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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and IREN Ltd (IREN). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $184.7M, roughly 1.5× IREN Ltd). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -84.1%, a 89.0% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 17.1%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-468.0M).
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.
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
IPGP vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $184.7M |
| Net Profit | $13.3M | $-155.4M |
| Gross Margin | 36.1% | 64.4% |
| Operating Margin | 1.2% | -63.0% |
| Net Margin | 4.8% | -84.1% |
| Revenue YoY | 17.1% | 59.0% |
| Net Profit YoY | 69.8% | -610.0% |
| EPS (diluted) | $0.30 | $-0.52 |
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 | $274.5M | $184.7M | ||
| Q3 25 | $250.8M | $240.3M | ||
| Q2 25 | $250.7M | — | ||
| Q1 25 | $227.8M | — | ||
| Q4 24 | $234.3M | $116.1M | ||
| Q3 24 | $233.1M | $52.8M | ||
| Q2 24 | $257.6M | — | ||
| Q1 24 | $252.0M | $54.3M |
| Q4 25 | $13.3M | $-155.4M | ||
| Q3 25 | $7.5M | $384.6M | ||
| Q2 25 | $6.6M | — | ||
| Q1 25 | $3.8M | — | ||
| Q4 24 | $7.8M | $-21.9M | ||
| Q3 24 | $-233.6M | $-51.7M | ||
| Q2 24 | $20.2M | — | ||
| Q1 24 | $24.1M | $8.6M |
| Q4 25 | 36.1% | 64.4% | ||
| Q3 25 | 39.5% | 66.4% | ||
| Q2 25 | 37.3% | — | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 38.6% | 72.2% | ||
| Q3 24 | 23.2% | 39.6% | ||
| Q2 24 | 37.3% | — | ||
| Q1 24 | 38.7% | — |
| Q4 25 | 1.2% | -63.0% | ||
| Q3 25 | 3.1% | -31.8% | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 6.0% | 14.9% | ||
| Q3 24 | -108.7% | -89.2% | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 7.6% | 11.1% |
| Q4 25 | 4.8% | -84.1% | ||
| Q3 25 | 3.0% | 160.1% | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 3.3% | -18.8% | ||
| Q3 24 | -100.2% | -98.0% | ||
| Q2 24 | 7.8% | — | ||
| Q1 24 | 9.6% | 15.9% |
| Q4 25 | $0.30 | $-0.52 | ||
| Q3 25 | $0.18 | $1.08 | ||
| Q2 25 | $0.16 | — | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.27 | $-0.10 | ||
| Q3 24 | $-5.33 | $-0.27 | ||
| Q2 24 | $0.45 | — | ||
| Q1 24 | $0.52 | $0.00 |
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 | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $2.5B |
| Total Assets | $2.4B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $3.3B | ||
| Q3 25 | $870.4M | $1.0B | ||
| Q2 25 | $899.6M | — | ||
| Q1 25 | $926.9M | — | ||
| Q4 24 | $930.2M | $427.3M | ||
| Q3 24 | $1.0B | $98.6M | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | $259.7M |
| Q4 25 | $2.1B | $2.5B | ||
| Q3 25 | $2.1B | $2.9B | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.0B | $1.2B | ||
| Q3 24 | $2.1B | $1.1B | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | $677.2M |
| Q4 25 | $2.4B | $7.0B | ||
| Q3 25 | $2.4B | $4.3B | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | $1.9B | ||
| Q3 24 | $2.4B | $1.3B | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.6B | $723.6M |
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 | $71.7M |
| Free Cash FlowOCF − Capex | $10.9M | $-468.0M |
| FCF MarginFCF / Revenue | 4.0% | -253.4% |
| Capex IntensityCapex / Revenue | 6.5% | 292.2% |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $71.7M | ||
| Q3 25 | $35.3M | $142.4M | ||
| Q2 25 | $-2.2M | — | ||
| Q1 25 | $13.4M | — | ||
| Q4 24 | $73.8M | $53.6M | ||
| Q3 24 | $66.1M | $-3.9M | ||
| Q2 24 | $53.5M | — | ||
| Q1 24 | $54.6M | $-27.1M |
| Q4 25 | $10.9M | $-468.0M | ||
| Q3 25 | $14.6M | $-38.0M | ||
| Q2 25 | $-17.6M | — | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $50.6M | $-85.5M | ||
| Q3 24 | $43.0M | $-109.7M | ||
| Q2 24 | $29.2M | — | ||
| Q1 24 | $26.5M | $-108.3M |
| Q4 25 | 4.0% | -253.4% | ||
| Q3 25 | 5.8% | -15.8% | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | -5.0% | — | ||
| Q4 24 | 21.6% | -73.6% | ||
| Q3 24 | 18.4% | -208.0% | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 10.5% | -199.4% |
| Q4 25 | 6.5% | 292.2% | ||
| Q3 25 | 8.3% | 75.0% | ||
| Q2 25 | 6.1% | — | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 9.9% | 119.7% | ||
| Q3 24 | 9.9% | 200.6% | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 11.1% | 149.5% |
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 0.37× | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | — | ||
| Q1 24 | 2.27× | -3.13× |
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% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
