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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Perella Weinberg Partners (PWP). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $219.2M, roughly 1.3× Perella Weinberg Partners). Perella Weinberg Partners runs the higher net margin — 6.3% vs 4.8%, a 1.5% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -2.9%). Perella Weinberg Partners produced more free cash flow last quarter ($30.5M vs $10.9M). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% 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 PWP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $219.2M |
| Net Profit | $13.3M | $13.8M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 8.5% |
| Net Margin | 4.8% | 6.3% |
| Revenue YoY | 17.1% | -2.9% |
| Net Profit YoY | 69.8% | — |
| EPS (diluted) | $0.30 | $0.11 |
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 | $219.2M | ||
| Q3 25 | $250.8M | $164.6M | ||
| Q2 25 | $250.7M | $155.3M | ||
| Q1 25 | $227.8M | $211.8M | ||
| Q4 24 | $234.3M | $225.7M | ||
| Q3 24 | $233.1M | $278.2M | ||
| Q2 24 | $257.6M | $272.0M | ||
| Q1 24 | $252.0M | $102.1M |
| Q4 25 | $13.3M | $13.8M | ||
| Q3 25 | $7.5M | $6.0M | ||
| Q2 25 | $6.6M | $2.7M | ||
| Q1 25 | $3.8M | $17.3M | ||
| Q4 24 | $7.8M | — | ||
| Q3 24 | $-233.6M | $16.4M | ||
| Q2 24 | $20.2M | $-66.0M | ||
| Q1 24 | $24.1M | $-35.8M |
| 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% | 8.5% | ||
| Q3 25 | 3.1% | 5.4% | ||
| Q2 25 | 0.0% | 5.8% | ||
| Q1 25 | 0.8% | 5.5% | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | -108.7% | 12.9% | ||
| Q2 24 | 4.7% | -30.2% | ||
| Q1 24 | 7.6% | -52.4% |
| Q4 25 | 4.8% | 6.3% | ||
| Q3 25 | 3.0% | 3.6% | ||
| Q2 25 | 2.6% | 1.8% | ||
| Q1 25 | 1.6% | 8.2% | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | -100.2% | 5.9% | ||
| Q2 24 | 7.8% | -24.3% | ||
| Q1 24 | 9.6% | -35.1% |
| Q4 25 | $0.30 | $0.11 | ||
| Q3 25 | $0.18 | $0.08 | ||
| Q2 25 | $0.16 | $0.04 | ||
| Q1 25 | $0.09 | $0.24 | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $-5.33 | $0.24 | ||
| Q2 24 | $0.45 | $-1.21 | ||
| Q1 24 | $0.52 | $-0.91 |
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 | $255.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $-127.4M |
| Total Assets | $2.4B | $797.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $255.9M | ||
| Q3 25 | $870.4M | $185.5M | ||
| Q2 25 | $899.6M | $145.0M | ||
| Q1 25 | $926.9M | $111.2M | ||
| Q4 24 | $930.2M | $407.4M | ||
| Q3 24 | $1.0B | $335.1M | ||
| Q2 24 | $1.1B | $185.3M | ||
| Q1 24 | $1.1B | $156.7M |
| Q4 25 | $2.1B | $-127.4M | ||
| Q3 25 | $2.1B | $-302.4M | ||
| Q2 25 | $2.1B | $-318.4M | ||
| Q1 25 | $2.1B | $-323.1M | ||
| Q4 24 | $2.0B | $-421.4M | ||
| Q3 24 | $2.1B | $-360.8M | ||
| Q2 24 | $2.3B | $-283.0M | ||
| Q1 24 | $2.3B | $161.9M |
| Q4 25 | $2.4B | $797.6M | ||
| Q3 25 | $2.4B | $650.2M | ||
| Q2 25 | $2.4B | $606.7M | ||
| Q1 25 | $2.3B | $570.5M | ||
| Q4 24 | $2.3B | $876.8M | ||
| Q3 24 | $2.4B | $810.9M | ||
| Q2 24 | $2.5B | $645.5M | ||
| Q1 24 | $2.6B | $583.6M |
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 | $34.8M |
| Free Cash FlowOCF − Capex | $10.9M | $30.5M |
| FCF MarginFCF / Revenue | 4.0% | 13.9% |
| Capex IntensityCapex / Revenue | 6.5% | 2.0% |
| Cash ConversionOCF / Net Profit | 2.17× | 2.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $-34.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $34.8M | ||
| Q3 25 | $35.3M | $59.2M | ||
| Q2 25 | $-2.2M | $56.1M | ||
| Q1 25 | $13.4M | $-176.5M | ||
| Q4 24 | $73.8M | $223.4M | ||
| Q3 24 | $66.1M | $200.3M | ||
| Q2 24 | $53.5M | $90.0M | ||
| Q1 24 | $54.6M | $-206.3M |
| Q4 25 | $10.9M | $30.5M | ||
| Q3 25 | $14.6M | $57.6M | ||
| Q2 25 | $-17.6M | $55.3M | ||
| Q1 25 | $-11.4M | $-177.6M | ||
| Q4 24 | $50.6M | $207.0M | ||
| Q3 24 | $43.0M | $199.3M | ||
| Q2 24 | $29.2M | $83.7M | ||
| Q1 24 | $26.5M | $-214.8M |
| Q4 25 | 4.0% | 13.9% | ||
| Q3 25 | 5.8% | 35.0% | ||
| Q2 25 | -7.0% | 35.6% | ||
| Q1 25 | -5.0% | -83.8% | ||
| Q4 24 | 21.6% | 91.7% | ||
| Q3 24 | 18.4% | 71.6% | ||
| Q2 24 | 11.3% | 30.8% | ||
| Q1 24 | 10.5% | -210.3% |
| Q4 25 | 6.5% | 2.0% | ||
| Q3 25 | 8.3% | 0.9% | ||
| Q2 25 | 6.1% | 0.5% | ||
| Q1 25 | 10.9% | 0.5% | ||
| Q4 24 | 9.9% | 7.3% | ||
| Q3 24 | 9.9% | 0.4% | ||
| Q2 24 | 9.4% | 2.3% | ||
| Q1 24 | 11.1% | 8.3% |
| Q4 25 | 2.17× | 2.52× | ||
| Q3 25 | 4.73× | 9.85× | ||
| Q2 25 | -0.34× | 20.50× | ||
| Q1 25 | 3.58× | -10.18× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 12.23× | ||
| 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% |
PWP
Segment breakdown not available.
