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Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) 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 $208.7M, roughly 1.3× FORUM ENERGY TECHNOLOGIES, INC.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs 2.2%, a 2.7% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 3.2%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $1.4M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs 0.8%).
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
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.
FET vs IPGP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.7M | $274.5M |
| Net Profit | $4.5M | $13.3M |
| Gross Margin | 29.2% | 36.1% |
| Operating Margin | 5.3% | 1.2% |
| Net Margin | 2.2% | 4.8% |
| Revenue YoY | 3.2% | 17.1% |
| Net Profit YoY | 300.4% | 69.8% |
| EPS (diluted) | $0.39 | $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 | $208.7M | — | ||
| Q4 25 | $202.2M | $274.5M | ||
| Q3 25 | $196.2M | $250.8M | ||
| Q2 25 | $199.8M | $250.7M | ||
| Q1 25 | $193.3M | $227.8M | ||
| Q4 24 | $201.0M | $234.3M | ||
| Q3 24 | $207.8M | $233.1M | ||
| Q2 24 | $205.2M | $257.6M |
| Q1 26 | $4.5M | — | ||
| Q4 25 | $2.1M | $13.3M | ||
| Q3 25 | $-20.6M | $7.5M | ||
| Q2 25 | $7.7M | $6.6M | ||
| Q1 25 | $1.1M | $3.8M | ||
| Q4 24 | $-103.5M | $7.8M | ||
| Q3 24 | $-14.8M | $-233.6M | ||
| Q2 24 | $-6.7M | $20.2M |
| Q1 26 | 29.2% | — | ||
| Q4 25 | 30.2% | 36.1% | ||
| Q3 25 | 20.5% | 39.5% | ||
| Q2 25 | 29.7% | 37.3% | ||
| Q1 25 | 30.2% | 39.4% | ||
| Q4 24 | 31.1% | 38.6% | ||
| Q3 24 | 31.6% | 23.2% | ||
| Q2 24 | 30.7% | 37.3% |
| Q1 26 | 5.3% | — | ||
| Q4 25 | 6.3% | 1.2% | ||
| Q3 25 | -3.1% | 3.1% | ||
| Q2 25 | 7.4% | 0.0% | ||
| Q1 25 | 4.6% | 0.8% | ||
| Q4 24 | -53.1% | 6.0% | ||
| Q3 24 | 4.3% | -108.7% | ||
| Q2 24 | 3.9% | 4.7% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.0% | 4.8% | ||
| Q3 25 | -10.5% | 3.0% | ||
| Q2 25 | 3.9% | 2.6% | ||
| Q1 25 | 0.6% | 1.6% | ||
| Q4 24 | -51.5% | 3.3% | ||
| Q3 24 | -7.1% | -100.2% | ||
| Q2 24 | -3.3% | 7.8% |
| Q1 26 | $0.39 | — | ||
| Q4 25 | $0.25 | $0.30 | ||
| Q3 25 | $-1.76 | $0.18 | ||
| Q2 25 | $0.61 | $0.16 | ||
| Q1 25 | $0.09 | $0.09 | ||
| Q4 24 | $-8.41 | $0.27 | ||
| Q3 24 | $-1.20 | $-5.33 | ||
| Q2 24 | $-0.54 | $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 | $37.5M | $839.3M |
| Total DebtLower is stronger | $153.7M | — |
| Stockholders' EquityBook value | $280.7M | $2.1B |
| Total Assets | $763.1M | $2.4B |
| Debt / EquityLower = less leverage | 0.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $37.5M | — | ||
| Q4 25 | $34.7M | $839.3M | ||
| Q3 25 | $31.7M | $870.4M | ||
| Q2 25 | $39.0M | $899.6M | ||
