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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
Skyward Specialty Insurance Group, Inc. is the larger business by last-quarter revenue ($385.6M vs $274.5M, roughly 1.4× IPG PHOTONICS CORP). Skyward Specialty Insurance Group, Inc. runs the higher net margin — 11.2% vs 4.8%, a 6.4% gap on every dollar of revenue. On growth, Skyward Specialty Insurance Group, Inc. posted the faster year-over-year revenue change (26.7% vs 17.1%). Skyward Specialty Insurance Group, Inc. produced more free cash flow last quarter ($402.6M vs $10.9M). Over the past eight quarters, Skyward Specialty Insurance Group, Inc.'s revenue compounded faster (20.6% 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.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
IPGP vs SKWD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $385.6M |
| Net Profit | $13.3M | $43.2M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 14.2% |
| Net Margin | 4.8% | 11.2% |
| Revenue YoY | 17.1% | 26.7% |
| Net Profit YoY | 69.8% | 200.1% |
| EPS (diluted) | $0.30 | $1.03 |
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 | $385.6M | ||
| Q3 25 | $250.8M | $382.5M | ||
| Q2 25 | $250.7M | $319.9M | ||
| Q1 25 | $227.8M | $328.5M | ||
| Q4 24 | $234.3M | $304.4M | ||
| Q3 24 | $233.1M | $300.9M | ||
| Q2 24 | $257.6M | $279.9M | ||
| Q1 24 | $252.0M | $265.0M |
| Q4 25 | $13.3M | $43.2M | ||
| Q3 25 | $7.5M | $45.9M | ||
| Q2 25 | $6.6M | $38.8M | ||
| Q1 25 | $3.8M | $42.1M | ||
| Q4 24 | $7.8M | $14.4M | ||
| Q3 24 | $-233.6M | $36.7M | ||
| Q2 24 | $20.2M | $31.0M | ||
| Q1 24 | $24.1M | $36.8M |
| 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% | 14.2% | ||
| Q3 25 | 3.1% | 15.8% | ||
| Q2 25 | 0.0% | 15.6% | ||
| Q1 25 | 0.8% | 15.7% | ||
| Q4 24 | 6.0% | 6.1% | ||
| Q3 24 | -108.7% | 15.6% | ||
| Q2 24 | 4.7% | 14.4% | ||
| Q1 24 | 7.6% | 17.7% |
| Q4 25 | 4.8% | 11.2% | ||
| Q3 25 | 3.0% | 12.0% | ||
| Q2 25 | 2.6% | 12.1% | ||
| Q1 25 | 1.6% | 12.8% | ||
| Q4 24 | 3.3% | 4.7% | ||
| Q3 24 | -100.2% | 12.2% | ||
| Q2 24 | 7.8% | 11.1% | ||
| Q1 24 | 9.6% | 13.9% |
| Q4 25 | $0.30 | $1.03 | ||
| Q3 25 | $0.18 | $1.10 | ||
| Q2 25 | $0.16 | $0.93 | ||
| Q1 25 | $0.09 | $1.01 | ||
| Q4 24 | $0.27 | $0.33 | ||
| Q3 24 | $-5.33 | $0.89 | ||
| Q2 24 | $0.45 | $0.75 | ||
| Q1 24 | $0.52 | $0.90 |
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 | $168.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $1.0B |
| Total Assets | $2.4B | $4.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $168.5M | ||
| Q3 25 | $870.4M | $160.1M | ||
| Q2 25 | $899.6M | $136.6M | ||
| Q1 25 | $926.9M | $112.9M | ||
| Q4 24 | $930.2M | $121.6M | ||
| Q3 24 | $1.0B | $105.6M | ||
| Q2 24 | $1.1B | $73.0M | ||
| Q1 24 | $1.1B | $85.1M |
| Q4 25 | $2.1B | $1.0B | ||
| Q3 25 | $2.1B | $961.4M | ||
| Q2 25 | $2.1B | $899.9M | ||
| Q1 25 | $2.1B | $850.7M | ||
| Q4 24 | $2.0B | $794.0M | ||
| Q3 24 | $2.1B | $797.5M | ||
| Q2 24 | $2.3B | $723.6M | ||
| Q1 24 | $2.3B | $692.3M |
| Q4 25 | $2.4B | $4.8B | ||
| Q3 25 | $2.4B | $4.6B | ||
| Q2 25 | $2.4B | $4.3B | ||
| Q1 25 | $2.3B | $4.0B | ||
| Q4 24 | $2.3B | $3.7B | ||
| Q3 24 | $2.4B | $3.6B | ||
| Q2 24 | $2.5B | $3.4B | ||
| Q1 24 | $2.6B | $3.2B |
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 | $408.1M |
| Free Cash FlowOCF − Capex | $10.9M | $402.6M |
| FCF MarginFCF / Revenue | 4.0% | 104.4% |
| Capex IntensityCapex / Revenue | 6.5% | 1.4% |
| Cash ConversionOCF / Net Profit | 2.17× | 9.44× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $755.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $408.1M | ||
| Q3 25 | $35.3M | $171.4M | ||
| Q2 25 | $-2.2M | $88.2M | ||
| Q1 25 | $13.4M | $96.8M | ||
| Q4 24 | $73.8M | $305.1M | ||
| Q3 24 | $66.1M | $168.0M | ||
| Q2 24 | $53.5M | $21.0M | ||
| Q1 24 | $54.6M | $94.3M |
| Q4 25 | $10.9M | $402.6M | ||
| Q3 25 | $14.6M | $168.9M | ||
| Q2 25 | $-17.6M | $87.1M | ||
| Q1 25 | $-11.4M | $96.6M | ||
| Q4 24 | $50.6M | $300.9M | ||
| Q3 24 | $43.0M | $167.6M | ||
| Q2 24 | $29.2M | $18.4M | ||
| Q1 24 | $26.5M | $94.0M |
| Q4 25 | 4.0% | 104.4% | ||
| Q3 25 | 5.8% | 44.2% | ||
| Q2 25 | -7.0% | 27.2% | ||
| Q1 25 | -5.0% | 29.4% | ||
| Q4 24 | 21.6% | 98.8% | ||
| Q3 24 | 18.4% | 55.7% | ||
| Q2 24 | 11.3% | 6.6% | ||
| Q1 24 | 10.5% | 35.5% |
| Q4 25 | 6.5% | 1.4% | ||
| Q3 25 | 8.3% | 0.6% | ||
| Q2 25 | 6.1% | 0.3% | ||
| Q1 25 | 10.9% | 0.1% | ||
| Q4 24 | 9.9% | 1.4% | ||
| Q3 24 | 9.9% | 0.1% | ||
| Q2 24 | 9.4% | 0.9% | ||
| Q1 24 | 11.1% | 0.1% |
| Q4 25 | 2.17× | 9.44× | ||
| Q3 25 | 4.73× | 3.73× | ||
| Q2 25 | -0.34× | 2.27× | ||
| Q1 25 | 3.58× | 2.30× | ||
| Q4 24 | 9.44× | 21.18× | ||
| Q3 24 | — | 4.58× | ||
| Q2 24 | 2.65× | 0.68× | ||
| Q1 24 | 2.27× | 2.56× |
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% |
SKWD
Segment breakdown not available.
