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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and NNN REIT, INC. (NNN). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $240.4M, roughly 1.1× NNN REIT, INC.). NNN REIT, INC. runs the higher net margin — 39.1% vs 4.8%, a 34.2% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 4.1%). Over the past eight quarters, NNN REIT, INC.'s revenue compounded faster (5.3% 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.
NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. It is organized in Maryland with its principal office in Orlando, Florida.
IPGP vs NNN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $240.4M |
| Net Profit | $13.3M | $94.0M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 61.0% |
| Net Margin | 4.8% | 39.1% |
| Revenue YoY | 17.1% | 4.1% |
| Net Profit YoY | 69.8% | -2.6% |
| EPS (diluted) | $0.30 | $0.50 |
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 | — | $240.4M | ||
| Q4 25 | $274.5M | $238.4M | ||
| Q3 25 | $250.8M | $230.2M | ||
| Q2 25 | $250.7M | $226.8M | ||
| Q1 25 | $227.8M | $230.9M | ||
| Q4 24 | $234.3M | $218.5M | ||
| Q3 24 | $233.1M | $218.6M | ||
| Q2 24 | $257.6M | $216.8M |
| Q1 26 | — | $94.0M | ||
| Q4 25 | $13.3M | $96.0M | ||
| Q3 25 | $7.5M | $96.8M | ||
| Q2 25 | $6.6M | $100.5M | ||
| Q1 25 | $3.8M | $96.5M | ||
| Q4 24 | $7.8M | $97.9M | ||
| Q3 24 | $-233.6M | $97.9M | ||
| Q2 24 | $20.2M | $106.7M |
| 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 | — | 61.0% | ||
| Q4 25 | 1.2% | 62.3% | ||
| Q3 25 | 3.1% | 64.0% | ||
| Q2 25 | 0.0% | 66.0% | ||
| Q1 25 | 0.8% | 62.3% | ||
| Q4 24 | 6.0% | 65.8% | ||
| Q3 24 | -108.7% | 65.7% | ||
| Q2 24 | 4.7% | 70.2% |
| Q1 26 | — | 39.1% | ||
| Q4 25 | 4.8% | 40.2% | ||
| Q3 25 | 3.0% | 42.1% | ||
| Q2 25 | 2.6% | 44.3% | ||
| Q1 25 | 1.6% | 41.8% | ||
| Q4 24 | 3.3% | 44.8% | ||
| Q3 24 | -100.2% | 44.8% | ||
| Q2 24 | 7.8% | 49.2% |
| Q1 26 | — | $0.50 | ||
| Q4 25 | $0.30 | $0.51 | ||
| Q3 25 | $0.18 | $0.51 | ||
| Q2 25 | $0.16 | $0.54 | ||
| Q1 25 | $0.09 | $0.51 | ||
| Q4 24 | $0.27 | $0.52 | ||
| Q3 24 | $-5.33 | $0.53 | ||
| Q2 24 | $0.45 | $0.58 |
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 | $4.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $4.4B |
| Total Assets | $2.4B | $9.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.6M | ||
| Q4 25 | $839.3M | $5.0M | ||
| Q3 25 | $870.4M | $157.9M | ||
| Q2 25 | $899.6M | $6.0M | ||
| Q1 25 | $926.9M | $5.1M | ||
| Q4 24 | $930.2M | $8.7M | ||
| Q3 24 | $1.0B | $173.5M | ||
| Q2 24 | $1.1B | $2.1M |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $2.1B | $4.4B | ||
| Q3 25 | $2.1B | $4.4B | ||
| Q2 25 | $2.1B | $4.4B | ||
| Q1 25 | $2.1B | $4.4B | ||
| Q4 24 | $2.0B | $4.4B | ||
| Q3 24 | $2.1B | $4.4B | ||
| Q2 24 | $2.3B | $4.2B |
| Q1 26 | — | $9.4B | ||
| Q4 25 | $2.4B | $9.4B | ||
| Q3 25 | $2.4B | $9.5B | ||
| Q2 25 | $2.4B | $9.1B | ||
| Q1 25 | $2.3B | $9.0B | ||
| Q4 24 | $2.3B | $8.9B | ||
| Q3 24 | $2.4B | $8.9B | ||
| Q2 24 | $2.5B | $8.7B |
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 | $667.1M | ||
| Q3 25 | $35.3M | $218.3M | ||
| Q2 25 | $-2.2M | $119.4M | ||
| Q1 25 | $13.4M | $203.3M | ||
| Q4 24 | $73.8M | $635.5M | ||
| Q3 24 | $66.1M | $206.6M | ||
| Q2 24 | $53.5M | $120.5M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 2.17× | 6.95× | ||
| Q3 25 | 4.73× | 2.25× | ||
| Q2 25 | -0.34× | 1.19× | ||
| Q1 25 | 3.58× | 2.11× | ||
| Q4 24 | 9.44× | 6.49× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | 2.65× | 1.13× |
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% |
NNN
Segment breakdown not available.
