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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Bio-Techne (TECH). Click either name above to swap in a different company.
Bio-Techne is the larger business by last-quarter revenue ($295.9M vs $274.5M, roughly 1.1× IPG PHOTONICS CORP). Bio-Techne runs the higher net margin — 12.8% vs 4.8%, a 8.0% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -6.4%). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs 4.2%).
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.
Bio-Techne Corporation is an American life sciences company that develops, manufactures and sells life science reagents, instruments and services for the research, diagnostic, and bioprocessing markets.
IPGP vs TECH — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $295.9M |
| Net Profit | $13.3M | $38.0M |
| Gross Margin | 36.1% | 64.6% |
| Operating Margin | 1.2% | 18.4% |
| Net Margin | 4.8% | 12.8% |
| Revenue YoY | 17.1% | -6.4% |
| Net Profit YoY | 69.8% | 68.3% |
| EPS (diluted) | $0.30 | $0.24 |
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 | $295.9M | ||
| Q3 25 | $250.8M | — | ||
| Q2 25 | $250.7M | $317.0M | ||
| Q1 25 | $227.8M | $316.2M | ||
| Q4 24 | $234.3M | $297.0M | ||
| Q3 24 | $233.1M | $289.5M | ||
| Q2 24 | $257.6M | $306.1M | ||
| Q1 24 | $252.0M | $303.4M |
| Q4 25 | $13.3M | $38.0M | ||
| Q3 25 | $7.5M | — | ||
| Q2 25 | $6.6M | $-17.7M | ||
| Q1 25 | $3.8M | $22.6M | ||
| Q4 24 | $7.8M | $34.9M | ||
| Q3 24 | $-233.6M | $33.6M | ||
| Q2 24 | $20.2M | $40.6M | ||
| Q1 24 | $24.1M | $49.1M |
| Q4 25 | 36.1% | 64.6% | ||
| Q3 25 | 39.5% | — | ||
| Q2 25 | 37.3% | 62.7% | ||
| Q1 25 | 39.4% | 67.9% | ||
| Q4 24 | 38.6% | 65.3% | ||
| Q3 24 | 23.2% | 63.2% | ||
| Q2 24 | 37.3% | 66.4% | ||
| Q1 24 | 38.7% | 67.4% |
| Q4 25 | 1.2% | 18.4% | ||
| Q3 25 | 3.1% | — | ||
| Q2 25 | 0.0% | -7.5% | ||
| Q1 25 | 0.8% | 12.2% | ||
| Q4 24 | 6.0% | 16.0% | ||
| Q3 24 | -108.7% | 13.8% | ||
| Q2 24 | 4.7% | 15.0% | ||
| Q1 24 | 7.6% | 22.1% |
| Q4 25 | 4.8% | 12.8% | ||
| Q3 25 | 3.0% | — | ||
| Q2 25 | 2.6% | -5.6% | ||
| Q1 25 | 1.6% | 7.1% | ||
| Q4 24 | 3.3% | 11.7% | ||
| Q3 24 | -100.2% | 11.6% | ||
| Q2 24 | 7.8% | 13.3% | ||
| Q1 24 | 9.6% | 16.2% |
| Q4 25 | $0.30 | $0.24 | ||
| Q3 25 | $0.18 | — | ||
| Q2 25 | $0.16 | $-0.11 | ||
| Q1 25 | $0.09 | $0.14 | ||
| Q4 24 | $0.27 | $0.22 | ||
| Q3 24 | $-5.33 | $0.21 | ||
| Q2 24 | $0.45 | $0.26 | ||
| Q1 24 | $0.52 | $0.31 |
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 | $172.9M |
| Total DebtLower is stronger | — | $260.0M |
| Stockholders' EquityBook value | $2.1B | $2.0B |
| Total Assets | $2.4B | $2.5B |
| Debt / EquityLower = less leverage | — | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $172.9M | ||
| Q3 25 | $870.4M | — | ||
| Q2 25 | $899.6M | $162.2M | ||
| Q1 25 | $926.9M | $140.7M | ||
| Q4 24 | $930.2M | $177.5M | ||
| Q3 24 | $1.0B | $187.5M | ||
| Q2 24 | $1.1B | $152.9M | ||
| Q1 24 | $1.1B | $145.3M |
| Q4 25 | — | $260.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $346.0M | ||
| Q1 25 | — | $330.0M | ||
| Q4 24 | — | $300.0M | ||
| Q3 24 | — | $300.0M | ||
| Q2 24 | — | $319.0M | ||
| Q1 24 | — | $389.0M |
| Q4 25 | $2.1B | $2.0B | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | $1.9B | ||
| Q1 25 | $2.1B | $2.0B | ||
| Q4 24 | $2.0B | $2.1B | ||
| Q3 24 | $2.1B | $2.1B | ||
| Q2 24 | $2.3B | $2.1B | ||
| Q1 24 | $2.3B | $2.0B |
| Q4 25 | $2.4B | $2.5B | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.4B | $2.6B | ||
| Q1 25 | $2.3B | $2.6B | ||
| Q4 24 | $2.3B | $2.7B | ||
| Q3 24 | $2.4B | $2.7B | ||
| Q2 24 | $2.5B | $2.7B | ||
| Q1 24 | $2.6B | $2.7B |
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.19× |
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% | — |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | — | ||
| Q3 25 | $35.3M | — | ||
| Q2 25 | $-2.2M | $98.2M | ||
| Q1 25 | $13.4M | $41.1M | ||
| Q4 24 | $73.8M | $84.3M | ||
| Q3 24 | $66.1M | $63.9M | ||
| Q2 24 | $53.5M | $75.5M | ||
| Q1 24 | $54.6M | $81.0M |
| Q4 25 | $10.9M | — | ||
| Q3 25 | $14.6M | — | ||
| Q2 25 | $-17.6M | $93.3M | ||
| Q1 25 | $-11.4M | $31.0M | ||
| Q4 24 | $50.6M | $77.5M | ||
| Q3 24 | $43.0M | $54.7M | ||
| Q2 24 | $29.2M | $57.5M | ||
| Q1 24 | $26.5M | $64.5M |
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | -7.0% | 29.4% | ||
| Q1 25 | -5.0% | 9.8% | ||
| Q4 24 | 21.6% | 26.1% | ||
| Q3 24 | 18.4% | 18.9% | ||
| Q2 24 | 11.3% | 18.8% | ||
| Q1 24 | 10.5% | 21.3% |
| Q4 25 | 6.5% | — | ||
| Q3 25 | 8.3% | — | ||
| Q2 25 | 6.1% | 1.5% | ||
| Q1 25 | 10.9% | 3.2% | ||
| Q4 24 | 9.9% | 2.3% | ||
| Q3 24 | 9.9% | 3.2% | ||
| Q2 24 | 9.4% | 5.9% | ||
| Q1 24 | 11.1% | 5.4% |
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | 1.82× | ||
| Q4 24 | 9.44× | 2.42× | ||
| Q3 24 | — | 1.90× | ||
| Q2 24 | 2.65× | 1.86× | ||
| Q1 24 | 2.27× | 1.65× |
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% |
TECH
| Diagnostics And Spatial Biology | $81.2M | 27% |
| EMEA Excluding UK | $75.4M | 25% |
| Other | $42.4M | 14% |
| Instruments | $29.6M | 10% |
| APAC Excluding Greater China | $22.7M | 8% |
| Services | $22.3M | 8% |
| GB | $13.7M | 5% |
| Royalty | $8.5M | 3% |
