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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $183.8M, roughly 1.5× Wheels Up Experience Inc.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -15.7%, a 20.5% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -10.2%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-58.3M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -3.4%).
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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
IPGP vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $183.8M |
| Net Profit | $13.3M | $-28.9M |
| Gross Margin | 36.1% | 14.3% |
| Operating Margin | 1.2% | -0.9% |
| Net Margin | 4.8% | -15.7% |
| Revenue YoY | 17.1% | -10.2% |
| Net Profit YoY | 69.8% | 67.0% |
| EPS (diluted) | $0.30 | $-0.04 |
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 | $183.8M | ||
| Q3 25 | $250.8M | $185.5M | ||
| Q2 25 | $250.7M | $189.6M | ||
| Q1 25 | $227.8M | $177.5M | ||
| Q4 24 | $234.3M | $204.8M | ||
| Q3 24 | $233.1M | $193.9M | ||
| Q2 24 | $257.6M | $196.3M | ||
| Q1 24 | $252.0M | $197.1M |
| Q4 25 | $13.3M | $-28.9M | ||
| Q3 25 | $7.5M | $-83.7M | ||
| Q2 25 | $6.6M | $-82.3M | ||
| Q1 25 | $3.8M | $-99.3M | ||
| Q4 24 | $7.8M | $-87.5M | ||
| Q3 24 | $-233.6M | $-57.7M | ||
| Q2 24 | $20.2M | $-97.0M | ||
| Q1 24 | $24.1M | $-97.4M |
| Q4 25 | 36.1% | 14.3% | ||
| Q3 25 | 39.5% | 6.8% | ||
| Q2 25 | 37.3% | 8.3% | ||
| Q1 25 | 39.4% | 10.8% | ||
| Q4 24 | 38.6% | 13.9% | ||
| Q3 24 | 23.2% | 13.9% | ||
| Q2 24 | 37.3% | 2.3% | ||
| Q1 24 | 38.7% | -0.6% |
| Q4 25 | 1.2% | -0.9% | ||
| Q3 25 | 3.1% | -33.1% | ||
| Q2 25 | 0.0% | -31.4% | ||
| Q1 25 | 0.8% | -45.5% | ||
| Q4 24 | 6.0% | -26.0% | ||
| Q3 24 | -108.7% | -21.6% | ||
| Q2 24 | 4.7% | -40.3% | ||
| Q1 24 | 7.6% | -42.9% |
| Q4 25 | 4.8% | -15.7% | ||
| Q3 25 | 3.0% | -45.1% | ||
| Q2 25 | 2.6% | -43.4% | ||
| Q1 25 | 1.6% | -55.9% | ||
| Q4 24 | 3.3% | -42.7% | ||
| Q3 24 | -100.2% | -29.8% | ||
| Q2 24 | 7.8% | -49.4% | ||
| Q1 24 | 9.6% | -49.4% |
| Q4 25 | $0.30 | $-0.04 | ||
| Q3 25 | $0.18 | $-0.12 | ||
| Q2 25 | $0.16 | $-0.12 | ||
| Q1 25 | $0.09 | $-0.14 | ||
| Q4 24 | $0.27 | $-0.13 | ||
| Q3 24 | $-5.33 | $-0.08 | ||
| Q2 24 | $0.45 | $-0.14 | ||
| Q1 24 | $0.52 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $2.1B | $-392.1M |
| Total Assets | $2.4B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $133.9M | ||
| Q3 25 | $870.4M | $125.3M | ||
| Q2 25 | $899.6M | $107.0M | ||
| Q1 25 | $926.9M | $171.8M | ||
| Q4 24 | $930.2M | $216.4M | ||
| Q3 24 | $1.0B | $115.9M | ||
| Q2 24 | $1.1B | $141.5M | ||
| Q1 24 | $1.1B | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $2.1B | $-392.1M | ||
| Q3 25 | $2.1B | $-374.5M | ||
| Q2 25 | $2.1B | $-347.8M | ||
| Q1 25 | $2.1B | $-288.1M | ||
| Q4 24 | $2.0B | $-202.1M | ||
| Q3 24 | $2.1B | $-117.7M | ||
| Q2 24 | $2.3B | $-72.2M | ||
| Q1 24 | $2.3B | $936.0K |
| Q4 25 | $2.4B | $968.8M | ||
| Q3 25 | $2.4B | $973.0M | ||
| Q2 25 | $2.4B | $1.0B | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | $2.3B | $1.2B | ||
| Q3 24 | $2.4B | $1.0B | ||
| Q2 24 | $2.5B | $1.1B | ||
| Q1 24 | $2.6B | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $10.9M | $-58.3M |
| FCF MarginFCF / Revenue | 4.0% | -31.7% |
| Capex IntensityCapex / Revenue | 6.5% | 21.7% |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $-18.4M | ||
| Q3 25 | $35.3M | $-37.1M | ||
| Q2 25 | $-2.2M | $-62.9M | ||
| Q1 25 | $13.4M | $-47.9M | ||
| Q4 24 | $73.8M | $37.9M | ||
| Q3 24 | $66.1M | $-16.9M | ||
| Q2 24 | $53.5M | $-25.2M | ||
| Q1 24 | $54.6M | $-73.8M |
| Q4 25 | $10.9M | $-58.3M | ||
| Q3 25 | $14.6M | $-60.4M | ||
| Q2 25 | $-17.6M | $-78.6M | ||
| Q1 25 | $-11.4M | $-62.6M | ||
| Q4 24 | $50.6M | $-70.2M | ||
| Q3 24 | $43.0M | $-21.9M | ||
| Q2 24 | $29.2M | $-30.8M | ||
| Q1 24 | $26.5M | $-77.8M |
| Q4 25 | 4.0% | -31.7% | ||
| Q3 25 | 5.8% | -32.6% | ||
| Q2 25 | -7.0% | -41.5% | ||
| Q1 25 | -5.0% | -35.3% | ||
| Q4 24 | 21.6% | -34.3% | ||
| Q3 24 | 18.4% | -11.3% | ||
| Q2 24 | 11.3% | -15.7% | ||
| Q1 24 | 10.5% | -39.5% |
| Q4 25 | 6.5% | 21.7% | ||
| Q3 25 | 8.3% | 12.5% | ||
| Q2 25 | 6.1% | 8.3% | ||
| Q1 25 | 10.9% | 8.3% | ||
| Q4 24 | 9.9% | 52.8% | ||
| Q3 24 | 9.9% | 2.6% | ||
| Q2 24 | 9.4% | 2.9% | ||
| Q1 24 | 11.1% | 2.0% |
| 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% |
UP
Segment breakdown not available.
