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Side-by-side financial comparison of Enhabit, Inc. (EHAB) 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 $270.4M, roughly 1.0× Enhabit, Inc.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -14.3%, a 19.1% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 4.7%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $3.3M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs 1.5%).
Enhabit, Inc., is a Dallas, Texas-based provider of home health and hospice services. The company operates 255 home health and 110 hospice locations in 34 states with a concentration in Texas, Alabama, Florida, Georgia, Oklahoma and Mississippi. Enhabit is the fourth-largest provider of home health services in the United States and is a leading provider of hospice services. The company was formed in 2022 when Encompass Health spun off its home health and hospice business.
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.
EHAB vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.4M | $274.5M |
| Net Profit | $-38.7M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | -12.3% | 1.2% |
| Net Margin | -14.3% | 4.8% |
| Revenue YoY | 4.7% | 17.1% |
| Net Profit YoY | 15.9% | 69.8% |
| EPS (diluted) | $-0.76 | $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 | $270.4M | $274.5M | ||
| Q3 25 | $263.6M | $250.8M | ||
| Q2 25 | $266.1M | $250.7M | ||
| Q1 25 | $259.9M | $227.8M | ||
| Q4 24 | $258.2M | $234.3M | ||
| Q3 24 | $253.6M | $233.1M | ||
| Q2 24 | $260.6M | $257.6M | ||
| Q1 24 | $262.4M | $252.0M |
| Q4 25 | $-38.7M | $13.3M | ||
| Q3 25 | $11.1M | $7.5M | ||
| Q2 25 | $5.2M | $6.6M | ||
| Q1 25 | $17.8M | $3.8M | ||
| Q4 24 | $-46.0M | $7.8M | ||
| Q3 24 | $-110.2M | $-233.6M | ||
| Q2 24 | $-200.0K | $20.2M | ||
| Q1 24 | $200.0K | $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 | -12.3% | 1.2% | ||
| Q3 25 | 6.4% | 3.1% | ||
| Q2 25 | 6.3% | 0.0% | ||
| Q1 25 | 6.1% | 0.8% | ||
| Q4 24 | -16.0% | 6.0% | ||
| Q3 24 | -38.6% | -108.7% | ||
| Q2 24 | 4.3% | 4.7% | ||
| Q1 24 | 4.9% | 7.6% |
| Q4 25 | -14.3% | 4.8% | ||
| Q3 25 | 4.2% | 3.0% | ||
| Q2 25 | 2.0% | 2.6% | ||
| Q1 25 | 6.8% | 1.6% | ||
| Q4 24 | -17.8% | 3.3% | ||
| Q3 24 | -43.5% | -100.2% | ||
| Q2 24 | -0.1% | 7.8% | ||
| Q1 24 | 0.1% | 9.6% |
| Q4 25 | $-0.76 | $0.30 | ||
| Q3 25 | $0.22 | $0.18 | ||
| Q2 25 | $0.10 | $0.16 | ||
| Q1 25 | $0.35 | $0.09 | ||
| Q4 24 | $-0.92 | $0.27 | ||
| Q3 24 | $-2.20 | $-5.33 | ||
| Q2 24 | $0.00 | $0.45 | ||
| Q1 24 | $0.01 | $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 | $43.6M | $839.3M |
| Total DebtLower is stronger | $426.0M | — |
| Stockholders' EquityBook value | $534.0M | $2.1B |
| Total Assets | $1.2B | $2.4B |
| Debt / EquityLower = less leverage | 0.80× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $43.6M | $839.3M | ||
| Q3 25 | $56.9M | $870.4M | ||
