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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and TIDEWATER INC (TDW). Click either name above to swap in a different company.
TIDEWATER INC is the larger business by last-quarter revenue ($336.8M vs $274.5M, roughly 1.2× IPG PHOTONICS CORP). TIDEWATER INC runs the higher net margin — 65.3% vs 4.8%, a 60.5% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -2.4%). TIDEWATER INC produced more free cash flow last quarter ($147.8M vs $10.9M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs 2.4%).
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.
Tidewater, Inc. is a publicly traded international petroleum service company headquartered in Houston, Texas, U.S. It operates a fleet of ships, primarily providing vessels and marine services to the offshore petroleum and offshore wind industries.
IPGP vs TDW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $336.8M |
| Net Profit | $13.3M | $219.9M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 19.0% |
| Net Margin | 4.8% | 65.3% |
| Revenue YoY | 17.1% | -2.4% |
| Net Profit YoY | 69.8% | 495.8% |
| EPS (diluted) | $0.30 | $4.37 |
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 | $336.8M | ||
| Q3 25 | $250.8M | $341.1M | ||
| Q2 25 | $250.7M | $341.4M | ||
| Q1 25 | $227.8M | $333.4M | ||
| Q4 24 | $234.3M | $345.1M | ||
| Q3 24 | $233.1M | $340.4M | ||
| Q2 24 | $257.6M | $339.2M | ||
| Q1 24 | $252.0M | $321.2M |
| Q4 25 | $13.3M | $219.9M | ||
| Q3 25 | $7.5M | $-806.0K | ||
| Q2 25 | $6.6M | $72.9M | ||
| Q1 25 | $3.8M | $42.7M | ||
| Q4 24 | $7.8M | $36.9M | ||
| Q3 24 | $-233.6M | $46.4M | ||
| Q2 24 | $20.2M | $50.4M | ||
| Q1 24 | $24.1M | $47.0M |
| 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% | 19.0% | ||
| Q3 25 | 3.1% | 18.4% | ||
| Q2 25 | 0.0% | 23.7% | ||
| Q1 25 | 0.8% | 22.5% | ||
| Q4 24 | 6.0% | 23.6% | ||
| Q3 24 | -108.7% | 20.6% | ||
| Q2 24 | 4.7% | 23.0% | ||
| Q1 24 | 7.6% | 25.5% |
| Q4 25 | 4.8% | 65.3% | ||
| Q3 25 | 3.0% | -0.2% | ||
| Q2 25 | 2.6% | 21.4% | ||
| Q1 25 | 1.6% | 12.8% | ||
| Q4 24 | 3.3% | 10.7% | ||
| Q3 24 | -100.2% | 13.6% | ||
| Q2 24 | 7.8% | 14.8% | ||
| Q1 24 | 9.6% | 14.6% |
| Q4 25 | $0.30 | $4.37 | ||
| Q3 25 | $0.18 | $-0.02 | ||
| Q2 25 | $0.16 | $1.46 | ||
| Q1 25 | $0.09 | $0.83 | ||
| Q4 24 | $0.27 | $0.70 | ||
| Q3 24 | $-5.33 | $0.87 | ||
| Q2 24 | $0.45 | $0.94 | ||
| Q1 24 | $0.52 | $0.89 |
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 | $578.8M |
| Total DebtLower is stronger | — | $670.1M |
| Stockholders' EquityBook value | $2.1B | $1.4B |
| Total Assets | $2.4B | $2.4B |
| Debt / EquityLower = less leverage | — | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $578.8M | ||
| Q3 25 | $870.4M | $428.2M | ||
| Q2 25 | $899.6M | $369.4M | ||
| Q1 25 | $926.9M | $341.8M | ||
| Q4 24 | $930.2M | $324.9M | ||
| Q3 24 | $1.0B | $280.8M | ||
| Q2 24 | $1.1B | $315.9M | ||
| Q1 24 | $1.1B | $280.9M |
| Q4 25 | — | $670.1M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $647.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.1B | $1.4B | ||
| Q3 25 | $2.1B | $1.1B | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $2.1B | $1.1B | ||
| Q4 24 | $2.0B | $1.1B | ||
| Q3 24 | $2.1B | $1.1B | ||
| Q2 24 | $2.3B | $1.1B | ||
| Q1 24 | $2.3B | $1.1B |
| Q4 25 | $2.4B | $2.4B | ||
| Q3 25 | $2.4B | $2.1B | ||
| Q2 25 | $2.4B | $2.1B | ||
| Q1 25 | $2.3B | $2.1B | ||
| Q4 24 | $2.3B | $2.1B | ||
| Q3 24 | $2.4B | $2.0B | ||
| Q2 24 | $2.5B | $2.1B | ||
| Q1 24 | $2.6B | $2.1B |
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.58× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $153.0M |
| Free Cash FlowOCF − Capex | $10.9M | $147.8M |
| FCF MarginFCF / Revenue | 4.0% | 43.9% |
| Capex IntensityCapex / Revenue | 6.5% | 1.5% |
| Cash ConversionOCF / Net Profit | 2.17× | 0.70× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $353.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $153.0M | ||
| Q3 25 | $35.3M | $54.7M | ||
| Q2 25 | $-2.2M | $85.4M | ||
| Q1 25 | $13.4M | $86.0M | ||
| Q4 24 | $73.8M | $100.0M | ||
| Q3 24 | $66.1M | $49.0M | ||
| Q2 24 | $53.5M | $78.6M | ||
| Q1 24 | $54.6M | $54.8M |
| Q4 25 | $10.9M | $147.8M | ||
| Q3 25 | $14.6M | $49.6M | ||
| Q2 25 | $-17.6M | $80.2M | ||
| Q1 25 | $-11.4M | $75.7M | ||
| Q4 24 | $50.6M | $95.5M | ||
| Q3 24 | $43.0M | $43.3M | ||
| Q2 24 | $29.2M | $72.3M | ||
| Q1 24 | $26.5M | $43.8M |
| Q4 25 | 4.0% | 43.9% | ||
| Q3 25 | 5.8% | 14.5% | ||
| Q2 25 | -7.0% | 23.5% | ||
| Q1 25 | -5.0% | 22.7% | ||
| Q4 24 | 21.6% | 27.7% | ||
| Q3 24 | 18.4% | 12.7% | ||
| Q2 24 | 11.3% | 21.3% | ||
| Q1 24 | 10.5% | 13.6% |
| Q4 25 | 6.5% | 1.5% | ||
| Q3 25 | 8.3% | 1.5% | ||
| Q2 25 | 6.1% | 1.5% | ||
| Q1 25 | 10.9% | 3.1% | ||
| Q4 24 | 9.9% | 1.3% | ||
| Q3 24 | 9.9% | 1.7% | ||
| Q2 24 | 9.4% | 1.9% | ||
| Q1 24 | 11.1% | 3.4% |
| Q4 25 | 2.17× | 0.70× | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | 1.17× | ||
| Q1 25 | 3.58× | 2.02× | ||
| Q4 24 | 9.44× | 2.71× | ||
| Q3 24 | — | 1.06× | ||
| Q2 24 | 2.65× | 1.56× | ||
| Q1 24 | 2.27× | 1.16× |
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% |
TDW
Segment breakdown not available.
