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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and CPI Card Group Inc. (PMTS). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $153.1M, roughly 1.8× CPI Card Group Inc.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs 4.8%, a 0.0% gap on every dollar of revenue. On growth, CPI Card Group Inc. posted the faster year-over-year revenue change (22.3% vs 17.1%). CPI Card Group Inc. produced more free cash flow last quarter ($35.2M vs $10.9M). Over the past eight quarters, CPI Card Group Inc.'s revenue compounded faster (16.9% 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.
CPI Card Group Inc. is a leading provider of payment card production and associated solutions, including contactless and contact credit/debit cards, prepaid cards, and card personalization services. It primarily serves financial institutions, fintech firms, and retail brands across its core North American market.
IPGP vs PMTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $153.1M |
| Net Profit | $13.3M | $7.3M |
| Gross Margin | 36.1% | 31.5% |
| Operating Margin | 1.2% | 12.0% |
| Net Margin | 4.8% | 4.8% |
| Revenue YoY | 17.1% | 22.3% |
| Net Profit YoY | 69.8% | 8.5% |
| EPS (diluted) | $0.30 | $0.62 |
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 | $153.1M | ||
| Q3 25 | $250.8M | $138.0M | ||
| Q2 25 | $250.7M | $129.8M | ||
| Q1 25 | $227.8M | $122.8M | ||
| Q4 24 | $234.3M | $125.1M | ||
| Q3 24 | $233.1M | $124.8M | ||
| Q2 24 | $257.6M | $118.8M | ||
| Q1 24 | $252.0M | $111.9M |
| Q4 25 | $13.3M | $7.3M | ||
| Q3 25 | $7.5M | $2.3M | ||
| Q2 25 | $6.6M | $518.0K | ||
| Q1 25 | $3.8M | $4.8M | ||
| Q4 24 | $7.8M | $6.8M | ||
| Q3 24 | $-233.6M | $1.3M | ||
| Q2 24 | $20.2M | $6.0M | ||
| Q1 24 | $24.1M | $5.5M |
| Q4 25 | 36.1% | 31.5% | ||
| Q3 25 | 39.5% | 29.7% | ||
| Q2 25 | 37.3% | 30.9% | ||
| Q1 25 | 39.4% | 33.2% | ||
| Q4 24 | 38.6% | 34.1% | ||
| Q3 24 | 23.2% | 35.8% | ||
| Q2 24 | 37.3% | 35.7% | ||
| Q1 24 | 38.7% | 37.1% |
| Q4 25 | 1.2% | 12.0% | ||
| Q3 25 | 3.1% | 9.4% | ||
| Q2 25 | 0.0% | 7.3% | ||
| Q1 25 | 0.8% | 11.5% | ||
| Q4 24 | 6.0% | 12.7% | ||
| Q3 24 | -108.7% | 14.3% | ||
| Q2 24 | 4.7% | 12.5% | ||
| Q1 24 | 7.6% | 12.6% |
| Q4 25 | 4.8% | 4.8% | ||
| Q3 25 | 3.0% | 1.7% | ||
| Q2 25 | 2.6% | 0.4% | ||
| Q1 25 | 1.6% | 3.9% | ||
| Q4 24 | 3.3% | 5.4% | ||
| Q3 24 | -100.2% | 1.0% | ||
| Q2 24 | 7.8% | 5.1% | ||
| Q1 24 | 9.6% | 4.9% |
| Q4 25 | $0.30 | $0.62 | ||
| Q3 25 | $0.18 | $0.19 | ||
| Q2 25 | $0.16 | $0.04 | ||
| Q1 25 | $0.09 | $0.40 | ||
| Q4 24 | $0.27 | $0.56 | ||
| Q3 24 | $-5.33 | $0.11 | ||
| Q2 24 | $0.45 | $0.51 | ||
| Q1 24 | $0.52 | $0.46 |
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 | $21.7M |