| Q2 25 | $37.1M | $899.6M | ||
| Q1 25 | $39.5M | $926.9M | ||
| Q4 24 | $28.4M | $930.2M | ||
| Q3 24 | $45.7M | $1.0B | ||
| Q2 24 | $28.5M | $1.1B | ||
| Q1 24 | $36.5M | $1.1B |
| Q4 25 | $426.0M | — | ||
| Q3 25 | $441.5M | — | ||
| Q2 25 | $456.9M | — | ||
| Q1 25 | $467.3M | — | ||
| Q4 24 | $492.6M | — | ||
| Q3 24 | $502.9M | — | ||
| Q2 24 | $512.7M | — | ||
| Q1 24 | $526.7M | — |
| Q4 25 | $534.0M | $2.1B | ||
| Q3 25 | $566.8M | $2.1B | ||
| Q2 25 | $552.4M | $2.1B | ||
| Q1 25 | $543.2M | $2.1B | ||
| Q4 24 | $523.5M | $2.0B | ||
| Q3 24 | $566.1M | $2.1B | ||
| Q2 24 | $674.3M | $2.3B | ||
| Q1 24 | $672.3M | $2.3B |
| Q4 25 | $1.2B | $2.4B | ||
| Q3 25 | $1.2B | $2.4B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.2B | $2.3B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $1.3B | $2.4B | ||
| Q2 24 | $1.4B | $2.5B | ||
| Q1 24 | $1.4B | $2.6B |
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.78× | — | ||
| Q2 25 | 0.83× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 0.94× | — | ||
| Q3 24 | 0.89× | — | ||
| Q2 24 | 0.76× | — | ||
| Q1 24 | 0.78× | — |
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 | $4.4M | $28.8M |
| Free Cash FlowOCF − Capex | $3.3M | $10.9M |
| FCF MarginFCF / Revenue | 1.2% | 4.0% |
| Capex IntensityCapex / Revenue | 0.4% | 6.5% |
| Cash ConversionOCF / Net Profit | — | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $65.8M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.4M | $28.8M | ||
| Q3 25 | $37.8M | $35.3M | ||
| Q2 25 | $10.6M | $-2.2M | ||
| Q1 25 | $17.9M | $13.4M | ||
| Q4 24 | $-4.1M | $73.8M | ||
| Q3 24 | $28.4M | $66.1M | ||
| Q2 24 | $9.6M | $53.5M | ||
| Q1 24 | $17.3M | $54.6M |
| Q4 25 | $3.3M | $10.9M | ||
| Q3 25 | $36.2M | $14.6M | ||
| Q2 25 | $8.7M | $-17.6M | ||
| Q1 25 | $17.6M | $-11.4M | ||
| Q4 24 | $-4.7M | $50.6M | ||
| Q3 24 | $27.7M | $43.0M | ||
| Q2 24 | $8.9M | $29.2M | ||
| Q1 24 | $15.5M | $26.5M |
| Q4 25 | 1.2% | 4.0% | ||
| Q3 25 | 13.7% | 5.8% | ||
| Q2 25 | 3.3% | -7.0% | ||
| Q1 25 | 6.8% | -5.0% | ||
| Q4 24 | -1.8% | 21.6% | ||
| Q3 24 | 10.9% | 18.4% | ||
| Q2 24 | 3.4% | 11.3% | ||
| Q1 24 | 5.9% | 10.5% |
| Q4 25 | 0.4% | 6.5% | ||
| Q3 25 | 0.6% | 8.3% | ||
| Q2 25 | 0.7% | 6.1% | ||
| Q1 25 | 0.1% | 10.9% | ||
| Q4 24 | 0.2% | 9.9% | ||
| Q3 24 | 0.3% | 9.9% | ||
| Q2 24 | 0.3% | 9.4% | ||
| Q1 24 | 0.7% | 11.1% |
| Q4 25 | — | 2.17× | ||
| Q3 25 | 3.41× | 4.73× | ||
| Q2 25 | 2.04× | -0.34× | ||
| Q1 25 | 1.01× | 3.58× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.65× | ||
| Q1 24 | 86.50× | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EHAB
| Third Party Payor Medicare | $111.6M | 41% |
| Third Party Payor Medicare Advantage | $67.5M | 25% |
| Hospice Segment | $63.6M | 24% |
| Third Party Payor Managed Care | $24.9M | 9% |
| Third Party Payor Medicaid | $1.7M | 1% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
