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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and CVR PARTNERS, LP (UAN). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $180.0M, roughly 1.5× CVR PARTNERS, LP). CVR PARTNERS, LP runs the higher net margin — 27.7% vs 4.8%, a 22.9% gap on every dollar of revenue. On growth, CVR PARTNERS, LP posted the faster year-over-year revenue change (26.0% vs 17.1%). Over the past eight quarters, CVR PARTNERS, LP's revenue compounded faster (16.4% 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.
CVR Partners, LP is a leading North American producer of nitrogen-based fertilizer products, primarily urea ammonium nitrate (UAN) and ammonia. It serves agricultural, industrial and commercial markets across the U.S. and Canada, delivering cost-effective, high-quality nutrient solutions for crop production and diverse industrial use cases.
IPGP vs UAN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $180.0M |
| Net Profit | $13.3M | $49.9M |
| Gross Margin | 36.1% | 37.5% |
| Operating Margin | 1.2% | 32.0% |
| Net Margin | 4.8% | 27.7% |
| Revenue YoY | 17.1% | 26.0% |
| Net Profit YoY | 69.8% | 84.3% |
| EPS (diluted) | $0.30 | — |
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.
| Q1 26 | — | $180.0M | ||
| Q4 25 | $274.5M | $131.1M | ||
| Q3 25 | $250.8M | $163.5M | ||
| Q2 25 | $250.7M | $168.6M | ||
| Q1 25 | $227.8M | $142.9M | ||
| Q4 24 | $234.3M | $139.6M | ||
| Q3 24 | $233.1M | $125.2M | ||
| Q2 24 | $257.6M | $132.9M |
| Q1 26 | — | $49.9M | ||
| Q4 25 | $13.3M | $-10.3M | ||
| Q3 25 | $7.5M | $43.1M | ||
| Q2 25 | $6.6M | $38.8M | ||
| Q1 25 | $3.8M | $27.1M | ||
| Q4 24 | $7.8M | $18.3M | ||
| Q3 24 | $-233.6M | $3.8M | ||
| Q2 24 | $20.2M | $26.2M |
| Q1 26 | — | 37.5% | ||
| Q4 25 | 36.1% | 4.4% | ||
| Q3 25 | 39.5% | 37.0% | ||
| Q2 25 | 37.3% | 32.4% | ||
| Q1 25 | 39.4% | 29.7% | ||
| Q4 24 | 38.6% | 23.8% | ||
| Q3 24 | 23.2% | 14.7% | ||
| Q2 24 | 37.3% | 30.0% |
| Q1 26 | — | 32.0% | ||
| Q4 25 | 1.2% | -2.2% | ||
| Q3 25 | 3.1% | 31.0% | ||
| Q2 25 | 0.0% | 27.5% | ||
| Q1 25 | 0.8% | 24.2% | ||
| Q4 24 | 6.0% | 18.4% | ||
| Q3 24 | -108.7% | 8.8% | ||
| Q2 24 | 4.7% | 25.3% |
| Q1 26 | — | 27.7% | ||
| Q4 25 | 4.8% | -7.8% | ||
| Q3 25 | 3.0% | 26.3% | ||
| Q2 25 | 2.6% | 23.0% | ||
| Q1 25 | 1.6% | 19.0% | ||
| Q4 24 | 3.3% | 13.1% | ||
| Q3 24 | -100.2% | 3.0% | ||
| Q2 24 | 7.8% | 19.7% |
| Q1 26 | — | — | ||
| Q4 25 | $0.30 | $-0.98 | ||
| Q3 25 | $0.18 | $4.08 | ||
| Q2 25 | $0.16 | $3.67 | ||
| Q1 25 | $0.09 | $2.56 | ||
| Q4 24 | $0.27 | $1.73 | ||
| Q3 24 | $-5.33 | $0.36 | ||
| Q2 24 | $0.45 | $2.48 |
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 | $128.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | — |
| Total Assets | $2.4B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $128.1M | ||
| Q4 25 | $839.3M | $69.2M | ||
| Q3 25 | $870.4M | $156.2M | ||
| Q2 25 | $899.6M | $114.4M | ||
| Q1 25 | $926.9M | $121.8M | ||
| Q4 24 | $930.2M | $90.9M | ||
| Q3 24 | $1.0B | $110.5M | ||
| Q2 24 | $1.1B | $47.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $569.1M | ||
| Q3 25 | — | $569.1M | ||
| Q2 25 | — | $569.2M | ||
| Q1 25 | — | $569.3M | ||
| Q4 24 | — | $568.0M | ||
| Q3 24 | — | $547.7M | ||
| Q2 24 | — | $547.6M |
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.3B | — |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $2.4B | $969.5M | ||
| Q3 25 | $2.4B | $1.0B | ||
| Q2 25 | $2.4B | $998.0M | ||
| Q1 25 | $2.3B | $1.0B | ||
| Q4 24 | $2.3B | $1.0B | ||
| Q3 24 | $2.4B | $986.6M | ||
| Q2 24 | $2.5B | $959.4M |
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% | 7.6% |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $28.8M | $-21.6M | ||
| Q3 25 | $35.3M | $91.7M | ||
| Q2 25 | $-2.2M | $24.1M | ||
| Q1 25 | $13.4M | $55.4M | ||
| Q4 24 | $73.8M | $12.8M | ||
| Q3 24 | $66.1M | $86.7M | ||
| Q2 24 | $53.5M | $8.6M |
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $-45.2M | ||
| Q3 25 | $14.6M | $80.1M | ||
| Q2 25 | $-17.6M | $18.4M | ||
| Q1 25 | $-11.4M | $45.5M | ||
| Q4 24 | $50.6M | $-5.6M | ||
| Q3 24 | $43.0M | $82.3M | ||
| Q2 24 | $29.2M | $2.4M |
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | -34.5% | ||
| Q3 25 | 5.8% | 49.0% | ||
| Q2 25 | -7.0% | 10.9% | ||
| Q1 25 | -5.0% | 31.9% | ||
| Q4 24 | 21.6% | -4.0% | ||
| Q3 24 | 18.4% | 65.7% | ||
| Q2 24 | 11.3% | 1.8% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 6.5% | 18.0% | ||
| Q3 25 | 8.3% | 7.1% | ||
| Q2 25 | 6.1% | 3.4% | ||
| Q1 25 | 10.9% | 6.9% | ||
| Q4 24 | 9.9% | 13.1% | ||
| Q3 24 | 9.9% | 3.6% | ||
| Q2 24 | 9.4% | 4.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | 2.13× | ||
| Q2 25 | -0.34× | 0.62× | ||
| Q1 25 | 3.58× | 2.04× | ||
| Q4 24 | 9.44× | 0.70× | ||
| Q3 24 | — | 22.78× | ||
| Q2 24 | 2.65× | 0.33× |
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% |
UAN
| Fertilizer sales | $166.1M | 92% |
| Other | $14.0M | 8% |
