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Side-by-side financial comparison of GCM Grosvenor Inc. (GCMG) 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 $177.1M, roughly 1.5× GCM Grosvenor Inc.). GCM Grosvenor Inc. runs the higher net margin — 32.8% vs 4.8%, a 28.0% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 7.2%). GCM Grosvenor Inc. produced more free cash flow last quarter ($175.0M vs $10.9M). Over the past eight quarters, GCM Grosvenor Inc.'s revenue compounded faster (27.5% CAGR vs 4.4%).
GCM Grosvenor is an American alternative asset management firm, with approximately $76 billion in assets under management and approximately 530 professionals as of 2023.
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.
GCMG vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $177.1M | $274.5M |
| Net Profit | $58.2M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | 30.9% | 1.2% |
| Net Margin | 32.8% | 4.8% |
| Revenue YoY | 7.2% | 17.1% |
| Net Profit YoY | 149.2% | 69.8% |
| EPS (diluted) | $0.23 | $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 | $177.1M | $274.5M | ||
| Q3 25 | $135.0M | $250.8M | ||
| Q2 25 | $119.7M | $250.7M | ||
| Q1 25 | $125.8M | $227.8M | ||
| Q4 24 | $165.3M | $234.3M | ||
| Q3 24 | $122.9M | $233.1M | ||
| Q2 24 | $117.0M | $257.6M | ||
| Q1 24 | $108.9M | $252.0M |
| Q4 25 | $58.2M | $13.3M | ||
| Q3 25 | $10.5M | $7.5M | ||
| Q2 25 | $15.4M | $6.6M | ||
| Q1 25 | $463.0K | $3.8M | ||
| Q4 24 | $7.6M | $7.8M | ||
| Q3 24 | $4.2M | $-233.6M | ||
| Q2 24 | $4.8M | $20.2M | ||
| Q1 24 | $2.1M | $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 | 30.9% | 1.2% | ||
| Q3 25 | 32.7% | 3.1% | ||
| Q2 25 | 16.1% | 0.0% | ||
| Q1 25 | 12.2% | 0.8% | ||
| Q4 24 | 26.4% | 6.0% | ||
| Q3 24 | 20.3% | -108.7% | ||
| Q2 24 | 17.8% | 4.7% | ||
| Q1 24 | -14.7% | 7.6% |
| Q4 25 | 32.8% | 4.8% | ||
| Q3 25 | 7.8% | 3.0% | ||
| Q2 25 | 12.9% | 2.6% | ||
| Q1 25 | 0.4% | 1.6% | ||
| Q4 24 | 4.6% | 3.3% | ||
| Q3 24 | 3.4% | -100.2% | ||
| Q2 24 | 4.1% | 7.8% | ||
| Q1 24 | 2.0% | 9.6% |
| Q4 25 | $0.23 | $0.30 | ||
| Q3 25 | $0.16 | $0.18 | ||
| Q2 25 | $0.05 | $0.16 | ||
| Q1 25 | $-0.02 | $0.09 | ||
| Q4 24 | $0.09 | $0.27 | ||
| Q3 24 | $0.03 | $-5.33 | ||
| Q2 24 | $0.04 | $0.45 | ||
| Q1 24 | $-0.13 | $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 | $242.1M | $839.3M |
| Total DebtLower is stronger | $428.4M | — |
| Stockholders' EquityBook value | $27.0M | $2.1B |
| Total Assets | $813.8M | $2.4B |
