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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Millrose Properties, Inc. (MRP). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $189.5M, roughly 1.4× Millrose Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 64.5% vs 4.8%, a 59.7% gap on every dollar of revenue.
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.
Millrose Properties, Inc. is a U.S.-based real estate enterprise primarily focused on the acquisition, ownership, operation, and management of income-generating multi-family residential assets. Its core markets span the U.S. Mid-Atlantic and Southeast regions, and it also offers professional property management services to select third-party property owners.
IPGP vs MRP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $189.5M |
| Net Profit | $13.3M | $122.2M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 84.8% |
| Net Margin | 4.8% | 64.5% |
| Revenue YoY | 17.1% | — |
| Net Profit YoY | 69.8% | 285.8% |
| EPS (diluted) | $0.30 | $0.74 |
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 | $189.5M | ||
| Q3 25 | $250.8M | $179.3M | ||
| Q2 25 | $250.7M | $149.0M | ||
| Q1 25 | $227.8M | $82.7M | ||
| Q4 24 | $234.3M | — | ||
| Q3 24 | $233.1M | — | ||
| Q2 24 | $257.6M | — | ||
| Q1 24 | $252.0M | — |
| Q4 25 | $13.3M | $122.2M | ||
| Q3 25 | $7.5M | $105.1M | ||
| Q2 25 | $6.6M | $112.8M | ||
| Q1 25 | $3.8M | $39.8M | ||
| Q4 24 | $7.8M | — | ||
| Q3 24 | $-233.6M | — | ||
| Q2 24 | $20.2M | — | ||
| Q1 24 | $24.1M | — |
| 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 24 | 38.7% | — |
| Q4 25 | 1.2% | 84.8% | ||
| Q3 25 | 3.1% | 85.3% | ||
| Q2 25 | 0.0% | 85.1% | ||
| Q1 25 | 0.8% | 55.2% | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | -108.7% | — | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 7.6% | — |
| Q4 25 | 4.8% | 64.5% | ||
| Q3 25 | 3.0% | 58.6% | ||
| Q2 25 | 2.6% | 75.7% | ||
| Q1 25 | 1.6% | 48.1% | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | -100.2% | — | ||
| Q2 24 | 7.8% | — | ||
| Q1 24 | 9.6% | — |
| Q4 25 | $0.30 | $0.74 | ||
| Q3 25 | $0.18 | $0.63 | ||
| Q2 25 | $0.16 | $0.68 | ||
| Q1 25 | $0.09 | $0.39 | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $-5.33 | — | ||
| Q2 24 | $0.45 | — | ||
| Q1 24 | $0.52 | — |
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 | $35.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $5.9B |
| Total Assets | $2.4B | $9.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $35.0M | ||
| Q3 25 | $870.4M | $242.6M | ||
| Q2 25 | $899.6M | $66.6M | ||
| Q1 25 | $926.9M | $89.5M | ||
| Q4 24 | $930.2M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $2.1B | $5.9B | ||
| Q3 25 | $2.1B | $5.9B | ||
| Q2 25 | $2.1B | $5.9B | ||
| Q1 25 | $2.1B | $5.9B | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | — |
| Q4 25 | $2.4B | $9.3B | ||
| Q3 25 | $2.4B | $9.0B | ||
| Q2 25 | $2.4B | $8.0B | ||
| Q1 25 | $2.3B | $7.2B | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.6B | — |
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 | $3.7B |
| Free Cash FlowOCF − Capex | $10.9M | — |
| FCF MarginFCF / Revenue | 4.0% | — |
| Capex IntensityCapex / Revenue | 6.5% | — |
| Cash ConversionOCF / Net Profit | 2.17× | 30.05× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $3.7B | ||
| Q3 25 | $35.3M | $123.1M | ||
| Q2 25 | $-2.2M | $109.1M | ||
| Q1 25 | $13.4M | $21.3M | ||
| Q4 24 | $73.8M | — | ||
| Q3 24 | $66.1M | — | ||
| Q2 24 | $53.5M | — | ||
| Q1 24 | $54.6M | — |
| 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 24 | $26.5M | — |
| 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 24 | 10.5% | — |
| 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 24 | 11.1% | — |
| Q4 25 | 2.17× | 30.05× | ||
| Q3 25 | 4.73× | 1.17× | ||
| Q2 25 | -0.34× | 0.97× | ||
| Q1 25 | 3.58× | 0.53× | ||
| 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% |
MRP
Segment breakdown not available.
