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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and MOVADO GROUP INC (MOV). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $186.1M, roughly 1.5× MOVADO GROUP INC). MOVADO GROUP INC runs the higher net margin — 5.1% vs 4.8%, a 0.3% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 1.9%). MOVADO GROUP INC produced more free cash flow last quarter ($11.6M vs $10.9M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs 2.9%).
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.
Movado is a luxury American watch brand originally founded in 1881 in Switzerland. Movado means "movement" in Esperanto. The watches are known for their signature metallic dot at 12 o'clock and minimalist style; the company is best known for its Museum Watch.
IPGP vs MOV — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $186.1M |
| Net Profit | $13.3M | $9.6M |
| Gross Margin | 36.1% | 54.3% |
| Operating Margin | 1.2% | 6.3% |
| Net Margin | 4.8% | 5.1% |
| Revenue YoY | 17.1% | 1.9% |
| Net Profit YoY | 69.8% | 89.8% |
| EPS (diluted) | $0.30 | $0.42 |
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 | $186.1M | ||
| Q3 25 | $250.8M | $161.8M | ||
| Q2 25 | $250.7M | $131.8M | ||
| Q1 25 | $227.8M | $181.5M | ||
| Q4 24 | $234.3M | $180.5M | ||
| Q3 24 | $233.1M | $157.0M | ||
| Q2 24 | $257.6M | $134.4M | ||
| Q1 24 | $252.0M | $175.8M |
| Q4 25 | $13.3M | $9.6M | ||
| Q3 25 | $7.5M | $3.0M | ||
| Q2 25 | $6.6M | $1.4M | ||
| Q1 25 | $3.8M | $8.1M | ||
| Q4 24 | $7.8M | $4.8M | ||
| Q3 24 | $-233.6M | $3.5M | ||
| Q2 24 | $20.2M | $2.0M | ||
| Q1 24 | $24.1M | $9.8M |
| Q4 25 | 36.1% | 54.3% | ||
| Q3 25 | 39.5% | 54.1% | ||
| Q2 25 | 37.3% | 54.1% | ||
| Q1 25 | 39.4% | 54.2% | ||
| Q4 24 | 38.6% | 53.5% | ||
| Q3 24 | 23.2% | 54.3% | ||
| Q2 24 | 37.3% | 54.3% | ||
| Q1 24 | 38.7% | 53.5% |
| Q4 25 | 1.2% | 6.3% | ||
| Q3 25 | 3.1% | 2.5% | ||
| Q2 25 | 0.0% | 0.2% | ||
| Q1 25 | 0.8% | 5.1% | ||
| Q4 24 | 6.0% | 3.3% | ||
| Q3 24 | -108.7% | 1.7% | ||
| Q2 24 | 4.7% | 1.6% | ||
| Q1 24 | 7.6% | 6.1% |
| Q4 25 | 4.8% | 5.1% | ||
| Q3 25 | 3.0% | 1.8% | ||
| Q2 25 | 2.6% | 1.1% | ||
| Q1 25 | 1.6% | 4.4% | ||
| Q4 24 | 3.3% | 2.7% | ||
| Q3 24 | -100.2% | 2.2% | ||
| Q2 24 | 7.8% | 1.5% | ||
| Q1 24 | 9.6% | 5.6% |
| Q4 25 | $0.30 | $0.42 | ||
| Q3 25 | $0.18 | $0.13 | ||
| Q2 25 | $0.16 | $0.06 | ||
| Q1 25 | $0.09 | $0.36 | ||
| Q4 24 | $0.27 | $0.21 | ||
| Q3 24 | $-5.33 | $0.15 | ||
| Q2 24 | $0.45 | $0.09 | ||
| Q1 24 | $0.52 | $0.44 |
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 | $183.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $497.5M |
