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Side-by-side financial comparison of Dolby Laboratories, Inc. (DLB) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
Dolby Laboratories, Inc. is the larger business by last-quarter revenue ($346.7M vs $274.5M, roughly 1.3× IPG PHOTONICS CORP). Dolby Laboratories, Inc. runs the higher net margin — 15.4% vs 4.8%, a 10.5% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -2.9%). Over the past eight quarters, Dolby Laboratories, Inc.'s revenue compounded faster (9.6% CAGR vs 4.4%).
Dolby Laboratories, Inc. is an American technology corporation specializing in audio noise reduction, audio encoding/compression, spatial audio, and high-dynamic-range television (HDR) imaging. Dolby licenses its technologies to consumer electronics manufacturers.
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.
DLB vs IPGP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $346.7M | $274.5M |
| Net Profit | $53.3M | $13.3M |
| Gross Margin | 87.5% | 36.1% |
| Operating Margin | 17.9% | 1.2% |
| Net Margin | 15.4% | 4.8% |
| Revenue YoY | -2.9% | 17.1% |
| Net Profit YoY | -21.4% | 69.8% |
| EPS (diluted) | $0.55 | $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 | $346.7M | — | ||
| Q4 25 | $346.7M | $274.5M | ||
| Q3 25 | $307.0M | $250.8M | ||
| Q2 25 | $315.5M | $250.7M | ||
| Q1 25 | $369.6M | $227.8M | ||
| Q4 24 | $357.0M | $234.3M | ||
| Q3 24 | $304.8M | $233.1M | ||
| Q2 24 | $288.8M | $257.6M |
| Q1 26 | $53.3M | — | ||
| Q4 25 | $53.3M | $13.3M | ||
| Q3 25 | $49.3M | $7.5M | ||
| Q2 25 | $46.1M | $6.6M | ||
| Q1 25 | $91.8M | $3.8M | ||
| Q4 24 | $67.8M | $7.8M | ||
| Q3 24 | $58.6M | $-233.6M | ||
| Q2 24 | $38.4M | $20.2M |
| Q1 26 | 87.5% | — | ||
| Q4 25 | 87.5% | 36.1% | ||
| Q3 25 | 87.1% | 39.5% | ||
| Q2 25 | 86.1% | 37.3% | ||
| Q1 25 | 90.3% | 39.4% | ||
| Q4 24 | 88.6% | 38.6% | ||
| Q3 24 | 88.8% | 23.2% | ||
| Q2 24 | 87.7% | 37.3% |
| Q1 26 | 17.9% | — | ||
| Q4 25 | 17.9% | 1.2% | ||
| Q3 25 | 9.7% | 3.1% | ||
| Q2 25 | 15.1% | 0.0% | ||
| Q1 25 | 29.2% | 0.8% | ||
| Q4 24 | 22.4% | 6.0% | ||
| Q3 24 | 15.2% | -108.7% | ||
| Q2 24 | 12.7% | 4.7% |
| Q1 26 | 15.4% | — | ||
| Q4 25 | 15.4% | 4.8% | ||
| Q3 25 | 16.1% | 3.0% | ||
| Q2 25 | 14.6% | 2.6% | ||
| Q1 25 | 24.8% | 1.6% | ||
| Q4 24 | 19.0% | 3.3% | ||
| Q3 24 | 19.2% | -100.2% | ||
| Q2 24 | 13.3% | 7.8% |
| Q1 26 | $0.55 | — | ||
| Q4 25 | $0.55 | $0.30 | ||
| Q3 25 | $0.50 | $0.18 | ||
| Q2 25 | $0.48 | $0.16 | ||
| Q1 25 | $0.94 | $0.09 | ||
| Q4 24 | $0.70 | $0.27 | ||
| Q3 24 | $0.59 | $-5.33 | ||
| Q2 24 | $0.40 | $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 | $644.6M | $839.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $2.1B |
| Total Assets | $3.2B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $644.6M | — | ||
| Q4 25 | $644.6M | $839.3M | ||
| Q3 25 | $702.6M | $870.4M | ||
| Q2 25 | $699.3M | $899.6M | ||
| Q1 25 | $626.6M | $926.9M | ||
| Q4 24 | $520.8M | $930.2M | ||
| Q3 24 | $482.0M | $1.0B | ||
| Q2 24 | $869.0M | $1.1B |
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.6B | $2.1B | ||
| Q3 25 | $2.6B | $2.1B | ||
| Q2 25 | $2.6B | $2.1B | ||
| Q1 25 | $2.6B | $2.1B | ||
| Q4 24 | $2.5B | $2.0B | ||
| Q3 24 | $2.5B | $2.1B | ||
| Q2 24 | $2.4B | $2.3B |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $2.4B | ||
| Q3 25 | $3.2B | $2.4B | ||
| Q2 25 | $3.2B | $2.4B | ||
| Q1 25 | $3.2B | $2.3B | ||
| Q4 24 | $3.2B | $2.3B | ||
| Q3 24 | $3.1B | $2.4B | ||
| Q2 24 | $3.0B | $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 | $54.8M | $28.8M |
| Free Cash FlowOCF − Capex | — | $10.9M |
| FCF MarginFCF / Revenue | — | 4.0% |
| Capex IntensityCapex / Revenue | — | 6.5% |
| Cash ConversionOCF / Net Profit | 1.03× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $54.8M | — | ||
| Q4 25 | $54.8M | $28.8M | ||
| Q3 25 | $472.2M | $35.3M | ||
| Q2 25 | $67.7M | $-2.2M | ||
| Q1 25 | $174.9M | $13.4M | ||
| Q4 24 | $106.8M | $73.8M | ||
| Q3 24 | $327.3M | $66.1M | ||
| Q2 24 | $21.3M | $53.5M |
| Q1 26 | — | — | ||
| Q4 25 | $50.2M | $10.9M | ||
| Q3 25 | $435.9M | $14.6M | ||
| Q2 25 | $61.3M | $-17.6M | ||
| Q1 25 | $168.0M | $-11.4M | ||
| Q4 24 | $100.0M | $50.6M | ||
| Q3 24 | $297.2M | $43.0M | ||
| Q2 24 | $13.7M | $29.2M |
| Q1 26 | — | — | ||
| Q4 25 | 14.5% | 4.0% | ||
| Q3 25 | 142.0% | 5.8% | ||
| Q2 25 | 19.4% | -7.0% | ||
| Q1 25 | 45.5% | -5.0% | ||
| Q4 24 | 28.0% | 21.6% | ||
| Q3 24 | 97.5% | 18.4% | ||
| Q2 24 | 4.7% | 11.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 6.5% | ||
| Q3 25 | 11.8% | 8.3% | ||
| Q2 25 | 2.0% | 6.1% | ||
| Q1 25 | 1.9% | 10.9% | ||
| Q4 24 | 1.9% | 9.9% | ||
| Q3 24 | 9.8% | 9.9% | ||
| Q2 24 | 2.6% | 9.4% |
| Q1 26 | 1.03× | — | ||
| Q4 25 | 1.03× | 2.17× | ||
| Q3 25 | 9.57× | 4.73× | ||
| Q2 25 | 1.47× | -0.34× | ||
| Q1 25 | 1.91× | 3.58× | ||
| Q4 24 | 1.57× | 9.44× | ||
| Q3 24 | 5.59× | — | ||
| Q2 24 | 0.55× | 2.65× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLB
| Licensing | $319.8M | 92% |
| Products and services | $26.9M | 8% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
