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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $242.1M, roughly 1.1× ONESPAWORLD HOLDINGS Ltd). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs 4.8%, a 0.1% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 11.5%). ONESPAWORLD HOLDINGS Ltd produced more free cash flow last quarter ($14.9M vs $10.9M). Over the past eight quarters, ONESPAWORLD HOLDINGS Ltd's revenue compounded faster (7.1% 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.
IPGP vs OSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $242.1M |
| Net Profit | $13.3M | $12.1M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 6.8% |
| Net Margin | 4.8% | 5.0% |
| Revenue YoY | 17.1% | 11.5% |
| Net Profit YoY | 69.8% | -16.2% |
| EPS (diluted) | $0.30 | $0.12 |
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 | $242.1M | ||
| Q3 25 | $250.8M | $258.5M | ||
| Q2 25 | $250.7M | $240.7M | ||
| Q1 25 | $227.8M | $219.6M | ||
| Q4 24 | $234.3M | $217.2M | ||
| Q3 24 | $233.1M | $241.7M | ||
| Q2 24 | $257.6M | $224.9M | ||
| Q1 24 | $252.0M | $211.2M |
| Q4 25 | $13.3M | $12.1M | ||
| Q3 25 | $7.5M | $24.3M | ||
| Q2 25 | $6.6M | $19.9M | ||
| Q1 25 | $3.8M | $15.3M | ||
| Q4 24 | $7.8M | $14.4M | ||
| Q3 24 | $-233.6M | $21.6M | ||
| Q2 24 | $20.2M | $15.8M | ||
| Q1 24 | $24.1M | $21.2M |
| 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 24 | 38.7% | — |
| Q4 25 | 1.2% | 6.8% | ||
| Q3 25 | 3.1% | 10.2% | ||
| Q2 25 | 0.0% | 9.2% | ||
| Q1 25 | 0.8% | 7.7% | ||
| Q4 24 | 6.0% | 7.9% | ||
| Q3 24 | -108.7% | 10.3% | ||
| Q2 24 | 4.7% | 8.4% | ||
| Q1 24 | 7.6% | 8.0% |
| Q4 25 | 4.8% | 5.0% | ||
| Q3 25 | 3.0% | 9.4% | ||
| Q2 25 | 2.6% | 8.3% | ||
| Q1 25 | 1.6% | 7.0% | ||
| Q4 24 | 3.3% | 6.6% | ||
| Q3 24 | -100.2% | 8.9% | ||
| Q2 24 | 7.8% | 7.0% | ||
| Q1 24 | 9.6% | 10.0% |
| Q4 25 | $0.30 | $0.12 | ||
| Q3 25 | $0.18 | $0.23 | ||
| Q2 25 | $0.16 | $0.19 | ||
| Q1 25 | $0.09 | $0.15 | ||
| Q4 24 | $0.27 | $0.13 | ||
| Q3 24 | $-5.33 | $0.20 | ||
| Q2 24 | $0.45 | $0.15 | ||
| Q1 24 | $0.52 | $0.21 |
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 | $16.3M |
| Total DebtLower is stronger | — | $84.0M |
| Stockholders' EquityBook value | $2.1B | $542.6M |
| Total Assets | $2.4B | $707.1M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $16.3M | ||
| Q3 25 | $870.4M | $29.6M | ||
| Q2 25 | $899.6M | $35.0M | ||
| Q1 25 | $926.9M | $22.6M | ||
| Q4 24 | $930.2M | $57.4M | ||
| Q3 24 | $1.0B | $48.8M | ||
| Q2 24 | $1.1B | $62.5M | ||
| Q1 24 | $1.1B | $65.4M |
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $85.2M | ||
| Q2 25 | — | $96.2M | ||
| Q1 25 | — | $97.4M | ||
| Q4 24 | — | $98.6M | ||
| Q3 24 | — | $98.7M | ||
| Q2 24 | — | $123.8M | ||
| Q1 24 | — | $138.6M |
| Q4 25 | $2.1B | $542.6M | ||
| Q3 25 | $2.1B | $552.8M | ||
| Q2 25 | $2.1B | $548.3M | ||
| Q1 25 | $2.1B | $530.6M | ||
| Q4 24 | $2.0B | $554.5M | ||
| Q3 24 | $2.1B | $540.1M | ||
| Q2 24 | $2.3B | $532.7M | ||
| Q1 24 | $2.3B | $515.5M |
| Q4 25 | $2.4B | $707.1M | ||
| Q3 25 | $2.4B | $732.6M | ||
| Q2 25 | $2.4B | $731.8M | ||
| Q1 25 | $2.3B | $708.7M | ||
| Q4 24 | $2.3B | $746.4M | ||
| Q3 24 | $2.4B | $734.0M | ||
| Q2 24 | $2.5B | $756.8M | ||
| Q1 24 | $2.6B | $763.6M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.23× | ||
| Q1 24 | — | 0.27× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $10.9M | $14.9M |
| FCF MarginFCF / Revenue | 4.0% | 6.2% |
| Capex IntensityCapex / Revenue | 6.5% | 2.1% |
| Cash ConversionOCF / Net Profit | 2.17× | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $20.0M | ||
| Q3 25 | $35.3M | $33.2M | ||
| Q2 25 | $-2.2M | $20.3M | ||
| Q1 25 | $13.4M | $10.1M | ||
| Q4 24 | $73.8M | $16.6M | ||
| Q3 24 | $66.1M | $28.6M | ||
| Q2 24 | $53.5M | $18.7M | ||
| Q1 24 | $54.6M | $15.0M |
| Q4 25 | $10.9M | $14.9M | ||
| Q3 25 | $14.6M | $27.6M | ||
| Q2 25 | $-17.6M | $17.6M | ||
| Q1 25 | $-11.4M | $8.4M | ||
| Q4 24 | $50.6M | $13.2M | ||
| Q3 24 | $43.0M | $27.5M | ||
| Q2 24 | $29.2M | $17.6M | ||
| Q1 24 | $26.5M | $13.7M |
| Q4 25 | 4.0% | 6.2% | ||
| Q3 25 | 5.8% | 10.7% | ||
| Q2 25 | -7.0% | 7.3% | ||
| Q1 25 | -5.0% | 3.8% | ||
| Q4 24 | 21.6% | 6.1% | ||
| Q3 24 | 18.4% | 11.4% | ||
| Q2 24 | 11.3% | 7.8% | ||
| Q1 24 | 10.5% | 6.5% |
| Q4 25 | 6.5% | 2.1% | ||
| Q3 25 | 8.3% | 2.2% | ||
| Q2 25 | 6.1% | 1.1% | ||
| Q1 25 | 10.9% | 0.8% | ||
| Q4 24 | 9.9% | 1.5% | ||
| Q3 24 | 9.9% | 0.5% | ||
| Q2 24 | 9.4% | 0.5% | ||
| Q1 24 | 11.1% | 0.6% |
| Q4 25 | 2.17× | 1.65× | ||
| Q3 25 | 4.73× | 1.36× | ||
| Q2 25 | -0.34× | 1.02× | ||
| Q1 25 | 3.58× | 0.66× | ||
| Q4 24 | 9.44× | 1.15× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | 2.65× | 1.19× | ||
| Q1 24 | 2.27× | 0.71× |
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% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