| Total Assets | $2.4B | $751.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $183.9M | ||
| Q3 25 | $870.4M | $180.5M | ||
| Q2 25 | $899.6M | $203.1M | ||
| Q1 25 | $926.9M | $208.5M | ||
| Q4 24 | $930.2M | $181.5M | ||
| Q3 24 | $1.0B | $198.3M | ||
| Q2 24 | $1.1B | $225.4M | ||
| Q1 24 | $1.1B | $262.1M |
| Q4 25 | $2.1B | $497.5M | ||
| Q3 25 | $2.1B | $489.9M | ||
| Q2 25 | $2.1B | $493.2M | ||
| Q1 25 | $2.1B | $481.3M | ||
| Q4 24 | $2.0B | $491.3M | ||
| Q3 24 | $2.1B | $492.0M | ||
| Q2 24 | $2.3B | $489.6M | ||
| Q1 24 | $2.3B | $505.9M |
| Q4 25 | $2.4B | $751.9M | ||
| Q3 25 | $2.4B | $748.7M | ||
| Q2 25 | $2.4B | $747.2M | ||
| Q1 25 | $2.3B | $729.2M | ||
| Q4 24 | $2.3B | $747.2M | ||
| Q3 24 | $2.4B | $742.5M | ||
| Q2 24 | $2.5B | $736.0M | ||
| Q1 24 | $2.6B | $756.5M |
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 | $12.3M |
| Free Cash FlowOCF − Capex | $10.9M | $11.6M |
| FCF MarginFCF / Revenue | 4.0% | 6.2% |
| Capex IntensityCapex / Revenue | 6.5% | 0.4% |
| Cash ConversionOCF / Net Profit | 2.17× | 1.28× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $35.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $12.3M | ||
| Q3 25 | $35.3M | $-3.8M | ||
| Q2 25 | $-2.2M | $-7.2M | ||
| Q1 25 | $13.4M | $39.1M | ||
| Q4 24 | $73.8M | $-4.7M | ||
| Q3 24 | $66.1M | $-17.8M | ||
| Q2 24 | $53.5M | $-18.1M | ||
| Q1 24 | $54.6M | $69.4M |
| Q4 25 | $10.9M | $11.6M | ||
| Q3 25 | $14.6M | $-5.1M | ||
| Q2 25 | $-17.6M | $-8.7M | ||
| Q1 25 | $-11.4M | $37.5M | ||
| Q4 24 | $50.6M | $-7.2M | ||
| Q3 24 | $43.0M | $-20.1M | ||
| Q2 24 | $29.2M | $-19.7M | ||
| Q1 24 | $26.5M | $67.8M |
| Q4 25 | 4.0% | 6.2% | ||
| Q3 25 | 5.8% | -3.1% | ||
| Q2 25 | -7.0% | -6.6% | ||
| Q1 25 | -5.0% | 20.7% | ||
| Q4 24 | 21.6% | -4.0% | ||
| Q3 24 | 18.4% | -12.8% | ||
| Q2 24 | 11.3% | -14.7% | ||
| Q1 24 | 10.5% | 38.6% |
| Q4 25 | 6.5% | 0.4% | ||
| Q3 25 | 8.3% | 0.8% | ||
| Q2 25 | 6.1% | 1.2% | ||
| Q1 25 | 10.9% | 0.9% | ||
| Q4 24 | 9.9% | 1.4% | ||
| Q3 24 | 9.9% | 1.5% | ||
| Q2 24 | 9.4% | 1.2% | ||
| Q1 24 | 11.1% | 0.9% |
| Q4 25 | 2.17× | 1.28× | ||
| Q3 25 | 4.73× | -1.27× | ||
| Q2 25 | -0.34× | -5.08× | ||
| Q1 25 | 3.58× | 4.86× | ||
| Q4 24 | 9.44× | -0.98× | ||
| Q3 24 | — | -5.14× | ||
| Q2 24 | 2.65× | -8.97× | ||
| Q1 24 | 2.27× | 7.06× |
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% |
MOV
| Other | $81.4M | 44% |
| Owned Brands Category | $46.0M | 25% |
| Sales Channel Directly To Consumer | $35.3M | 19% |
| Company Stores | $23.4M | 13% |
