vs
Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) 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 $143.5M, roughly 1.9× FTAI Infrastructure Inc.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -68.1%, a 72.9% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 17.1%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 4.4%).
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
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.
FIP vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $274.5M |
| Net Profit | $-97.7M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | -45.7% | 1.2% |
| Net Margin | -68.1% | 4.8% |
| Revenue YoY | 77.7% | 17.1% |
| Net Profit YoY | 21.6% | 69.8% |
| EPS (diluted) | $-1.04 | $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 | $143.5M | $274.5M | ||
| Q3 25 | $140.6M | $250.8M | ||
| Q2 25 | $122.3M | $250.7M | ||
| Q1 25 | $96.2M | $227.8M | ||
| Q4 24 | $80.8M | $234.3M | ||
| Q3 24 | $83.3M | $233.1M | ||
| Q2 24 | $84.9M | $257.6M | ||
| Q1 24 | $82.5M | $252.0M |
| Q4 25 | $-97.7M | $13.3M | ||
| Q3 25 | $-104.5M | $7.5M | ||
| Q2 25 | $-70.0M | $6.6M | ||
| Q1 25 | $120.2M | $3.8M | ||
| Q4 24 | $-124.7M | $7.8M | ||
| Q3 24 | $-43.0M | $-233.6M | ||
| Q2 24 | $-48.1M | $20.2M | ||
| Q1 24 | $-50.3M | $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 | -45.7% | 1.2% | ||
| Q3 25 | -70.8% | 3.1% | ||
| Q2 25 | -56.4% | 0.0% | ||
| Q1 25 | 81.8% | 0.8% | ||
| Q4 24 | -152.7% | 6.0% | ||
| Q3 24 | -51.7% | -108.7% | ||
| Q2 24 | -56.4% | 4.7% | ||
| Q1 24 | -58.8% | 7.6% |
| Q4 25 | -68.1% | 4.8% | ||
| Q3 25 | -74.4% | 3.0% | ||
| Q2 25 | -57.2% | 2.6% | ||
| Q1 25 | 125.0% | 1.6% | ||
| Q4 24 | -154.4% | 3.3% | ||
| Q3 24 | -51.6% | -100.2% | ||
| Q2 24 | -56.7% | 7.8% | ||
| Q1 24 | -60.9% | 9.6% |
| Q4 25 | $-1.04 | $0.30 | ||
| Q3 25 | $-1.38 | $0.18 | ||
| Q2 25 | $-0.73 | $0.16 | ||
| Q1 25 | $0.89 | $0.09 | ||
| Q4 24 | $-1.21 | $0.27 | ||
| Q3 24 | $-0.45 | $-5.33 | ||
| Q2 24 | $-0.52 | $0.45 | ||
| Q1 24 | $-0.54 | $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 | $57.4M | $839.3M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $2.1B |
| Total Assets | $5.7B | $2.4B |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $839.3M | ||
| Q3 25 | $34.7M | $870.4M | ||
| Q2 25 | $33.6M | $899.6M | ||
| Q1 25 | $26.3M | $926.9M | ||
| Q4 24 | $27.8M | $930.2M | ||
| Q3 24 | $20.3M | $1.0B | ||
| Q2 24 | $33.1M | $1.1B | ||
| Q1 24 | $23.0M | $1.1B |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $21.3M | $2.1B | ||
| Q3 25 | $181.1M | $2.1B | ||
| Q2 25 | $375.5M | $2.1B | ||
| Q1 25 | $476.2M | $2.1B | ||
| Q4 24 | $202.7M | $2.0B | ||
| Q3 24 | $370.8M | $2.1B | ||
| Q2 24 | $394.8M | $2.3B | ||
| Q1 24 | $402.5M | $2.3B |
| Q4 25 | $5.7B | $2.4B | ||
| Q3 25 | $5.5B | $2.4B | ||
| Q2 25 | $4.4B | $2.4B | ||
| Q1 25 | $4.1B | $2.3B | ||
| Q4 24 | $2.4B | $2.3B | ||
| Q3 24 | $2.4B | $2.4B | ||
| Q2 24 | $2.5B | $2.5B | ||
| Q1 24 | $2.3B | $2.6B |
| Q4 25 | 176.99× | — | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | — | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 3.94× | — | ||
| Q1 24 | 3.34× | — |
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 | $-2.8M | $28.8M |
| Free Cash FlowOCF − Capex | $-68.6M | $10.9M |
| FCF MarginFCF / Revenue | -47.8% | 4.0% |
| Capex IntensityCapex / Revenue | 45.9% | 6.5% |
| Cash ConversionOCF / Net Profit | — | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $28.8M | ||
| Q3 25 | $-24.4M | $35.3M | ||
| Q2 25 | $-5.2M | $-2.2M | ||
| Q1 25 | $-85.7M | $13.4M | ||
| Q4 24 | $-8.1M | $73.8M | ||
| Q3 24 | $14.2M | $66.1M | ||
| Q2 24 | $-17.6M | $53.5M | ||
| Q1 24 | $-3.9M | $54.6M |
| Q4 25 | $-68.6M | $10.9M | ||
| Q3 25 | $-90.7M | $14.6M | ||
| Q2 25 | $-87.5M | $-17.6M | ||
| Q1 25 | $-151.7M | $-11.4M | ||
| Q4 24 | $-34.3M | $50.6M | ||
| Q3 24 | $-11.7M | $43.0M | ||
| Q2 24 | $-32.1M | $29.2M | ||
| Q1 24 | $-16.7M | $26.5M |
| Q4 25 | -47.8% | 4.0% | ||
| Q3 25 | -64.5% | 5.8% | ||
| Q2 25 | -71.6% | -7.0% | ||
| Q1 25 | -157.7% | -5.0% | ||
| Q4 24 | -42.4% | 21.6% | ||
| Q3 24 | -14.0% | 18.4% | ||
| Q2 24 | -37.9% | 11.3% | ||
| Q1 24 | -20.3% | 10.5% |
| Q4 25 | 45.9% | 6.5% | ||
| Q3 25 | 47.2% | 8.3% | ||
| Q2 25 | 67.3% | 6.1% | ||
| Q1 25 | 68.6% | 10.9% | ||
| Q4 24 | 32.5% | 9.9% | ||
| Q3 24 | 31.1% | 9.9% | ||
| Q2 24 | 17.2% | 9.4% | ||
| Q1 24 | 15.6% | 11.1% |
| Q4 25 | — | 2.17× | ||
| Q3 25 | — | 4.73× | ||
| Q2 25 | — | -0.34× | ||
| Q1 25 | -0.71× | 3.58× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.65× | ||
| Q1 24 | — | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
