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Side-by-side financial comparison of IDEX Corporation (IEX) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
IDEX Corporation is the larger business by last-quarter revenue ($398.4M vs $274.5M, roughly 1.5× IPG PHOTONICS CORP). IDEX Corporation runs the higher net margin — 30.1% vs 4.8%, a 25.3% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 16.7%). IDEX Corporation produced more free cash flow last quarter ($86.0M vs $10.9M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -29.4%).
IDEX can refer to several things, including:International Defence Exhibition, a biennial arms and defense technology sales exhibition IDEX Corporation, a publicly listed company that makes fluidics systems and specialty engineered products Ideanomics, a publicly traded company that trades under the IDEX ticker symbol.
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.
IEX vs IPGP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $398.4M | $274.5M |
| Net Profit | $120.0M | $13.3M |
| Gross Margin | 99.9% | 36.1% |
| Operating Margin | 43.3% | 1.2% |
| Net Margin | 30.1% | 4.8% |
| Revenue YoY | 16.7% | 17.1% |
| Net Profit YoY | 25.7% | 69.8% |
| EPS (diluted) | $1.61 | $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.
| Q2 26 | $398.4M | — | ||
| Q1 26 | $407.7M | — | ||
| Q4 25 | $899.1M | $274.5M | ||
| Q3 25 | $878.7M | $250.8M | ||
| Q2 25 | $865.4M | $250.7M | ||
| Q1 25 | $814.3M | $227.8M | ||
| Q4 24 | $862.9M | $234.3M | ||
| Q3 24 | $798.2M | $233.1M |
| Q2 26 | $120.0M | — | ||
| Q1 26 | $128.3M | — | ||
| Q4 25 | $128.3M | $13.3M | ||
| Q3 25 | $127.8M | $7.5M | ||
| Q2 25 | $131.6M | $6.6M | ||
| Q1 25 | $95.5M | $3.8M | ||
| Q4 24 | $123.2M | $7.8M | ||
| Q3 24 | $119.1M | $-233.6M |
| Q2 26 | 99.9% | — | ||
| Q1 26 | 94.9% | — | ||
| Q4 25 | 43.1% | 36.1% | ||
| Q3 25 | 44.5% | 39.5% | ||
| Q2 25 | 45.3% | 37.3% | ||
| Q1 25 | 45.3% | 39.4% | ||
| Q4 24 | 42.5% | 38.6% | ||
| Q3 24 | 44.3% | 23.2% |
| Q2 26 | 43.3% | — | ||
| Q1 26 | 45.0% | — | ||
| Q4 25 | 20.4% | 1.2% | ||
| Q3 25 | 21.1% | 3.1% | ||
| Q2 25 | 21.7% | 0.0% | ||
| Q1 25 | 17.4% | 0.8% | ||
| Q4 24 | 19.2% | 6.0% | ||
| Q3 24 | 21.0% | -108.7% |
| Q2 26 | 30.1% | — | ||
| Q1 26 | 31.5% | — | ||
| Q4 25 | 14.3% | 4.8% | ||
| Q3 25 | 14.5% | 3.0% | ||
| Q2 25 | 15.2% | 2.6% | ||
| Q1 25 | 11.7% | 1.6% | ||
| Q4 24 | 14.3% | 3.3% | ||
| Q3 24 | 14.9% | -100.2% |
| Q2 26 | $1.61 | — | ||
| Q1 26 | $1.71 | — | ||
| Q4 25 | $1.71 | $0.30 | ||
| Q3 25 | $1.70 | $0.18 | ||
| Q2 25 | $1.74 | $0.16 | ||
| Q1 25 | $1.26 | $0.09 | ||
| Q4 24 | $1.61 | $0.27 | ||
| Q3 24 | $1.57 | $-5.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $586.2M | $839.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.0B | $2.1B |
| Total Assets | $6.9B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | $586.2M | — | ||
| Q1 26 | $580.0M | — | ||
| Q4 25 | $580.0M | $839.3M | ||
| Q3 25 | $593.8M | $870.4M | ||
| Q2 25 | $568.2M | $899.6M | ||
| Q1 25 | $594.1M | $926.9M | ||
| Q4 24 | $620.8M | $930.2M | ||
| Q3 24 | $633.2M | $1.0B |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | — |
| Q2 26 | $4.0B | — | ||
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.0B | $2.1B | ||
| Q3 25 | $4.0B | $2.1B | ||
| Q2 25 | $4.0B | $2.1B | ||
| Q1 25 | $3.9B | $2.1B | ||
| Q4 24 | $3.8B | $2.0B | ||
| Q3 24 | $3.8B | $2.1B |
| Q2 26 | $6.9B | — | ||
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.9B | $2.4B | ||
| Q3 25 | $7.0B | $2.4B | ||
| Q2 25 | $6.9B | $2.4B | ||
| Q1 25 | $6.8B | $2.3B | ||
| Q4 24 | $6.7B | $2.3B | ||
| Q3 24 | $7.0B | $2.4B |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 0.45× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.46× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.52× | — | ||
| Q3 24 | 0.55× | — |
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 | $86.0M | $10.9M |
| FCF MarginFCF / Revenue | 21.6% | 4.0% |
| Capex IntensityCapex / Revenue | 4.4% | 6.5% |
| Cash ConversionOCF / Net Profit | — | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $654.3M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $209.5M | $28.8M | ||
| Q3 25 | $203.5M | $35.3M | ||
| Q2 25 | $161.7M | $-2.2M | ||
| Q1 25 | $105.7M | $13.4M | ||
| Q4 24 | $172.6M | $73.8M | ||
| Q3 24 | $205.3M | $66.1M |
| Q2 26 | $86.0M | — | ||
| Q1 26 | $189.8M | — | ||
| Q4 25 | $189.8M | $10.9M | ||
| Q3 25 | $188.7M | $14.6M | ||
| Q2 25 | $146.9M | $-17.6M | ||
| Q1 25 | $91.4M | $-11.4M | ||
| Q4 24 | $157.1M | $50.6M | ||
| Q3 24 | $191.6M | $43.0M |
| Q2 26 | 21.6% | — | ||
| Q1 26 | 46.6% | — | ||
| Q4 25 | 21.1% | 4.0% | ||
| Q3 25 | 21.5% | 5.8% | ||
| Q2 25 | 17.0% | -7.0% | ||
| Q1 25 | 11.2% | -5.0% | ||
| Q4 24 | 18.2% | 21.6% | ||
| Q3 24 | 24.0% | 18.4% |
| Q2 26 | 4.4% | — | ||
| Q1 26 | 15.6% | — | ||
| Q4 25 | 2.2% | 6.5% | ||
| Q3 25 | 1.7% | 8.3% | ||
| Q2 25 | 1.7% | 6.1% | ||
| Q1 25 | 1.8% | 10.9% | ||
| Q4 24 | 1.8% | 9.9% | ||
| Q3 24 | 1.7% | 9.9% |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | 2.17× | ||
| Q3 25 | 1.59× | 4.73× | ||
| Q2 25 | 1.23× | -0.34× | ||
| Q1 25 | 1.11× | 3.58× | ||
| Q4 24 | 1.40× | 9.44× | ||
| Q3 24 | 1.72× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IEX
Segment breakdown not available.
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
