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Side-by-side financial comparison of PATHWARD FINANCIAL, INC. (CASH) 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 $173.1M, roughly 1.6× PATHWARD FINANCIAL, INC.). PATHWARD FINANCIAL, INC. runs the higher net margin — 20.3% vs 4.8%, a 15.5% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -0.2%). PATHWARD FINANCIAL, INC. produced more free cash flow last quarter ($104.1M vs $10.9M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -18.0%).
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
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.
CASH vs IPGP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $173.1M | $274.5M |
| Net Profit | $35.2M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | 24.6% | 1.2% |
| Net Margin | 20.3% | 4.8% |
| Revenue YoY | -0.2% | 17.1% |
| Net Profit YoY | 11.9% | 69.8% |
| EPS (diluted) | $1.57 | $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 | $173.1M | $274.5M | ||
| Q3 25 | $186.7M | $250.8M | ||
| Q2 25 | $195.8M | $250.7M | ||
| Q1 25 | $274.8M | $227.8M | ||
| Q4 24 | $182.6M | $234.3M | ||
| Q3 24 | $179.5M | $233.1M | ||
| Q2 24 | $188.6M | $257.6M | ||
| Q1 24 | $257.6M | $252.0M |
| Q4 25 | $35.2M | $13.3M | ||
| Q3 25 | $38.8M | $7.5M | ||
| Q2 25 | $42.1M | $6.6M | ||
| Q1 25 | $75.0M | $3.8M | ||
| Q4 24 | $30.0M | $7.8M | ||
| Q3 24 | $33.5M | $-233.6M | ||
| Q2 24 | $44.9M | $20.2M | ||
| Q1 24 | $69.9M | $24.1M |
| 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 24 | — | 38.7% |
| Q4 25 | 24.6% | 1.2% | ||
| Q3 25 | 25.9% | 3.1% | ||
| Q2 25 | 24.1% | 0.0% | ||
| Q1 25 | 33.2% | 0.8% | ||
| Q4 24 | 19.8% | 6.0% | ||
| Q3 24 | 20.9% | -108.7% | ||
| Q2 24 | 27.1% | 4.7% | ||
| Q1 24 | 33.8% | 7.6% |
| Q4 25 | 20.3% | 4.8% | ||
| Q3 25 | 20.8% | 3.0% | ||
| Q2 25 | 21.5% | 2.6% | ||
| Q1 25 | 27.3% | 1.6% | ||
| Q4 24 | 16.4% | 3.3% | ||
| Q3 24 | 18.7% | -100.2% | ||
| Q2 24 | 23.8% | 7.8% | ||
| Q1 24 | 27.1% | 9.6% |
| Q4 25 | $1.57 | $0.30 | ||
| Q3 25 | $1.69 | $0.18 | ||
| Q2 25 | $1.81 | $0.16 | ||
| Q1 25 | $3.14 | $0.09 | ||
| Q4 24 | $1.23 | $0.27 | ||
| Q3 24 | $1.34 | $-5.33 | ||
| Q2 24 | $1.78 | $0.45 | ||
| Q1 24 | $2.74 | $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 | $331.2M | $839.3M |
| Total DebtLower is stronger | $33.5M | — |
| Stockholders' EquityBook value | $854.5M | $2.1B |
| Total Assets | $7.6B | $2.4B |
| Debt / EquityLower = less leverage | 0.04× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $331.2M | $839.3M | ||
| Q3 25 | $120.6M | $870.4M | ||
| Q2 25 | $258.3M | $899.6M | ||
| Q1 25 | $254.2M | $926.9M | ||
| Q4 24 | $597.4M | $930.2M | ||
