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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and PJT Partners Inc. (PJT). Click either name above to swap in a different company.
PJT Partners Inc. is the larger business by last-quarter revenue ($531.4M vs $274.5M, roughly 1.9× IPG PHOTONICS CORP). PJT Partners Inc. runs the higher net margin — 10.0% vs 4.8%, a 5.2% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 12.9%). PJT Partners Inc. produced more free cash flow last quarter ($138.6M vs $10.9M). Over the past eight quarters, PJT Partners Inc.'s revenue compounded faster (27.5% 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.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
IPGP vs PJT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $531.4M |
| Net Profit | $13.3M | $53.4M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 23.1% |
| Net Margin | 4.8% | 10.0% |
| Revenue YoY | 17.1% | 12.9% |
| Net Profit YoY | 69.8% | 4.0% |
| EPS (diluted) | $0.30 | — |
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 | $531.4M | ||
| Q3 25 | $250.8M | $442.3M | ||
| Q2 25 | $250.7M | $401.1M | ||
| Q1 25 | $227.8M | $321.9M | ||
| Q4 24 | $234.3M | $470.5M | ||
| Q3 24 | $233.1M | $320.3M | ||
| Q2 24 | $257.6M | $358.1M | ||
| Q1 24 | $252.0M | $327.1M |
| Q4 25 | $13.3M | $53.4M | ||
| Q3 25 | $7.5M | $39.8M | ||
| Q2 25 | $6.6M | $32.9M | ||
| Q1 25 | $3.8M | $54.0M | ||
| Q4 24 | $7.8M | $51.3M | ||
| Q3 24 | $-233.6M | $22.1M | ||
| Q2 24 | $20.2M | $28.3M | ||
| Q1 24 | $24.1M | $32.6M |
| 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% | 23.1% | ||
| Q3 25 | 3.1% | 20.6% | ||
| Q2 25 | 0.0% | 19.1% | ||
| Q1 25 | 0.8% | 16.3% | ||
| Q4 24 | 6.0% | 21.9% | ||
| Q3 24 | -108.7% | 15.4% | ||
| Q2 24 | 4.7% | 18.0% | ||
| Q1 24 | 7.6% | 16.5% |
| Q4 25 | 4.8% | 10.0% | ||
| Q3 25 | 3.0% | 9.0% | ||
| Q2 25 | 2.6% | 8.2% | ||
| Q1 25 | 1.6% | 16.8% | ||
| Q4 24 | 3.3% | 10.9% | ||
| Q3 24 | -100.2% | 6.9% | ||
| Q2 24 | 7.8% | 7.9% | ||
| Q1 24 | 9.6% | 10.0% |
| Q4 25 | $0.30 | — | ||
| Q3 25 | $0.18 | — | ||
| Q2 25 | $0.16 | — | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $-5.33 | — | ||
| Q2 24 | $0.45 | — | ||
| Q1 24 | $0.52 | — |
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 | $538.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $308.2M |
| Total Assets | $2.4B | $1.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $538.9M | ||
| Q3 25 | $870.4M | $400.5M | ||
| Q2 25 | $899.6M | $214.6M | ||
| Q1 25 | $926.9M | $194.3M | ||
| Q4 24 | $930.2M | $483.9M | ||
| Q3 24 | $1.0B | $148.8M | ||
| Q2 24 | $1.1B | $164.2M | ||
| Q1 24 | $1.1B | $215.5M |
| Q4 25 | $2.1B | $308.2M | ||
| Q3 25 | $2.1B | $228.6M | ||
| Q2 25 | $2.1B | $167.4M | ||
| Q1 25 | $2.1B | $148.8M | ||
| Q4 24 | $2.0B | $187.0M | ||
| Q3 24 | $2.1B | $159.1M | ||
| Q2 24 | $2.3B | $133.8M | ||
| Q1 24 | $2.3B | $174.6M |
| Q4 25 | $2.4B | $1.8B | ||
| Q3 25 | $2.4B | $1.7B | ||
| Q2 25 | $2.4B | $1.5B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $2.3B | $1.6B | ||
| Q3 24 | $2.4B | $1.6B | ||
| Q2 24 | $2.5B | $1.4B | ||
| Q1 24 | $2.6B | $1.3B |
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 | $155.7M |
| Free Cash FlowOCF − Capex | $10.9M | $138.6M |
| FCF MarginFCF / Revenue | 4.0% | 26.1% |
| Capex IntensityCapex / Revenue | 6.5% | 3.2% |
| Cash ConversionOCF / Net Profit | 2.17× | 2.92× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $480.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $155.7M | ||
| Q3 25 | $35.3M | $256.1M | ||
| Q2 25 | $-2.2M | $190.4M | ||
| Q1 25 | $13.4M | $-75.9M | ||
| Q4 24 | $73.8M | $195.7M | ||
| Q3 24 | $66.1M | $180.5M | ||
| Q2 24 | $53.5M | $193.6M | ||
| Q1 24 | $54.6M | $-38.8M |
| Q4 25 | $10.9M | $138.6M | ||
| Q3 25 | $14.6M | $240.9M | ||
| Q2 25 | $-17.6M | $178.9M | ||
| Q1 25 | $-11.4M | $-77.9M | ||
| Q4 24 | $50.6M | $195.3M | ||
| Q3 24 | $43.0M | $178.5M | ||
| Q2 24 | $29.2M | $193.0M | ||
| Q1 24 | $26.5M | $-39.2M |
| Q4 25 | 4.0% | 26.1% | ||
| Q3 25 | 5.8% | 54.5% | ||
| Q2 25 | -7.0% | 44.6% | ||
| Q1 25 | -5.0% | -24.2% | ||
| Q4 24 | 21.6% | 41.5% | ||
| Q3 24 | 18.4% | 55.7% | ||
| Q2 24 | 11.3% | 53.9% | ||
| Q1 24 | 10.5% | -12.0% |
| Q4 25 | 6.5% | 3.2% | ||
| Q3 25 | 8.3% | 3.4% | ||
| Q2 25 | 6.1% | 2.9% | ||
| Q1 25 | 10.9% | 0.6% | ||
| Q4 24 | 9.9% | 0.1% | ||
| Q3 24 | 9.9% | 0.6% | ||
| Q2 24 | 9.4% | 0.1% | ||
| Q1 24 | 11.1% | 0.1% |
| Q4 25 | 2.17× | 2.92× | ||
| Q3 25 | 4.73× | 6.43× | ||
| Q2 25 | -0.34× | 5.79× | ||
| Q1 25 | 3.58× | -1.41× | ||
| Q4 24 | 9.44× | 3.81× | ||
| Q3 24 | — | 8.15× | ||
| Q2 24 | 2.65× | 6.84× | ||
| Q1 24 | 2.27× | -1.19× |
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% |
PJT
Segment breakdown not available.
