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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Limbach Holdings, Inc. (LMB). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $186.9M, roughly 1.5× Limbach Holdings, Inc.). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs 4.8%, a 1.7% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs 17.1%). Limbach Holdings, Inc. produced more free cash flow last quarter ($27.9M vs $10.9M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% 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.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
IPGP vs LMB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $186.9M |
| Net Profit | $13.3M | $12.3M |
| Gross Margin | 36.1% | 25.7% |
| Operating Margin | 1.2% | 9.4% |
| Net Margin | 4.8% | 6.6% |
| Revenue YoY | 17.1% | 30.1% |
| Net Profit YoY | 69.8% | 25.0% |
| EPS (diluted) | $0.30 | $1.01 |
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 | $186.9M | ||
| Q3 25 | $250.8M | $184.6M | ||
| Q2 25 | $250.7M | $142.2M | ||
| Q1 25 | $227.8M | $133.1M | ||
| Q4 24 | $234.3M | $143.7M | ||
| Q3 24 | $233.1M | $133.9M | ||
| Q2 24 | $257.6M | $122.2M | ||
| Q1 24 | $252.0M | $119.0M |
| Q4 25 | $13.3M | $12.3M | ||
| Q3 25 | $7.5M | $8.8M | ||
| Q2 25 | $6.6M | $7.8M | ||
| Q1 25 | $3.8M | $10.2M | ||
| Q4 24 | $7.8M | $9.8M | ||
| Q3 24 | $-233.6M | $7.5M | ||
| Q2 24 | $20.2M | $6.0M | ||
| Q1 24 | $24.1M | $7.6M |
| Q4 25 | 36.1% | 25.7% | ||
| Q3 25 | 39.5% | 24.2% | ||
| Q2 25 | 37.3% | 28.0% | ||
| Q1 25 | 39.4% | 27.6% | ||
| Q4 24 | 38.6% | 30.3% | ||
| Q3 24 | 23.2% | 27.0% | ||
| Q2 24 | 37.3% | 27.4% | ||
| Q1 24 | 38.7% | 26.1% |
| Q4 25 | 1.2% | 9.4% | ||
| Q3 25 | 3.1% | 7.2% | ||
| Q2 25 | 0.0% | 7.5% | ||
| Q1 25 | 0.8% | 5.9% | ||
| Q4 24 | 6.0% | 9.1% | ||
| Q3 24 | -108.7% | 8.1% | ||
| Q2 24 | 4.7% | 6.7% | ||
| Q1 24 | 7.6% | 5.5% |
| Q4 25 | 4.8% | 6.6% | ||
| Q3 25 | 3.0% | 4.8% | ||
| Q2 25 | 2.6% | 5.5% | ||
| Q1 25 | 1.6% | 7.7% | ||
| Q4 24 | 3.3% | 6.9% | ||
| Q3 24 | -100.2% | 5.6% | ||
| Q2 24 | 7.8% | 4.9% | ||
| Q1 24 | 9.6% | 6.4% |
| Q4 25 | $0.30 | $1.01 | ||
| Q3 25 | $0.18 | $0.73 | ||
| Q2 25 | $0.16 | $0.64 | ||
| Q1 25 | $0.09 | $0.85 | ||
| Q4 24 | $0.27 | $0.81 | ||
| Q3 24 | $-5.33 | $0.62 | ||
| Q2 24 | $0.45 | $0.50 | ||
| Q1 24 | $0.52 | $0.64 |
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 | $11.3M |
| Total DebtLower is stronger | — | $30.5M |
| Stockholders' EquityBook value | $2.1B | $195.7M |
| Total Assets | $2.4B | $381.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $11.3M | ||
| Q3 25 | $870.4M | $9.8M | ||
| Q2 25 | $899.6M | $38.9M | ||
| Q1 25 | $926.9M | $38.1M | ||
| Q4 24 | $930.2M | $44.9M | ||
| Q3 24 | $1.0B | $51.2M | ||
| Q2 24 | $1.1B | $59.5M | ||
| Q1 24 | $1.1B | $48.2M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $56.3M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $23.6M | ||
| Q3 24 | — | $20.5M | ||
| Q2 24 | — | $19.7M | ||
| Q1 24 | — | $19.4M |
| Q4 25 | $2.1B | $195.7M | ||
| Q3 25 | $2.1B | $181.6M | ||
| Q2 25 | $2.1B | $170.5M | ||
| Q1 25 | $2.1B | $161.1M | ||
| Q4 24 | $2.0B | $153.5M | ||
| Q3 24 | $2.1B | $142.2M | ||
| Q2 24 | $2.3B | $133.0M | ||
| Q1 24 | $2.3B | $125.5M |
| Q4 25 | $2.4B | $381.1M | ||
| Q3 25 | $2.4B | $409.1M | ||
| Q2 25 | $2.4B | $343.0M | ||
| Q1 25 | $2.3B | $336.4M | ||
| Q4 24 | $2.3B | $352.1M | ||
| Q3 24 | $2.4B | $324.4M | ||
| Q2 24 | $2.5B | $303.9M | ||
| Q1 24 | $2.6B | $289.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $28.1M |
| Free Cash FlowOCF − Capex | $10.9M | $27.9M |
| FCF MarginFCF / Revenue | 4.0% | 14.9% |
| Capex IntensityCapex / Revenue | 6.5% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.17× | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $28.1M | ||
| Q3 25 | $35.3M | $13.3M | ||
| Q2 25 | $-2.2M | $2.0M | ||
| Q1 25 | $13.4M | $2.2M | ||
| Q4 24 | $73.8M | $19.3M | ||
| Q3 24 | $66.1M | $4.9M | ||
| Q2 24 | $53.5M | $16.5M | ||
| Q1 24 | $54.6M | $-3.9M |
| Q4 25 | $10.9M | $27.9M | ||
| Q3 25 | $14.6M | $12.8M | ||
| Q2 25 | $-17.6M | $1.2M | ||
| Q1 25 | $-11.4M | $11.0K | ||
| Q4 24 | $50.6M | $18.0M | ||
| Q3 24 | $43.0M | $4.6M | ||
| Q2 24 | $29.2M | $13.2M | ||
| Q1 24 | $26.5M | $-6.5M |
| Q4 25 | 4.0% | 14.9% | ||
| Q3 25 | 5.8% | 7.0% | ||
| Q2 25 | -7.0% | 0.8% | ||
| Q1 25 | -5.0% | 0.0% | ||
| Q4 24 | 21.6% | 12.5% | ||
| Q3 24 | 18.4% | 3.4% | ||
| Q2 24 | 11.3% | 10.8% | ||
| Q1 24 | 10.5% | -5.5% |
| Q4 25 | 6.5% | 0.1% | ||
| Q3 25 | 8.3% | 0.3% | ||
| Q2 25 | 6.1% | 0.6% | ||
| Q1 25 | 10.9% | 1.7% | ||
| Q4 24 | 9.9% | 0.9% | ||
| Q3 24 | 9.9% | 0.3% | ||
| Q2 24 | 9.4% | 2.7% | ||
| Q1 24 | 11.1% | 2.1% |
| Q4 25 | 2.17× | 2.29× | ||
| Q3 25 | 4.73× | 1.52× | ||
| Q2 25 | -0.34× | 0.26× | ||
| Q1 25 | 3.58× | 0.22× | ||
| Q4 24 | 9.44× | 1.96× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | 2.65× | 2.77× | ||
| Q1 24 | 2.27× | -0.52× |
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% |
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
