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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $208.9M, roughly 1.3× iRhythm Holdings, Inc.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs 2.7%, a 2.2% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs 17.1%). iRhythm Holdings, Inc. produced more free cash flow last quarter ($14.5M vs $10.9M). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% 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.
iRhythm Holdings is a digital healthcare company focused on cardiac care, developing and commercializing wearable ambulatory heart monitoring devices paired with AI-powered analytical tools. It primarily serves healthcare providers and patients across the United States, helping to detect undiagnosed arrhythmias such as atrial fibrillation through convenient long-term heart rhythm tracking that delivers actionable clinical insights.
IPGP vs IRTC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $208.9M |
| Net Profit | $13.3M | $5.6M |
| Gross Margin | 36.1% | 70.9% |
| Operating Margin | 1.2% | 1.1% |
| Net Margin | 4.8% | 2.7% |
| Revenue YoY | 17.1% | 27.1% |
| Net Profit YoY | 69.8% | 518.5% |
| EPS (diluted) | $0.30 | $0.18 |
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 | $208.9M | ||
| Q3 25 | $250.8M | $192.9M | ||
| Q2 25 | $250.7M | $186.7M | ||
| Q1 25 | $227.8M | $158.7M | ||
| Q4 24 | $234.3M | $164.3M | ||
| Q3 24 | $233.1M | $147.5M | ||
| Q2 24 | $257.6M | $148.0M | ||
| Q1 24 | $252.0M | $131.9M |
| Q4 25 | $13.3M | $5.6M | ||
| Q3 25 | $7.5M | $-5.2M | ||
| Q2 25 | $6.6M | $-14.2M | ||
| Q1 25 | $3.8M | $-30.7M | ||
| Q4 24 | $7.8M | $-1.3M | ||
| Q3 24 | $-233.6M | $-46.2M | ||
| Q2 24 | $20.2M | $-20.1M | ||
| Q1 24 | $24.1M | $-45.7M |
| Q4 25 | 36.1% | 70.9% | ||
| Q3 25 | 39.5% | 71.1% | ||
| Q2 25 | 37.3% | 71.2% | ||
| Q1 25 | 39.4% | 68.8% | ||
| Q4 24 | 38.6% | 70.0% | ||
| Q3 24 | 23.2% | 68.8% | ||
| Q2 24 | 37.3% | 69.9% | ||
| Q1 24 | 38.7% | 66.3% |
| Q4 25 | 1.2% | 1.1% | ||
| Q3 25 | 3.1% | -4.4% | ||
| Q2 25 | 0.0% | -10.0% | ||
| Q1 25 | 0.8% | -20.5% | ||
| Q4 24 | 6.0% | -2.5% | ||
| Q3 24 | -108.7% | -34.1% | ||
| Q2 24 | 4.7% | -15.5% | ||
| Q1 24 | 7.6% | -28.9% |
| Q4 25 | 4.8% | 2.7% | ||
| Q3 25 | 3.0% | -2.7% | ||
| Q2 25 | 2.6% | -7.6% | ||
| Q1 25 | 1.6% | -19.3% | ||
| Q4 24 | 3.3% | -0.8% | ||
| Q3 24 | -100.2% | -31.3% | ||
| Q2 24 | 7.8% | -13.6% | ||
| Q1 24 | 9.6% | -34.6% |
| Q4 25 | $0.30 | $0.18 | ||
| Q3 25 | $0.18 | $-0.16 | ||
| Q2 25 | $0.16 | $-0.44 | ||
| Q1 25 | $0.09 | $-0.97 | ||
| Q4 24 | $0.27 | $-0.03 | ||
| Q3 24 | $-5.33 | $-1.48 | ||
| Q2 24 | $0.45 | $-0.65 | ||
| Q1 24 | $0.52 | $-1.47 |
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 | $583.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $152.7M |
| Total Assets | $2.4B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $583.8M | ||
| Q3 25 | $870.4M | $565.2M | ||
| Q2 25 | $899.6M | $545.5M | ||
| Q1 25 | $926.9M | $520.6M | ||
| Q4 24 | $930.2M | $535.6M | ||
| Q3 24 | $1.0B | $522.0M | ||
| Q2 24 | $1.1B | $561.5M | ||
| Q1 24 | $1.1B | $569.1M |
| Q4 25 | $2.1B | $152.7M | ||
| Q3 25 | $2.1B | $121.9M | ||
| Q2 25 | $2.1B | $103.7M | ||
| Q1 25 | $2.1B | $86.7M | ||
| Q4 24 | $2.0B | $90.9M | ||
| Q3 24 | $2.1B | $71.8M | ||
| Q2 24 | $2.3B | $99.2M | ||
| Q1 24 | $2.3B | $90.3M |
| Q4 25 | $2.4B | $1.0B | ||
| Q3 25 | $2.4B | $995.2M | ||
| Q2 25 | $2.4B | $964.0M | ||
| Q1 25 | $2.3B | $926.1M | ||
| Q4 24 | $2.3B | $931.4M | ||
| Q3 24 | $2.4B | $909.7M | ||
| Q2 24 | $2.5B | $919.2M | ||
| Q1 24 | $2.6B | $909.8M |
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 | $26.2M |
| Free Cash FlowOCF − Capex | $10.9M | $14.5M |
| FCF MarginFCF / Revenue | 4.0% | 6.9% |
| Capex IntensityCapex / Revenue | 6.5% | 5.6% |
| Cash ConversionOCF / Net Profit | 2.17× | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $26.2M | ||
| Q3 25 | $35.3M | $34.9M | ||
| Q2 25 | $-2.2M | $27.7M | ||
| Q1 25 | $13.4M | $-7.9M | ||
| Q4 24 | $73.8M | $19.2M | ||
| Q3 24 | $66.1M | $24.3M | ||
| Q2 24 | $53.5M | $11.8M | ||
| Q1 24 | $54.6M | $-52.0M |
| Q4 25 | $10.9M | $14.5M | ||
| Q3 25 | $14.6M | $20.1M | ||
| Q2 25 | $-17.6M | $17.3M | ||
| Q1 25 | $-11.4M | $-17.3M | ||
| Q4 24 | $50.6M | $12.4M | ||
| Q3 24 | $43.0M | $15.5M | ||
| Q2 24 | $29.2M | $3.4M | ||
| Q1 24 | $26.5M | $-61.8M |
| Q4 25 | 4.0% | 6.9% | ||
| Q3 25 | 5.8% | 10.4% | ||
| Q2 25 | -7.0% | 9.3% | ||
| Q1 25 | -5.0% | -10.9% | ||
| Q4 24 | 21.6% | 7.5% | ||
| Q3 24 | 18.4% | 10.5% | ||
| Q2 24 | 11.3% | 2.3% | ||
| Q1 24 | 10.5% | -46.8% |
| Q4 25 | 6.5% | 5.6% | ||
| Q3 25 | 8.3% | 7.7% | ||
| Q2 25 | 6.1% | 5.6% | ||
| Q1 25 | 10.9% | 5.9% | ||
| Q4 24 | 9.9% | 4.2% | ||
| Q3 24 | 9.9% | 6.0% | ||
| Q2 24 | 9.4% | 5.7% | ||
| Q1 24 | 11.1% | 7.4% |
| Q4 25 | 2.17× | 4.70× | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 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
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
IRTC
| Commercial Payors | $111.7M | 53% |
| Centers For Medicare And Medicaid | $49.2M | 24% |
| Healthcare Institutions | $34.3M | 16% |
| Non Contracted Third Party Payors | $13.7M | 7% |
