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Side-by-side financial comparison of DIODES INC (DIOD) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
DIODES INC is the larger business by last-quarter revenue ($391.6M vs $274.5M, roughly 1.4× IPG PHOTONICS CORP). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs 2.6%, a 2.2% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 15.4%). DIODES INC produced more free cash flow last quarter ($12.4M vs $10.9M). Over the past eight quarters, DIODES INC's revenue compounded faster (13.9% CAGR vs 4.4%).
Diodes Incorporated is a global semiconductor manufacturer that designs, produces and supplies discrete, analog and mixed-signal semiconductor products. Its solutions serve key end markets including automotive, industrial, consumer electronics, personal computing and communications infrastructure, with a worldwide customer base.
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.
DIOD vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $391.6M | $274.5M |
| Net Profit | $10.2M | $13.3M |
| Gross Margin | 31.1% | 36.1% |
| Operating Margin | 3.4% | 1.2% |
| Net Margin | 2.6% | 4.8% |
| Revenue YoY | 15.4% | 17.1% |
| Net Profit YoY | 23.8% | 69.8% |
| EPS (diluted) | $0.23 | $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 | $391.6M | $274.5M | ||
| Q3 25 | $392.2M | $250.8M | ||
| Q2 25 | $366.2M | $250.7M | ||
| Q1 25 | $332.1M | $227.8M | ||
| Q4 24 | $339.3M | $234.3M | ||
| Q3 24 | $350.1M | $233.1M | ||
| Q2 24 | $319.8M | $257.6M | ||
| Q1 24 | $302.0M | $252.0M |
| Q4 25 | $10.2M | $13.3M | ||
| Q3 25 | $14.3M | $7.5M | ||
| Q2 25 | $46.1M | $6.6M | ||
| Q1 25 | $-4.4M | $3.8M | ||
| Q4 24 | $8.2M | $7.8M | ||
| Q3 24 | $13.7M | $-233.6M | ||
| Q2 24 | $8.0M | $20.2M | ||
| Q1 24 | $14.0M | $24.1M |
| Q4 25 | 31.1% | 36.1% | ||
| Q3 25 | 30.7% | 39.5% | ||
| Q2 25 | 31.5% | 37.3% | ||
| Q1 25 | 31.5% | 39.4% | ||
| Q4 24 | 32.7% | 38.6% | ||
| Q3 24 | 33.7% | 23.2% | ||
| Q2 24 | 33.6% | 37.3% | ||
| Q1 24 | 33.0% | 38.7% |
| Q4 25 | 3.4% | 1.2% | ||
| Q3 25 | 3.0% | 3.1% | ||
| Q2 25 | 2.6% | 0.0% | ||
| Q1 25 | 0.4% | 0.8% | ||
| Q4 24 | 3.5% | 6.0% | ||
| Q3 24 | 6.2% | -108.7% | ||
| Q2 24 | 1.2% | 4.7% | ||
| Q1 24 | 4.3% | 7.6% |
| Q4 25 | 2.6% | 4.8% | ||
| Q3 25 | 3.6% | 3.0% | ||
| Q2 25 | 12.6% | 2.6% | ||
| Q1 25 | -1.3% | 1.6% | ||
| Q4 24 | 2.4% | 3.3% | ||
| Q3 24 | 3.9% | -100.2% | ||
| Q2 24 | 2.5% | 7.8% | ||
| Q1 24 | 4.6% | 9.6% |
| Q4 25 | $0.23 | $0.30 | ||
| Q3 25 | $0.31 | $0.18 | ||
| Q2 25 | $0.99 | $0.16 | ||
| Q1 25 | $-0.10 | $0.09 | ||
| Q4 24 | $0.18 | $0.27 | ||
| Q3 24 | $0.30 | $-5.33 | ||
| Q2 24 | $0.17 | $0.45 | ||
| Q1 24 | $0.30 | $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 | $377.0M | $839.3M |
| Total DebtLower is stronger | $25.7M | — |
| Stockholders' EquityBook value | $1.9B | $2.1B |
| Total Assets | $2.4B | $2.4B |