| Q1 25 | $31.1M | $926.9M | ||
| Q4 24 | $44.7M | $930.2M | ||
| Q3 24 | $33.3M | $1.0B | ||
| Q2 24 | $31.8M | $1.1B |
| Q1 26 | $153.7M | — | ||
| Q4 25 | $135.9M | — | ||
| Q3 25 | $140.0M | — | ||
| Q2 25 | $159.3M | — | ||
| Q1 25 | $171.4M | — | ||
| Q4 24 | $188.4M | — | ||
| Q3 24 | $231.5M | — | ||
| Q2 24 | $252.9M | — |
| Q1 26 | $280.7M | — | ||
| Q4 25 | $291.1M | $2.1B | ||
| Q3 25 | $297.3M | $2.1B | ||
| Q2 25 | $334.2M | $2.1B | ||
| Q1 25 | $320.0M | $2.1B | ||
| Q4 24 | $319.9M | $2.0B | ||
| Q3 24 | $443.5M | $2.1B | ||
| Q2 24 | $442.0M | $2.3B |
| Q1 26 | $763.1M | — | ||
| Q4 25 | $752.5M | $2.4B | ||
| Q3 25 | $770.1M | $2.4B | ||
| Q2 25 | $810.1M | $2.4B | ||
| Q1 25 | $790.1M | $2.3B | ||
| Q4 24 | $816.0M | $2.3B | ||
| Q3 24 | $973.7M | $2.4B | ||
| Q2 24 | $976.8M | $2.5B |
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.47× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 0.54× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.57× | — |
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 | $1.6M | $28.8M |
| Free Cash FlowOCF − Capex | $1.4M | $10.9M |
| FCF MarginFCF / Revenue | 0.7% | 4.0% |
| Capex IntensityCapex / Revenue | 0.1% | 6.5% |
| Cash ConversionOCF / Net Profit | 0.36× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $58.5M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.6M | — | ||
| Q4 25 | $22.4M | $28.8M | ||
| Q3 25 | $22.9M | $35.3M | ||
| Q2 25 | $15.8M | $-2.2M | ||
| Q1 25 | $9.3M | $13.4M | ||
| Q4 24 | $38.5M | $73.8M | ||
| Q3 24 | $25.6M | $66.1M | ||
| Q2 24 | $23.1M | $53.5M |
| Q1 26 | $1.4M | — | ||
| Q4 25 | $20.9M | $10.9M | ||
| Q3 25 | $21.5M | $14.6M | ||
| Q2 25 | $14.8M | $-17.6M | ||
| Q1 25 | $7.2M | $-11.4M | ||
| Q4 24 | $36.1M | $50.6M | ||
| Q3 24 | $24.3M | $43.0M | ||
| Q2 24 | $21.6M | $29.2M |
| Q1 26 | 0.7% | — | ||
| Q4 25 | 10.3% | 4.0% | ||
| Q3 25 | 10.9% | 5.8% | ||
| Q2 25 | 7.4% | -7.0% | ||
| Q1 25 | 3.7% | -5.0% | ||
| Q4 24 | 18.0% | 21.6% | ||
| Q3 24 | 11.7% | 18.4% | ||
| Q2 24 | 10.5% | 11.3% |
| Q1 26 | 0.1% | — | ||
| Q4 25 | 0.8% | 6.5% | ||
| Q3 25 | 0.7% | 8.3% | ||
| Q2 25 | 0.5% | 6.1% | ||
| Q1 25 | 1.1% | 10.9% | ||
| Q4 24 | 1.2% | 9.9% | ||
| Q3 24 | 0.6% | 9.9% | ||
| Q2 24 | 0.7% | 9.4% |
| Q1 26 | 0.36× | — | ||
| Q4 25 | 10.83× | 2.17× | ||
| Q3 25 | — | 4.73× | ||
| Q2 25 | 2.05× | -0.34× | ||
| Q1 25 | 8.31× | 3.58× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.65× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FET
| Drilling and Completions | $126.7M | 61% |
| Downhole | $50.6M | 24% |
| Production Equipment | $18.8M | 9% |
| Valve Solutions | $12.8M | 6% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
