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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $142.9M, roughly 1.9× Piedmont Realty Trust, Inc.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -30.3%, a 35.1% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -0.3%). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -0.6%).
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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
IPGP vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $142.9M |
| Net Profit | $13.3M | $-43.2M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | — |
| Net Margin | 4.8% | -30.3% |
| Revenue YoY | 17.1% | -0.3% |
| Net Profit YoY | 69.8% | -44.3% |
| EPS (diluted) | $0.30 | $-0.34 |
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 | $142.9M | ||
| Q3 25 | $250.8M | $139.2M | ||
| Q2 25 | $250.7M | $140.3M | ||
| Q1 25 | $227.8M | $142.7M | ||
| Q4 24 | $234.3M | $143.2M | ||
| Q3 24 | $233.1M | $139.3M | ||
| Q2 24 | $257.6M | $143.3M | ||
| Q1 24 | $252.0M | $144.5M |
| Q4 25 | $13.3M | $-43.2M | ||
| Q3 25 | $7.5M | $-13.5M | ||
| Q2 25 | $6.6M | $-16.8M | ||
| Q1 25 | $3.8M | $-10.1M | ||
| Q4 24 | $7.8M | $-30.0M | ||
| Q3 24 | $-233.6M | $-11.5M | ||
| Q2 24 | $20.2M | $-9.8M | ||
| Q1 24 | $24.1M | $-27.8M |
| 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% | — | ||
| Q3 25 | 3.1% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | -108.7% | — | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 7.6% | — |
| Q4 25 | 4.8% | -30.3% | ||
| Q3 25 | 3.0% | -9.7% | ||
| Q2 25 | 2.6% | -12.0% | ||
| Q1 25 | 1.6% | -7.1% | ||
| Q4 24 | 3.3% | -20.9% | ||
| Q3 24 | -100.2% | -8.3% | ||
| Q2 24 | 7.8% | -6.8% | ||
| Q1 24 | 9.6% | -19.2% |
| Q4 25 | $0.30 | $-0.34 | ||
| Q3 25 | $0.18 | $-0.11 | ||
| Q2 25 | $0.16 | $-0.14 | ||
| Q1 25 | $0.09 | $-0.08 | ||
| Q4 24 | $0.27 | $-0.25 | ||
| Q3 24 | $-5.33 | $-0.09 | ||
| Q2 24 | $0.45 | $-0.08 | ||
| Q1 24 | $0.52 | $-0.22 |
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 | $731.0K |
| Total DebtLower is stronger | — | $2.2B |
| Stockholders' EquityBook value | $2.1B | $1.5B |
| Total Assets | $2.4B | $4.0B |
| Debt / EquityLower = less leverage | — | 1.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $731.0K | ||
| Q3 25 | $870.4M | $3.0M | ||
| Q2 25 | $899.6M | $3.3M | ||
| Q1 25 | $926.9M | $2.9M | ||
| Q4 24 | $930.2M | $109.6M | ||
| Q3 24 | $1.0B | $133.6M | ||
| Q2 24 | $1.1B | $138.5M | ||
| Q1 24 | $1.1B | $3.5M |
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.1B | $1.5B | ||
| Q2 25 | $2.1B | $1.5B | ||
| Q1 25 | $2.1B | $1.6B | ||
| Q4 24 | $2.0B | $1.6B | ||
| Q3 24 | $2.1B | $1.6B | ||
| Q2 24 | $2.3B | $1.7B | ||
| Q1 24 | $2.3B | $1.7B |
| Q4 25 | $2.4B | $4.0B | ||
| Q3 25 | $2.4B | $4.0B | ||
| Q2 25 | $2.4B | $4.0B | ||
| Q1 25 | $2.3B | $4.0B | ||
| Q4 24 | $2.3B | $4.1B | ||
| Q3 24 | $2.4B | $4.1B | ||
| Q2 24 | $2.5B | $4.2B | ||
| Q1 24 | $2.6B | $4.0B |
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.23× |
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 | $140.6M |
| Free Cash FlowOCF − Capex | $10.9M | — |
| FCF MarginFCF / Revenue | 4.0% | — |
| Capex IntensityCapex / Revenue | 6.5% | — |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $140.6M | ||
| Q3 25 | $35.3M | $35.8M | ||
| Q2 25 | $-2.2M | $50.1M | ||
| Q1 25 | $13.4M | $3.7M | ||
| Q4 24 | $73.8M | $198.1M | ||
| Q3 24 | $66.1M | $42.9M | ||
| Q2 24 | $53.5M | $66.8M | ||
| Q1 24 | $54.6M | $23.4M |
| 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× | — | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | — | ||
| Q1 24 | 2.27× | — |
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% |
PDM
| Atlanta GA | $45.7M | 32% |
| Dallas TX | $24.1M | 17% |
| Orlando FL | $19.3M | 13% |
| New York NY | $14.7M | 10% |
| Northern Virginia Washington D.C. | $12.9M | 9% |
| Minneapolis MN | $11.4M | 8% |
| Boston MA | $9.8M | 7% |
| Real Estate Other | $7.8M | 5% |
