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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Palomar Holdings, Inc. (PLMR). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $253.4M, roughly 1.1× Palomar Holdings, Inc.). On growth, Palomar Holdings, Inc. posted the faster year-over-year revenue change (62.7% vs 17.1%). Palomar Holdings, Inc. produced more free cash flow last quarter ($409.0M vs $10.9M). Over the past eight quarters, Palomar Holdings, Inc.'s revenue compounded faster (46.2% 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.
Palomar Holdings, Inc. is a specialty insurance holding company that primarily provides property insurance products for catastrophe-exposed residential and commercial assets. It mainly operates across the United States, focusing on core segments including earthquake, flood, and windstorm coverage to meet high-risk property protection demands of customers.
IPGP vs PLMR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $253.4M |
| Net Profit | $13.3M | — |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 28.7% |
| Net Margin | 4.8% | — |
| Revenue YoY | 17.1% | 62.7% |
| Net Profit YoY | 69.8% | — |
| EPS (diluted) | $0.30 | $2.05 |
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 | $253.4M | ||
| Q3 25 | $250.8M | $244.7M | ||
| Q2 25 | $250.7M | $203.3M | ||
| Q1 25 | $227.8M | $174.6M | ||
| Q4 24 | $234.3M | $155.8M | ||
| Q3 24 | $233.1M | $148.5M | ||
| Q2 24 | $257.6M | $131.1M | ||
| Q1 24 | $252.0M | $118.5M |
| Q4 25 | $13.3M | — | ||
| Q3 25 | $7.5M | $51.5M | ||
| Q2 25 | $6.6M | $46.5M | ||
| Q1 25 | $3.8M | $42.9M | ||
| Q4 24 | $7.8M | — | ||
| Q3 24 | $-233.6M | $30.5M | ||
| Q2 24 | $20.2M | $25.7M | ||
| Q1 24 | $24.1M | $26.4M |
| 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% | 28.7% | ||
| Q3 25 | 3.1% | 27.4% | ||
| Q2 25 | 0.0% | 29.5% | ||
| Q1 25 | 0.8% | 30.8% | ||
| Q4 24 | 6.0% | 28.9% | ||
| Q3 24 | -108.7% | 25.9% | ||
| Q2 24 | 4.7% | 25.5% | ||
| Q1 24 | 7.6% | 29.0% |
| Q4 25 | 4.8% | — | ||
| Q3 25 | 3.0% | 21.0% | ||
| Q2 25 | 2.6% | 22.9% | ||
| Q1 25 | 1.6% | 24.6% | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | -100.2% | 20.5% | ||
| Q2 24 | 7.8% | 19.6% | ||
| Q1 24 | 9.6% | 22.3% |
| Q4 25 | $0.30 | $2.05 | ||
| Q3 25 | $0.18 | $1.87 | ||
| Q2 25 | $0.16 | $1.68 | ||
| Q1 25 | $0.09 | $1.57 | ||
| Q4 24 | $0.27 | $1.29 | ||
| Q3 24 | $-5.33 | $1.15 | ||
| Q2 24 | $0.45 | $1.00 | ||
| Q1 24 | $0.52 | $1.04 |
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 | $106.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $942.7M |
| Total Assets | $2.4B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $106.9M | ||
| Q3 25 | $870.4M | $111.7M | ||
| Q2 25 | $899.6M | $81.3M | ||
| Q1 25 | $926.9M | $119.3M | ||
| Q4 24 | $930.2M | $80.4M | ||
| Q3 24 | $1.0B | $86.5M | ||
| Q2 24 | $1.1B | $47.8M | ||
| Q1 24 | $1.1B | $61.4M |
| Q4 25 | $2.1B | $942.7M | ||
| Q3 25 | $2.1B | $878.1M | ||
| Q2 25 | $2.1B | $847.2M | ||
| Q1 25 | $2.1B | $790.4M | ||
| Q4 24 | $2.0B | $729.0M | ||
| Q3 24 | $2.1B | $703.3M | ||
| Q2 24 | $2.3B | $532.6M | ||
| Q1 24 | $2.3B | $501.7M |
| Q4 25 | $2.4B | $3.1B | ||
| Q3 25 | $2.4B | $2.9B | ||
| Q2 25 | $2.4B | $2.8B | ||
| Q1 25 | $2.3B | $2.4B | ||
| Q4 24 | $2.3B | $2.3B | ||
| Q3 24 | $2.4B | $2.3B | ||
| Q2 24 | $2.5B | $2.0B | ||
| Q1 24 | $2.6B | $1.9B |
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 | $409.1M |
| Free Cash FlowOCF − Capex | $10.9M | $409.0M |
| FCF MarginFCF / Revenue | 4.0% | 161.4% |
| Capex IntensityCapex / Revenue | 6.5% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $700.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $409.1M | ||
| Q3 25 | $35.3M | $83.6M | ||
| Q2 25 | $-2.2M | $120.9M | ||
| Q1 25 | $13.4M | $87.2M | ||
| Q4 24 | $73.8M | $261.2M | ||
| Q3 24 | $66.1M | $100.3M | ||
| Q2 24 | $53.5M | $55.1M | ||
| Q1 24 | $54.6M | $33.1M |
| Q4 25 | $10.9M | $409.0M | ||
| Q3 25 | $14.6M | $83.6M | ||
| Q2 25 | $-17.6M | $120.8M | ||
| Q1 25 | $-11.4M | $87.1M | ||
| Q4 24 | $50.6M | $260.9M | ||
| Q3 24 | $43.0M | $100.1M | ||
| Q2 24 | $29.2M | — | ||
| Q1 24 | $26.5M | — |
| Q4 25 | 4.0% | 161.4% | ||
| Q3 25 | 5.8% | 34.2% | ||
| Q2 25 | -7.0% | 59.4% | ||
| Q1 25 | -5.0% | 49.9% | ||
| Q4 24 | 21.6% | 167.5% | ||
| Q3 24 | 18.4% | 67.4% | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 10.5% | — |
| Q4 25 | 6.5% | 0.1% | ||
| Q3 25 | 8.3% | 0.0% | ||
| Q2 25 | 6.1% | 0.0% | ||
| Q1 25 | 10.9% | 0.0% | ||
| Q4 24 | 9.9% | 0.2% | ||
| Q3 24 | 9.9% | 0.1% | ||
| Q2 24 | 9.4% | 0.0% | ||
| Q1 24 | 11.1% | 0.0% |
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 1.63× | ||
| Q2 25 | -0.34× | 2.60× | ||
| Q1 25 | 3.58× | 2.03× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 3.29× | ||
| Q2 24 | 2.65× | 2.14× | ||
| Q1 24 | 2.27× | 1.26× |
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% |
PLMR
Segment breakdown not available.
