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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Natural Grocers by Vitamin Cottage, Inc. is the larger business by last-quarter revenue ($335.6M vs $274.5M, roughly 1.2× IPG PHOTONICS CORP). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs 3.4%, a 1.5% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 1.6%). Natural Grocers by Vitamin Cottage, Inc. produced more free cash flow last quarter ($11.6M vs $10.9M). Over the past eight quarters, Natural Grocers by Vitamin Cottage, Inc.'s revenue compounded faster (4.4% 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.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
IPGP vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $335.6M |
| Net Profit | $13.3M | $11.3M |
| Gross Margin | 36.1% | 29.5% |
| Operating Margin | 1.2% | 4.4% |
| Net Margin | 4.8% | 3.4% |
| Revenue YoY | 17.1% | 1.6% |
| Net Profit YoY | 69.8% | 14.0% |
| EPS (diluted) | $0.30 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $250.8M | $336.1M | ||
| Q2 25 | $250.7M | $328.7M | ||
| Q1 25 | $227.8M | $335.8M | ||
| Q4 24 | $234.3M | $330.2M | ||
| Q3 24 | $233.1M | $322.7M | ||
| Q2 24 | $257.6M | $309.1M | ||
| Q1 24 | $252.0M | $308.1M |
| Q4 25 | $13.3M | $11.3M | ||
| Q3 25 | $7.5M | $11.8M | ||
| Q2 25 | $6.6M | $11.6M | ||
| Q1 25 | $3.8M | $13.1M | ||
| Q4 24 | $7.8M | $9.9M | ||
| Q3 24 | $-233.6M | $9.0M | ||
| Q2 24 | $20.2M | $9.2M | ||
| Q1 24 | $24.1M | $8.0M |
| Q4 25 | 36.1% | 29.5% | ||
| Q3 25 | 39.5% | 29.5% | ||
| Q2 25 | 37.3% | 29.9% | ||
| Q1 25 | 39.4% | 30.3% | ||
| Q4 24 | 38.6% | 29.9% | ||
| Q3 24 | 23.2% | 29.6% | ||
| Q2 24 | 37.3% | 29.2% | ||
| Q1 24 | 38.7% | 29.3% |
| Q4 25 | 1.2% | 4.4% | ||
| Q3 25 | 3.1% | 4.6% | ||
| Q2 25 | 0.0% | 4.7% | ||
| Q1 25 | 0.8% | 5.2% | ||
| Q4 24 | 6.0% | 4.0% | ||
| Q3 24 | -108.7% | 3.7% | ||
| Q2 24 | 4.7% | 4.2% | ||
| Q1 24 | 7.6% | 3.7% |
| Q4 25 | 4.8% | 3.4% | ||
| Q3 25 | 3.0% | 3.5% | ||
| Q2 25 | 2.6% | 3.5% | ||
| Q1 25 | 1.6% | 3.9% | ||
| Q4 24 | 3.3% | 3.0% | ||
| Q3 24 | -100.2% | 2.8% | ||
| Q2 24 | 7.8% | 3.0% | ||
| Q1 24 | 9.6% | 2.6% |
| Q4 25 | $0.30 | $0.49 | ||
| Q3 25 | $0.18 | $0.51 | ||
| Q2 25 | $0.16 | $0.50 | ||
| Q1 25 | $0.09 | $0.56 | ||
| Q4 24 | $0.27 | $0.43 | ||
| Q3 24 | $-5.33 | $0.38 | ||
| Q2 24 | $0.45 | $0.40 | ||
| Q1 24 | $0.52 | $0.35 |
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 | $23.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $220.0M |
| Total Assets | $2.4B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $23.2M | ||
| Q3 25 | $870.4M | $17.1M | ||
| Q2 25 | $899.6M | $13.2M | ||
| Q1 25 | $926.9M | $21.2M | ||
| Q4 24 | $930.2M | $6.3M | ||
| Q3 24 | $1.0B | $8.9M | ||
| Q2 24 | $1.1B | $13.9M | ||
| Q1 24 | $1.1B | $11.0M |
| Q4 25 | $2.1B | $220.0M | ||
| Q3 25 | $2.1B | $212.4M | ||
| Q2 25 | $2.1B | $202.5M | ||
| Q1 25 | $2.1B | $193.0M | ||
| Q4 24 | $2.0B | $181.9M | ||
| Q3 24 | $2.1B | $174.3M | ||
| Q2 24 | $2.3B | $167.8M | ||
| Q1 24 | $2.3B | $160.0M |
| Q4 25 | $2.4B | $668.6M | ||
| Q3 25 | $2.4B | $670.5M | ||
| Q2 25 | $2.4B | $659.0M | ||
| Q1 25 | $2.3B | $664.6M | ||
| Q4 24 | $2.3B | $648.9M | ||
| Q3 24 | $2.4B | $655.5M | ||
| Q2 24 | $2.5B | $654.4M | ||
| Q1 24 | $2.6B | $656.6M |
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 | $21.1M |
| Free Cash FlowOCF − Capex | $10.9M | $11.6M |
| FCF MarginFCF / Revenue | 4.0% | 3.4% |
| Capex IntensityCapex / Revenue | 6.5% | 2.9% |
| Cash ConversionOCF / Net Profit | 2.17× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $21.1M | ||
| Q3 25 | $35.3M | $15.6M | ||
| Q2 25 | $-2.2M | $2.9M | ||
| Q1 25 | $13.4M | $34.1M | ||
| Q4 24 | $73.8M | $2.7M | ||
| Q3 24 | $66.1M | $24.5M | ||
| Q2 24 | $53.5M | $12.4M | ||
| Q1 24 | $54.6M | $20.2M |
| Q4 25 | $10.9M | $11.6M | ||
| Q3 25 | $14.6M | $7.5M | ||
| Q2 25 | $-17.6M | $-4.2M | ||
| Q1 25 | $-11.4M | $27.6M | ||
| Q4 24 | $50.6M | $-6.9M | ||
| Q3 24 | $43.0M | $18.0M | ||
| Q2 24 | $29.2M | $3.6M | ||
| Q1 24 | $26.5M | $9.8M |
| Q4 25 | 4.0% | 3.4% | ||
| Q3 25 | 5.8% | 2.2% | ||
| Q2 25 | -7.0% | -1.3% | ||
| Q1 25 | -5.0% | 8.2% | ||
| Q4 24 | 21.6% | -2.1% | ||
| Q3 24 | 18.4% | 5.6% | ||
| Q2 24 | 11.3% | 1.2% | ||
| Q1 24 | 10.5% | 3.2% |
| Q4 25 | 6.5% | 2.9% | ||
| Q3 25 | 8.3% | 2.4% | ||
| Q2 25 | 6.1% | 2.2% | ||
| Q1 25 | 10.9% | 1.9% | ||
| Q4 24 | 9.9% | 2.9% | ||
| Q3 24 | 9.9% | 2.0% | ||
| Q2 24 | 9.4% | 2.9% | ||
| Q1 24 | 11.1% | 3.4% |
| Q4 25 | 2.17× | 1.86× | ||
| Q3 25 | 4.73× | 1.32× | ||
| Q2 25 | -0.34× | 0.25× | ||
| Q1 25 | 3.58× | 2.60× | ||
| Q4 24 | 9.44× | 0.27× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | 2.65× | 1.35× | ||
| Q1 24 | 2.27× | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
