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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $219.1M, roughly 1.3× Iridium Communications Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs 4.8%, a 5.0% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 1.9%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs 4.4%).
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.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
IPGP vs IRDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $219.1M |
| Net Profit | $13.3M | $21.6M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 23.2% |
| Net Margin | 4.8% | 9.9% |
| Revenue YoY | 17.1% | 1.9% |
| 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.
| Q1 26 | — | $219.1M | ||
| Q4 25 | $274.5M | $212.9M | ||
| Q3 25 | $250.8M | $226.9M | ||
| Q2 25 | $250.7M | $216.9M | ||
| Q1 25 | $227.8M | $214.9M | ||
| Q4 24 | $234.3M | $213.0M | ||
| Q3 24 | $233.1M | $212.8M | ||
| Q2 24 | $257.6M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $13.3M | $24.9M | ||
| Q3 25 | $7.5M | $37.1M | ||
| Q2 25 | $6.6M | $22.0M | ||
| Q1 25 | $3.8M | $30.4M | ||
| Q4 24 | $7.8M | $36.3M | ||
| Q3 24 | $-233.6M | $24.4M | ||
| Q2 24 | $20.2M | $32.3M |
| 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 | — | 23.2% | ||
| Q4 25 | 1.2% | 25.9% | ||
| Q3 25 | 3.1% | 30.9% | ||
| Q2 25 | 0.0% | 23.2% | ||
| Q1 25 | 0.8% | 28.1% | ||
| Q4 24 | 6.0% | 24.5% | ||
| Q3 24 | -108.7% | 25.8% | ||
| Q2 24 | 4.7% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | 4.8% | 11.7% | ||
| Q3 25 | 3.0% | 16.4% | ||
| Q2 25 | 2.6% | 10.1% | ||
| Q1 25 | 1.6% | 14.2% | ||
| Q4 24 | 3.3% | 17.1% | ||
| Q3 24 | -100.2% | 11.5% | ||
| Q2 24 | 7.8% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $0.30 | $0.24 | ||
| Q3 25 | $0.18 | $0.35 | ||
| Q2 25 | $0.16 | $0.20 | ||
| Q1 25 | $0.09 | $0.27 | ||
| Q4 24 | $0.27 | $0.30 | ||
| Q3 24 | $-5.33 | $0.21 | ||
| Q2 24 | $0.45 | $0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $839.3M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | — |
| Total Assets | $2.4B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $839.3M | $96.5M | ||
| Q3 25 | $870.4M | $88.5M | ||
| Q2 25 | $899.6M | $79.3M | ||
| Q1 25 | $926.9M | $50.9M | ||
| Q4 24 | $930.2M | $93.5M | ||
| Q3 24 | $1.0B | $159.6M | ||
| Q2 24 | $1.1B | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $462.6M | ||
| Q3 25 | $2.1B | $450.5M | ||
| Q2 25 | $2.1B | $473.6M | ||
| Q1 25 | $2.1B | $518.4M | ||
| Q4 24 | $2.0B | $576.6M | ||
| Q3 24 | $2.1B | $663.8M | ||
| Q2 24 | $2.3B | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $2.5B | ||
| Q3 25 | $2.4B | $2.6B | ||
| Q2 25 | $2.4B | $2.6B | ||
| Q1 25 | $2.3B | $2.6B | ||
| Q4 24 | $2.3B | $2.7B | ||
| Q3 24 | $2.4B | $2.8B | ||
| Q2 24 | $2.5B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.05× | ||
| 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% | 13.7% |
| 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 | $28.8M | $108.6M | ||
| Q3 25 | $35.3M | $100.8M | ||
| Q2 25 | $-2.2M | $129.6M | ||
| Q1 25 | $13.4M | $61.1M | ||
| Q4 24 | $73.8M | $104.8M | ||
| Q3 24 | $66.1M | $118.6M | ||
| Q2 24 | $53.5M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $75.1M | ||
| Q3 25 | $14.6M | $79.2M | ||
| Q2 25 | $-17.6M | $108.9M | ||
| Q1 25 | $-11.4M | $36.5M | ||
| Q4 24 | $50.6M | $80.5M | ||
| Q3 24 | $43.0M | $100.0M | ||
| Q2 24 | $29.2M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 35.3% | ||
| Q3 25 | 5.8% | 34.9% | ||
| Q2 25 | -7.0% | 50.2% | ||
| Q1 25 | -5.0% | 17.0% | ||
| Q4 24 | 21.6% | 37.8% | ||
| Q3 24 | 18.4% | 47.0% | ||
| Q2 24 | 11.3% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 6.5% | 15.7% | ||
| Q3 25 | 8.3% | 9.5% | ||
| Q2 25 | 6.1% | 9.5% | ||
| Q1 25 | 10.9% | 11.4% | ||
| Q4 24 | 9.9% | 11.4% | ||
| Q3 24 | 9.9% | 8.7% | ||
| Q2 24 | 9.4% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | 4.37× | ||
| Q3 25 | 4.73× | 2.71× | ||
| Q2 25 | -0.34× | 5.90× | ||
| Q1 25 | 3.58× | 2.01× | ||
| Q4 24 | 9.44× | 2.88× | ||
| Q3 24 | — | 4.85× | ||
| Q2 24 | 2.65× | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
