vs
Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $274.5M, roughly 1.6× IPG PHOTONICS CORP). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 4.8%, a 30.9% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% 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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
IPGP vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $425.9M |
| Net Profit | $13.3M | $152.0M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 81.5% |
| Net Margin | 4.8% | 35.7% |
| Revenue YoY | 17.1% | 1.7% |
| Net Profit YoY | 69.8% | — |
| EPS (diluted) | $0.30 | $1.59 |
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 | — | $425.9M | ||
| Q4 25 | $274.5M | $637.9M | ||
| Q3 25 | $250.8M | $443.1M | ||
| Q2 25 | $250.7M | $527.4M | ||
| Q1 25 | $227.8M | $734.8M | ||
| Q4 24 | $234.3M | $513.8M | ||
| Q3 24 | $233.1M | $310.0M | ||
| Q2 24 | $257.6M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $13.3M | $181.6M | ||
| Q3 25 | $7.5M | $107.3M | ||
| Q2 25 | $6.6M | $149.8M | ||
| Q1 25 | $3.8M | $216.4M | ||
| Q4 24 | $7.8M | $45.0M | ||
| Q3 24 | $-233.6M | $-167.6M | ||
| Q2 24 | $20.2M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 36.1% | 86.6% | ||
| Q3 25 | 39.5% | — | ||
| Q2 25 | 37.3% | 94.7% | ||
| Q1 25 | 39.4% | 81.6% | ||
| Q4 24 | 38.6% | 87.3% | ||
| Q3 24 | 23.2% | — | ||
| Q2 24 | 37.3% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 1.2% | 43.3% | ||
| Q3 25 | 3.1% | 40.6% | ||
| Q2 25 | 0.0% | 43.7% | ||
| Q1 25 | 0.8% | 43.2% | ||
| Q4 24 | 6.0% | 16.8% | ||
| Q3 24 | -108.7% | -63.4% | ||
| Q2 24 | 4.7% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 4.8% | 28.5% | ||
| Q3 25 | 3.0% | 24.2% | ||
| Q2 25 | 2.6% | 28.4% | ||
| Q1 25 | 1.6% | 29.4% | ||
| Q4 24 | 3.3% | 8.8% | ||
| Q3 24 | -100.2% | -54.1% | ||
| Q2 24 | 7.8% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $0.30 | $1.98 | ||
| Q3 25 | $0.18 | $1.18 | ||
| Q2 25 | $0.16 | $1.64 | ||
| Q1 25 | $0.09 | $2.37 | ||
| Q4 24 | $0.27 | $0.49 | ||
| Q3 24 | $-5.33 | $-1.81 | ||
| Q2 24 | $0.45 | $-0.59 |
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 | — |
| Total DebtLower is stronger | — | $300.0M |
| Stockholders' EquityBook value | $2.1B | — |
| Total Assets | $2.4B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $839.3M | $271.4M | ||
| Q3 25 | $870.4M | $43.2M | ||
| Q2 25 | $899.6M | $39.3M | ||
| Q1 25 | $926.9M | $40.0M | ||
| Q4 24 | $930.2M | $48.7M | ||
| Q3 24 | $1.0B | $38.2M | ||
| Q2 24 | $1.1B | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $3.6B | ||
| Q3 25 | $2.1B | $3.1B | ||
| Q2 25 | $2.1B | $3.0B | ||
| Q1 25 | $2.1B | $2.8B | ||
| Q4 24 | $2.0B | $-76.2M | ||
| Q3 24 | $2.1B | $-15.5M | ||
| Q2 24 | $2.3B | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $2.4B | $9.2B | ||
| Q3 25 | $2.4B | $8.7B | ||
| Q2 25 | $2.4B | $8.4B | ||
| Q1 25 | $2.3B | $8.5B | ||
| Q4 24 | $2.3B | $8.3B | ||
| Q3 24 | $2.4B | $8.3B | ||
| Q2 24 | $2.5B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $10.9M | — |
| FCF MarginFCF / Revenue | 4.0% | — |
| Capex IntensityCapex / Revenue | 6.5% | 117.0% |
| Cash ConversionOCF / Net Profit | 2.17× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $28.8M | $274.9M | ||
| Q3 25 | $35.3M | $237.8M | ||
| Q2 25 | $-2.2M | $388.4M | ||
| Q1 25 | $13.4M | $253.8M | ||
| Q4 24 | $73.8M | $220.1M | ||
| Q3 24 | $66.1M | $197.9M | ||
| Q2 24 | $53.5M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $-2.7M | ||
| Q3 25 | $14.6M | $-47.8M | ||
| Q2 25 | $-17.6M | $195.3M | ||
| Q1 25 | $-11.4M | $59.9M | ||
| Q4 24 | $50.6M | $-20.3M | ||
| Q3 24 | $43.0M | $-49.1M | ||
| Q2 24 | $29.2M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | -0.4% | ||
| Q3 25 | 5.8% | -10.8% | ||
| Q2 25 | -7.0% | 37.0% | ||
| Q1 25 | -5.0% | 8.2% | ||
| Q4 24 | 21.6% | -4.0% | ||
| Q3 24 | 18.4% | -15.8% | ||
| Q2 24 | 11.3% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 6.5% | 43.5% | ||
| Q3 25 | 8.3% | 64.4% | ||
| Q2 25 | 6.1% | 36.6% | ||
| Q1 25 | 10.9% | 26.4% | ||
| Q4 24 | 9.9% | 46.8% | ||
| Q3 24 | 9.9% | 79.7% | ||
| Q2 24 | 9.4% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 2.17× | 1.51× | ||
| Q3 25 | 4.73× | 2.21× | ||
| Q2 25 | -0.34× | 2.59× | ||
| Q1 25 | 3.58× | 1.17× | ||
| Q4 24 | 9.44× | 4.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | — |
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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
