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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and NWPX Infrastructure, Inc. (NWPX). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $138.3M, roughly 2.0× NWPX Infrastructure, Inc.). NWPX Infrastructure, Inc. runs the higher net margin — 7.6% vs 4.8%, a 2.8% gap on every dollar of revenue. On growth, NWPX Infrastructure, Inc. posted the faster year-over-year revenue change (19.1% vs 17.1%). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs 3.3%).
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 NWPX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $138.3M |
| Net Profit | $13.3M | $10.5M |
| Gross Margin | 36.1% | 19.3% |
| Operating Margin | 1.2% | 9.2% |
| Net Margin | 4.8% | 7.6% |
| Revenue YoY | 17.1% | 19.1% |
| Net Profit YoY | 69.8% | 165.7% |
| EPS (diluted) | $0.30 | $1.08 |
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 | — | $138.3M | ||
| Q4 25 | $274.5M | $125.6M | ||
| Q3 25 | $250.8M | $151.1M | ||
| Q2 25 | $250.7M | $133.2M | ||
| Q1 25 | $227.8M | $116.1M | ||
| Q4 24 | $234.3M | $119.6M | ||
| Q3 24 | $233.1M | $130.2M | ||
| Q2 24 | $257.6M | $129.5M |
| Q1 26 | — | $10.5M | ||
| Q4 25 | $13.3M | $8.9M | ||
| Q3 25 | $7.5M | $13.5M | ||
| Q2 25 | $6.6M | $9.1M | ||
| Q1 25 | $3.8M | $4.0M | ||
| Q4 24 | $7.8M | $10.1M | ||
| Q3 24 | $-233.6M | $10.3M | ||
| Q2 24 | $20.2M | $8.6M |
| Q1 26 | — | 19.3% | ||
| Q4 25 | 36.1% | 21.3% | ||
| Q3 25 | 39.5% | 21.3% | ||
| Q2 25 | 37.3% | 19.0% | ||
| Q1 25 | 39.4% | 16.7% | ||
| Q4 24 | 38.6% | 18.8% | ||
| Q3 24 | 23.2% | 20.8% | ||
| Q2 24 | 37.3% | 19.9% |
| Q1 26 | — | 9.2% | ||
| Q4 25 | 1.2% | 10.4% | ||
| Q3 25 | 3.1% | 12.6% | ||
| Q2 25 | 0.0% | 9.9% | ||
| Q1 25 | 0.8% | 4.8% | ||
| Q4 24 | 6.0% | 8.8% | ||
| Q3 24 | -108.7% | 11.9% | ||
| Q2 24 | 4.7% | 10.5% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 4.8% | 7.1% | ||
| Q3 25 | 3.0% | 8.9% | ||
| Q2 25 | 2.6% | 6.8% | ||
| Q1 25 | 1.6% | 3.4% | ||
| Q4 24 | 3.3% | 8.4% | ||
| Q3 24 | -100.2% | 7.9% | ||
| Q2 24 | 7.8% | 6.7% |
| Q1 26 | — | $1.08 | ||
| Q4 25 | $0.30 | $0.88 | ||
| Q3 25 | $0.18 | $1.38 | ||
| Q2 25 | $0.16 | $0.91 | ||
| Q1 25 | $0.09 | $0.39 | ||
| Q4 24 | $0.27 | $1.00 | ||
| Q3 24 | $-5.33 | $1.02 | ||
| Q2 24 | $0.45 | $0.86 |
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 | $14.3M |
| Total DebtLower is stronger | — | $10.7M |
| Stockholders' EquityBook value | $2.1B | $403.7M |
| Total Assets | $2.4B | $634.1M |
| Debt / EquityLower = less leverage | — | 0.03× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $14.3M | ||
| Q4 25 | $839.3M | $2.3M | ||
| Q3 25 | $870.4M | $2.7M | ||
| Q2 25 | $899.6M | $2.0M | ||
| Q1 25 | $926.9M | $5.3M | ||
| Q4 24 | $930.2M | $5.0M | ||
| Q3 24 | $1.0B | $5.7M | ||
| Q2 24 | $1.1B | $4.5M |
| Q1 26 | — | $10.7M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $403.7M | ||
| Q4 25 | $2.1B | $394.8M | ||
| Q3 25 | $2.1B | $386.4M | ||
| Q2 25 | $2.1B | $379.5M | ||
| Q1 25 | $2.1B | $378.5M | ||
| Q4 24 | $2.0B | $374.0M | ||
| Q3 24 | $2.1B | $362.4M | ||
| Q2 24 | $2.3B | $351.2M |
| Q1 26 | — | $634.1M | ||
| Q4 25 | $2.4B | $579.6M | ||
| Q3 25 | $2.4B | $605.2M | ||
| Q2 25 | $2.4B | $592.6M | ||
| Q1 25 | $2.3B | $582.2M | ||
| Q4 24 | $2.3B | $589.7M | ||
| Q3 24 | $2.4B | $617.2M | ||
| Q2 24 | $2.5B | $631.7M |
| Q1 26 | — | 0.03× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $29.3M |
| Free Cash FlowOCF − Capex | $10.9M | — |
| FCF MarginFCF / Revenue | 4.0% | — |
| Capex IntensityCapex / Revenue | 6.5% | — |
| Cash ConversionOCF / Net Profit | 2.17× | 2.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $29.3M | ||
| Q4 25 | $28.8M | $36.0M | ||
| Q3 25 | $35.3M | $21.0M | ||
| Q2 25 | $-2.2M | $5.4M | ||
| Q1 25 | $13.4M | $4.8M | ||
| Q4 24 | $73.8M | $36.1M | ||
| Q3 24 | $66.1M | $22.7M | ||
| Q2 24 | $53.5M | $22.3M |
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $30.8M | ||
| Q3 25 | $14.6M | $13.2M | ||
| Q2 25 | $-17.6M | $1.9M | ||
| Q1 25 | $-11.4M | $1.2M | ||
| Q4 24 | $50.6M | $31.9M | ||
| Q3 24 | $43.0M | $16.8M | ||
| Q2 24 | $29.2M | $16.2M |
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 24.5% | ||
| Q3 25 | 5.8% | 8.7% | ||
| Q2 25 | -7.0% | 1.4% | ||
| Q1 25 | -5.0% | 1.0% | ||
| Q4 24 | 21.6% | 26.7% | ||
| Q3 24 | 18.4% | 12.9% | ||
| Q2 24 | 11.3% | 12.5% |
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 4.1% | ||
| Q3 25 | 8.3% | 5.2% | ||
| Q2 25 | 6.1% | 2.6% | ||
| Q1 25 | 10.9% | 3.2% | ||
| Q4 24 | 9.9% | 3.5% | ||
| Q3 24 | 9.9% | 4.6% | ||
| Q2 24 | 9.4% | 4.7% |
| Q1 26 | — | 2.78× | ||
| Q4 25 | 2.17× | 4.06× | ||
| Q3 25 | 4.73× | 1.55× | ||
| Q2 25 | -0.34× | 0.60× | ||
| Q1 25 | 3.58× | 1.22× | ||
| Q4 24 | 9.44× | 3.58× | ||
| Q3 24 | — | 2.22× | ||
| Q2 24 | 2.65× | 2.58× |
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% |
NWPX
| Water Transmission Systems | $93.5M | 68% |
| Precast Infrastructure and Engineered Systems | $44.8M | 32% |
