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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and PAMT CORP (PAMT). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $141.3M, roughly 1.9× PAMT CORP). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -20.7%, a 25.5% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -15.1%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-25.0M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -12.0%).
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 PAMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $141.3M |
| Net Profit | $13.3M | $-29.3M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | -27.0% |
| Net Margin | 4.8% | -20.7% |
| Revenue YoY | 17.1% | -15.1% |
| Net Profit YoY | 69.8% | 7.4% |
| EPS (diluted) | $0.30 | $-1.38 |
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 | $141.3M | ||
| Q3 25 | $250.8M | $150.3M | ||
| Q2 25 | $250.7M | $151.1M | ||
| Q1 25 | $227.8M | $155.3M | ||
| Q4 24 | $234.3M | $166.5M | ||
| Q3 24 | $233.1M | $182.6M | ||
| Q2 24 | $257.6M | $182.9M | ||
| Q1 24 | $252.0M | $182.6M |
| Q4 25 | $13.3M | $-29.3M | ||
| Q3 25 | $7.5M | $-5.6M | ||
| Q2 25 | $6.6M | $-9.6M | ||
| Q1 25 | $3.8M | $-8.1M | ||
| Q4 24 | $7.8M | $-31.6M | ||
| Q3 24 | $-233.6M | $2.4M | ||
| Q2 24 | $20.2M | $-2.9M | ||
| Q1 24 | $24.1M | $281.0K |
| 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% | -27.0% | ||
| Q3 25 | 3.1% | -3.8% | ||
| Q2 25 | 0.0% | -7.3% | ||
| Q1 25 | 0.8% | -5.9% | ||
| Q4 24 | 6.0% | -22.6% | ||
| Q3 24 | -108.7% | 1.3% | ||
| Q2 24 | 4.7% | -0.4% | ||
| Q1 24 | 7.6% | -0.4% |
| Q4 25 | 4.8% | -20.7% | ||
| Q3 25 | 3.0% | -3.7% | ||
| Q2 25 | 2.6% | -6.4% | ||
| Q1 25 | 1.6% | -5.2% | ||
| Q4 24 | 3.3% | -19.0% | ||
| Q3 24 | -100.2% | 1.3% | ||
| Q2 24 | 7.8% | -1.6% | ||
| Q1 24 | 9.6% | 0.2% |
| Q4 25 | $0.30 | $-1.38 | ||
| Q3 25 | $0.18 | $-0.27 | ||
| Q2 25 | $0.16 | $-0.46 | ||
| Q1 25 | $0.09 | $-0.37 | ||
| Q4 24 | $0.27 | $-1.44 | ||
| Q3 24 | $-5.33 | $0.11 | ||
| Q2 24 | $0.45 | $-0.13 | ||
| Q1 24 | $0.52 | $0.01 |
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 | $83.7M |
| Total DebtLower is stronger | — | $333.9M |
| Stockholders' EquityBook value | $2.1B | $210.5M |
| Total Assets | $2.4B | $697.9M |
| Debt / EquityLower = less leverage | — | 1.59× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $83.7M | ||
| Q3 25 | $870.4M | $115.6M | ||
| Q2 25 | $899.6M | $117.3M | ||
| Q1 25 | $926.9M | $102.7M | ||
| Q4 24 | $930.2M | $110.7M | ||
| Q3 24 | $1.0B | $92.3M | ||
| Q2 24 | $1.1B | $114.0M | ||
| Q1 24 | $1.1B | $125.8M |
| Q4 25 | — | $333.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $325.6M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.1B | $210.5M | ||
| Q3 25 | $2.1B | $239.5M | ||
| Q2 25 | $2.1B | $244.9M | ||
| Q1 25 | $2.1B | $269.6M | ||
| Q4 24 | $2.0B | $277.5M | ||
| Q3 24 | $2.1B | $308.9M | ||
| Q2 24 | $2.3B | $306.7M | ||
| Q1 24 | $2.3B | $314.6M |
| Q4 25 | $2.4B | $697.9M | ||
| Q3 25 | $2.4B | $715.2M | ||
| Q2 25 | $2.4B | $707.9M | ||
| Q1 25 | $2.3B | $712.6M | ||
| Q4 24 | $2.3B | $741.7M | ||
| Q3 24 | $2.4B | $756.7M | ||
| Q2 24 | $2.5B | $733.5M | ||
| Q1 24 | $2.6B | $746.4M |
| Q4 25 | — | 1.59× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.17× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-5.8M |
| Free Cash FlowOCF − Capex | $10.9M | $-25.0M |
| FCF MarginFCF / Revenue | 4.0% | -17.7% |
| Capex IntensityCapex / Revenue | 6.5% | 13.6% |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $-23.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $-5.8M | ||
| Q3 25 | $35.3M | $5.9M | ||
| Q2 25 | $-2.2M | $12.2M | ||
| Q1 25 | $13.4M | $5.0M | ||
| Q4 24 | $73.8M | $15.2M | ||
| Q3 24 | $66.1M | $15.5M | ||
| Q2 24 | $53.5M | $18.7M | ||
| Q1 24 | $54.6M | $9.6M |
| Q4 25 | $10.9M | $-25.0M | ||
| Q3 25 | $14.6M | $2.5M | ||
| Q2 25 | $-17.6M | $5.9M | ||
| Q1 25 | $-11.4M | $-6.8M | ||
| Q4 24 | $50.6M | $-39.9M | ||
| Q3 24 | $43.0M | $-33.6M | ||
| Q2 24 | $29.2M | $4.1M | ||
| Q1 24 | $26.5M | $-12.2M |
| Q4 25 | 4.0% | -17.7% | ||
| Q3 25 | 5.8% | 1.7% | ||
| Q2 25 | -7.0% | 3.9% | ||
| Q1 25 | -5.0% | -4.4% | ||
| Q4 24 | 21.6% | -24.0% | ||
| Q3 24 | 18.4% | -18.4% | ||
| Q2 24 | 11.3% | 2.2% | ||
| Q1 24 | 10.5% | -6.7% |
| Q4 25 | 6.5% | 13.6% | ||
| Q3 25 | 8.3% | 2.3% | ||
| Q2 25 | 6.1% | 4.2% | ||
| Q1 25 | 10.9% | 7.6% | ||
| Q4 24 | 9.9% | 33.1% | ||
| Q3 24 | 9.9% | 26.9% | ||
| Q2 24 | 9.4% | 8.0% | ||
| Q1 24 | 11.1% | 12.0% |
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 6.44× | ||
| Q2 24 | 2.65× | — | ||
| Q1 24 | 2.27× | 34.11× |
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% |
PAMT
| Freight Transportation Service | $123.1M | 87% |
| Fuel Surcharge | $18.2M | 13% |
