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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and MGIC INVESTMENT CORP (MTG). Click either name above to swap in a different company.
MGIC INVESTMENT CORP is the larger business by last-quarter revenue ($297.1M vs $274.5M, roughly 1.1× IPG PHOTONICS CORP). MGIC INVESTMENT CORP runs the higher net margin — 55.6% vs 4.8%, a 50.8% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -3.0%). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -1.4%).
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.
MGIC Investment Corporation NYSE: MTG ("MGIC") is a provider of private mortgage insurance in the United States. The company is headquartered in Milwaukee, Wisconsin.
IPGP vs MTG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $297.1M |
| Net Profit | $13.3M | $165.3M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | — |
| Net Margin | 4.8% | 55.6% |
| Revenue YoY | 17.1% | -3.0% |
| Net Profit YoY | 69.8% | -10.9% |
| EPS (diluted) | $0.30 | $0.76 |
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.
| Q1 26 | — | $297.1M | ||
| Q4 25 | $274.5M | $298.7M | ||
| Q3 25 | $250.8M | $304.5M | ||
| Q2 25 | $250.7M | $304.2M | ||
| Q1 25 | $227.8M | $306.2M | ||
| Q4 24 | $234.3M | $301.4M | ||
| Q3 24 | $233.1M | $306.6M | ||
| Q2 24 | $257.6M | $305.3M |
| Q1 26 | — | $165.3M | ||
| Q4 25 | $13.3M | $169.3M | ||
| Q3 25 | $7.5M | $191.1M | ||
| Q2 25 | $6.6M | $192.5M | ||
| Q1 25 | $3.8M | $185.5M | ||
| Q4 24 | $7.8M | $184.7M | ||
| Q3 24 | $-233.6M | $200.0M | ||
| Q2 24 | $20.2M | $204.2M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 1.2% | 71.2% | ||
| Q3 25 | 3.1% | 77.2% | ||
| Q2 25 | 0.0% | 80.9% | ||
| Q1 25 | 0.8% | 76.6% | ||
| Q4 24 | 6.0% | 77.9% | ||
| Q3 24 | -108.7% | 82.9% | ||
| Q2 24 | 4.7% | 85.1% |
| Q1 26 | — | 55.6% | ||
| Q4 25 | 4.8% | 56.7% | ||
| Q3 25 | 3.0% | 62.8% | ||
| Q2 25 | 2.6% | 63.3% | ||
| Q1 25 | 1.6% | 60.6% | ||
| Q4 24 | 3.3% | 61.3% | ||
| Q3 24 | -100.2% | 65.2% | ||
| Q2 24 | 7.8% | 66.9% |
| Q1 26 | — | $0.76 | ||
| Q4 25 | $0.30 | $0.75 | ||
| Q3 25 | $0.18 | $0.83 | ||
| Q2 25 | $0.16 | $0.81 | ||
| Q1 25 | $0.09 | $0.75 | ||
| Q4 24 | $0.27 | $0.71 | ||
| Q3 24 | $-5.33 | $0.77 | ||
| Q2 24 | $0.45 | $0.77 |
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 | $235.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $5.0B |
| Total Assets | $2.4B | $6.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $235.1M | ||
| Q4 25 | $839.3M | $369.0M | ||
| Q3 25 | $870.4M | $266.9M | ||
| Q2 25 | $899.6M | $294.9M | ||
| Q1 25 | $926.9M | $207.0M | ||
| Q4 24 | $930.2M | $229.5M | ||
| Q3 24 | $1.0B | $288.6M | ||
| Q2 24 | $1.1B | $281.8M |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $2.1B | $5.1B | ||
| Q3 25 | $2.1B | $5.2B | ||
| Q2 25 | $2.1B | $5.2B | ||
| Q1 25 | $2.1B | $5.1B | ||
| Q4 24 | $2.0B | $5.2B | ||
| Q3 24 | $2.1B | $5.3B | ||
| Q2 24 | $2.3B | $5.1B |
| Q1 26 | — | $6.4B | ||
| Q4 25 | $2.4B | $6.6B | ||
| Q3 25 | $2.4B | $6.6B | ||
| Q2 25 | $2.4B | $6.5B | ||
| Q1 25 | $2.3B | $6.5B | ||
| Q4 24 | $2.3B | $6.5B | ||
| Q3 24 | $2.4B | $6.7B | ||
| Q2 24 | $2.5B | $6.5B |
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 | — |
| Free Cash FlowOCF − Capex | $10.9M | — |
| FCF MarginFCF / Revenue | 4.0% | — |
| Capex IntensityCapex / Revenue | 6.5% | — |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $28.8M | $230.8M | ||
| Q3 25 | $35.3M | $215.4M | ||
| Q2 25 | $-2.2M | $183.0M | ||
| Q1 25 | $13.4M | $223.7M | ||
| Q4 24 | $73.8M | $182.4M | ||
| Q3 24 | $66.1M | $182.9M | ||
| Q2 24 | $53.5M | $169.2M |
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $230.2M | ||
| Q3 25 | $14.6M | $215.1M | ||
| Q2 25 | $-17.6M | $183.0M | ||
| Q1 25 | $-11.4M | $223.5M | ||
| Q4 24 | $50.6M | $181.9M | ||
| Q3 24 | $43.0M | $182.5M | ||
| Q2 24 | $29.2M | $169.0M |
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 77.1% | ||
| Q3 25 | 5.8% | 70.6% | ||
| Q2 25 | -7.0% | 60.1% | ||
| Q1 25 | -5.0% | 73.0% | ||
| Q4 24 | 21.6% | 60.3% | ||
| Q3 24 | 18.4% | 59.5% | ||
| Q2 24 | 11.3% | 55.3% |
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 0.2% | ||
| Q3 25 | 8.3% | 0.1% | ||
| Q2 25 | 6.1% | 0.0% | ||
| Q1 25 | 10.9% | 0.0% | ||
| Q4 24 | 9.9% | 0.2% | ||
| Q3 24 | 9.9% | 0.1% | ||
| Q2 24 | 9.4% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | 1.36× | ||
| Q3 25 | 4.73× | 1.13× | ||
| Q2 25 | -0.34× | 0.95× | ||
| Q1 25 | 3.58× | 1.21× | ||
| Q4 24 | 9.44× | 0.99× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | 2.65× | 0.83× |
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% |
MTG
Segment breakdown not available.
