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Side-by-side financial comparison of HUTCHMED (China) Ltd (HCM) 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 $270.8M, roughly 1.0× HUTCHMED (China) Ltd). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs 0.7%, a 4.1% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -16.5%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $3.4M).
HUTCHMED (China) LtdHCMEarnings & Financial Report
HUTCHMED (China) Ltd is a biopharmaceutical firm focused on discovering, developing and commercializing targeted and immunotherapies for oncology and immunological diseases. It operates across China and global markets, with multiple marketed oncology drugs and a robust pipeline of late-stage clinical candidates addressing unmet patient needs.
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.
HCM vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.8M | $274.5M |
| Net Profit | $2.0M | $13.3M |
| Gross Margin | 37.7% | 36.1% |
| Operating Margin | -13.2% | 1.2% |
| Net Margin | 0.7% | 4.8% |
| Revenue YoY | -16.5% | 17.1% |
| Net Profit YoY | -83.6% | 69.8% |
| EPS (diluted) | $0.00 | $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 | $270.8M | $274.5M | ||
| Q3 25 | — | $250.8M | ||
| Q2 25 | $277.7M | $250.7M | ||
| Q1 25 | $324.5M | $227.8M | ||
| Q4 24 | — | $234.3M | ||
| Q3 24 | — | $233.1M | ||
| Q2 24 | $305.7M | $257.6M | ||
| Q1 24 | — | $252.0M |
| Q4 25 | $2.0M | $13.3M | ||
| Q3 25 | — | $7.5M | ||
| Q2 25 | $455.0M | $6.6M | ||
| Q1 25 | $11.9M | $3.8M | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | — | $-233.6M | ||
| Q2 24 | $25.8M | $20.2M | ||
| Q1 24 | — | $24.1M |
| Q4 25 | 37.7% | 36.1% | ||
| Q3 25 | — | 39.5% | ||
| Q2 25 | 0.1% | 37.3% | ||
| Q1 25 | 48.0% | 39.4% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | 41.1% | 37.3% | ||
| Q1 24 | — | 38.7% |
| Q4 25 | -13.2% | 1.2% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | -1.3% | 0.0% | ||
| Q1 25 | -5.0% | 0.8% | ||
| Q4 24 | — | 6.0% | ||
| Q3 24 | — | -108.7% | ||
| Q2 24 | -9.0% | 4.7% | ||
| Q1 24 | — | 7.6% |
| Q4 25 | 0.7% | 4.8% | ||
| Q3 25 | — | 3.0% | ||
| Q2 25 | 163.8% | 2.6% | ||
| Q1 25 | 3.7% | 1.6% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | — | -100.2% | ||
| Q2 24 | 8.4% | 7.8% | ||
| Q1 24 | — | 9.6% |
| Q4 25 | $0.00 | $0.30 | ||
| Q3 25 | — | $0.18 | ||
| Q2 25 | $0.52 | $0.16 | ||
| Q1 25 | $0.01 | $0.09 | ||
| Q4 24 | — | $0.27 | ||
| Q3 24 | — | $-5.33 | ||
| Q2 24 | $0.03 | $0.45 | ||
| Q1 24 | — | $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 | $1.4B | $839.3M |
| Total DebtLower is stronger | $93.2M | — |
| Stockholders' EquityBook value | $1.2B | $2.1B |
| Total Assets | $1.8B | $2.4B |
| Debt / EquityLower = less leverage | 0.08× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.4B | $839.3M | ||
| Q3 25 | — | $870.4M | ||
| Q2 25 | $1.4B | $899.6M | ||
| Q1 25 | $836.1M | $926.9M | ||
| Q4 24 | — | $930.2M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | $802.5M | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $93.2M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $93.4M | — | ||
| Q1 25 | $82.8M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $82.1M | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.2B | $2.1B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $759.9M | $2.1B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | $740.1M | $2.3B | ||
| Q1 24 | — | $2.3B |
| Q4 25 | $1.8B | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | $1.8B | $2.4B | ||
| Q1 25 | $1.3B | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | $1.3B | $2.5B | ||
| Q1 24 | — | $2.6B |
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.11× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.11× | — | ||
| 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 | $8.2M | $28.8M |
| Free Cash FlowOCF − Capex | $3.4M | $10.9M |
| FCF MarginFCF / Revenue | 1.2% | 4.0% |
| Capex IntensityCapex / Revenue | 1.8% | 6.5% |
| Cash ConversionOCF / Net Profit | 4.21× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $-96.2M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $28.8M | ||
| Q3 25 | — | $35.3M | ||
| Q2 25 | $-72.9M | $-2.2M | ||
| Q1 25 | $40.3M | $13.4M | ||
| Q4 24 | — | $73.8M | ||
| Q3 24 | — | $66.1M | ||
| Q2 24 | $-39.8M | $53.5M | ||
| Q1 24 | — | $54.6M |
| Q4 25 | $3.4M | $10.9M | ||
| Q3 25 | — | $14.6M | ||
| Q2 25 | $-82.2M | $-17.6M | ||
| Q1 25 | $32.5M | $-11.4M | ||
| Q4 24 | — | $50.6M | ||
| Q3 24 | — | $43.0M | ||
| Q2 24 | $-49.9M | $29.2M | ||
| Q1 24 | — | $26.5M |
| Q4 25 | 1.2% | 4.0% | ||
| Q3 25 | — | 5.8% | ||
| Q2 25 | -29.6% | -7.0% | ||
| Q1 25 | 10.0% | -5.0% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | — | 18.4% | ||
| Q2 24 | -16.3% | 11.3% | ||
| Q1 24 | — | 10.5% |
| Q4 25 | 1.8% | 6.5% | ||
| Q3 25 | — | 8.3% | ||
| Q2 25 | 3.3% | 6.1% | ||
| Q1 25 | 2.4% | 10.9% | ||
| Q4 24 | — | 9.9% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | 3.3% | 9.4% | ||
| Q1 24 | — | 11.1% |
| Q4 25 | 4.21× | 2.17× | ||
| Q3 25 | — | 4.73× | ||
| Q2 25 | -0.16× | -0.34× | ||
| Q1 25 | 3.38× | 3.58× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.54× | 2.65× | ||
| Q1 24 | — | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCM
Segment breakdown not available.
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
