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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and UDR, Inc. (UDR). Click either name above to swap in a different company.
UDR, Inc. is the larger business by last-quarter revenue ($425.8M vs $274.5M, roughly 1.6× IPG PHOTONICS CORP). UDR, Inc. runs the higher net margin — 44.6% vs 4.8%, a 39.7% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 0.9%). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs 1.3%).
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.
UDR, Inc. is a leading U.S.-headquartered real estate investment trust specializing in owning, operating, and redeveloping high-quality multifamily residential apartment communities. It operates across major U.S. metropolitan markets, catering to a diverse tenant base including young professionals, families, and middle-to-high income households.
IPGP vs UDR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $425.8M |
| Net Profit | $13.3M | $189.8M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 54.0% |
| Net Margin | 4.8% | 44.6% |
| Revenue YoY | 17.1% | 0.9% |
| Net Profit YoY | 69.8% | 147.2% |
| EPS (diluted) | $0.30 | $0.63 |
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 | — | $425.8M | ||
| Q4 25 | $274.5M | $433.1M | ||
| Q3 25 | $250.8M | $431.9M | ||
| Q2 25 | $250.7M | $425.4M | ||
| Q1 25 | $227.8M | $421.9M | ||
| Q4 24 | $234.3M | $422.7M | ||
| Q3 24 | $233.1M | $420.2M | ||
| Q2 24 | $257.6M | $415.3M |
| Q1 26 | — | $189.8M | ||
| Q4 25 | $13.3M | $222.9M | ||
| Q3 25 | $7.5M | $40.4M | ||
| Q2 25 | $6.6M | $37.7M | ||
| Q1 25 | $3.8M | $76.7M | ||
| Q4 24 | $7.8M | $-5.0M | ||
| Q3 24 | $-233.6M | $22.6M | ||
| Q2 24 | $20.2M | $28.9M |
| Q1 26 | — | — | ||
| 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 26 | — | 54.0% | ||
| Q4 25 | 1.2% | 64.1% | ||
| Q3 25 | 3.1% | 17.7% | ||
| Q2 25 | 0.0% | 18.2% | ||
| Q1 25 | 0.8% | 29.0% | ||
| Q4 24 | 6.0% | 15.7% | ||
| Q3 24 | -108.7% | 16.6% | ||
| Q2 24 | 4.7% | 16.5% |
| Q1 26 | — | 44.6% | ||
| Q4 25 | 4.8% | 51.5% | ||
| Q3 25 | 3.0% | 9.4% | ||
| Q2 25 | 2.6% | 8.9% | ||
| Q1 25 | 1.6% | 18.2% | ||
| Q4 24 | 3.3% | -220.5% | ||
| Q3 24 | -100.2% | 5.4% | ||
| Q2 24 | 7.8% | 7.0% |
| Q1 26 | — | $0.63 | ||
| Q4 25 | $0.30 | $0.67 | ||
| Q3 25 | $0.18 | $0.12 | ||
| Q2 25 | $0.16 | $0.11 | ||
| Q1 25 | $0.09 | $0.23 | ||
| Q4 24 | $0.27 | $-0.01 | ||
| Q3 24 | $-5.33 | $0.06 | ||
| Q2 24 | $0.45 | $0.08 |
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 | $1.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $3.3B |
| Total Assets | $2.4B | $10.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.3M | ||
| Q4 25 | $839.3M | $1.2M | ||
| Q3 25 | $870.4M | $1.2M | ||
| Q2 25 | $899.6M | $1.5M | ||
| Q1 25 | $926.9M | $1.3M | ||
| Q4 24 | $930.2M | $1.3M | ||
| Q3 24 | $1.0B | $2.3M | ||
| Q2 24 | $1.1B | $2.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $5.8B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.8B | ||
| Q4 24 | — | $5.8B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $5.8B |
| Q1 26 | — | $3.3B | ||
| Q4 25 | $2.1B | $3.3B | ||
| Q3 25 | $2.1B | $3.3B | ||
| Q2 25 | $2.1B | $3.3B | ||
| Q1 25 | $2.1B | $3.3B | ||
| Q4 24 | $2.0B | $3.4B | ||
| Q3 24 | $2.1B | $3.5B | ||
| Q2 24 | $2.3B | $3.7B |
| Q1 26 | — | $10.3B | ||
| Q4 25 | $2.4B | $10.6B | ||
| Q3 25 | $2.4B | $10.6B | ||
| Q2 25 | $2.4B | $10.6B | ||
| Q1 25 | $2.3B | $10.7B | ||
| Q4 24 | $2.3B | $10.9B | ||
| Q3 24 | $2.4B | $11.1B | ||
| Q2 24 | $2.5B | $11.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.77× | ||
| Q3 25 | — | 1.78× | ||
| Q2 25 | — | 1.74× | ||
| Q1 25 | — | 1.74× | ||
| Q4 24 | — | 1.69× | ||
| Q3 24 | — | 1.67× | ||
| Q2 24 | — | 1.55× |
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% | 4.9% |
| 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 | $902.9M | ||
| Q3 25 | $35.3M | $234.9M | ||
| Q2 25 | $-2.2M | $250.3M | ||
| Q1 25 | $13.4M | $156.2M | ||
| Q4 24 | $73.8M | $876.8M | ||
| Q3 24 | $66.1M | $230.3M | ||
| Q2 24 | $53.5M | $238.5M |
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $650.0M | ||
| Q3 25 | $14.6M | $164.6M | ||
| Q2 25 | $-17.6M | $190.1M | ||
| Q1 25 | $-11.4M | $103.2M | ||
| Q4 24 | $50.6M | $627.0M | ||
| Q3 24 | $43.0M | $161.3M | ||
| Q2 24 | $29.2M | $171.1M |
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 150.1% | ||
| Q3 25 | 5.8% | 38.1% | ||
| Q2 25 | -7.0% | 44.7% | ||
| Q1 25 | -5.0% | 24.5% | ||
| Q4 24 | 21.6% | 148.3% | ||
| Q3 24 | 18.4% | 38.4% | ||
| Q2 24 | 11.3% | 41.2% |
| Q1 26 | — | 4.9% | ||
| Q4 25 | 6.5% | 58.4% | ||
| Q3 25 | 8.3% | 16.3% | ||
| Q2 25 | 6.1% | 14.2% | ||
| Q1 25 | 10.9% | 12.6% | ||
| Q4 24 | 9.9% | 59.1% | ||
| Q3 24 | 9.9% | 16.4% | ||
| Q2 24 | 9.4% | 16.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | 4.05× | ||
| Q3 25 | 4.73× | 5.81× | ||
| Q2 25 | -0.34× | 6.64× | ||
| Q1 25 | 3.58× | 2.04× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | 10.19× | ||
| Q2 24 | 2.65× | 8.26× |
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% |
UDR
| Rental income | $423.3M | 99% |
| Joint venture management and other fees | $2.5M | 1% |
