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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $187.0M, roughly 1.5× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 4.8%, a 7.4% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $10.9M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -2.4%).
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 Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
IPGP vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $187.0M |
| Net Profit | $13.3M | $22.9M |
| Gross Margin | 36.1% | 72.5% |
| Operating Margin | 1.2% | 20.2% |
| Net Margin | 4.8% | 12.2% |
| Revenue YoY | 17.1% | -1.6% |
| Net Profit YoY | 69.8% | 36.8% |
| EPS (diluted) | $0.30 | $0.23 |
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 | $187.0M | ||
| Q3 25 | $250.8M | $188.7M | ||
| Q2 25 | $250.7M | $188.8M | ||
| Q1 25 | $227.8M | $188.4M | ||
| Q4 24 | $234.3M | $190.1M | ||
| Q3 24 | $233.1M | $193.6M | ||
| Q2 24 | $257.6M | $190.4M | ||
| Q1 24 | $252.0M | $196.1M |
| Q4 25 | $13.3M | $22.9M | ||
| Q3 25 | $7.5M | $18.4M | ||
| Q2 25 | $6.6M | $19.5M | ||
| Q1 25 | $3.8M | $13.0M | ||
| Q4 24 | $7.8M | $16.7M | ||
| Q3 24 | $-233.6M | $18.7M | ||
| Q2 24 | $20.2M | $17.1M | ||
| Q1 24 | $24.1M | $59.0M |
| Q4 25 | 36.1% | 72.5% | ||
| Q3 25 | 39.5% | 70.7% | ||
| Q2 25 | 37.3% | 70.5% | ||
| Q1 25 | 39.4% | 70.7% | ||
| Q4 24 | 38.6% | 72.5% | ||
| Q3 24 | 23.2% | 72.8% | ||
| Q2 24 | 37.3% | 72.6% | ||
| Q1 24 | 38.7% | 72.1% |
| Q4 25 | 1.2% | 20.2% | ||
| Q3 25 | 3.1% | 15.8% | ||
| Q2 25 | 0.0% | 16.5% | ||
| Q1 25 | 0.8% | 11.0% | ||
| Q4 24 | 6.0% | 14.5% | ||
| Q3 24 | -108.7% | 15.8% | ||
| Q2 24 | 4.7% | 17.2% | ||
| Q1 24 | 7.6% | 48.9% |
| Q4 25 | 4.8% | 12.2% | ||
| Q3 25 | 3.0% | 9.8% | ||
| Q2 25 | 2.6% | 10.3% | ||
| Q1 25 | 1.6% | 6.9% | ||
| Q4 24 | 3.3% | 8.8% | ||
| Q3 24 | -100.2% | 9.7% | ||
| Q2 24 | 7.8% | 9.0% | ||
| Q1 24 | 9.6% | 30.1% |
| Q4 25 | $0.30 | $0.23 | ||
| Q3 25 | $0.18 | $0.17 | ||
| Q2 25 | $0.16 | $0.19 | ||
| Q1 25 | $0.09 | $0.10 | ||
| Q4 24 | $0.27 | $0.19 | ||
| Q3 24 | $-5.33 | $0.18 | ||
| Q2 24 | $0.45 | $0.16 | ||
| Q1 24 | $0.52 | $0.65 |
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 | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $946.0M |
| Total Assets | $2.4B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $23.3M | ||
| Q3 25 | $870.4M | $26.3M | ||
| Q2 25 | $899.6M | $26.1M | ||
| Q1 25 | $926.9M | $19.3M | ||
| Q4 24 | $930.2M | $50.4M | ||
| Q3 24 | $1.0B | $69.9M | ||
| Q2 24 | $1.1B | $59.0M | ||
| Q1 24 | $1.1B | $64.2M |
| Q4 25 | $2.1B | $946.0M | ||
| Q3 25 | $2.1B | $973.1M | ||
| Q2 25 | $2.1B | $1.0B | ||
| Q1 25 | $2.1B | $1.0B | ||
| Q4 24 | $2.0B | $1.1B | ||
| Q3 24 | $2.1B | $986.9M | ||
| Q2 24 | $2.3B | $1.2B | ||
| Q1 24 | $2.3B | $1.3B |
| Q4 25 | $2.4B | $5.1B | ||
| Q3 25 | $2.4B | $5.1B | ||
| Q2 25 | $2.4B | $5.2B | ||
| Q1 25 | $2.3B | $5.3B | ||
| Q4 24 | $2.3B | $5.4B | ||
| Q3 24 | $2.4B | $5.4B | ||
| Q2 24 | $2.5B | $5.3B | ||
| Q1 24 | $2.6B | $5.4B |
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 | $338.5M |
| Free Cash FlowOCF − Capex | $10.9M | $299.8M |
| FCF MarginFCF / Revenue | 4.0% | 160.3% |
| Capex IntensityCapex / Revenue | 6.5% | 20.7% |
| Cash ConversionOCF / Net Profit | 2.17× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $338.5M | ||
| Q3 25 | $35.3M | $100.2M | ||
| Q2 25 | $-2.2M | $79.9M | ||
| Q1 25 | $13.4M | $85.6M | ||
| Q4 24 | $73.8M | $363.1M | ||
| Q3 24 | $66.1M | $105.7M | ||
| Q2 24 | $53.5M | $83.2M | ||
| Q1 24 | $54.6M | $94.0M |
| Q4 25 | $10.9M | $299.8M | ||
| Q3 25 | $14.6M | $88.0M | ||
| Q2 25 | $-17.6M | $73.8M | ||
| Q1 25 | $-11.4M | $79.9M | ||
| Q4 24 | $50.6M | $344.4M | ||
| Q3 24 | $43.0M | $101.8M | ||
| Q2 24 | $29.2M | $79.5M | ||
| Q1 24 | $26.5M | $88.6M |
| Q4 25 | 4.0% | 160.3% | ||
| Q3 25 | 5.8% | 46.6% | ||
| Q2 25 | -7.0% | 39.1% | ||
| Q1 25 | -5.0% | 42.4% | ||
| Q4 24 | 21.6% | 181.2% | ||
| Q3 24 | 18.4% | 52.6% | ||
| Q2 24 | 11.3% | 41.7% | ||
| Q1 24 | 10.5% | 45.2% |
| Q4 25 | 6.5% | 20.7% | ||
| Q3 25 | 8.3% | 6.5% | ||
| Q2 25 | 6.1% | 3.2% | ||
| Q1 25 | 10.9% | 3.0% | ||
| Q4 24 | 9.9% | 9.8% | ||
| Q3 24 | 9.9% | 2.0% | ||
| Q2 24 | 9.4% | 1.9% | ||
| Q1 24 | 11.1% | 2.7% |
| Q4 25 | 2.17× | 14.79× | ||
| Q3 25 | 4.73× | 5.44× | ||
| Q2 25 | -0.34× | 4.10× | ||
| Q1 25 | 3.58× | 6.59× | ||
| Q4 24 | 9.44× | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | 2.65× | 4.88× | ||
| Q1 24 | 2.27× | 1.59× |
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% |
NSA
Segment breakdown not available.
