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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Paymentus Holdings, Inc. (PAY). Click either name above to swap in a different company.
Paymentus Holdings, Inc. is the larger business by last-quarter revenue ($330.5M vs $274.5M, roughly 1.2× IPG PHOTONICS CORP). Paymentus Holdings, Inc. runs the higher net margin — 6.3% vs 4.8%, a 1.4% gap on every dollar of revenue. On growth, Paymentus Holdings, Inc. posted the faster year-over-year revenue change (28.1% vs 17.1%). Paymentus Holdings, Inc. produced more free cash flow last quarter ($45.0M vs $10.9M). Over the past eight quarters, Paymentus Holdings, Inc.'s revenue compounded faster (33.7% 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.
Paymentus Holdings, Inc. is a leading cloud-based bill payment and customer engagement technology provider. It offers integrated digital payment solutions, billing automation tools, and self-service portals for enterprises across utilities, financial services, government, healthcare, and telecommunications segments, primarily operating in the North American market.
IPGP vs PAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $330.5M |
| Net Profit | $13.3M | $20.7M |
| Gross Margin | 36.1% | 25.4% |
| Operating Margin | 1.2% | 7.3% |
| Net Margin | 4.8% | 6.3% |
| Revenue YoY | 17.1% | 28.1% |
| Net Profit YoY | 69.8% | 57.2% |
| EPS (diluted) | $0.30 | $0.16 |
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 | $330.5M | ||
| Q3 25 | $250.8M | $310.7M | ||
| Q2 25 | $250.7M | $280.1M | ||
| Q1 25 | $227.8M | $275.2M | ||
| Q4 24 | $234.3M | $257.9M | ||
| Q3 24 | $233.1M | $231.6M | ||
| Q2 24 | $257.6M | $197.4M | ||
| Q1 24 | $252.0M | $184.9M |
| Q4 25 | $13.3M | $20.7M | ||
| Q3 25 | $7.5M | $17.7M | ||
| Q2 25 | $6.6M | $14.7M | ||
| Q1 25 | $3.8M | $13.8M | ||
| Q4 24 | $7.8M | $13.1M | ||
| Q3 24 | $-233.6M | $14.4M | ||
| Q2 24 | $20.2M | $9.4M | ||
| Q1 24 | $24.1M | $7.2M |
| Q4 25 | 36.1% | 25.4% | ||
| Q3 25 | 39.5% | 24.1% | ||
| Q2 25 | 37.3% | 25.5% | ||
| Q1 25 | 39.4% | 24.0% | ||
| Q4 24 | 38.6% | 25.6% | ||
| Q3 24 | 23.2% | 26.2% | ||
| Q2 24 | 37.3% | 29.8% | ||
| Q1 24 | 38.7% | 28.5% |
| Q4 25 | 1.2% | 7.3% | ||
| Q3 25 | 3.1% | 6.4% | ||
| Q2 25 | 0.0% | 5.7% | ||
| Q1 25 | 0.8% | 5.7% | ||
| Q4 24 | 6.0% | 5.5% | ||
| Q3 24 | -108.7% | 5.2% | ||
| Q2 24 | 4.7% | 5.2% | ||
| Q1 24 | 7.6% | 4.5% |
| Q4 25 | 4.8% | 6.3% | ||
| Q3 25 | 3.0% | 5.7% | ||
| Q2 25 | 2.6% | 5.3% | ||
| Q1 25 | 1.6% | 5.0% | ||
| Q4 24 | 3.3% | 5.1% | ||
| Q3 24 | -100.2% | 6.2% | ||
| Q2 24 | 7.8% | 4.7% | ||
| Q1 24 | 9.6% | 3.9% |
| Q4 25 | $0.30 | $0.16 | ||
| Q3 25 | $0.18 | $0.14 | ||
| Q2 25 | $0.16 | $0.11 | ||
