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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and INDEPENDENCE REALTY TRUST, INC. (IRT). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $165.3M, roughly 1.7× INDEPENDENCE REALTY TRUST, INC.). On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 2.5%). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs 2.2%).
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.
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
IPGP vs IRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $165.3M |
| Net Profit | $13.3M | — |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | — |
| Net Margin | 4.8% | — |
| Revenue YoY | 17.1% | 2.5% |
| Net Profit YoY | 69.8% | — |
| EPS (diluted) | $0.30 | $0.00 |
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 | — | $165.3M | ||
| Q4 25 | $274.5M | $167.1M | ||
| Q3 25 | $250.8M | $167.1M | ||
| Q2 25 | $250.7M | $162.2M | ||
| Q1 25 | $227.8M | $161.2M | ||
| Q4 24 | $234.3M | $161.0M | ||
| Q3 24 | $233.1M | $160.1M | ||
| Q2 24 | $257.6M | $158.4M |
| Q1 26 | — | — | ||
| Q4 25 | $13.3M | $33.3M | ||
| Q3 25 | $7.5M | $6.9M | ||
| Q2 25 | $6.6M | $8.0M | ||
| Q1 25 | $3.8M | $8.4M | ||
| Q4 24 | $7.8M | $-1.0M | ||
| Q3 24 | $-233.6M | $12.4M | ||
| Q2 24 | $20.2M | $10.4M |
| 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 | — | — | ||
| Q4 25 | 1.2% | — | ||
| Q3 25 | 3.1% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | -108.7% | — | ||
| Q2 24 | 4.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.8% | 19.9% | ||
| Q3 25 | 3.0% | 4.1% | ||
| Q2 25 | 2.6% | 5.0% | ||
| Q1 25 | 1.6% | 5.2% | ||
| Q4 24 | 3.3% | -0.6% | ||
| Q3 24 | -100.2% | 7.7% | ||
| Q2 24 | 7.8% | 6.5% |
| Q1 26 | — | $0.00 | ||
| Q4 25 | $0.30 | $0.14 | ||
| Q3 25 | $0.18 | $0.03 | ||
| Q2 25 | $0.16 | $0.03 | ||
| Q1 25 | $0.09 | $0.04 | ||
| Q4 24 | $0.27 | $-0.01 | ||
| Q3 24 | $-5.33 | $0.05 | ||
| Q2 24 | $0.45 | $0.05 |
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 | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $3.4B |
| Total Assets | $2.4B | $6.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $23.3M | ||
| Q4 25 | $839.3M | $23.6M | ||
| Q3 25 | $870.4M | $23.3M | ||
| Q2 25 | $899.6M | $19.5M | ||
| Q1 25 | $926.9M | $29.1M | ||
| Q4 24 | $930.2M | $21.2M | ||
| Q3 24 | $1.0B | $17.6M | ||
| Q2 24 | $1.1B | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B |
| Q1 26 | — | $3.4B | ||
| Q4 25 | $2.1B | $3.5B | ||
| Q3 25 | $2.1B | $3.5B | ||
| Q2 25 | $2.1B | $3.4B | ||
| Q1 25 | $2.1B | $3.5B | ||
| Q4 24 | $2.0B | $3.4B | ||
| Q3 24 | $2.1B | $3.4B | ||
| Q2 24 | $2.3B | $3.4B |
| Q1 26 | — | $6.1B | ||
| Q4 25 | $2.4B | $6.0B | ||
| Q3 25 | $2.4B | $6.1B | ||
| Q2 25 | $2.4B | $6.0B | ||
| Q1 25 | $2.3B | $6.0B | ||
| Q4 24 | $2.3B | $6.1B | ||
| Q3 24 | $2.4B | $5.9B | ||
| Q2 24 | $2.5B | $5.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | — | 0.66× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.68× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.66× |
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 | $28.8M | $282.1M | ||
| Q3 25 | $35.3M | $79.3M | ||
| Q2 25 | $-2.2M | $82.2M | ||
| Q1 25 | $13.4M | $60.4M | ||
| Q4 24 | $73.8M | $259.8M | ||
| Q3 24 | $66.1M | $69.2M | ||
| Q2 24 | $53.5M | $83.0M |
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | — | ||
| Q3 25 | $14.6M | — | ||
| Q2 25 | $-17.6M | — | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $50.6M | — | ||
| Q3 24 | $43.0M | — | ||
| Q2 24 | $29.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | -5.0% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 18.4% | — | ||
| Q2 24 | 11.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | — | ||
| Q3 25 | 8.3% | — | ||
| Q2 25 | 6.1% | — | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 9.9% | — | ||
| Q2 24 | 9.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | 8.48× | ||
| Q3 25 | 4.73× | 11.51× | ||
| Q2 25 | -0.34× | 10.22× | ||
| Q1 25 | 3.58× | 7.23× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 5.60× | ||
| Q2 24 | 2.65× | 8.02× |
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% |
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
