicles such as mobile libraries and mobile police command centers.
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.
BLBD vs IPGP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $333.1M | $274.5M |
| Net Profit | $30.8M | $13.3M |
| Gross Margin | 21.4% | 36.1% |
| Operating Margin | 11.3% | 1.2% |
| Net Margin | 9.2% | 4.8% |
| Revenue YoY | 6.1% | 17.1% |
| Net Profit YoY | 7.1% | 69.8% |
| EPS (diluted) | $0.94 | $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 | $333.1M | $274.5M | ||
| Q3 25 | $409.4M | $250.8M | ||
| Q2 25 | $398.0M | $250.7M | ||
| Q1 25 | $358.9M | $227.8M | ||
| Q4 24 | $313.9M | $234.3M | ||
| Q3 24 | $350.2M | $233.1M | ||
| Q2 24 | $333.4M | $257.6M | ||
| Q1 24 | $345.9M | $252.0M |
| Q4 25 | $30.8M | $13.3M | ||
| Q3 25 | $36.5M | $7.5M | ||
| Q2 25 | $36.5M | $6.6M | ||
| Q1 25 | $26.0M | $3.8M | ||
| Q4 24 | $28.7M | $7.8M | ||
| Q3 24 | $24.7M | $-233.6M | ||
| Q2 24 | $28.7M | $20.2M | ||
| Q1 24 | $26.0M | $24.1M |
| Q4 25 | 21.4% | 36.1% | ||
| Q3 25 | 21.1% | 39.5% | ||
| Q2 25 | 21.6% | 37.3% | ||
| Q1 25 | 19.7% | 39.4% | ||
| Q4 24 | 19.2% | 38.6% | ||
| Q3 24 | 17.0% | 23.2% | ||
| Q2 24 | 20.8% | 37.3% | ||
| Q1 24 | 18.4% | 38.7% |
| Q4 25 | 11.3% | 1.2% | ||
| Q3 25 | 12.3% | 3.1% | ||
| Q2 25 | 12.6% | 0.0% | ||
| Q1 25 | 9.4% | 0.8% | ||
| Q4 24 | 10.5% | 6.0% | ||
| Q3 24 | 7.3% | -108.7% | ||
| Q2 24 | 11.9% | 4.7% | ||
| Q1 24 | 10.4% | 7.6% |
| Q4 25 | 9.2% | 4.8% | ||
| Q3 25 | 8.9% | 3.0% | ||
| Q2 25 | 9.2% | 2.6% | ||
| Q1 25 | 7.3% | 1.6% | ||
| Q4 24 | 9.2% | 3.3% | ||
| Q3 24 | 7.0% | -100.2% | ||
| Q2 24 | 8.6% | 7.8% | ||
| Q1 24 | 7.5% | 9.6% |
| Q4 25 | $0.94 | $0.30 | ||
| Q3 25 | $1.11 | $0.18 | ||
| Q2 25 | $1.12 | $0.16 | ||
| Q1 25 | $0.79 | $0.09 | ||
| Q4 24 | $0.86 | $0.27 | ||
| Q3 24 | $0.71 | $-5.33 | ||
| Q2 24 | $0.85 | $0.45 | ||
| Q1 24 | $0.79 | $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 | $241.7M | $839.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $271.4M | $2.1B |
| Total Assets | $642.3M | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $241.7M | $839.3M | ||
| Q3 25 | $229.3M | $870.4M | ||
| Q2 25 | $173.1M | $899.6M | ||
| Q1 25 | $130.7M | $926.9M | ||
| Q4 24 | $136.1M | $930.2M | ||
| Q3 24 | $127.7M | $1.0B | ||
| Q2 24 | $88.4M | $1.1B | ||
| Q1 24 | $93.1M | $1.1B |
| Q4 25 | $271.4M | $2.1B | ||
| Q3 25 | $255.4M | $2.1B | ||
| Q2 25 | $221.8M | $2.1B | ||
| Q1 25 | $190.4M | $2.1B | ||
| Q4 24 | $179.7M | $2.0B | ||
| Q3 24 | $159.6M | $2.1B | ||
| Q2 24 | $137.3M | $2.3B | ||
| Q1 24 | $105.8M | $2.3B |
| Q4 25 | $642.3M | $2.4B | ||
| Q3 25 | $625.3M | $2.4B | ||
| Q2 25 | $575.5M | $2.4B | ||
| Q1 25 | $543.7M | $2.3B | ||
| Q4 24 | $535.2M | $2.3B | ||
| Q3 24 | $524.9M | $2.4B | ||
| Q2 24 | $468.1M | $2.5B | ||
| Q1 24 | $456.5M | $2.6B |
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 | $36.6M | $28.8M |
| Free Cash FlowOCF − Capex | $31.1M | $10.9M |
| FCF MarginFCF / Revenue | 9.3% | 4.0% |
| Capex IntensityCapex / Revenue | 1.6% | 6.5% |
| Cash ConversionOCF / Net Profit | 1.19× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $162.6M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.6M | $28.8M | ||
| Q3 25 | $65.1M | $35.3M | ||
| Q2 25 | $56.9M | $-2.2M | ||
| Q1 25 | $27.8M | $13.4M | ||
| Q4 24 | $26.4M | $73.8M | ||
| Q3 24 | $55.4M | $66.1M | ||
| Q2 24 | $989.0K | $53.5M | ||
| Q1 24 | $54.6M | $54.6M |
| Q4 25 | $31.1M | $10.9M | ||
| Q3 25 | $60.5M | $14.6M | ||
| Q2 25 | $52.3M | $-17.6M | ||
| Q1 25 | $18.7M | $-11.4M | ||
| Q4 24 | $21.8M | $50.6M | ||
| Q3 24 | $50.2M | $43.0M | ||
| Q2 24 | $-3.5M | $29.2M | ||
| Q1 24 | $51.8M | $26.5M |
| Q4 25 | 9.3% | 4.0% | ||
| Q3 25 | 14.8% | 5.8% | ||
| Q2 25 | 13.1% | -7.0% | ||
| Q1 25 | 5.2% | -5.0% | ||
| Q4 24 | 7.0% | 21.6% | ||
| Q3 24 | 14.3% | 18.4% | ||
| Q2 24 | -1.1% | 11.3% | ||
| Q1 24 | 15.0% | 10.5% |
| Q4 25 | 1.6% | 6.5% | ||
| Q3 25 | 1.1% | 8.3% | ||
| Q2 25 | 1.2% | 6.1% | ||
| Q1 25 | 2.5% | 10.9% | ||
| Q4 24 | 1.5% | 9.9% | ||
| Q3 24 | 1.5% | 9.9% | ||
| Q2 24 | 1.3% | 9.4% | ||
| Q1 24 | 0.8% | 11.1% |
| Q4 25 | 1.19× | 2.17× | ||
| Q3 25 | 1.78× | 4.73× | ||
| Q2 25 | 1.56× | -0.34× | ||
| Q1 25 | 1.07× | 3.58× | ||
| Q4 24 | 0.92× | 9.44× | ||
| Q3 24 | 2.24× | — | ||
| Q2 24 | 0.03× | 2.65× | ||
| Q1 24 | 2.10× | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLBD
| Alternative Fuel Buses | $151.4M | 45% |
| Diesel Buses | $144.9M | 43% |
| Parts | $24.8M | 7% |
| Other | $12.1M | 4% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
