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Side-by-side financial comparison of ESSENTIAL PROPERTIES REALTY TRUST, INC. (EPRT) 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 $158.8M, roughly 1.7× ESSENTIAL PROPERTIES REALTY TRUST, INC.). ESSENTIAL PROPERTIES REALTY TRUST, INC. runs the higher net margin — 37.8% vs 4.8%, a 32.9% gap on every dollar of revenue. On growth, ESSENTIAL PROPERTIES REALTY TRUST, INC. posted the faster year-over-year revenue change (22.8% vs 17.1%). Over the past eight quarters, ESSENTIAL PROPERTIES REALTY TRUST, INC.'s revenue compounded faster (20.6% CAGR vs 4.4%).
Essential Properties Realty Trust is a publicly traded real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of single-tenant net-leased commercial properties across the United States. Its assets primarily cover essential service-oriented sectors including casual dining, automotive services, medical clinics, early childhood education centers and light industrial facilities, with tenants mostly holding robust long-term operating track records.
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.
EPRT vs IPGP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.8M | $274.5M |
| Net Profit | $60.0M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | 56.5% | 1.2% |
| Net Margin | 37.8% | 4.8% |
| Revenue YoY | 22.8% | 17.1% |
| Net Profit YoY | 6.5% | 69.8% |
| EPS (diluted) | $0.28 | $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 | $158.8M | — | ||
| Q4 25 | $149.9M | $274.5M | ||
| Q3 25 | $144.9M | $250.8M | ||
| Q2 25 | $137.1M | $250.7M | ||
| Q1 25 | $129.4M | $227.8M | ||
| Q4 24 | $119.7M | $234.3M | ||
| Q3 24 | $117.1M | $233.1M | ||
| Q2 24 | $109.3M | $257.6M |
| Q1 26 | $60.0M | — | ||
| Q4 25 | $68.1M | $13.3M | ||
| Q3 25 | $65.6M | $7.5M | ||
| Q2 25 | $63.2M | $6.6M | ||
| Q1 25 | $56.1M | $3.8M | ||
| Q4 24 | $55.4M | $7.8M | ||
| Q3 24 | $49.1M | $-233.6M | ||
| Q2 24 | $51.5M | $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 | 56.5% | — | ||
| Q4 25 | 65.9% | 1.2% | ||
| Q3 25 | 64.7% | 3.1% | ||
| Q2 25 | 64.1% | 0.0% | ||
| Q1 25 | 61.6% | 0.8% | ||
| Q4 24 | 66.1% | 6.0% | ||
| Q3 24 | 59.7% | -108.7% | ||
| Q2 24 | 61.1% | 4.7% |
| Q1 26 | 37.8% | — | ||
| Q4 25 | 45.4% | 4.8% | ||
| Q3 25 | 45.3% | 3.0% | ||
| Q2 25 | 46.1% | 2.6% | ||
| Q1 25 | 43.4% | 1.6% | ||
| Q4 24 | 46.3% | 3.3% | ||
| Q3 24 | 42.0% | -100.2% | ||
| Q2 24 | 47.1% | 7.8% |
| Q1 26 | $0.28 | — | ||
| Q4 25 | $0.34 | $0.30 | ||
| Q3 25 | $0.33 | $0.18 | ||
| Q2 25 | $0.32 | $0.16 | ||
| Q1 25 | $0.29 | $0.09 | ||
| Q4 24 | $0.31 | $0.27 | ||
| Q3 24 | $0.27 | $-5.33 | ||
| Q2 24 | $0.29 | $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 | $15.2M | $839.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.4B | $2.1B |
| Total Assets | $7.2B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $15.2M | — | ||
| Q4 25 | $60.2M | $839.3M | ||
| Q3 25 | $23.8M | $870.4M | ||
| Q2 25 | $20.8M | $899.6M | ||
| Q1 25 | $47.0M | $926.9M | ||
| Q4 24 | $40.7M | $930.2M | ||
| Q3 24 | $32.7M | $1.0B | ||
| Q2 24 | $23.6M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $1.9B | — |
| Q1 26 | $4.4B | — | ||
| Q4 25 | $4.2B | $2.1B | ||
| Q3 25 | $3.8B | $2.1B | ||
| Q2 25 | $3.8B | $2.1B | ||
| Q1 25 | $3.8B | $2.1B | ||
| Q4 24 | $3.6B | $2.0B | ||
| Q3 24 | $3.2B | $2.1B | ||
| Q2 24 | $3.2B | $2.3B |
| Q1 26 | $7.2B | — | ||
| Q4 25 | $6.9B | $2.4B | ||
| Q3 25 | $6.6B | $2.4B | ||
| Q2 25 | $6.3B | $2.4B | ||
| Q1 25 | $6.1B | $2.3B | ||
| Q4 24 | $5.8B | $2.3B | ||
| Q3 24 | $5.5B | $2.4B | ||
| Q2 24 | $5.3B | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.69× | — | ||
| Q2 24 | 0.59× | — |
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 | $381.1M | $28.8M | ||
| Q3 25 | $99.0M | $35.3M | ||
| Q2 25 | $99.8M | $-2.2M | ||
| Q1 25 | $77.2M | $13.4M | ||
| Q4 24 | $308.5M | $73.8M | ||
| Q3 24 | $73.5M | $66.1M | ||
| Q2 24 | $81.1M | $53.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $10.9M | ||
| Q3 25 | — | $14.6M | ||
| Q2 25 | — | $-17.6M | ||
| Q1 25 | — | $-11.4M | ||
| Q4 24 | — | $50.6M | ||
| Q3 24 | — | $43.0M | ||
| Q2 24 | — | $29.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 5.8% | ||
| Q2 25 | — | -7.0% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | — | 18.4% | ||
| Q2 24 | — | 11.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 8.3% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | — | 10.9% | ||
| Q4 24 | — | 9.9% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 9.4% |
| Q1 26 | — | — | ||
| Q4 25 | 5.60× | 2.17× | ||
| Q3 25 | 1.51× | 4.73× | ||
| Q2 25 | 1.58× | -0.34× | ||
| Q1 25 | 1.38× | 3.58× | ||
| Q4 24 | 5.57× | 9.44× | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.57× | 2.65× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPRT
| Rental revenue 1,2 | $149.4M | 94% |
| Other | $8.6M | 5% |
| Other revenue | $779.0K | 0% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