| Q1 25 | $0.09 | $0.11 | ||
| Q4 24 | $0.27 | $0.11 | ||
| Q3 24 | $-5.33 | $0.11 | ||
| Q2 24 | $0.45 | $0.07 | ||
| Q1 24 | $0.52 | $0.06 |
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 | $320.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $560.4M |
| Total Assets | $2.4B | $667.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $320.9M | ||
| Q3 25 | $870.4M | $287.9M | ||
| Q2 25 | $899.6M | $266.4M | ||
| Q1 25 | $926.9M | $245.8M | ||
| Q4 24 | $930.2M | $205.9M | ||
| Q3 24 | $1.0B | $187.5M | ||
| Q2 24 | $1.1B | $188.8M | ||
| Q1 24 | $1.1B | $180.1M |
| Q4 25 | $2.1B | $560.4M | ||
| Q3 25 | $2.1B | $537.4M | ||
| Q2 25 | $2.1B | $516.7M | ||
| Q1 25 | $2.1B | $500.4M | ||
| Q4 24 | $2.0B | $485.6M | ||
| Q3 24 | $2.1B | $468.8M | ||
| Q2 24 | $2.3B | $451.6M | ||
| Q1 24 | $2.3B | $439.4M |
| Q4 25 | $2.4B | $667.9M | ||
| Q3 25 | $2.4B | $644.4M | ||
| Q2 25 | $2.4B | $609.5M | ||
| Q1 25 | $2.3B | $590.9M | ||
| Q4 24 | $2.3B | $576.2M | ||
| Q3 24 | $2.4B | $552.9M | ||
| Q2 24 | $2.5B | $527.7M | ||
| Q1 24 | $2.6B | $514.0M |
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 | $45.1M |
| Free Cash FlowOCF − Capex | $10.9M | $45.0M |
| FCF MarginFCF / Revenue | 4.0% | 13.6% |
| Capex IntensityCapex / Revenue | 6.5% | 0.0% |
| Cash ConversionOCF / Net Profit | 2.17× | 2.18× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $161.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $45.1M | ||
| Q3 25 | $35.3M | $35.1M | ||
| Q2 25 | $-2.2M | $31.5M | ||
| Q1 25 | $13.4M | $50.4M | ||
| Q4 24 | $73.8M | $27.9M | ||
| Q3 24 | $66.1M | $6.7M | ||
| Q2 24 | $53.5M | $18.0M | ||
| Q1 24 | $54.6M | $11.0M |
| Q4 25 | $10.9M | $45.0M | ||
| Q3 25 | $14.6M | $35.0M | ||
| Q2 25 | $-17.6M | $31.4M | ||
| Q1 25 | $-11.4M | $50.4M | ||
| Q4 24 | $50.6M | $27.8M | ||
| Q3 24 | $43.0M | $6.7M | ||
| Q2 24 | $29.2M | $17.8M | ||
| Q1 24 | $26.5M | $10.8M |
| Q4 25 | 4.0% | 13.6% | ||
| Q3 25 | 5.8% | 11.3% | ||
| Q2 25 | -7.0% | 11.2% | ||
| Q1 25 | -5.0% | 18.3% | ||
| Q4 24 | 21.6% | 10.8% | ||
| Q3 24 | 18.4% | 2.9% | ||
| Q2 24 | 11.3% | 9.0% | ||
| Q1 24 | 10.5% | 5.9% |
| Q4 25 | 6.5% | 0.0% | ||
| Q3 25 | 8.3% | 0.0% | ||
| Q2 25 | 6.1% | 0.0% | ||
| Q1 25 | 10.9% | 0.0% | ||
| Q4 24 | 9.9% | 0.0% | ||
| Q3 24 | 9.9% | 0.0% | ||
| Q2 24 | 9.4% | 0.1% | ||
| Q1 24 | 11.1% | 0.1% |
| Q4 25 | 2.17× | 2.18× | ||
| Q3 25 | 4.73× | 1.98× | ||
| Q2 25 | -0.34× | 2.14× | ||
| Q1 25 | 3.58× | 3.65× | ||
| Q4 24 | 9.44× | 2.12× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | 2.65× | 1.93× | ||
| Q1 24 | 2.27× | 1.52× |
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% |
PAY
| Payment Transaction Processing Revenue | $326.9M | 99% |
| Other | $3.5M | 1% |
