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Side-by-side financial comparison of Forestar Group Inc. (FOR) 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 $273.0M, roughly 1.0× Forestar Group Inc.). Forestar Group Inc. runs the higher net margin — 5.6% vs 4.8%, a 0.8% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 9.0%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-157.1M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -9.6%).
Forestar Group Inc. is a residential lot development company based in Arlington, Texas. The company has operations in 51 markets in 21 states and delivered 11,518 residential lots during the twelve-month period ended December 31, 2020. The company is publicly traded on the New York Stock Exchange and in October 2017 became a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002. The company primarily acquires entitled real estate and...
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.
FOR vs IPGP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $273.0M | $274.5M |
| Net Profit | $15.4M | $13.3M |
| Gross Margin | 20.1% | 36.1% |
| Operating Margin | 7.6% | 1.2% |
| Net Margin | 5.6% | 4.8% |
| Revenue YoY | 9.0% | 17.1% |
| Net Profit YoY | -6.7% | 69.8% |
| EPS (diluted) | $0.30 | $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 | $273.0M | $274.5M | ||
| Q3 25 | $670.5M | $250.8M | ||
| Q2 25 | $390.5M | $250.7M | ||
| Q1 25 | $351.0M | $227.8M | ||
| Q4 24 | $250.4M | $234.3M | ||
| Q3 24 | $551.3M | $233.1M | ||
| Q2 24 | $318.4M | $257.6M | ||
| Q1 24 | $333.8M | $252.0M |
| Q4 25 | $15.4M | $13.3M | ||
| Q3 25 | $86.9M | $7.5M | ||
| Q2 25 | $32.9M | $6.6M | ||
| Q1 25 | $31.6M | $3.8M | ||
| Q4 24 | $16.5M | $7.8M | ||
| Q3 24 | $81.5M | $-233.6M | ||
| Q2 24 | $38.7M | $20.2M | ||
| Q1 24 | $45.0M | $24.1M |
| Q4 25 | 20.1% | 36.1% | ||
| Q3 25 | 22.3% | 39.5% | ||
| Q2 25 | 20.4% | 37.3% | ||
| Q1 25 | 22.6% | 39.4% | ||
| Q4 24 | 22.0% | 38.6% | ||
| Q3 24 | 23.9% | 23.2% | ||
| Q2 24 | 22.5% | 37.3% | ||
| Q1 24 | 24.9% | 38.7% |
| Q4 25 | 7.6% | 1.2% | ||
| Q3 25 | 16.9% | 3.1% | ||
| Q2 25 | 11.2% | 0.0% | ||
| Q1 25 | 11.6% | 0.8% | ||
| Q4 24 | 8.7% | 6.0% | ||
| Q3 24 | 19.7% | -108.7% | ||
| Q2 24 | 16.2% | 4.7% | ||
| Q1 24 | 17.6% | 7.6% |
| Q4 25 | 5.6% | 4.8% | ||
| Q3 25 | 13.0% | 3.0% | ||
| Q2 25 | 8.4% | 2.6% | ||
| Q1 25 | 9.0% | 1.6% | ||
| Q4 24 | 6.6% | 3.3% | ||
| Q3 24 | 14.8% | -100.2% | ||
| Q2 24 | 12.2% | 7.8% | ||
| Q1 24 | 13.5% | 9.6% |
| Q4 25 | $0.30 | $0.30 | ||
| Q3 25 | $1.70 | $0.18 | ||
| Q2 25 | $0.65 | $0.16 | ||
| Q1 25 | $0.62 | $0.09 | ||
| Q4 24 | $0.32 | $0.27 | ||
| Q3 24 | $1.59 | $-5.33 | ||
| Q2 24 | $0.76 | $0.45 | ||
| Q1 24 | $0.89 | $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 | $211.7M | $839.3M |
