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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
P3 Health Partners Inc. is the larger business by last-quarter revenue ($384.8M vs $274.5M, roughly 1.4× IPG PHOTONICS CORP). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -19.6%, a 24.5% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 3.8%). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -0.5%).
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.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
IPGP vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $384.8M |
| Net Profit | $13.3M | $-75.5M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | -40.0% |
| Net Margin | 4.8% | -19.6% |
| Revenue YoY | 17.1% | 3.8% |
| Net Profit YoY | 69.8% | -28.8% |
| EPS (diluted) | $0.30 | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $250.8M | $345.3M | ||
| Q2 25 | $250.7M | $355.8M | ||
| Q1 25 | $227.8M | $373.2M | ||
| Q4 24 | $234.3M | $370.7M | ||
| Q3 24 | $233.1M | $362.1M | ||
| Q2 24 | $257.6M | $379.2M | ||
| Q1 24 | $252.0M | $388.5M |
| Q4 25 | $13.3M | $-75.5M | ||
| Q3 25 | $7.5M | $-31.6M | ||
| Q2 25 | $6.6M | $-20.4M | ||
| Q1 25 | $3.8M | $-20.5M | ||
| Q4 24 | $7.8M | $-58.6M | ||
| Q3 24 | $-233.6M | $-46.5M | ||
| Q2 24 | $20.2M | $-12.0M | ||
| Q1 24 | $24.1M | $-18.7M |
| 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% | -40.0% | ||
| Q3 25 | 3.1% | -12.8% | ||
| Q2 25 | 0.0% | -9.6% | ||
| Q1 25 | 0.8% | -10.2% | ||
| Q4 24 | 6.0% | -37.4% | ||
| Q3 24 | -108.7% | -29.5% | ||
| Q2 24 | 4.7% | -8.3% | ||
| Q1 24 | 7.6% | -11.3% |
| Q4 25 | 4.8% | -19.6% | ||
| Q3 25 | 3.0% | -9.1% | ||
| Q2 25 | 2.6% | -5.7% | ||
| Q1 25 | 1.6% | -5.5% | ||
| Q4 24 | 3.3% | -15.8% | ||
| Q3 24 | -100.2% | -12.8% | ||
| Q2 24 | 7.8% | -3.2% | ||
| Q1 24 | 9.6% | -4.8% |
| Q4 25 | $0.30 | $-23.08 | ||
| Q3 25 | $0.18 | $-9.67 | ||
| Q2 25 | $0.16 | $-6.23 | ||
| Q1 25 | $0.09 | $-6.28 | ||
| Q4 24 | $0.27 | $-23.13 | ||
| Q3 24 | $-5.33 | $-15.70 | ||
| Q2 24 | $0.45 | $-7.37 | ||
| Q1 24 | $0.52 | $-7.86 |
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 | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $2.1B | $-155.2M |
| Total Assets | $2.4B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $25.0M | ||
| Q3 25 | $870.4M | $37.7M | ||
| Q2 25 | $899.6M | $38.6M | ||
| Q1 25 | $926.9M | $40.1M | ||
| Q4 24 | $930.2M | $38.8M | ||
| Q3 24 | $1.0B | $63.0M | ||
| Q2 24 | $1.1B | $73.1M | ||
| Q1 24 | $1.1B | $27.3M |
| Q4 25 | — | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M | ||
| Q1 24 | — | $118.1M |
| Q4 25 | $2.1B | $-155.2M | ||
| Q3 25 | $2.1B | $-18.7M | ||
| Q2 25 | $2.1B | $44.5M | ||
| Q1 25 | $2.1B | $63.3M | ||
| Q4 24 | $2.0B | $75.9M | ||
| Q3 24 | $2.1B | $120.5M | ||
| Q2 24 | $2.3B | $166.8M | ||
| Q1 24 | $2.3B | $146.6M |
| Q4 25 | $2.4B | $656.6M | ||
| Q3 25 | $2.4B | $683.6M | ||
| Q2 25 | $2.4B | $731.6M | ||
| Q1 25 | $2.3B | $783.9M | ||
| Q4 24 | $2.3B | $783.4M | ||
| Q3 24 | $2.4B | $833.3M | ||
| Q2 24 | $2.5B | $892.8M | ||
| Q1 24 | $2.6B | $855.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | — | 0.81× |
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 | $-25.7M |
| 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 | $-25.7M | ||
| Q3 25 | $35.3M | $-15.4M | ||
| Q2 25 | $-2.2M | $-16.6M | ||
| Q1 25 | $13.4M | $-33.5M | ||
| Q4 24 | $73.8M | $-57.2M | ||
| Q3 24 | $66.1M | $-22.6M | ||
| Q2 24 | $53.5M | $-10.2M | ||
| Q1 24 | $54.6M | $-20.0M |
| 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% | 0.0% | ||
| Q3 24 | 9.9% | 0.0% | ||
| Q2 24 | 9.4% | 0.0% | ||
| Q1 24 | 11.1% | 0.0% |
| 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% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
