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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and TANGER INC. (SKT). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $150.4M, roughly 1.8× TANGER INC.). TANGER INC. runs the higher net margin — 19.6% vs 4.8%, a 14.7% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 11.1%). Over the past eight quarters, TANGER INC.'s revenue compounded faster (8.0% 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.
Tanger Inc. is a real estate investment trust headquartered in Greensboro, North Carolina, that invests in open air outlet and lifestyle shopping centers in the United States and Canada.
IPGP vs SKT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $150.4M |
| Net Profit | $13.3M | $29.4M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | — |
| Net Margin | 4.8% | 19.6% |
| Revenue YoY | 17.1% | 11.1% |
| Net Profit YoY | 69.8% | 47.1% |
| EPS (diluted) | $0.30 | $1.05 |
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.
| Q1 26 | — | $150.4M | ||
| Q4 25 | $274.5M | $151.0M | ||
| Q3 25 | $250.8M | $145.2M | ||
| Q2 25 | $250.7M | $140.7M | ||
| Q1 25 | $227.8M | $135.4M | ||
| Q4 24 | $234.3M | $132.2M | ||
| Q3 24 | $233.1M | $133.0M | ||
| Q2 24 | $257.6M | $129.0M |
| Q1 26 | — | $29.4M | ||
| Q4 25 | $13.3M | — | ||
| Q3 25 | $7.5M | $32.0M | ||
| Q2 25 | $6.6M | $30.1M | ||
| Q1 25 | $3.8M | $19.2M | ||
| Q4 24 | $7.8M | — | ||
| Q3 24 | $-233.6M | $24.9M | ||
| Q2 24 | $20.2M | $24.8M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 1.2% | — | ||
| Q3 25 | 3.1% | 20.1% | ||
| Q2 25 | 0.0% | 20.1% | ||
| Q1 25 | 0.8% | 13.0% | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | -108.7% | 17.8% | ||
| Q2 24 | 4.7% | 17.8% |
| Q1 26 | — | 19.6% | ||
| Q4 25 | 4.8% | — | ||
| Q3 25 | 3.0% | 22.1% | ||
| Q2 25 | 2.6% | 21.4% | ||
| Q1 25 | 1.6% | 14.2% | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | -100.2% | 18.7% | ||
| Q2 24 | 7.8% | 19.3% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $0.30 | — | ||
| Q3 25 | $0.18 | $0.28 | ||
| Q2 25 | $0.16 | $0.26 | ||
| Q1 25 | $0.09 | $0.17 | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $-5.33 | $0.22 | ||
| Q2 24 | $0.45 | $0.22 |
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 | $227.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $697.8M |
| Total Assets | $2.4B | $2.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $227.4M | ||
| Q4 25 | $839.3M | $18.1M | ||
| Q3 25 | $870.4M | $13.0M | ||
| Q2 25 | $899.6M | $9.7M | ||
| Q1 25 | $926.9M | $10.2M | ||
| Q4 24 | $930.2M | $47.0M | ||
| Q3 24 | $1.0B | $11.1M | ||
| Q2 24 | $1.1B | $11.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.5B |
| Q1 26 | — | $697.8M | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $703.6M | ||
| Q2 25 | $2.1B | $635.2M | ||
| Q1 25 | $2.1B | $633.9M | ||
| Q4 24 | $2.0B | $652.4M | ||
| Q3 24 | $2.1B | $568.3M | ||
| Q2 24 | $2.3B | $553.7M |
| Q1 26 | — | $2.8B | ||
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | $2.6B | ||
| Q2 25 | $2.4B | $2.5B | ||
| Q1 25 | $2.3B | $2.5B | ||
| Q4 24 | $2.3B | $2.4B | ||
| Q3 24 | $2.4B | $2.3B | ||
| Q2 24 | $2.5B | $2.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 2.29× | ||
| Q2 25 | — | 2.40× | ||
| Q1 25 | — | 2.47× | ||
| Q4 24 | — | 2.18× | ||
| Q3 24 | — | 2.51× | ||
| Q2 24 | — | 2.64× |
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 | — |
| Free Cash FlowOCF − Capex | $10.9M | — |
| FCF MarginFCF / Revenue | 4.0% | — |
| Capex IntensityCapex / Revenue | 6.5% | 6.6% |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $28.8M | — | ||
| Q3 25 | $35.3M | $74.3M | ||
| Q2 25 | $-2.2M | $82.0M | ||
| Q1 25 | $13.4M | $41.4M | ||
| Q4 24 | $73.8M | — | ||
| Q3 24 | $66.1M | $65.2M | ||
| Q2 24 | $53.5M | $72.8M |
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | — | ||
| Q3 25 | $14.6M | — | ||
| Q2 25 | $-17.6M | — | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $50.6M | — | ||
| Q3 24 | $43.0M | — | ||
| Q2 24 | $29.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | -5.0% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 18.4% | — | ||
| Q2 24 | 11.3% | — |
| Q1 26 | — | 6.6% | ||
| Q4 25 | 6.5% | — | ||
| Q3 25 | 8.3% | — | ||
| Q2 25 | 6.1% | — | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 9.9% | — | ||
| Q2 24 | 9.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 2.32× | ||
| Q2 25 | -0.34× | 2.73× | ||
| Q1 25 | 3.58× | 2.16× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 2.62× | ||
| Q2 24 | 2.65× | 2.93× |
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% |
SKT
| Rental revenue | $143.5M | 95% |
| Other revenue | $4.7M | 3% |
| Management, leasing and other services | $2.2M | 1% |
