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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and TRUPANION, INC. (TRUP). Click either name above to swap in a different company.
TRUPANION, INC. is the larger business by last-quarter revenue ($376.9M vs $274.5M, roughly 1.4× IPG PHOTONICS CORP). On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 11.7%). TRUPANION, INC. produced more free cash flow last quarter ($25.3M vs $10.9M). Over the past eight quarters, TRUPANION, INC.'s revenue compounded faster (11.0% 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.
TRUPANION, INC.TRUPEarnings & Financial Report
Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington. Established in 1998, Trupanion operates across the United States, Canada, Australia, and Puerto Rico. The company offers coverage for pets and is self-underwritten by the American Pet Insurance Company (APIC).
IPGP vs TRUP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $376.9M |
| Net Profit | $13.3M | — |
| Gross Margin | 36.1% | 17.3% |
| Operating Margin | 1.2% | 1.9% |
| Net Margin | 4.8% | — |
| Revenue YoY | 17.1% | 11.7% |
| Net Profit YoY | 69.8% | — |
| EPS (diluted) | $0.30 | $0.13 |
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 | $376.9M | ||
| Q3 25 | $250.8M | $366.9M | ||
| Q2 25 | $250.7M | $353.6M | ||
| Q1 25 | $227.8M | $342.0M | ||
| Q4 24 | $234.3M | $337.3M | ||
| Q3 24 | $233.1M | $327.5M | ||
| Q2 24 | $257.6M | $314.8M | ||
| Q1 24 | $252.0M | $306.1M |
| Q4 25 | $13.3M | — | ||
| Q3 25 | $7.5M | — | ||
| Q2 25 | $6.6M | — | ||
| Q1 25 | $3.8M | — | ||
| Q4 24 | $7.8M | — | ||
| Q3 24 | $-233.6M | — | ||
| Q2 24 | $20.2M | — | ||
| Q1 24 | $24.1M | — |
| Q4 25 | 36.1% | 17.3% | ||
| Q3 25 | 39.5% | 16.4% | ||
| Q2 25 | 37.3% | 15.5% | ||
| Q1 25 | 39.4% | 14.9% | ||
| Q4 24 | 38.6% | 15.7% | ||
| Q3 24 | 23.2% | 15.1% | ||
| Q2 24 | 37.3% | 12.8% | ||
| Q1 24 | 38.7% | 11.8% |
| Q4 25 | 1.2% | 1.9% | ||
| Q3 25 | 3.1% | 1.6% | ||
| Q2 25 | 0.0% | 0.7% | ||
| Q1 25 | 0.8% | -0.4% | ||
| Q4 24 | 6.0% | 0.1% | ||
| Q3 24 | -108.7% | 0.5% | ||
| Q2 24 | 4.7% | -1.7% | ||
| Q1 24 | 7.6% | -2.0% |
| Q4 25 | 4.8% | — | ||
| Q3 25 | 3.0% | — | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | -100.2% | — | ||
| Q2 24 | 7.8% | — | ||
| Q1 24 | 9.6% | — |
| Q4 25 | $0.30 | $0.13 | ||
| Q3 25 | $0.18 | $0.13 | ||
| Q2 25 | $0.16 | $0.22 | ||
| Q1 25 | $0.09 | $-0.03 | ||
| Q4 24 | $0.27 | $0.04 | ||
| Q3 24 | $-5.33 | $0.03 | ||
| Q2 24 | $0.45 | $-0.14 | ||
| Q1 24 | $0.52 | $-0.16 |
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 | $370.7M |
| Total DebtLower is stronger | — | $101.8M |
| Stockholders' EquityBook value | $2.1B | $383.9M |
| Total Assets | $2.4B | $915.0M |
| Debt / EquityLower = less leverage | — | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $370.7M | ||
| Q3 25 | $870.4M | $348.5M | ||
| Q2 25 | $899.6M | $319.6M | ||
| Q1 25 | $926.9M | $321.8M | ||
| Q4 24 | $930.2M | $307.4M | ||
| Q3 24 | $1.0B | $293.1M | ||
| Q2 24 | $1.1B | $277.2M | ||
| Q1 24 | $1.1B | $275.2M |
| Q4 25 | — | $101.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $127.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.1B | $383.9M | ||
| Q3 25 | $2.1B | $368.6M | ||
| Q2 25 | $2.1B | $355.5M | ||
| Q1 25 | $2.1B | $333.7M | ||
| Q4 24 | $2.0B | $323.3M | ||
| Q3 24 | $2.1B | $320.2M | ||
| Q2 24 | $2.3B | $305.8M | ||
| Q1 24 | $2.3B | $303.4M |
| Q4 25 | $2.4B | $915.0M | ||
| Q3 25 | $2.4B | $880.2M | ||
| Q2 25 | $2.4B | $847.8M | ||
| Q1 25 | $2.3B | $837.2M | ||
| Q4 24 | $2.3B | $806.9M | ||
| Q3 24 | $2.4B | $816.1M | ||
| Q2 24 | $2.5B | $795.9M | ||
| Q1 24 | $2.6B | $789.5M |
| Q4 25 | — | 0.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.39× | ||
| 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 | $29.3M |
| Free Cash FlowOCF − Capex | $10.9M | $25.3M |
| FCF MarginFCF / Revenue | 4.0% | 6.7% |
| Capex IntensityCapex / Revenue | 6.5% | 1.0% |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $75.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $29.3M | ||
| Q3 25 | $35.3M | $29.2M | ||
| Q2 25 | $-2.2M | $15.0M | ||
| Q1 25 | $13.4M | $16.0M | ||
| Q4 24 | $73.8M | $23.7M | ||
| Q3 24 | $66.1M | $15.3M | ||
| Q2 24 | $53.5M | $6.9M | ||
| Q1 24 | $54.6M | $2.4M |
| Q4 25 | $10.9M | $25.3M | ||
| Q3 25 | $14.6M | $23.9M | ||
| Q2 25 | $-17.6M | $12.0M | ||
| Q1 25 | $-11.4M | $14.0M | ||
| Q4 24 | $50.6M | $21.8M | ||
| Q3 24 | $43.0M | $13.4M | ||
| Q2 24 | $29.2M | $4.0M | ||
| Q1 24 | $26.5M | $-631.0K |
| Q4 25 | 4.0% | 6.7% | ||
| Q3 25 | 5.8% | 6.5% | ||
| Q2 25 | -7.0% | 3.4% | ||
| Q1 25 | -5.0% | 4.1% | ||
| Q4 24 | 21.6% | 6.5% | ||
| Q3 24 | 18.4% | 4.1% | ||
| Q2 24 | 11.3% | 1.3% | ||
| Q1 24 | 10.5% | -0.2% |
| Q4 25 | 6.5% | 1.0% | ||
| Q3 25 | 8.3% | 1.4% | ||
| Q2 25 | 6.1% | 0.8% | ||
| Q1 25 | 10.9% | 0.6% | ||
| Q4 24 | 9.9% | 0.6% | ||
| Q3 24 | 9.9% | 0.6% | ||
| Q2 24 | 9.4% | 0.9% | ||
| Q1 24 | 11.1% | 1.0% |
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | — | ||
| 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% |
TRUP
| Subscriptionbusiness | $261.4M | 69% |
| Other | $115.4M | 31% |