| Debt / EquityLower = less leverage | 0.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $377.0M | $839.3M | ||
| Q3 25 | $386.4M | $870.4M | ||
| Q2 25 | $327.3M | $899.6M | ||
| Q1 25 | $343.9M | $926.9M | ||
| Q4 24 | $316.1M | $930.2M | ||
| Q3 24 | $319.3M | $1.0B | ||
| Q2 24 | $273.9M | $1.1B | ||
| Q1 24 | $276.0M | $1.1B |
| Q4 25 | $25.7M | — | ||
| Q3 25 | $24.9M | — | ||
| Q2 25 | $26.4M | — | ||
| Q1 25 | $20.5M | — | ||
| Q4 24 | $20.7M | — | ||
| Q3 24 | $22.2M | — | ||
| Q2 24 | $20.3M | — | ||
| Q1 24 | $20.9M | — |
| Q4 25 | $1.9B | $2.1B | ||
| Q3 25 | $1.9B | $2.1B | ||
| Q2 25 | $1.9B | $2.1B | ||
| Q1 25 | $1.8B | $2.1B | ||
| Q4 24 | $1.8B | $2.0B | ||
| Q3 24 | $1.8B | $2.1B | ||
| Q2 24 | $1.8B | $2.3B | ||
| Q1 24 | $1.7B | $2.3B |
| Q4 25 | $2.4B | $2.4B | ||
| Q3 25 | $2.5B | $2.4B | ||
| Q2 25 | $2.5B | $2.4B | ||
| Q1 25 | $2.4B | $2.3B | ||
| Q4 24 | $2.4B | $2.3B | ||
| Q3 24 | $2.4B | $2.4B | ||
| Q2 24 | $2.4B | $2.5B | ||
| Q1 24 | $2.4B | $2.6B |
| Q4 25 | 0.01× | — | ||
| Q3 25 | 0.01× | — | ||
| Q2 25 | 0.01× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | 0.01× | — | ||
| Q3 24 | 0.01× | — | ||
| Q2 24 | 0.01× | — | ||
| Q1 24 | 0.01× | — |
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 | $38.1M | $28.8M |
| Free Cash FlowOCF − Capex | $12.4M | $10.9M |
| FCF MarginFCF / Revenue | 3.2% | 4.0% |
| Capex IntensityCapex / Revenue | 6.6% | 6.5% |
| Cash ConversionOCF / Net Profit | 3.74× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $137.2M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $38.1M | $28.8M | ||
| Q3 25 | $79.1M | $35.3M | ||
| Q2 25 | $41.5M | $-2.2M | ||
| Q1 25 | $56.7M | $13.4M | ||
| Q4 24 | $81.8M | $73.8M | ||
| Q3 24 | $54.4M | $66.1M | ||
| Q2 24 | $14.4M | $53.5M | ||
| Q1 24 | $-31.1M | $54.6M |
| Q4 25 | $12.4M | $10.9M | ||
| Q3 25 | $62.8M | $14.6M | ||
| Q2 25 | $21.1M | $-17.6M | ||
| Q1 25 | $40.8M | $-11.4M | ||
| Q4 24 | $62.1M | $50.6M | ||
| Q3 24 | $39.4M | $43.0M | ||
| Q2 24 | $-3.5M | $29.2M | ||
| Q1 24 | $-51.5M | $26.5M |
| Q4 25 | 3.2% | 4.0% | ||
| Q3 25 | 16.0% | 5.8% | ||
| Q2 25 | 5.8% | -7.0% | ||
| Q1 25 | 12.3% | -5.0% | ||
| Q4 24 | 18.3% | 21.6% | ||
| Q3 24 | 11.2% | 18.4% | ||
| Q2 24 | -1.1% | 11.3% | ||
| Q1 24 | -17.1% | 10.5% |
| Q4 25 | 6.6% | 6.5% | ||
| Q3 25 | 4.2% | 8.3% | ||
| Q2 25 | 5.6% | 6.1% | ||
| Q1 25 | 4.8% | 10.9% | ||
| Q4 24 | 5.8% | 9.9% | ||
| Q3 24 | 4.3% | 9.9% | ||
| Q2 24 | 5.6% | 9.4% | ||
| Q1 24 | 6.7% | 11.1% |
| Q4 25 | 3.74× | 2.17× | ||
| Q3 25 | 5.54× | 4.73× | ||
| Q2 25 | 0.90× | -0.34× | ||
| Q1 25 | — | 3.58× | ||
| Q4 24 | 9.93× | 9.44× | ||
| Q3 24 | 3.95× | — | ||
| Q2 24 | 1.80× | 2.65× | ||
| Q1 24 | -2.22× | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DIOD
| Distributor | $253.1M | 65% |
| Direct Sales | $138.5M | 35% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
