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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and ROGERS CORP (ROG). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $200.5M, roughly 1.4× ROGERS CORP). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs 2.2%, a 2.6% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 5.2%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $1.1M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -3.3%).
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.
Rogers Corporation is a specialty engineered materials company headquartered in Chandler, Arizona.
IPGP vs ROG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $200.5M |
| Net Profit | $13.3M | $4.5M |
| Gross Margin | 36.1% | 32.2% |
| Operating Margin | 1.2% | — |
| Net Margin | 4.8% | 2.2% |
| Revenue YoY | 17.1% | 5.2% |
| Net Profit YoY | 69.8% | 421.4% |
| EPS (diluted) | $0.30 | $0.25 |
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.
| Q1 26 | — | $200.5M | ||
| Q4 25 | $274.5M | $201.5M | ||
| Q3 25 | $250.8M | $216.0M | ||
| Q2 25 | $250.7M | $202.8M | ||
| Q1 25 | $227.8M | $190.5M | ||
| Q4 24 | $234.3M | $192.2M | ||
| Q3 24 | $233.1M | $210.3M | ||
| Q2 24 | $257.6M | $214.2M |
| Q1 26 | — | $4.5M | ||
| Q4 25 | $13.3M | $4.6M | ||
| Q3 25 | $7.5M | $8.6M | ||
| Q2 25 | $6.6M | $-73.6M | ||
| Q1 25 | $3.8M | $-1.4M | ||
| Q4 24 | $7.8M | $-500.0K | ||
| Q3 24 | $-233.6M | $10.7M | ||
| Q2 24 | $20.2M | $8.1M |
| Q1 26 | — | 32.2% | ||
| Q4 25 | 36.1% | 31.5% | ||
| Q3 25 | 39.5% | 33.5% | ||
| Q2 25 | 37.3% | 31.6% | ||
| Q1 25 | 39.4% | 29.9% | ||
| Q4 24 | 38.6% | 32.1% | ||
| Q3 24 | 23.2% | 35.2% | ||
| Q2 24 | 37.3% | 34.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 3.5% | ||
| Q3 25 | 3.1% | 7.3% | ||
| Q2 25 | 0.0% | -33.3% | ||
| Q1 25 | 0.8% | -0.2% | ||
| Q4 24 | 6.0% | -6.6% | ||
| Q3 24 | -108.7% | 6.9% | ||
| Q2 24 | 4.7% | 5.3% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 4.8% | 2.3% | ||
| Q3 25 | 3.0% | 4.0% | ||
| Q2 25 | 2.6% | -36.3% | ||
| Q1 25 | 1.6% | -0.7% | ||
| Q4 24 | 3.3% | -0.3% | ||
| Q3 24 | -100.2% | 5.1% | ||
| Q2 24 | 7.8% | 3.8% |
| Q1 26 | — | $0.25 | ||
| Q4 25 | $0.30 | $0.20 | ||
| Q3 25 | $0.18 | $0.48 | ||
| Q2 25 | $0.16 | $-4.00 | ||
| Q1 25 | $0.09 | $-0.08 | ||
| Q4 24 | $0.27 | $-0.04 | ||
| Q3 24 | $-5.33 | $0.58 | ||
| Q2 24 | $0.45 | $0.44 |
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 | $195.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $1.2B |
| Total Assets | $2.4B | $1.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $195.8M | ||
| Q4 25 | $839.3M | $197.0M | ||
| Q3 25 | $870.4M | $167.8M | ||
| Q2 25 | $899.6M | $157.2M | ||
| Q1 25 | $926.9M | $175.6M | ||
| Q4 24 | $930.2M | $159.8M | ||
| Q3 24 | $1.0B | $146.4M | ||
| Q2 24 | $1.1B | $119.9M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.1B | $1.3B | ||
| Q4 24 | $2.0B | $1.3B | ||
| Q3 24 | $2.1B | $1.3B | ||
| Q2 24 | $2.3B | $1.3B |
| Q1 26 | — | $1.4B | ||
| Q4 25 | $2.4B | $1.4B | ||
| Q3 25 | $2.4B | $1.4B | ||
| Q2 25 | $2.4B | $1.5B | ||
| Q1 25 | $2.3B | $1.5B | ||
| Q4 24 | $2.3B | $1.5B | ||
| Q3 24 | $2.4B | $1.5B | ||
| Q2 24 | $2.5B | $1.5B |
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 | $1.1M |
| FCF MarginFCF / Revenue | 4.0% | 0.5% |
| Capex IntensityCapex / Revenue | 6.5% | 2.3% |
| Cash ConversionOCF / Net Profit | 2.17× | 1.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $70.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.8M | ||
| Q4 25 | $28.8M | $46.9M | ||
| Q3 25 | $35.3M | $28.9M | ||
| Q2 25 | $-2.2M | $13.7M | ||
| Q1 25 | $13.4M | $11.7M | ||
| Q4 24 | $73.8M | $33.7M | ||
| Q3 24 | $66.1M | $42.4M | ||
| Q2 24 | $53.5M | $22.9M |
| Q1 26 | — | $1.1M | ||
| Q4 25 | $10.9M | $42.2M | ||
| Q3 25 | $14.6M | $21.2M | ||
| Q2 25 | $-17.6M | $5.6M | ||
| Q1 25 | $-11.4M | $2.1M | ||
| Q4 24 | $50.6M | $18.3M | ||
| Q3 24 | $43.0M | $25.2M | ||
| Q2 24 | $29.2M | $8.8M |
| Q1 26 | — | 0.5% | ||
| Q4 25 | 4.0% | 20.9% | ||
| Q3 25 | 5.8% | 9.8% | ||
| Q2 25 | -7.0% | 2.8% | ||
| Q1 25 | -5.0% | 1.1% | ||
| Q4 24 | 21.6% | 9.5% | ||
| Q3 24 | 18.4% | 12.0% | ||
| Q2 24 | 11.3% | 4.1% |
| Q1 26 | — | 2.3% | ||
| Q4 25 | 6.5% | 2.3% | ||
| Q3 25 | 8.3% | 3.6% | ||
| Q2 25 | 6.1% | 4.0% | ||
| Q1 25 | 10.9% | 5.0% | ||
| Q4 24 | 9.9% | 8.0% | ||
| Q3 24 | 9.9% | 8.2% | ||
| Q2 24 | 9.4% | 6.6% |
| Q1 26 | — | 1.29× | ||
| Q4 25 | 2.17× | 10.20× | ||
| Q3 25 | 4.73× | 3.36× | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 3.96× | ||
| Q2 24 | 2.65× | 2.83× |
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% |
ROG
Segment breakdown not available.