| Total DebtLower is stronger | — | $286.7M |
| Stockholders' EquityBook value | $2.1B | $-17.3M |
| Total Assets | $2.4B | $403.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $21.7M | ||
| Q3 25 | $870.4M | $16.0M | ||
| Q2 25 | $899.6M | $17.1M | ||
| Q1 25 | $926.9M | $31.5M | ||
| Q4 24 | $930.2M | $33.5M | ||
| Q3 24 | $1.0B | $14.7M | ||
| Q2 24 | $1.1B | $7.5M | ||
| Q1 24 | $1.1B | $17.1M |
| Q4 25 | — | $286.7M | ||
| Q3 25 | — | $308.4M | ||
| Q2 25 | — | $310.9M | ||
| Q1 25 | — | $280.7M | ||
| Q4 24 | — | $280.4M | ||
| Q3 24 | — | $280.2M | ||
| Q2 24 | — | $269.7M | ||
| Q1 24 | — | $265.3M |
| Q4 25 | $2.1B | $-17.3M | ||
| Q3 25 | $2.1B | $-25.7M | ||
| Q2 25 | $2.1B | $-29.0M | ||
| Q1 25 | $2.1B | $-29.7M | ||
| Q4 24 | $2.0B | $-35.6M | ||
| Q3 24 | $2.1B | $-42.8M | ||
| Q2 24 | $2.3B | $-44.6M | ||
| Q1 24 | $2.3B | $-48.5M |
| Q4 25 | $2.4B | $403.2M | ||
| Q3 25 | $2.4B | $407.1M | ||
| Q2 25 | $2.4B | $399.8M | ||
| Q1 25 | $2.3B | $351.9M | ||
| Q4 24 | $2.3B | $349.7M | ||
| Q3 24 | $2.4B | $342.3M | ||
| Q2 24 | $2.5B | $321.4M | ||
| Q1 24 | $2.6B | $319.8M |
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 | $39.6M |
| Free Cash FlowOCF − Capex | $10.9M | $35.2M |
| FCF MarginFCF / Revenue | 4.0% | 23.0% |
| Capex IntensityCapex / Revenue | 6.5% | 2.9% |
| Cash ConversionOCF / Net Profit | 2.17× | 5.39× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $41.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $39.6M | ||
| Q3 25 | $35.3M | $10.0M | ||
| Q2 25 | $-2.2M | $4.3M | ||
| Q1 25 | $13.4M | $5.6M | ||
| Q4 24 | $73.8M | $26.7M | ||
| Q3 24 | $66.1M | $12.5M | ||
| Q2 24 | $53.5M | $-4.8M | ||
| Q1 24 | $54.6M | $8.9M |
| Q4 25 | $10.9M | $35.2M | ||
| Q3 25 | $14.6M | $5.3M | ||
| Q2 25 | $-17.6M | $533.0K | ||
| Q1 25 | $-11.4M | $292.0K | ||
| Q4 24 | $50.6M | $21.6M | ||
| Q3 24 | $43.0M | $11.1M | ||
| Q2 24 | $29.2M | $-6.0M | ||
| Q1 24 | $26.5M | $7.4M |
| Q4 25 | 4.0% | 23.0% | ||
| Q3 25 | 5.8% | 3.8% | ||
| Q2 25 | -7.0% | 0.4% | ||
| Q1 25 | -5.0% | 0.2% | ||
| Q4 24 | 21.6% | 17.3% | ||
| Q3 24 | 18.4% | 8.9% | ||
| Q2 24 | 11.3% | -5.0% | ||
| Q1 24 | 10.5% | 6.6% |
| Q4 25 | 6.5% | 2.9% | ||
| Q3 25 | 8.3% | 3.4% | ||
| Q2 25 | 6.1% | 2.9% | ||
| Q1 25 | 10.9% | 4.3% | ||
| Q4 24 | 9.9% | 4.0% | ||
| Q3 24 | 9.9% | 1.2% | ||
| Q2 24 | 9.4% | 1.0% | ||
| Q1 24 | 11.1% | 1.3% |
| Q4 25 | 2.17× | 5.39× | ||
| Q3 25 | 4.73× | 4.32× | ||
| Q2 25 | -0.34× | 8.39× | ||
| Q1 25 | 3.58× | 1.17× | ||
| Q4 24 | 9.44× | 3.94× | ||
| Q3 24 | — | 9.70× | ||
| Q2 24 | 2.65× | -0.79× | ||
| Q1 24 | 2.27× | 1.63× |
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% |
PMTS
| US Debit And Credit | $128.9M | 84% |
| US Prepaid Debit | $24.4M | 16% |
