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Side-by-side financial comparison of IHS Holding Ltd (IHS) 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 $254.0M, roughly 1.1× IHS Holding Ltd). On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 0.1%). IHS Holding Ltd produced more free cash flow last quarter ($178.6M vs $10.9M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
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.
IHS vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $274.5M |
| Net Profit | — | $13.3M |
| Gross Margin | 83.6% | 36.1% |
| Operating Margin | — | 1.2% |
| Net Margin | — | 4.8% |
| Revenue YoY | 0.1% | 17.1% |
| Net Profit YoY | — | 69.8% |
| EPS (diluted) | — | $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 | $254.0M | $274.5M | ||
| Q3 25 | $455.1M | $250.8M | ||
| Q2 25 | $433.3M | $250.7M | ||
| Q1 25 | $439.6M | $227.8M | ||
| Q4 24 | $253.8M | $234.3M | ||
| Q3 24 | $420.3M | $233.1M | ||
| Q2 24 | $435.4M | $257.6M | ||
| Q1 24 | $417.7M | $252.0M |
| Q4 25 | — | $13.3M | ||
| Q3 25 | $147.4M | $7.5M | ||
| Q2 25 | $32.3M | $6.6M | ||
| Q1 25 | $30.7M | $3.8M | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $-205.7M | $-233.6M | ||
| Q2 24 | $-124.3M | $20.2M | ||
| Q1 24 | $-1.6B | $24.1M |
| Q4 25 | 83.6% | 36.1% | ||
| Q3 25 | 47.5% | 39.5% | ||
| Q2 25 | 51.3% | 37.3% | ||
| Q1 25 | 51.4% | 39.4% | ||
| Q4 24 | 72.1% | 38.6% | ||
| Q3 24 | 52.0% | 23.2% | ||
| Q2 24 | 52.5% | 37.3% | ||
| Q1 24 | 39.1% | 38.7% |
| Q4 25 | — | 1.2% | ||
| Q3 25 | 35.1% | 3.1% | ||
| Q2 25 | 33.8% | 0.0% | ||
| Q1 25 | 37.1% | 0.8% | ||
| Q4 24 | — | 6.0% | ||
| Q3 24 | 29.9% | -108.7% | ||
| Q2 24 | 34.0% | 4.7% | ||
| Q1 24 | -1.7% | 7.6% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | 32.4% | 3.0% | ||
| Q2 25 | 7.5% | 2.6% | ||
| Q1 25 | 7.0% | 1.6% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | -48.9% | -100.2% | ||
| Q2 24 | -28.5% | 7.8% | ||
| Q1 24 | -372.8% | 9.6% |
| Q4 25 | — | $0.30 | ||
| Q3 25 | $0.44 | $0.18 | ||
| Q2 25 | $0.10 | $0.16 | ||
| Q1 25 | $0.10 | $0.09 | ||
| Q4 24 | — | $0.27 | ||
| Q3 24 | $-0.61 | $-5.33 | ||
| Q2 24 | $-0.36 | $0.45 | ||
| Q1 24 | $-4.67 | $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 | $825.7M | $839.3M |
| Total DebtLower is stronger | $3.1B | — |
| Stockholders' EquityBook value | $-89.8M | $2.1B |
| Total Assets | $4.5B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | $839.3M | ||
| Q3 25 | $647.6M | $870.4M | ||
| Q2 25 | $531.8M | $899.6M | ||
| Q1 25 | $629.0M | $926.9M | ||
| Q4 24 | $578.0M | $930.2M | ||
| Q3 24 | $397.5M | $1.0B | ||
| Q2 24 | $445.7M | $1.1B | ||
| Q1 24 | $333.2M | $1.1B |
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.5B | — |
| Q4 25 | $-89.8M | $2.1B | ||
| Q3 25 | $38.1M | $2.1B | ||
| Q2 25 | $-98.4M | $2.1B | ||
| Q1 25 | $-184.4M | $2.1B | ||
| Q4 24 | $-314.4M | $2.0B | ||
| Q3 24 | $-284.7M | $2.1B | ||
| Q2 24 | $-308.3M | $2.3B | ||
| Q1 24 | $-163.2M | $2.3B |
| Q4 25 | $4.5B | $2.4B | ||
| Q3 25 | $4.7B | $2.4B | ||
| Q2 25 | $4.5B | $2.4B | ||
| Q1 25 | $4.4B | $2.3B | ||
| Q4 24 | $4.2B | $2.3B | ||
| Q3 24 | $4.6B | $2.4B | ||
| Q2 24 | $4.5B | $2.5B | ||
| Q1 24 | $4.6B | $2.6B |
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| 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 | $246.9M | $28.8M |
| Free Cash FlowOCF − Capex | $178.6M | $10.9M |
| FCF MarginFCF / Revenue | 70.3% | 4.0% |
| Capex IntensityCapex / Revenue | 26.9% | 6.5% |
| Cash ConversionOCF / Net Profit | — | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | $28.8M | ||
| Q3 25 | $251.3M | $35.3M | ||
| Q2 25 | $237.7M | $-2.2M | ||
| Q1 25 | $200.3M | $13.4M | ||
| Q4 24 | $344.4M | $73.8M | ||
| Q3 24 | $174.5M | $66.1M | ||
| Q2 24 | $134.7M | $53.5M | ||
| Q1 24 | $75.8M | $54.6M |
| Q4 25 | $178.6M | $10.9M | ||
| Q3 25 | $189.2M | $14.6M | ||
| Q2 25 | $197.7M | $-17.6M | ||
| Q1 25 | $153.2M | $-11.4M | ||
| Q4 24 | $282.9M | $50.6M | ||
| Q3 24 | $122.3M | $43.0M | ||
| Q2 24 | $74.2M | $29.2M | ||
| Q1 24 | $14.8M | $26.5M |
| Q4 25 | 70.3% | 4.0% | ||
| Q3 25 | 41.6% | 5.8% | ||
| Q2 25 | 45.6% | -7.0% | ||
| Q1 25 | 34.8% | -5.0% | ||
| Q4 24 | 111.5% | 21.6% | ||
| Q3 24 | 29.1% | 18.4% | ||
| Q2 24 | 17.0% | 11.3% | ||
| Q1 24 | 3.5% | 10.5% |
| Q4 25 | 26.9% | 6.5% | ||
| Q3 25 | 13.6% | 8.3% | ||
| Q2 25 | 9.2% | 6.1% | ||
| Q1 25 | 10.7% | 10.9% | ||
| Q4 24 | 24.2% | 9.9% | ||
| Q3 24 | 12.4% | 9.9% | ||
| Q2 24 | 13.9% | 9.4% | ||
| Q1 24 | 14.6% | 11.1% |
| Q4 25 | — | 2.17× | ||
| Q3 25 | 1.70× | 4.73× | ||
| Q2 25 | 7.36× | -0.34× | ||
| Q1 25 | 6.52× | 3.58× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.65× | ||
| Q1 24 | — | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IHS
Segment breakdown not available.
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
