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Side-by-side financial comparison of Howard Hughes Holdings Inc. (HHH) 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 $235.9M, roughly 1.2× Howard Hughes Holdings Inc.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs 3.4%, a 1.4% gap on every dollar of revenue. On growth, Howard Hughes Holdings Inc. posted the faster year-over-year revenue change (18.4% vs 17.1%). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -13.8%).
Howard Hughes Holdings Inc., formerly the Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It took its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
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.
HHH vs IPGP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $235.9M | $274.5M |
| Net Profit | $8.1M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | 121.6% | 1.2% |
| Net Margin | 3.4% | 4.8% |
| Revenue YoY | 18.4% | 17.1% |
| Net Profit YoY | -25.6% | 69.8% |
| EPS (diluted) | $0.14 | $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 | $235.9M | — | ||
| Q4 25 | $624.4M | $274.5M | ||
| Q3 25 | $390.2M | $250.8M | ||
| Q2 25 | $260.9M | $250.7M | ||
| Q1 25 | $199.3M | $227.8M | ||
| Q4 24 | $935.0M | $234.3M | ||
| Q3 24 | $327.1M | $233.1M | ||
| Q2 24 | $317.4M | $257.6M |
| Q1 26 | $8.1M | — | ||
| Q4 25 | $6.0M | $13.3M | ||
| Q3 25 | $119.5M | $7.5M | ||
| Q2 25 | $-12.1M | $6.6M | ||
| Q1 25 | $10.5M | $3.8M | ||
| Q4 24 | $156.3M | $7.8M | ||
| Q3 24 | $72.8M | $-233.6M | ||
| Q2 24 | $21.1M | $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 | 121.6% | — | ||
| Q4 25 | 4.2% | 1.2% | ||
| Q3 25 | 48.6% | 3.1% | ||
| Q2 25 | 26.0% | 0.0% | ||
| Q1 25 | 24.0% | 0.8% | ||
| Q4 24 | 33.5% | 6.0% | ||
| Q3 24 | 60.6% | -108.7% | ||
| Q2 24 | 20.4% | 4.7% |
| Q1 26 | 3.4% | — | ||
| Q4 25 | 1.0% | 4.8% | ||
| Q3 25 | 30.6% | 3.0% | ||
| Q2 25 | -4.7% | 2.6% | ||
| Q1 25 | 5.3% | 1.6% | ||
| Q4 24 | 16.7% | 3.3% | ||
| Q3 24 | 22.2% | -100.2% | ||
| Q2 24 | 6.6% | 7.8% |
| Q1 26 | $0.14 | — | ||
| Q4 25 | $0.20 | $0.30 | ||
| Q3 25 | $2.02 | $0.18 | ||
| Q2 25 | $-0.22 | $0.16 | ||
| Q1 25 | $0.21 | $0.09 | ||
| Q4 24 | $3.14 | $0.27 | ||
| Q3 24 | $1.46 | $-5.33 | ||
| Q2 24 | $0.42 | $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 | $1.8B | $839.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.8B | $2.1B |
| Total Assets | $11.2B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.5B | $839.3M | ||
| Q3 25 | $1.5B | $870.4M | ||
| Q2 25 | $1.4B | $899.6M | ||
| Q1 25 | $493.7M | $926.9M | ||
| Q4 24 | $596.1M | $930.2M | ||
| Q3 24 | $400.7M | $1.0B | ||
| Q2 24 | $436.8M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $5.1B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.8B | $2.1B | ||
| Q3 25 | $3.8B | $2.1B | ||
| Q2 25 | $3.6B | $2.1B | ||
| Q1 25 | $2.8B | $2.1B | ||
| Q4 24 | $2.8B | $2.0B | ||
| Q3 24 | $2.6B | $2.1B | ||
| Q2 24 | $3.0B | $2.3B |
| Q1 26 | $11.2B | — | ||
| Q4 25 | $10.6B | $2.4B | ||
| Q3 25 | $10.7B | $2.4B | ||
| Q2 25 | $10.3B | $2.4B | ||
| Q1 25 | $9.3B | $2.3B | ||
| Q4 24 | $9.2B | $2.3B | ||
| Q3 24 | $9.4B | $2.4B | ||
| Q2 24 | $9.9B | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | 1.35× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.85× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $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 | $360.3M | $28.8M | ||
| Q3 25 | $149.8M | $35.3M | ||
| Q2 25 | $177.3M | $-2.2M | ||
| Q1 25 | $-224.9M | $13.4M | ||
| Q4 24 | $337.1M | $73.8M | ||
| Q3 24 | $248.3M | $66.1M | ||
| Q2 24 | $-17.5M | $53.5M |
| Q1 26 | — | — | ||
| Q4 25 | $348.6M | $10.9M | ||
| Q3 25 | $137.7M | $14.6M | ||
| Q2 25 | $169.7M | $-17.6M | ||
| Q1 25 | $-238.4M | $-11.4M | ||
| Q4 24 | $317.1M | $50.6M | ||
| Q3 24 | $238.7M | $43.0M | ||
| Q2 24 | $-25.1M | $29.2M |
| Q1 26 | — | — | ||
| Q4 25 | 55.8% | 4.0% | ||
| Q3 25 | 35.3% | 5.8% | ||
| Q2 25 | 65.1% | -7.0% | ||
| Q1 25 | -119.6% | -5.0% | ||
| Q4 24 | 33.9% | 21.6% | ||
| Q3 24 | 73.0% | 18.4% | ||
| Q2 24 | -7.9% | 11.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 6.5% | ||
| Q3 25 | 3.1% | 8.3% | ||
| Q2 25 | 2.9% | 6.1% | ||
| Q1 25 | 6.8% | 10.9% | ||
| Q4 24 | 2.1% | 9.9% | ||
| Q3 24 | 2.9% | 9.9% | ||
| Q2 24 | 2.4% | 9.4% |
| Q1 26 | — | — | ||
| Q4 25 | 60.04× | 2.17× | ||
| Q3 25 | 1.25× | 4.73× | ||
| Q2 25 | — | -0.34× | ||
| Q1 25 | -21.35× | 3.58× | ||
| Q4 24 | 2.16× | 9.44× | ||
| Q3 24 | 3.41× | — | ||
| Q2 24 | -0.83× | 2.65× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HHH
| Rental revenue | $113.5M | 48% |
| Master Planned Communities land sales | $99.6M | 42% |
| Other revenues | $11.0M | 5% |
| Builder price participation | $8.7M | 4% |
| Condominium rights and unit sales | $3.1M | 1% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
