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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and KENNAMETAL INC (KMT). Click either name above to swap in a different company.
KENNAMETAL INC is the larger business by last-quarter revenue ($529.5M vs $274.5M, roughly 1.9× IPG PHOTONICS CORP). KENNAMETAL INC runs the higher net margin — 6.4% vs 4.8%, a 1.6% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 9.8%). KENNAMETAL INC produced more free cash flow last quarter ($42.4M vs $10.9M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs 1.3%).
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.
Kennametal, Inc. is a manufacturer of high-performance cutting tools and engineered components used in the aerospace, defense, transportation and oil and gas drilling industries. Its customer base is global.
IPGP vs KMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $529.5M |
| Net Profit | $13.3M | $33.9M |
| Gross Margin | 36.1% | 32.8% |
| Operating Margin | 1.2% | 9.9% |
| Net Margin | 4.8% | 6.4% |
| Revenue YoY | 17.1% | 9.8% |
| Net Profit YoY | 69.8% | 89.0% |
| EPS (diluted) | $0.30 | $0.44 |
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 | $529.5M | ||
| Q3 25 | $250.8M | $498.0M | ||
| Q2 25 | $250.7M | $516.4M | ||
| Q1 25 | $227.8M | $486.4M | ||
| Q4 24 | $234.3M | $482.1M | ||
| Q3 24 | $233.1M | $481.9M | ||
| Q2 24 | $257.6M | $543.3M | ||
| Q1 24 | $252.0M | $515.8M |
| Q4 25 | $13.3M | $33.9M | ||
| Q3 25 | $7.5M | $23.3M | ||
| Q2 25 | $6.6M | $21.6M | ||
| Q1 25 | $3.8M | $31.5M | ||
| Q4 24 | $7.8M | $17.9M | ||
| Q3 24 | $-233.6M | $22.1M | ||
| Q2 24 | $20.2M | $37.2M | ||
| Q1 24 | $24.1M | $19.0M |
| Q4 25 | 36.1% | 32.8% | ||
| Q3 25 | 39.5% | 31.0% | ||
| Q2 25 | 37.3% | 28.2% | ||
| Q1 25 | 39.4% | 32.1% | ||
| Q4 24 | 38.6% | 30.1% | ||
| Q3 24 | 23.2% | 31.3% | ||
| Q2 24 | 37.3% | 31.5% | ||
| Q1 24 | 38.7% | 29.7% |
| Q4 25 | 1.2% | 9.9% | ||
| Q3 25 | 3.1% | 7.5% | ||
| Q2 25 | 0.0% | 6.1% | ||
| Q1 25 | 0.8% | 9.1% | ||
| Q4 24 | 6.0% | 6.6% | ||
| Q3 24 | -108.7% | 7.5% | ||
| Q2 24 | 4.7% | 11.3% | ||
| Q1 24 | 7.6% | 6.8% |
| Q4 25 | 4.8% | 6.4% | ||
| Q3 25 | 3.0% | 4.7% | ||
| Q2 25 | 2.6% | 4.2% | ||
| Q1 25 | 1.6% | 6.5% | ||
| Q4 24 | 3.3% | 3.7% | ||
| Q3 24 | -100.2% | 4.6% | ||
| Q2 24 | 7.8% | 6.8% | ||
| Q1 24 | 9.6% | 3.7% |
| Q4 25 | $0.30 | $0.44 | ||
| Q3 25 | $0.18 | $0.30 | ||
| Q2 25 | $0.16 | $0.28 | ||
| Q1 25 | $0.09 | $0.41 | ||
| Q4 24 | $0.27 | $0.23 | ||
| Q3 24 | $-5.33 | $0.28 | ||
| Q2 24 | $0.45 | $0.47 | ||
| Q1 24 | $0.52 | $0.24 |
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 | $129.3M |
| Total DebtLower is stronger | — | $597.2M |
| Stockholders' EquityBook value | $2.1B | $1.3B |
| Total Assets | $2.4B | $2.6B |