| Debt / EquityLower = less leverage | 15.87× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $242.1M | $839.3M | ||
| Q3 25 | $182.7M | $870.4M | ||
| Q2 25 | $136.3M | $899.6M | ||
| Q1 25 | $94.5M | $926.9M | ||
| Q4 24 | $89.5M | $930.2M | ||
| Q3 24 | $98.4M | $1.0B | ||
| Q2 24 | $73.9M | $1.1B | ||
| Q1 24 | $41.9M | $1.1B |
| Q4 25 | $428.4M | — | ||
| Q3 25 | $429.3M | — | ||
| Q2 25 | $430.2M | — | ||
| Q1 25 | $431.1M | — | ||
| Q4 24 | $432.0M | — | ||
| Q3 24 | $432.9M | — | ||
| Q2 24 | $433.8M | — | ||
| Q1 24 | $384.0M | — |
| Q4 25 | $27.0M | $2.1B | ||
| Q3 25 | $-7.4M | $2.1B | ||
| Q2 25 | $-12.3M | $2.1B | ||
| Q1 25 | $-28.3M | $2.1B | ||
| Q4 24 | $-27.6M | $2.0B | ||
| Q3 24 | $-31.9M | $2.1B | ||
| Q2 24 | $-28.5M | $2.3B | ||
| Q1 24 | $-26.4M | $2.3B |
| Q4 25 | $813.8M | $2.4B | ||
| Q3 25 | $685.9M | $2.4B | ||
| Q2 25 | $636.9M | $2.4B | ||
| Q1 25 | $579.8M | $2.3B | ||
| Q4 24 | $612.7M | $2.3B | ||
| Q3 24 | $575.0M | $2.4B | ||
| Q2 24 | $543.9M | $2.5B | ||
| Q1 24 | $497.3M | $2.6B |
| Q4 25 | 15.87× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $183.5M | $28.8M |
| Free Cash FlowOCF − Capex | $175.0M | $10.9M |
| FCF MarginFCF / Revenue | 98.8% | 4.0% |
| Capex IntensityCapex / Revenue | 4.8% | 6.5% |
| Cash ConversionOCF / Net Profit | 3.16× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $326.2M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.5M | $28.8M | ||
| Q3 25 | $79.8M | $35.3M | ||
| Q2 25 | $42.0M | $-2.2M | ||
| Q1 25 | $33.3M | $13.4M | ||
| Q4 24 | $148.8M | $73.8M | ||
| Q3 24 | $69.0M | $66.1M | ||
| Q2 24 | $17.5M | $53.5M | ||
| Q1 24 | $24.2M | $54.6M |
| Q4 25 | $175.0M | $10.9M | ||
| Q3 25 | $78.3M | $14.6M | ||
| Q2 25 | $40.8M | $-17.6M | ||
| Q1 25 | $32.1M | $-11.4M | ||
| Q4 24 | $132.0M | $50.6M | ||
| Q3 24 | $62.2M | $43.0M | ||
| Q2 24 | $12.8M | $29.2M | ||
| Q1 24 | $20.0M | $26.5M |
| Q4 25 | 98.8% | 4.0% | ||
| Q3 25 | 58.0% | 5.8% | ||
| Q2 25 | 34.1% | -7.0% | ||
| Q1 25 | 25.5% | -5.0% | ||
| Q4 24 | 79.9% | 21.6% | ||
| Q3 24 | 50.6% | 18.4% | ||
| Q2 24 | 10.9% | 11.3% | ||
| Q1 24 | 18.4% | 10.5% |
| Q4 25 | 4.8% | 6.5% | ||
| Q3 25 | 1.1% | 8.3% | ||
| Q2 25 | 1.0% | 6.1% | ||
| Q1 25 | 0.9% | 10.9% | ||
| Q4 24 | 10.1% | 9.9% | ||
| Q3 24 | 5.5% | 9.9% | ||
| Q2 24 | 4.0% | 9.4% | ||
| Q1 24 | 3.9% | 11.1% |
| Q4 25 | 3.16× | 2.17× | ||
| Q3 25 | 7.61× | 4.73× | ||
| Q2 25 | 2.72× | -0.34× | ||
| Q1 25 | 71.84× | 3.58× | ||
| Q4 24 | 19.54× | 9.44× | ||
| Q3 24 | 16.60× | — | ||
| Q2 24 | 3.64× | 2.65× | ||
| Q1 24 | 11.40× | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