| Total DebtLower is stronger | $793.2M | — |
| Stockholders' EquityBook value | $1.8B | $2.1B |
| Total Assets | $3.2B | $2.4B |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $211.7M | $839.3M | ||
| Q3 25 | $379.2M | $870.4M | ||
| Q2 25 | $189.2M | $899.6M | ||
| Q1 25 | $174.3M | $926.9M | ||
| Q4 24 | $132.0M | $930.2M | ||
| Q3 24 | $481.2M | $1.0B | ||
| Q2 24 | $359.2M | $1.1B | ||
| Q1 24 | $416.2M | $1.1B |
| Q4 25 | $793.2M | — | ||
| Q3 25 | $802.7M | — | ||
| Q2 25 | $872.8M | — | ||
| Q1 25 | $872.5M | — | ||
| Q4 24 | $806.8M | — | ||
| Q3 24 | $706.4M | — | ||
| Q2 24 | $706.1M | — | ||
| Q1 24 | $705.7M | — |
| Q4 25 | $1.8B | $2.1B | ||
| Q3 25 | $1.8B | $2.1B | ||
| Q2 25 | $1.7B | $2.1B | ||
| Q1 25 | $1.6B | $2.1B | ||
| Q4 24 | $1.6B | $2.0B | ||
| Q3 24 | $1.6B | $2.1B | ||
| Q2 24 | $1.5B | $2.3B | ||
| Q1 24 | $1.5B | $2.3B |
| Q4 25 | $3.2B | $2.4B | ||
| Q3 25 | $3.1B | $2.4B | ||
| Q2 25 | $3.1B | $2.4B | ||
| Q1 25 | $3.0B | $2.3B | ||
| Q4 24 | $3.0B | $2.3B | ||
| Q3 24 | $2.8B | $2.4B | ||
| Q2 24 | $2.7B | $2.5B | ||
| Q1 24 | $2.6B | $2.6B |
| Q4 25 | 0.44× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.47× | — | ||
| Q1 24 | 0.48× | — |
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 | $-157.0M | $28.8M |
| Free Cash FlowOCF − Capex | $-157.1M | $10.9M |
| FCF MarginFCF / Revenue | -57.5% | 4.0% |
| Capex IntensityCapex / Revenue | 0.0% | 6.5% |
| Cash ConversionOCF / Net Profit | -10.19× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $93.0M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-157.0M | $28.8M | ||
| Q3 25 | $256.3M | $35.3M | ||
| Q2 25 | $15.8M | $-2.2M | ||
| Q1 25 | $-19.8M | $13.4M | ||
| Q4 24 | $-450.0M | $73.8M | ||
| Q3 24 | $119.2M | $66.1M | ||
| Q2 24 | $-61.7M | $53.5M | ||
| Q1 24 | $-59.2M | $54.6M |
| Q4 25 | $-157.1M | $10.9M | ||
| Q3 25 | $255.6M | $14.6M | ||
| Q2 25 | $15.0M | $-17.6M | ||
| Q1 25 | $-20.5M | $-11.4M | ||
| Q4 24 | — | $50.6M | ||
| Q3 24 | $118.4M | $43.0M | ||
| Q2 24 | $-62.3M | $29.2M | ||
| Q1 24 | $-59.8M | $26.5M |
| Q4 25 | -57.5% | 4.0% | ||
| Q3 25 | 38.1% | 5.8% | ||
| Q2 25 | 3.8% | -7.0% | ||
| Q1 25 | -5.8% | -5.0% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | 21.5% | 18.4% | ||
| Q2 24 | -19.6% | 11.3% | ||
| Q1 24 | -17.9% | 10.5% |
| Q4 25 | 0.0% | 6.5% | ||
| Q3 25 | 0.1% | 8.3% | ||
| Q2 25 | 0.2% | 6.1% | ||
| Q1 25 | 0.2% | 10.9% | ||
| Q4 24 | 0.0% | 9.9% | ||
| Q3 24 | 0.1% | 9.9% | ||
| Q2 24 | 0.2% | 9.4% | ||
| Q1 24 | 0.2% | 11.1% |
| Q4 25 | -10.19× | 2.17× | ||
| Q3 25 | 2.95× | 4.73× | ||
| Q2 25 | 0.48× | -0.34× | ||
| Q1 25 | -0.63× | 3.58× | ||
| Q4 24 | -27.27× | 9.44× | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | 2.65× | ||
| Q1 24 | -1.32× | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
