vs
Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Metallus Inc. (MTUS). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $267.3M, roughly 1.0× Metallus Inc.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -5.3%, a 10.2% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 11.1%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-37.2M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -8.8%).
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.
IPGP vs MTUS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $267.3M |
| Net Profit | $13.3M | $-14.3M |
| Gross Margin | 36.1% | 2.2% |
| Operating Margin | 1.2% | -7.7% |
| Net Margin | 4.8% | -5.3% |
| Revenue YoY | 17.1% | 11.1% |
| Net Profit YoY | 69.8% | 33.2% |
| EPS (diluted) | $0.30 | $-0.34 |
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 | $267.3M | ||
| Q3 25 | $250.8M | $305.9M | ||
| Q2 25 | $250.7M | $304.6M | ||
| Q1 25 | $227.8M | $280.5M | ||
| Q4 24 | $234.3M | $240.5M | ||
| Q3 24 | $233.1M | $227.2M | ||
| Q2 24 | $257.6M | $294.7M | ||
| Q1 24 | $252.0M | $321.6M |
| Q4 25 | $13.3M | $-14.3M | ||
| Q3 25 | $7.5M | $8.1M | ||
| Q2 25 | $6.6M | $3.7M | ||
| Q1 25 | $3.8M | $1.3M | ||
| Q4 24 | $7.8M | $-21.4M | ||
| Q3 24 | $-233.6M | $-5.9M | ||
| Q2 24 | $20.2M | $4.6M | ||
| Q1 24 | $24.1M | $24.0M |
| Q4 25 | 36.1% | 2.2% | ||
| Q3 25 | 39.5% | 11.4% | ||
| Q2 25 | 37.3% | 10.6% | ||
| Q1 25 | 39.4% | 7.8% | ||
| Q4 24 | 38.6% | 4.5% | ||
| Q3 24 | 23.2% | 5.3% | ||
| Q2 24 | 37.3% | 8.2% | ||
| Q1 24 | 38.7% | 15.7% |
| Q4 25 | 1.2% | -7.7% | ||
| Q3 25 | 3.1% | 3.6% | ||
| Q2 25 | 0.0% | 2.8% | ||
| Q1 25 | 0.8% | 1.0% | ||
| Q4 24 | 6.0% | -10.1% | ||
| Q3 24 | -108.7% | -3.1% | ||
| Q2 24 | 4.7% | 2.1% | ||
| Q1 24 | 7.6% | 9.3% |
| Q4 25 | 4.8% | -5.3% | ||
| Q3 25 | 3.0% | 2.6% | ||
| Q2 25 | 2.6% | 1.2% | ||
| Q1 25 | 1.6% | 0.5% | ||
| Q4 24 | 3.3% | -8.9% | ||
| Q3 24 | -100.2% | -2.6% | ||
| Q2 24 | 7.8% | 1.6% | ||
| Q1 24 | 9.6% | 7.5% |
| Q4 25 | $0.30 | $-0.34 | ||
| Q3 25 | $0.18 | $0.19 | ||
| Q2 25 | $0.16 | $0.09 | ||
| Q1 25 | $0.09 | $0.03 | ||
| Q4 24 | $0.27 | $-0.46 | ||
| Q3 24 | $-5.33 | $-0.13 | ||
| Q2 24 | $0.45 | $0.10 | ||
| Q1 24 | $0.52 | $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 | $156.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $686.0M |
| Total Assets | $2.4B | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $156.7M | ||
| Q3 25 | $870.4M | $191.5M | ||
| Q2 25 | $899.6M | $190.8M | ||
| Q1 25 | $926.9M | $180.3M | ||
| Q4 24 | $930.2M | $240.7M | ||
| Q3 24 | $1.0B | $254.6M | ||
| Q2 24 | $1.1B | $272.8M | ||
| Q1 24 | $1.1B | $278.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $5.4M | ||
| Q4 24 | — | $5.4M | ||
| Q3 24 | — | $13.2M | ||
| Q2 24 | — | $13.2M | ||
| Q1 24 | — | $13.2M |
| Q4 25 | $2.1B | $686.0M | ||
| Q3 25 | $2.1B | $697.7M | ||
| Q2 25 | $2.1B | $690.0M | ||
| Q1 25 | $2.1B | $686.1M | ||
| Q4 24 | $2.0B | $690.5M | ||
| Q3 24 | $2.1B | $712.7M | ||
| Q2 24 | $2.3B | $736.3M | ||
| Q1 24 | $2.3B | $739.3M |
| Q4 25 | $2.4B | $1.1B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.4B | $1.1B | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | $2.3B | $1.1B | ||
| Q3 24 | $2.4B | $1.1B | ||
| Q2 24 | $2.5B | $1.1B | ||
| Q1 24 | $2.6B | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | — | 0.02× | ||
| Q2 24 | — | 0.02× | ||
| Q1 24 | — | 0.02× |
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 | $-1.9M |
| Free Cash FlowOCF − Capex | $10.9M | $-37.2M |
| FCF MarginFCF / Revenue | 4.0% | -13.9% |
| Capex IntensityCapex / Revenue | 6.5% | 13.2% |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $-93.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $-1.9M | ||
| Q3 25 | $35.3M | $22.0M | ||
| Q2 25 | $-2.2M | $34.8M | ||
| Q1 25 | $13.4M | $-38.9M | ||
| Q4 24 | $73.8M | $13.9M | ||
| Q3 24 | $66.1M | $-15.3M | ||
| Q2 24 | $53.5M | $8.3M | ||
| Q1 24 | $54.6M | $33.4M |
| Q4 25 | $10.9M | $-37.2M | ||
| Q3 25 | $14.6M | $-6.4M | ||
| Q2 25 | $-17.6M | $17.0M | ||
| Q1 25 | $-11.4M | $-66.4M | ||
| Q4 24 | $50.6M | $-1.3M | ||
| Q3 24 | $43.0M | $-32.9M | ||
| Q2 24 | $29.2M | $-5.8M | ||
| Q1 24 | $26.5M | $16.0M |
| Q4 25 | 4.0% | -13.9% | ||
| Q3 25 | 5.8% | -2.1% | ||
| Q2 25 | -7.0% | 5.6% | ||
| Q1 25 | -5.0% | -23.7% | ||
| Q4 24 | 21.6% | -0.5% | ||
| Q3 24 | 18.4% | -14.5% | ||
| Q2 24 | 11.3% | -2.0% | ||
| Q1 24 | 10.5% | 5.0% |
| Q4 25 | 6.5% | 13.2% | ||
| Q3 25 | 8.3% | 9.3% | ||
| Q2 25 | 6.1% | 5.8% | ||
| Q1 25 | 10.9% | 9.8% | ||
| Q4 24 | 9.9% | 6.3% | ||
| Q3 24 | 9.9% | 7.7% | ||
| Q2 24 | 9.4% | 4.8% | ||
| Q1 24 | 11.1% | 5.4% |
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 2.72× | ||
| Q2 25 | -0.34× | 9.41× | ||
| Q1 25 | 3.58× | -29.92× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | 1.80× | ||
| Q1 24 | 2.27× | 1.39× |
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% |
MTUS
| Industrial Market Sector | $95.3M | 36% |
| Manufactured Components | $67.8M | 25% |
| Aerospace And Defense | $39.6M | 15% |
| Seamless Mechanical Tubing | $31.3M | 12% |
| Energy Market Sector | $18.3M | 7% |
| Other | $11.3M | 4% |
| Other Market Sector | $3.7M | 1% |
