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Side-by-side financial comparison of FEDERATED HERMES, INC. (FHI) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
FEDERATED HERMES, INC. is the larger business by last-quarter revenue ($479.0M vs $274.5M, roughly 1.7× IPG PHOTONICS CORP). FEDERATED HERMES, INC. runs the higher net margin — 20.1% vs 4.8%, a 15.3% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -0.8%). Over the past eight quarters, FEDERATED HERMES, INC.'s revenue compounded faster (9.1% CAGR vs 4.4%).
Federated Hermes is an investment manager headquartered in Pittsburgh, Pennsylvania, United States. Founded in 1955 and incorporated on October 18, 1957, the company manages $902.6 billion of customer assets, as of December 2025. The company offers investments spanning equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies, including mutual funds, exchange-traded funds (ETFs), separate accounts, closed-end funds and collective investment funds. Clie...
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.
FHI vs IPGP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $479.0M | $274.5M |
| Net Profit | $96.4M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | 26.4% | 1.2% |
| Net Margin | 20.1% | 4.8% |
| Revenue YoY | -0.8% | 17.1% |
| Net Profit YoY | — | 69.8% |
| EPS (diluted) | — | $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 | $479.0M | — | ||
| Q4 25 | $482.8M | $274.5M | ||
| Q3 25 | $469.4M | $250.8M | ||
| Q2 25 | $424.8M | $250.7M | ||
| Q1 25 | $423.5M | $227.8M | ||
| Q4 24 | $424.7M | $234.3M | ||
| Q3 24 | $408.5M | $233.1M | ||
| Q2 24 | $402.6M | $257.6M |
| Q1 26 | $96.4M | — | ||
| Q4 25 | $107.0M | $13.3M | ||
| Q3 25 | $104.1M | $7.5M | ||
| Q2 25 | $91.0M | $6.6M | ||
| Q1 25 | $101.1M | $3.8M | ||
| Q4 24 | $84.7M | $7.8M | ||
| Q3 24 | $87.5M | $-233.6M | ||
| Q2 24 | $21.0M | $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 | 26.4% | — | ||
| Q4 25 | 28.1% | 1.2% | ||
| Q3 25 | 27.6% | 3.1% | ||
| Q2 25 | 27.6% | 0.0% | ||
| Q1 25 | 31.1% | 0.8% | ||
| Q4 24 | 26.0% | 6.0% | ||
| Q3 24 | 27.4% | -108.7% | ||
| Q2 24 | 10.1% | 4.7% |
| Q1 26 | 20.1% | — | ||
| Q4 25 | 22.2% | 4.8% | ||
| Q3 25 | 22.2% | 3.0% | ||
| Q2 25 | 21.4% | 2.6% | ||
| Q1 25 | 23.9% | 1.6% | ||
| Q4 24 | 19.9% | 3.3% | ||
| Q3 24 | 21.4% | -100.2% | ||
| Q2 24 | 5.2% | 7.8% |
| Q1 26 | — | — | ||
| Q4 25 | $1.38 | $0.30 | ||
| Q3 25 | $1.34 | $0.18 | ||
| Q2 25 | $1.16 | $0.16 | ||
| Q1 25 | $1.25 | $0.09 | ||
| Q4 24 | $1.08 | $0.27 | ||
| Q3 24 | $1.06 | $-5.33 | ||
| Q2 24 | $0.20 | $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 | — | $839.3M |
| Total DebtLower is stronger | $348.4M | — |
| Stockholders' EquityBook value | $100.8B | $2.1B |
| Total Assets | $2.1B | $2.4B |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $582.5M | $839.3M | ||
| Q3 25 | $506.3M | $870.4M | ||
| Q2 25 | $371.0M | $899.6M | ||
| Q1 25 | $387.6M | $926.9M | ||
| Q4 24 | $504.4M | $930.2M | ||
| Q3 24 | $375.0M | $1.0B | ||
| Q2 24 | $307.4M | $1.1B |
| Q1 26 | $348.4M | — | ||
| Q4 25 | $348.4M | — | ||
| Q3 25 | $348.3M | — | ||
| Q2 25 | $348.2M | — | ||
| Q1 25 | $348.2M | — | ||
| Q4 24 | $348.1M | — | ||
| Q3 24 | $348.0M | — | ||
| Q2 24 | $348.0M | — |
| Q1 26 | $100.8B | — | ||
| Q4 25 | $1.2B | $2.1B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.1B | $2.1B | ||
| Q1 25 | $1.1B | $2.1B | ||
| Q4 24 | $1.1B | $2.0B | ||
| Q3 24 | $1.1B | $2.1B | ||
| Q2 24 | $1.0B | $2.3B |
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $2.4B | ||
| Q3 25 | $2.2B | $2.4B | ||
| Q2 25 | $2.2B | $2.4B | ||
| Q1 25 | $2.0B | $2.3B | ||
| Q4 24 | $2.1B | $2.3B | ||
| Q3 24 | $2.0B | $2.4B | ||
| Q2 24 | $1.9B | $2.5B |
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.29× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.34× | — |
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 | $297.3M | $28.8M | ||
| Q3 25 | $103.1M | $35.3M | ||
| Q2 25 | $18.8M | $-2.2M | ||
| Q1 25 | $14.3M | $13.4M | ||
| Q4 24 | $346.6M | $73.8M | ||
| Q3 24 | $117.1M | $66.1M | ||
| Q2 24 | $88.7M | $53.5M |
| Q1 26 | — | — | ||
| Q4 25 | $294.6M | $10.9M | ||
| Q3 25 | $101.6M | $14.6M | ||
| Q2 25 | $18.0M | $-17.6M | ||
| Q1 25 | $13.3M | $-11.4M | ||
| Q4 24 | $342.5M | $50.6M | ||
| Q3 24 | $114.1M | $43.0M | ||
| Q2 24 | $82.7M | $29.2M |
| Q1 26 | — | — | ||
| Q4 25 | 61.0% | 4.0% | ||
| Q3 25 | 21.6% | 5.8% | ||
| Q2 25 | 4.2% | -7.0% | ||
| Q1 25 | 3.1% | -5.0% | ||
| Q4 24 | 80.7% | 21.6% | ||
| Q3 24 | 27.9% | 18.4% | ||
| Q2 24 | 20.5% | 11.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.6% | 6.5% | ||
| Q3 25 | 0.3% | 8.3% | ||
| Q2 25 | 0.2% | 6.1% | ||
| Q1 25 | 0.2% | 10.9% | ||
| Q4 24 | 0.9% | 9.9% | ||
| Q3 24 | 0.7% | 9.9% | ||
| Q2 24 | 1.5% | 9.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.78× | 2.17× | ||
| Q3 25 | 0.99× | 4.73× | ||
| Q2 25 | 0.21× | -0.34× | ||
| Q1 25 | 0.14× | 3.58× | ||
| Q4 24 | 4.09× | 9.44× | ||
| Q3 24 | 1.34× | — | ||
| Q2 24 | 4.22× | 2.65× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FHI
| Investment advisory fees, net | $319.4M | 67% |
| Administrative service fees, net-affiliates | $110.3M | 23% |
| Other | $49.3M | 10% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
