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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Pangaea Logistics Solutions Ltd. (PANL). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $183.9M, roughly 1.5× Pangaea Logistics Solutions Ltd.). Pangaea Logistics Solutions Ltd. runs the higher net margin — 6.5% vs 4.8%, a 1.6% gap on every dollar of revenue. On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs 17.1%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% 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.
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
IPGP vs PANL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $183.9M |
| Net Profit | $13.3M | $11.9M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 9.5% |
| Net Margin | 4.8% | 6.5% |
| Revenue YoY | 17.1% | 24.9% |
| Net Profit YoY | 69.8% | 40.9% |
| EPS (diluted) | $0.30 | $0.18 |
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 | $183.9M | ||
| Q3 25 | $250.8M | $168.7M | ||
| Q2 25 | $250.7M | $156.7M | ||
| Q1 25 | $227.8M | $122.8M | ||
| Q4 24 | $234.3M | $147.2M | ||
| Q3 24 | $233.1M | $153.1M | ||
| Q2 24 | $257.6M | $131.5M | ||
| Q1 24 | $252.0M | $104.7M |
| Q4 25 | $13.3M | $11.9M | ||
| Q3 25 | $7.5M | $12.2M | ||
| Q2 25 | $6.6M | $-2.7M | ||
| Q1 25 | $3.8M | $-2.0M | ||
| Q4 24 | $7.8M | $8.4M | ||
| Q3 24 | $-233.6M | $5.1M | ||
| Q2 24 | $20.2M | $3.7M | ||
| Q1 24 | $24.1M | $11.7M |
| 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% | 9.5% | ||
| Q3 25 | 3.1% | 10.0% | ||
| Q2 25 | 0.0% | 2.3% | ||
| Q1 25 | 0.8% | 2.4% | ||
| Q4 24 | 6.0% | 10.1% | ||
| Q3 24 | -108.7% | 9.8% | ||
| Q2 24 | 4.7% | 5.8% | ||
| Q1 24 | 7.6% | 10.5% |
| Q4 25 | 4.8% | 6.5% | ||
| Q3 25 | 3.0% | 7.2% | ||
| Q2 25 | 2.6% | -1.8% | ||
| Q1 25 | 1.6% | -1.6% | ||
| Q4 24 | 3.3% | 5.7% | ||
| Q3 24 | -100.2% | 3.3% | ||
| Q2 24 | 7.8% | 2.8% | ||
| Q1 24 | 9.6% | 11.1% |
| Q4 25 | $0.30 | $0.18 | ||
| Q3 25 | $0.18 | $0.19 | ||
| Q2 25 | $0.16 | $-0.04 | ||
| Q1 25 | $0.09 | $-0.03 | ||
| Q4 24 | $0.27 | $0.19 | ||
| Q3 24 | $-5.33 | $0.11 | ||
| Q2 24 | $0.45 | $0.08 | ||
| Q1 24 | $0.52 | $0.25 |
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 | $103.1M |
| Total DebtLower is stronger | — | $249.6M |
| Stockholders' EquityBook value | $2.1B | $429.3M |
| Total Assets | $2.4B | $928.1M |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $103.1M | ||
| Q3 25 | $870.4M | $94.0M | ||
| Q2 25 | $899.6M | $59.3M | ||
| Q1 25 | $926.9M | $63.9M | ||
| Q4 24 | $930.2M | $86.8M | ||
| Q3 24 | $1.0B | $93.1M | ||
| Q2 24 | $1.1B | $77.9M | ||
| Q1 24 | $1.1B | $95.9M |
| Q4 25 | — | $249.6M | ||
| Q3 25 | — | $256.2M | ||
| Q2 25 | — | $244.7M | ||
| Q1 25 | — | $251.0M | ||
| Q4 24 | — | $257.2M | ||
| Q3 24 | — | $133.6M | ||
| Q2 24 | — | $90.5M | ||
| Q1 24 | — | $95.9M |
| Q4 25 | $2.1B | $429.3M | ||
| Q3 25 | $2.1B | $420.3M | ||
| Q2 25 | $2.1B | $414.4M | ||
| Q1 25 | $2.1B | $420.8M | ||
| Q4 24 | $2.0B | $427.8M | ||
| Q3 24 | $2.1B | $332.6M | ||
| Q2 24 | $2.3B | $331.5M | ||
| Q1 24 | $2.3B | $332.0M |
| Q4 25 | $2.4B | $928.1M | ||
| Q3 25 | $2.4B | $932.1M | ||
| Q2 25 | $2.4B | $916.0M | ||
| Q1 25 | $2.3B | $918.0M | ||
| Q4 24 | $2.3B | $936.5M | ||
| Q3 24 | $2.4B | $749.2M | ||
| Q2 24 | $2.5B | $692.9M | ||
| Q1 24 | $2.6B | $703.3M |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.29× |
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 | $15.1M |
| Free Cash FlowOCF − Capex | $10.9M | — |
| FCF MarginFCF / Revenue | 4.0% | — |
| Capex IntensityCapex / Revenue | 6.5% | — |
| Cash ConversionOCF / Net Profit | 2.17× | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $15.1M | ||
| Q3 25 | $35.3M | $28.6M | ||
| Q2 25 | $-2.2M | $14.4M | ||
| Q1 25 | $13.4M | $-4.4M | ||
| Q4 24 | $73.8M | $19.3M | ||
| Q3 24 | $66.1M | $28.5M | ||
| Q2 24 | $53.5M | $9.0M | ||
| Q1 24 | $54.6M | $9.0M |
| 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 24 | $26.5M | — |
| 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 24 | 10.5% | — |
| 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 24 | 11.1% | — |
| Q4 25 | 2.17× | 1.27× | ||
| Q3 25 | 4.73× | 2.34× | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | 2.29× | ||
| Q3 24 | — | 5.57× | ||
| Q2 24 | 2.65× | 2.43× | ||
| Q1 24 | 2.27× | 0.77× |
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% |
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
