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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) 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 $233.0M, roughly 1.2× CSW INDUSTRIALS, INC.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs 4.4%, a 0.4% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 17.1%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $10.9M). Over the past eight quarters, CSW INDUSTRIALS, INC.'s revenue compounded faster (5.1% CAGR vs 4.4%).
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.
CSW vs IPGP — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $274.5M |
| Net Profit | $10.3M | $13.3M |
| Gross Margin | 39.7% | 36.1% |
| Operating Margin | 7.4% | 1.2% |
| Net Margin | 4.4% | 4.8% |
| Revenue YoY | 20.3% | 17.1% |
| Net Profit YoY | -61.9% | 69.8% |
| EPS (diluted) | $0.62 | $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 | $233.0M | $274.5M | ||
| Q3 25 | $277.0M | $250.8M | ||
| Q2 25 | $263.6M | $250.7M | ||
| Q1 25 | $230.5M | $227.8M | ||
| Q4 24 | $193.6M | $234.3M | ||
| Q3 24 | $227.9M | $233.1M | ||
| Q2 24 | $226.2M | $257.6M | ||
| Q1 24 | $210.9M | $252.0M |
| Q4 25 | $10.3M | $13.3M | ||
| Q3 25 | $40.7M | $7.5M | ||
| Q2 25 | $40.9M | $6.6M | ||
| Q1 25 | $35.1M | $3.8M | ||
| Q4 24 | $26.9M | $7.8M | ||
| Q3 24 | $36.1M | $-233.6M | ||
| Q2 24 | $38.6M | $20.2M | ||
| Q1 24 | $31.8M | $24.1M |
| Q4 25 | 39.7% | 36.1% | ||
| Q3 25 | 43.0% | 39.5% | ||
| Q2 25 | 43.8% | 37.3% | ||
| Q1 25 | 44.2% | 39.4% | ||
| Q4 24 | 41.4% | 38.6% | ||
| Q3 24 | 45.6% | 23.2% | ||
| Q2 24 | 47.5% | 37.3% | ||
| Q1 24 | 44.4% | 38.7% |
| Q4 25 | 7.4% | 1.2% | ||
| Q3 25 | 20.5% | 3.1% | ||
| Q2 25 | 20.8% | 0.0% | ||
| Q1 25 | 19.5% | 0.8% | ||
| Q4 24 | 15.3% | 6.0% | ||
| Q3 24 | 22.6% | -108.7% | ||
| Q2 24 | 24.3% | 4.7% | ||
| Q1 24 | 21.0% | 7.6% |
| Q4 25 | 4.4% | 4.8% | ||
| Q3 25 | 14.7% | 3.0% | ||
| Q2 25 | 15.5% | 2.6% | ||
| Q1 25 | 15.2% | 1.6% | ||
| Q4 24 | 13.9% | 3.3% | ||
| Q3 24 | 15.8% | -100.2% | ||
| Q2 24 | 17.1% | 7.8% | ||
| Q1 24 | 15.1% | 9.6% |
| Q4 25 | $0.62 | $0.30 | ||
| Q3 25 | $2.41 | $0.18 | ||
| Q2 25 | $2.43 | $0.16 | ||
| Q1 25 | $2.05 | $0.09 | ||
| Q4 24 | $1.60 | $0.27 | ||
| Q3 24 | $2.26 | $-5.33 | ||
| Q2 24 | $2.47 | $0.45 | ||
| Q1 24 | $2.03 | $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 | $40.2M | $839.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $2.1B |
| Total Assets | $2.3B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | $839.3M | ||
| Q3 25 | $31.5M | $870.4M | ||
| Q2 25 | $38.0M | $899.6M | ||
| Q1 25 | $225.8M | $926.9M | ||
| Q4 24 | $213.8M | $930.2M | ||
| Q3 24 | $273.2M | $1.0B | ||
| Q2 24 | $18.9M | $1.1B | ||
| Q1 24 | $22.2M | $1.1B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $800.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $166.0M | — |
| Q4 25 | $1.1B | $2.1B | ||
| Q3 25 | $1.1B | $2.1B | ||
| Q2 25 | $1.1B | $2.1B | ||
| Q1 25 | $1.1B | $2.1B | ||
| Q4 24 | $1.0B | $2.0B | ||
| Q3 24 | $1.0B | $2.1B | ||
| Q2 24 | $650.2M | $2.3B | ||
| Q1 24 | $615.7M | $2.3B |
| Q4 25 | $2.3B | $2.4B | ||
| Q3 25 | $1.5B | $2.4B | ||
| Q2 25 | $1.5B | $2.4B | ||
| Q1 25 | $1.4B | $2.3B | ||
| Q4 24 | $1.4B | $2.3B | ||
| Q3 24 | $1.4B | $2.4B | ||
| Q2 24 | $1.1B | $2.5B | ||
| Q1 24 | $1.0B | $2.6B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.27× | — |
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 | $28.9M | $28.8M |
| Free Cash FlowOCF − Capex | $22.7M | $10.9M |
| FCF MarginFCF / Revenue | 9.8% | 4.0% |
| Capex IntensityCapex / Revenue | 2.6% | 6.5% |
| Cash ConversionOCF / Net Profit | 2.81× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | $28.8M | ||
| Q3 25 | $61.8M | $35.3M | ||
| Q2 25 | $60.6M | $-2.2M | ||
| Q1 25 | $27.3M | $13.4M | ||
| Q4 24 | $11.6M | $73.8M | ||
| Q3 24 | $66.8M | $66.1M | ||
| Q2 24 | $62.7M | $53.5M | ||
| Q1 24 | $22.4M | $54.6M |
| Q4 25 | $22.7M | $10.9M | ||
| Q3 25 | $58.7M | $14.6M | ||
| Q2 25 | $57.7M | $-17.6M | ||
| Q1 25 | $22.8M | $-11.4M | ||
| Q4 24 | $8.5M | $50.6M | ||
| Q3 24 | $61.3M | $43.0M | ||
| Q2 24 | $59.6M | $29.2M | ||
| Q1 24 | $17.5M | $26.5M |
| Q4 25 | 9.8% | 4.0% | ||
| Q3 25 | 21.2% | 5.8% | ||
| Q2 25 | 21.9% | -7.0% | ||
| Q1 25 | 9.9% | -5.0% | ||
| Q4 24 | 4.4% | 21.6% | ||
| Q3 24 | 26.9% | 18.4% | ||
| Q2 24 | 26.3% | 11.3% | ||
| Q1 24 | 8.3% | 10.5% |
| Q4 25 | 2.6% | 6.5% | ||
| Q3 25 | 1.1% | 8.3% | ||
| Q2 25 | 1.1% | 6.1% | ||
| Q1 25 | 2.0% | 10.9% | ||
| Q4 24 | 1.6% | 9.9% | ||
| Q3 24 | 2.4% | 9.9% | ||
| Q2 24 | 1.4% | 9.4% | ||
| Q1 24 | 2.3% | 11.1% |
| Q4 25 | 2.81× | 2.17× | ||
| Q3 25 | 1.52× | 4.73× | ||
| Q2 25 | 1.48× | -0.34× | ||
| Q1 25 | 0.78× | 3.58× | ||
| Q4 24 | 0.43× | 9.44× | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | 2.65× | ||
| Q1 24 | 0.71× | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