| Debt / EquityLower = less leverage | — | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $129.3M | ||
| Q3 25 | $870.4M | $103.5M | ||
| Q2 25 | $899.6M | $140.5M | ||
| Q1 25 | $926.9M | $97.5M | ||
| Q4 24 | $930.2M | $121.2M | ||
| Q3 24 | $1.0B | $119.6M | ||
| Q2 24 | $1.1B | $128.0M | ||
| Q1 24 | $1.1B | $92.1M |
| Q4 25 | — | $597.2M | ||
| Q3 25 | — | $597.0M | ||
| Q2 25 | — | $596.8M | ||
| Q1 25 | — | $596.6M | ||
| Q4 24 | — | $596.4M | ||
| Q3 24 | — | $596.2M | ||
| Q2 24 | — | $596.0M | ||
| Q1 24 | — | $595.8M |
| Q4 25 | $2.1B | $1.3B | ||
| Q3 25 | $2.1B | $1.3B | ||
| Q2 25 | $2.1B | $1.3B | ||
| Q1 25 | $2.1B | $1.2B | ||
| Q4 24 | $2.0B | $1.2B | ||
| Q3 24 | $2.1B | $1.3B | ||
| Q2 24 | $2.3B | $1.2B | ||
| Q1 24 | $2.3B | $1.3B |
| Q4 25 | $2.4B | $2.6B | ||
| Q3 25 | $2.4B | $2.5B | ||
| Q2 25 | $2.4B | $2.5B | ||
| Q1 25 | $2.3B | $2.5B | ||
| Q4 24 | $2.3B | $2.4B | ||
| Q3 24 | $2.4B | $2.5B | ||
| Q2 24 | $2.5B | $2.5B | ||
| Q1 24 | $2.6B | $2.5B |
| Q4 25 | — | 0.45× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.46× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.48× | ||
| Q1 24 | — | 0.47× |
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 | $55.1M |
| Free Cash FlowOCF − Capex | $10.9M | $42.4M |
| FCF MarginFCF / Revenue | 4.0% | 8.0% |
| Capex IntensityCapex / Revenue | 6.5% | 2.4% |
| Cash ConversionOCF / Net Profit | 2.17× | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $99.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $55.1M | ||
| Q3 25 | $35.3M | $17.5M | ||
| Q2 25 | $-2.2M | $78.6M | ||
| Q1 25 | $13.4M | $28.8M | ||
| Q4 24 | $73.8M | $55.2M | ||
| Q3 24 | $66.1M | $45.7M | ||
| Q2 24 | $53.5M | $113.6M | ||
| Q1 24 | $54.6M | $75.2M |
| Q4 25 | $10.9M | $42.4M | ||
| Q3 25 | $14.6M | $-5.5M | ||
| Q2 25 | $-17.6M | $57.1M | ||
| Q1 25 | $-11.4M | $5.3M | ||
| Q4 24 | $50.6M | $35.9M | ||
| Q3 24 | $43.0M | $21.0M | ||
| Q2 24 | $29.2M | $90.3M | ||
| Q1 24 | $26.5M | $48.4M |
| Q4 25 | 4.0% | 8.0% | ||
| Q3 25 | 5.8% | -1.1% | ||
| Q2 25 | -7.0% | 11.1% | ||
| Q1 25 | -5.0% | 1.1% | ||
| Q4 24 | 21.6% | 7.5% | ||
| Q3 24 | 18.4% | 4.4% | ||
| Q2 24 | 11.3% | 16.6% | ||
| Q1 24 | 10.5% | 9.4% |
| Q4 25 | 6.5% | 2.4% | ||
| Q3 25 | 8.3% | 4.6% | ||
| Q2 25 | 6.1% | 4.2% | ||
| Q1 25 | 10.9% | 4.8% | ||
| Q4 24 | 9.9% | 4.0% | ||
| Q3 24 | 9.9% | 5.1% | ||
| Q2 24 | 9.4% | 4.3% | ||
| Q1 24 | 11.1% | 5.2% |
| Q4 25 | 2.17× | 1.63× | ||
| Q3 25 | 4.73× | 0.75× | ||
| Q2 25 | -0.34× | 3.64× | ||
| Q1 25 | 3.58× | 0.92× | ||
| Q4 24 | 9.44× | 3.08× | ||
| Q3 24 | — | 2.07× | ||
| Q2 24 | 2.65× | 3.06× | ||
| Q1 24 | 2.27× | 3.96× |
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% |
KMT
| Metal Cutting | $331.1M | 63% |
| Infrastructure | $198.5M | 37% |
