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Side-by-side financial comparison of COMMERCE BANCSHARES INC (CBSH) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
COMMERCE BANCSHARES INC is the larger business by last-quarter revenue ($475.7M vs $274.5M, roughly 1.7× IPG PHOTONICS CORP). COMMERCE BANCSHARES INC runs the higher net margin — 29.8% vs 4.8%, a 24.9% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 11.1%). Over the past eight quarters, COMMERCE BANCSHARES INC's revenue compounded faster (7.1% CAGR vs 4.4%).
Commerce Bancshares, Inc. is a regional bank holding company headquartered in Missouri, with principal offices in Kansas City and St. Louis. It is the corporate parent of Commerce Bank, which offers a diversified line of financial services, including business and personal banking, wealth management and investments through its affiliated companies.
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.
CBSH vs IPGP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $475.7M | $274.5M |
| Net Profit | $141.6M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | — | 1.2% |
| Net Margin | 29.8% | 4.8% |
| Revenue YoY | 11.1% | 17.1% |
| Net Profit YoY | 10.5% | 69.8% |
| EPS (diluted) | $0.96 | $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 | $475.7M | — | ||
| Q4 25 | $449.4M | $274.5M | ||
| Q3 25 | $441.0M | $250.8M | ||
| Q2 25 | $445.8M | $250.7M | ||
| Q1 25 | $428.1M | $227.8M | ||
| Q4 24 | $422.1M | $234.3M | ||
| Q3 24 | $421.4M | $233.1M | ||
| Q2 24 | $414.5M | $257.6M |
| Q1 26 | $141.6M | — | ||
| Q4 25 | $140.7M | $13.3M | ||
| Q3 25 | $141.5M | $7.5M | ||
| Q2 25 | $152.5M | $6.6M | ||
| Q1 25 | $131.6M | $3.8M | ||
| Q4 24 | $136.1M | $7.8M | ||
| Q3 24 | $138.0M | $-233.6M | ||
| Q2 24 | $139.6M | $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 | 40.8% | 1.2% | ||
| Q3 25 | 41.9% | 3.1% | ||
| Q2 25 | 44.0% | 0.0% | ||
| Q1 25 | 39.2% | 0.8% | ||
| Q4 24 | 41.2% | 6.0% | ||
| Q3 24 | 42.4% | -108.7% | ||
| Q2 24 | 43.4% | 4.7% |
| Q1 26 | 29.8% | — | ||
| Q4 25 | 31.3% | 4.8% | ||
| Q3 25 | 32.1% | 3.0% | ||
| Q2 25 | 34.2% | 2.6% | ||
| Q1 25 | 30.7% | 1.6% | ||
| Q4 24 | 32.2% | 3.3% | ||
| Q3 24 | 32.8% | -100.2% | ||
| Q2 24 | 33.7% | 7.8% |
| Q1 26 | $0.96 | — | ||
| Q4 25 | $0.86 | $0.30 | ||
| Q3 25 | $1.06 | $0.18 | ||
| Q2 25 | $1.14 | $0.16 | ||
| Q1 25 | $0.98 | $0.09 | ||
| Q4 24 | $0.83 | $0.27 | ||
| Q3 24 | $1.01 | $-5.33 | ||
| Q2 24 | $1.03 | $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 | $4.3B | $2.1B |
| Total Assets | $35.7B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $839.3M | ||
| Q3 25 | — | $870.4M | ||
| Q2 25 | — | $899.6M | ||
| Q1 25 | — | $926.9M | ||
| Q4 24 | — | $930.2M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.1B |
| Q1 26 | $4.3B | — | ||
| Q4 25 | $3.8B | $2.1B | ||
| Q3 25 | $3.8B | $2.1B | ||
| Q2 25 | $3.6B | $2.1B | ||
| Q1 25 | $3.5B | $2.1B | ||
| Q4 24 | $3.3B | $2.0B | ||
| Q3 24 | $3.4B | $2.1B | ||
| Q2 24 | $3.1B | $2.3B |
| Q1 26 | $35.7B | — | ||
| Q4 25 | $32.9B | $2.4B | ||
| Q3 25 | $32.3B | $2.4B | ||
| Q2 25 | $32.3B | $2.4B | ||
| Q1 25 | $32.4B | $2.3B | ||
| Q4 24 | $32.0B | $2.3B | ||
| Q3 24 | $31.5B | $2.4B | ||
| Q2 24 | $30.6B | $2.5B |
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 | $645.1M | $28.8M | ||
| Q3 25 | $129.0M | $35.3M | ||
| Q2 25 | $111.2M | $-2.2M | ||
| Q1 25 | $138.6M | $13.4M | ||
| Q4 24 | $577.9M | $73.8M | ||
| Q3 24 | $431.7M | $66.1M | ||
| Q2 24 | $147.4M | $53.5M |
| Q1 26 | — | — | ||
| Q4 25 | $592.4M | $10.9M | ||
| Q3 25 | $113.3M | $14.6M | ||
| Q2 25 | $100.5M | $-17.6M | ||
| Q1 25 | $126.0M | $-11.4M | ||
| Q4 24 | $531.7M | $50.6M | ||
| Q3 24 | $419.1M | $43.0M | ||
| Q2 24 | $138.9M | $29.2M |
| Q1 26 | — | — | ||
| Q4 25 | 131.8% | 4.0% | ||
| Q3 25 | 25.7% | 5.8% | ||
| Q2 25 | 22.5% | -7.0% | ||
| Q1 25 | 29.4% | -5.0% | ||
| Q4 24 | 126.0% | 21.6% | ||
| Q3 24 | 99.5% | 18.4% | ||
| Q2 24 | 33.5% | 11.3% |
| Q1 26 | — | — | ||
| Q4 25 | 11.7% | 6.5% | ||
| Q3 25 | 3.6% | 8.3% | ||
| Q2 25 | 2.4% | 6.1% | ||
| Q1 25 | 2.9% | 10.9% | ||
| Q4 24 | 10.9% | 9.9% | ||
| Q3 24 | 3.0% | 9.9% | ||
| Q2 24 | 2.1% | 9.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.59× | 2.17× | ||
| Q3 25 | 0.91× | 4.73× | ||
| Q2 25 | 0.73× | -0.34× | ||
| Q1 25 | 1.05× | 3.58× | ||
| Q4 24 | 4.25× | 9.44× | ||
| Q3 24 | 3.13× | — | ||
| Q2 24 | 1.06× | 2.65× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBSH
Segment breakdown not available.
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