| Q3 24 | $158.3M | $1.0B | ||
| Q2 24 | $298.9M | $1.1B | ||
| Q1 24 | $347.9M | $1.1B |
| Q4 25 | $33.5M | — | ||
| Q3 25 | $33.5M | — | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $33.4M | — | ||
| Q4 24 | $33.4M | — | ||
| Q3 24 | $33.4M | — | ||
| Q2 24 | $33.3M | — | ||
| Q1 24 | $33.4M | — |
| Q4 25 | $854.5M | $2.1B | ||
| Q3 25 | $858.0M | $2.1B | ||
| Q2 25 | $819.0M | $2.1B | ||
| Q1 25 | $814.7M | $2.1B | ||
| Q4 24 | $758.3M | $2.0B | ||
| Q3 24 | $822.5M | $2.1B | ||
| Q2 24 | $748.4M | $2.3B | ||
| Q1 24 | $719.5M | $2.3B |
| Q4 25 | $7.6B | $2.4B | ||
| Q3 25 | $7.2B | $2.4B | ||
| Q2 25 | $7.2B | $2.4B | ||
| Q1 25 | $7.0B | $2.3B | ||
| Q4 24 | $7.6B | $2.3B | ||
| Q3 24 | $7.5B | $2.4B | ||
| Q2 24 | $7.5B | $2.5B | ||
| Q1 24 | $7.4B | $2.6B |
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — | ||
| Q1 24 | 0.05× | — |
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 | $108.3M | $28.8M |
| Free Cash FlowOCF − Capex | $104.1M | $10.9M |
| FCF MarginFCF / Revenue | 60.1% | 4.0% |
| Capex IntensityCapex / Revenue | 2.4% | 6.5% |
| Cash ConversionOCF / Net Profit | 3.08× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $616.8M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.3M | $28.8M | ||
| Q3 25 | $303.7M | $35.3M | ||
| Q2 25 | $30.4M | $-2.2M | ||
| Q1 25 | $188.3M | $13.4M | ||
| Q4 24 | $-71.7M | $73.8M | ||
| Q3 24 | $143.1M | $66.1M | ||
| Q2 24 | $113.2M | $53.5M | ||
| Q1 24 | $203.0M | $54.6M |
| Q4 25 | $104.1M | $10.9M | ||
| Q3 25 | $300.3M | $14.6M | ||
| Q2 25 | $27.7M | $-17.6M | ||
| Q1 25 | $184.7M | $-11.4M | ||
| Q4 24 | $-73.8M | $50.6M | ||
| Q3 24 | $138.8M | $43.0M | ||
| Q2 24 | $111.0M | $29.2M | ||
| Q1 24 | $201.3M | $26.5M |
| Q4 25 | 60.1% | 4.0% | ||
| Q3 25 | 160.9% | 5.8% | ||
| Q2 25 | 14.1% | -7.0% | ||
| Q1 25 | 67.2% | -5.0% | ||
| Q4 24 | -40.4% | 21.6% | ||
| Q3 24 | 77.3% | 18.4% | ||
| Q2 24 | 58.8% | 11.3% | ||
| Q1 24 | 78.1% | 10.5% |
| Q4 25 | 2.4% | 6.5% | ||
| Q3 25 | 1.8% | 8.3% | ||
| Q2 25 | 1.4% | 6.1% | ||
| Q1 25 | 1.3% | 10.9% | ||
| Q4 24 | 1.1% | 9.9% | ||
| Q3 24 | 2.4% | 9.9% | ||
| Q2 24 | 1.2% | 9.4% | ||
| Q1 24 | 0.7% | 11.1% |
| Q4 25 | 3.08× | 2.17× | ||
| Q3 25 | 7.83× | 4.73× | ||
| Q2 25 | 0.72× | -0.34× | ||
| Q1 25 | 2.51× | 3.58× | ||
| Q4 24 | -2.39× | 9.44× | ||
| Q3 24 | 4.27× | — | ||
| Q2 24 | 2.52× | 2.65× | ||
| Q1 24 | 2.90× | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CASH
| Consumer | $103.0M | 59% |
| Payment Card And Deposit Fees | $30.1M | 17% |
| Other | $24.2M | 14% |
| Rental Income | $11.6M | 7% |
| Commercial | $4.2M | 2% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
