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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and ONE Group Hospitality, Inc. (STKS). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $207.0M, roughly 1.3× ONE Group Hospitality, Inc.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -3.1%, a 7.9% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -6.7%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-329.0K). Over the past eight quarters, ONE Group Hospitality, Inc.'s revenue compounded faster (56.1% 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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
IPGP vs STKS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $207.0M |
| Net Profit | $13.3M | $-6.4M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 2.2% |
| Net Margin | 4.8% | -3.1% |
| Revenue YoY | 17.1% | -6.7% |
| Net Profit YoY | 69.8% | -531.8% |
| EPS (diluted) | $0.30 | $-0.50 |
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 | $207.0M | ||
| Q3 25 | $250.8M | $180.2M | ||
| Q2 25 | $250.7M | $207.4M | ||
| Q1 25 | $227.8M | $211.1M | ||
| Q4 24 | $234.3M | $221.9M | ||
| Q3 24 | $233.1M | $194.0M | ||
| Q2 24 | $257.6M | $172.5M | ||
| Q1 24 | $252.0M | $85.0M |
| Q4 25 | $13.3M | $-6.4M | ||
| Q3 25 | $7.5M | $-76.7M | ||
| Q2 25 | $6.6M | $-10.1M | ||
| Q1 25 | $3.8M | $975.0K | ||
| Q4 24 | $7.8M | $1.5M | ||
| Q3 24 | $-233.6M | $-9.3M | ||
| Q2 24 | $20.2M | $-7.3M | ||
| Q1 24 | $24.1M | $-2.1M |
| 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% | 2.2% | ||
| Q3 25 | 3.1% | -4.4% | ||
| Q2 25 | 0.0% | 0.3% | ||
| Q1 25 | 0.8% | 5.1% | ||
| Q4 24 | 6.0% | 5.5% | ||
| Q3 24 | -108.7% | -1.9% | ||
| Q2 24 | 4.7% | 0.6% | ||
| Q1 24 | 7.6% | -0.7% |
| Q4 25 | 4.8% | -3.1% | ||
| Q3 25 | 3.0% | -42.6% | ||
| Q2 25 | 2.6% | -4.9% | ||
| Q1 25 | 1.6% | 0.5% | ||
| Q4 24 | 3.3% | 0.7% | ||
| Q3 24 | -100.2% | -4.8% | ||
| Q2 24 | 7.8% | -4.3% | ||
| Q1 24 | 9.6% | -2.4% |
| Q4 25 | $0.30 | $-0.50 | ||
| Q3 25 | $0.18 | $-2.75 | ||
| Q2 25 | $0.16 | $-0.59 | ||
| Q1 25 | $0.09 | $-0.21 | ||
| Q4 24 | $0.27 | $-0.18 | ||
| Q3 24 | $-5.33 | $-0.53 | ||
| Q2 24 | $0.45 | $-0.38 | ||
| Q1 24 | $0.52 | $-0.07 |
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 | $4.2M |
| Total DebtLower is stronger | — | $354.2M |
| Stockholders' EquityBook value | $2.1B | $-75.8M |
| Total Assets | $2.4B | $884.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $4.2M | ||
| Q3 25 | $870.4M | $5.5M | ||
| Q2 25 | $899.6M | $4.7M | ||
| Q1 25 | $926.9M | $21.4M | ||
| Q4 24 | $930.2M | $27.6M | ||
| Q3 24 | $1.0B | $28.2M | ||
| Q2 24 | $1.1B | $32.2M | ||
| Q1 24 | $1.1B | $15.4M |
| Q4 25 | — | $354.2M | ||
| Q3 25 | — | $355.0M | ||
| Q2 25 | — | $347.4M | ||
| Q1 25 | — | $348.3M | ||
| Q4 24 | — | $348.3M | ||
| Q3 24 | — | $349.1M | ||
| Q2 24 | — | $350.0M | ||
| Q1 24 | — | $73.5M |
| Q4 25 | $2.1B | $-75.8M | ||
| Q3 25 | $2.1B | $-61.5M | ||
| Q2 25 | $2.1B | $23.0M | ||
| Q1 25 | $2.1B | $40.5M | ||
| Q4 24 | $2.0B | $45.9M | ||
| Q3 24 | $2.1B | $51.4M | ||
| Q2 24 | $2.3B | $68.1M | ||
| Q1 24 | $2.3B | $68.3M |
| Q4 25 | $2.4B | $884.2M | ||
| Q3 25 | $2.4B | $879.5M | ||
| Q2 25 | $2.4B | $935.7M | ||
| Q1 25 | $2.3B | $956.0M | ||
| Q4 24 | $2.3B | $960.1M | ||
| Q3 24 | $2.4B | $953.5M | ||
| Q2 24 | $2.5B | $945.9M | ||
| Q1 24 | $2.6B | $309.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 15.07× | ||
| Q1 25 | — | 8.61× | ||
| Q4 24 | — | 7.59× | ||
| Q3 24 | — | 6.79× | ||
| Q2 24 | — | 5.14× | ||
| Q1 24 | — | 1.08× |
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 | $13.1M |
| Free Cash FlowOCF − Capex | $10.9M | $-329.0K |
| FCF MarginFCF / Revenue | 4.0% | -0.2% |
| Capex IntensityCapex / Revenue | 6.5% | 6.5% |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $-27.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $13.1M | ||
| Q3 25 | $35.3M | $5.9M | ||
| Q2 25 | $-2.2M | $2.8M | ||
| Q1 25 | $13.4M | $8.5M | ||
| Q4 24 | $73.8M | $18.5M | ||
| Q3 24 | $66.1M | $19.1M | ||
| Q2 24 | $53.5M | $-3.8M | ||
| Q1 24 | $54.6M | $10.4M |
| Q4 25 | $10.9M | $-329.0K | ||
| Q3 25 | $14.6M | $-6.1M | ||
| Q2 25 | $-17.6M | $-15.0M | ||
| Q1 25 | $-11.4M | $-5.8M | ||
| Q4 24 | $50.6M | $733.0K | ||
| Q3 24 | $43.0M | $287.0K | ||
| Q2 24 | $29.2M | $-23.0M | ||
| Q1 24 | $26.5M | $-5.4M |
| Q4 25 | 4.0% | -0.2% | ||
| Q3 25 | 5.8% | -3.4% | ||
| Q2 25 | -7.0% | -7.2% | ||
| Q1 25 | -5.0% | -2.7% | ||
| Q4 24 | 21.6% | 0.3% | ||
| Q3 24 | 18.4% | 0.1% | ||
| Q2 24 | 11.3% | -13.3% | ||
| Q1 24 | 10.5% | -6.4% |
| Q4 25 | 6.5% | 6.5% | ||
| Q3 25 | 8.3% | 6.7% | ||
| Q2 25 | 6.1% | 8.6% | ||
| Q1 25 | 10.9% | 6.8% | ||
| Q4 24 | 9.9% | 8.0% | ||
| Q3 24 | 9.9% | 9.7% | ||
| Q2 24 | 9.4% | 11.1% | ||
| Q1 24 | 11.1% | 18.6% |
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | 8.76× | ||
| Q4 24 | 9.44× | 12.54× | ||
| Q3 24 | — | — | ||
| 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% |
STKS
| Benihanas | $111.3M | 54% |
| Steakhouse Restaurant | $59.2M | 29% |
| Grill Concepts | $32.3M | 16% |
| Other | $4.2M | 2% |
