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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $137.5M, roughly 2.0× Terreno Realty Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs 4.8%, a 110.2% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs 17.1%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% 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.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
IPGP vs TRNO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $137.5M |
| Net Profit | $13.3M | $158.2M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | — |
| Net Margin | 4.8% | 115.1% |
| Revenue YoY | 17.1% | 32.6% |
| Net Profit YoY | 69.8% | 107.9% |
| EPS (diluted) | $0.30 | $1.54 |
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 | $137.5M | ||
| Q3 25 | $250.8M | $116.2M | ||
| Q2 25 | $250.7M | $112.2M | ||
| Q1 25 | $227.8M | $110.4M | ||
| Q4 24 | $234.3M | $103.7M | ||
| Q3 24 | $233.1M | $99.6M | ||
| Q2 24 | $257.6M | $94.2M | ||
| Q1 24 | $252.0M | $85.0M |
| Q4 25 | $13.3M | $158.2M | ||
| Q3 25 | $7.5M | $103.4M | ||
| Q2 25 | $6.6M | $93.3M | ||
| Q1 25 | $3.8M | $48.1M | ||
| Q4 24 | $7.8M | $76.1M | ||
| Q3 24 | $-233.6M | $36.6M | ||
| Q2 24 | $20.2M | $35.7M | ||
| Q1 24 | $24.1M | $36.1M |
| 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% | — | ||
| Q3 25 | 3.1% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | -108.7% | — | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 7.6% | — |
| Q4 25 | 4.8% | 115.1% | ||
| Q3 25 | 3.0% | 88.9% | ||
| Q2 25 | 2.6% | 83.1% | ||
| Q1 25 | 1.6% | 43.6% | ||
| Q4 24 | 3.3% | 73.4% | ||
| Q3 24 | -100.2% | 36.8% | ||
| Q2 24 | 7.8% | 37.9% | ||
| Q1 24 | 9.6% | 42.4% |
| Q4 25 | $0.30 | $1.54 | ||
| Q3 25 | $0.18 | $1.00 | ||
| Q2 25 | $0.16 | $0.90 | ||
| Q1 25 | $0.09 | $0.47 | ||
| Q4 24 | $0.27 | $0.78 | ||
| Q3 24 | $-5.33 | $0.37 | ||
| Q2 24 | $0.45 | $0.37 | ||
| Q1 24 | $0.52 | $0.40 |
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 | $25.0M |
| Total DebtLower is stronger | — | $943.3M |
| Stockholders' EquityBook value | $2.1B | $4.1B |
| Total Assets | $2.4B | $5.4B |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $25.0M | ||
| Q3 25 | $870.4M | $26.2M | ||
| Q2 25 | $899.6M | $128.4M | ||
| Q1 25 | $926.9M | $156.5M | ||
| Q4 24 | $930.2M | $18.1M | ||
| Q3 24 | $1.0B | $243.7M | ||
| Q2 24 | $1.1B | $182.0M | ||
| Q1 24 | $1.1B | $649.6M |
| Q4 25 | — | $943.3M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $742.4M | ||
| Q1 25 | — | $741.9M | ||
| Q4 24 | — | $823.4M | ||
| Q3 24 | — | $672.2M | ||
| Q2 24 | — | $772.0M | ||
| Q1 24 | — | $771.8M |
| Q4 25 | $2.1B | $4.1B | ||
| Q3 25 | $2.1B | $4.0B | ||
| Q2 25 | $2.1B | $3.9B | ||
| Q1 25 | $2.1B | $3.9B | ||
| Q4 24 | $2.0B | $3.7B | ||
| Q3 24 | $2.1B | $3.6B | ||
| Q2 24 | $2.3B | $3.4B | ||
| Q1 24 | $2.3B | $3.4B |
| Q4 25 | $2.4B | $5.4B | ||
| Q3 25 | $2.4B | $5.3B | ||
| Q2 25 | $2.4B | $5.0B | ||
| Q1 25 | $2.3B | $4.9B | ||
| Q4 24 | $2.3B | $4.8B | ||
| Q3 24 | $2.4B | $4.6B | ||
| Q2 24 | $2.5B | $4.5B | ||
| Q1 24 | $2.6B | $4.4B |
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.19× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.19× | ||
| Q2 24 | — | 0.22× | ||
| Q1 24 | — | 0.22× |
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 | $271.9M |
| Free Cash FlowOCF − Capex | $10.9M | — |
| FCF MarginFCF / Revenue | 4.0% | — |
| Capex IntensityCapex / Revenue | 6.5% | — |
| Cash ConversionOCF / Net Profit | 2.17× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $271.9M | ||
| Q3 25 | $35.3M | $79.5M | ||
| Q2 25 | $-2.2M | $60.6M | ||
| Q1 25 | $13.4M | $61.4M | ||
| Q4 24 | $73.8M | $232.7M | ||
| Q3 24 | $66.1M | $70.0M | ||
| Q2 24 | $53.5M | $64.3M | ||
| Q1 24 | $54.6M | $47.0M |
| 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 24 | $26.5M | — |
| 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 24 | 10.5% | — |
| 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 24 | 11.1% | — |
| Q4 25 | 2.17× | 1.72× | ||
| Q3 25 | 4.73× | 0.77× | ||
| Q2 25 | -0.34× | 0.65× | ||
| Q1 25 | 3.58× | 1.28× | ||
| Q4 24 | 9.44× | 3.06× | ||
| Q3 24 | — | 1.91× | ||
| Q2 24 | 2.65× | 1.80× | ||
| Q1 24 | 2.27× | 1.30× |
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% |
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
