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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Purple Innovation, Inc. (PRPL). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $140.7M, roughly 2.0× Purple Innovation, Inc.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -2.3%, a 7.1% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 9.1%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-7.8M). Over the past eight quarters, Purple Innovation, Inc.'s revenue compounded faster (8.3% 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.
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
IPGP vs PRPL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $140.7M |
| Net Profit | $13.3M | $-3.2M |
| Gross Margin | 36.1% | 41.9% |
| Operating Margin | 1.2% | -1.6% |
| Net Margin | 4.8% | -2.3% |
| Revenue YoY | 17.1% | 9.1% |
| Net Profit YoY | 69.8% | 62.1% |
| EPS (diluted) | $0.30 | $0.03 |
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 | $140.7M | ||
| Q3 25 | $250.8M | $118.8M | ||
| Q2 25 | $250.7M | $105.1M | ||
| Q1 25 | $227.8M | $104.2M | ||
| Q4 24 | $234.3M | $129.0M | ||
| Q3 24 | $233.1M | $118.6M | ||
| Q2 24 | $257.6M | $120.3M | ||
| Q1 24 | $252.0M | $120.0M |
| Q4 25 | $13.3M | $-3.2M | ||
| Q3 25 | $7.5M | $-11.7M | ||
| Q2 25 | $6.6M | $-17.3M | ||
| Q1 25 | $3.8M | $-19.1M | ||
| Q4 24 | $7.8M | $-8.5M | ||
| Q3 24 | $-233.6M | $-39.2M | ||
| Q2 24 | $20.2M | $27.0K | ||
| Q1 24 | $24.1M | $-50.2M |
| Q4 25 | 36.1% | 41.9% | ||
| Q3 25 | 39.5% | 42.8% | ||
| Q2 25 | 37.3% | 35.9% | ||
| Q1 25 | 39.4% | 39.4% | ||
| Q4 24 | 38.6% | 42.9% | ||
| Q3 24 | 23.2% | 29.7% | ||
| Q2 24 | 37.3% | 40.7% | ||
| Q1 24 | 38.7% | 34.8% |
| Q4 25 | 1.2% | -1.6% | ||
| Q3 25 | 3.1% | -10.2% | ||
| Q2 25 | 0.0% | -13.5% | ||
| Q1 25 | 0.8% | -13.9% | ||
| Q4 24 | 6.0% | -6.0% | ||
| Q3 24 | -108.7% | -39.5% | ||
| Q2 24 | 4.7% | -12.1% | ||
| Q1 24 | 7.6% | -19.3% |
| Q4 25 | 4.8% | -2.3% | ||
| Q3 25 | 3.0% | -9.9% | ||
| Q2 25 | 2.6% | -16.5% | ||
| Q1 25 | 1.6% | -18.4% | ||
| Q4 24 | 3.3% | -6.6% | ||
| Q3 24 | -100.2% | -33.1% | ||
| Q2 24 | 7.8% | 0.0% | ||
| Q1 24 | 9.6% | -41.8% |
| Q4 25 | $0.30 | $0.03 | ||
| Q3 25 | $0.18 | $0.11 | ||
| Q2 25 | $0.16 | $0.16 | ||
| Q1 25 | $0.09 | $0.18 | ||
| Q4 24 | $0.27 | $0.08 | ||
| Q3 24 | $-5.33 | $0.36 | ||
| Q2 24 | $0.45 | $0.00 | ||
| Q1 24 | $0.52 | $0.47 |
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 | $24.3M |
| Total DebtLower is stronger | — | $126.7M |
| Stockholders' EquityBook value | $2.1B | $-29.7M |
| Total Assets | $2.4B | $296.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $24.3M | ||
| Q3 25 | $870.4M | $32.4M | ||
| Q2 25 | $899.6M | $34.2M | ||
| Q1 25 | $926.9M | $21.6M | ||
| Q4 24 | $930.2M | $29.0M | ||
| Q3 24 | $1.0B | $23.4M | ||
| Q2 24 | $1.1B | $23.4M | ||
| Q1 24 | $1.1B | $34.5M |
| Q4 25 | — | $126.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $70.7M | ||
| Q3 24 | — | $50.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.1B | $-29.7M | ||
| Q3 25 | $2.1B | $-26.9M | ||
| Q2 25 | $2.1B | $-15.6M | ||
| Q1 25 | $2.1B | $1.3M | ||
| Q4 24 | $2.0B | $20.2M | ||
| Q3 24 | $2.1B | $28.0M | ||
| Q2 24 | $2.3B | $66.4M | ||
| Q1 24 | $2.3B | $65.5M |
| Q4 25 | $2.4B | $296.3M | ||
| Q3 25 | $2.4B | $302.1M | ||
| Q2 25 | $2.4B | $303.8M | ||
| Q1 25 | $2.3B | $293.8M | ||
| Q4 24 | $2.3B | $307.8M | ||
| Q3 24 | $2.4B | $309.3M | ||
| Q2 24 | $2.5B | $362.1M | ||
| Q1 24 | $2.6B | $382.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.50× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-5.8M |
| Free Cash FlowOCF − Capex | $10.9M | $-7.8M |
| FCF MarginFCF / Revenue | 4.0% | -5.5% |
| Capex IntensityCapex / Revenue | 6.5% | 1.4% |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $-41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $-5.8M | ||
| Q3 25 | $35.3M | $-968.0K | ||
| Q2 25 | $-2.2M | $-4.0M | ||
| Q1 25 | $13.4M | $-23.1M | ||
| Q4 24 | $73.8M | $6.8M | ||
| Q3 24 | $66.1M | $1.1M | ||
| Q2 24 | $53.5M | $-8.9M | ||
| Q1 24 | $54.6M | $-16.8M |
| Q4 25 | $10.9M | $-7.8M | ||
| Q3 25 | $14.6M | $-1.8M | ||
| Q2 25 | $-17.6M | $-7.0M | ||
| Q1 25 | $-11.4M | $-25.3M | ||
| Q4 24 | $50.6M | $5.7M | ||
| Q3 24 | $43.0M | $101.0K | ||
| Q2 24 | $29.2M | $-11.0M | ||
| Q1 24 | $26.5M | $-19.9M |
| Q4 25 | 4.0% | -5.5% | ||
| Q3 25 | 5.8% | -1.5% | ||
| Q2 25 | -7.0% | -6.6% | ||
| Q1 25 | -5.0% | -24.3% | ||
| Q4 24 | 21.6% | 4.4% | ||
| Q3 24 | 18.4% | 0.1% | ||
| Q2 24 | 11.3% | -9.2% | ||
| Q1 24 | 10.5% | -16.5% |
| Q4 25 | 6.5% | 1.4% | ||
| Q3 25 | 8.3% | 0.7% | ||
| Q2 25 | 6.1% | 2.8% | ||
| Q1 25 | 10.9% | 2.2% | ||
| Q4 24 | 9.9% | 0.8% | ||
| Q3 24 | 9.9% | 0.9% | ||
| Q2 24 | 9.4% | 1.7% | ||
| Q1 24 | 11.1% | 2.5% |
| 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× | -330.22× | ||
| 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% |
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
