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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Vital Farms, Inc. (VITL). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $213.6M, roughly 1.3× Vital Farms, Inc.). Vital Farms, Inc. runs the higher net margin — 7.6% vs 4.8%, a 2.8% gap on every dollar of revenue. On growth, Vital Farms, Inc. posted the faster year-over-year revenue change (28.7% vs 17.1%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-32.1M). Over the past eight quarters, Vital Farms, Inc.'s revenue compounded faster (20.2% 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.
Vital Tomosi Dairy Limited is a dairy processing company in Uganda. The company is a joint venture between Vital Capital Fund, "an impact investing fund primarily focused on Sub-Saharan Africa", and "Tomosi Dairy Farms, a Ugandan producer of dairy products".
IPGP vs VITL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $213.6M |
| Net Profit | $13.3M | $16.3M |
| Gross Margin | 36.1% | 35.8% |
| Operating Margin | 1.2% | 10.0% |
| Net Margin | 4.8% | 7.6% |
| Revenue YoY | 17.1% | 28.7% |
| Net Profit YoY | 69.8% | 54.3% |
| EPS (diluted) | $0.30 | $0.35 |
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 | $213.6M | ||
| Q3 25 | $250.8M | $198.9M | ||
| Q2 25 | $250.7M | $184.8M | ||
| Q1 25 | $227.8M | $162.2M | ||
| Q4 24 | $234.3M | $166.0M | ||
| Q3 24 | $233.1M | $145.0M | ||
| Q2 24 | $257.6M | $147.4M | ||
| Q1 24 | $252.0M | $147.9M |
| Q4 25 | $13.3M | $16.3M | ||
| Q3 25 | $7.5M | $16.4M | ||
| Q2 25 | $6.6M | $16.6M | ||
| Q1 25 | $3.8M | $16.9M | ||
| Q4 24 | $7.8M | $10.6M | ||
| Q3 24 | $-233.6M | $7.4M | ||
| Q2 24 | $20.2M | $16.3M | ||
| Q1 24 | $24.1M | $19.0M |
| Q4 25 | 36.1% | 35.8% | ||
| Q3 25 | 39.5% | 37.7% | ||
| Q2 25 | 37.3% | 38.9% | ||
| Q1 25 | 39.4% | 38.5% | ||
| Q4 24 | 38.6% | 36.1% | ||
| Q3 24 | 23.2% | 36.9% | ||
| Q2 24 | 37.3% | 39.1% | ||
| Q1 24 | 38.7% | 39.8% |
| Q4 25 | 1.2% | 10.0% | ||
| Q3 25 | 3.1% | 10.8% | ||
| Q2 25 | 0.0% | 12.9% | ||
| Q1 25 | 0.8% | 13.4% | ||
| Q4 24 | 6.0% | 7.8% | ||
| Q3 24 | -108.7% | 6.4% | ||
| Q2 24 | 4.7% | 11.6% | ||
| Q1 24 | 7.6% | 16.3% |
| Q4 25 | 4.8% | 7.6% | ||
| Q3 25 | 3.0% | 8.3% | ||
| Q2 25 | 2.6% | 9.0% | ||
| Q1 25 | 1.6% | 10.4% | ||
| Q4 24 | 3.3% | 6.4% | ||
| Q3 24 | -100.2% | 5.1% | ||
| Q2 24 | 7.8% | 11.1% | ||
| Q1 24 | 9.6% | 12.9% |
| Q4 25 | $0.30 | $0.35 | ||
| Q3 25 | $0.18 | $0.36 | ||
| Q2 25 | $0.16 | $0.36 | ||
| Q1 25 | $0.09 | $0.37 | ||
| Q4 24 | $0.27 | $0.23 | ||
| Q3 24 | $-5.33 | $0.16 | ||
| Q2 24 | $0.45 | $0.36 | ||
| Q1 24 | $0.52 | $0.43 |
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 | $48.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $351.3M |
| Total Assets | $2.4B | $518.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $48.8M | ||
| Q3 25 | $870.4M | $93.8M | ||
| Q2 25 | $899.6M | $108.2M | ||
| Q1 25 | $926.9M | $156.3M | ||
| Q4 24 | $930.2M | $150.6M | ||
| Q3 24 | $1.0B | $149.5M | ||
| Q2 24 | $1.1B | $133.2M | ||
| Q1 24 | $1.1B | $113.8M |
| Q4 25 | $2.1B | $351.3M | ||
| Q3 25 | $2.1B | $331.2M | ||
| Q2 25 | $2.1B | $309.8M | ||
| Q1 25 | $2.1B | $288.9M | ||
| Q4 24 | $2.0B | $269.3M | ||
| Q3 24 | $2.1B | $253.4M | ||
| Q2 24 | $2.3B | $238.4M | ||
| Q1 24 | $2.3B | $213.3M |
| Q4 25 | $2.4B | $518.7M | ||
| Q3 25 | $2.4B | $481.5M | ||
| Q2 25 | $2.4B | $430.8M | ||
| Q1 25 | $2.3B | $376.9M | ||
| Q4 24 | $2.3B | $359.3M | ||
| Q3 24 | $2.4B | $344.7M | ||
| Q2 24 | $2.5B | $320.5M | ||
| Q1 24 | $2.6B | $300.2M |
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 | $5.8M |
| Free Cash FlowOCF − Capex | $10.9M | $-32.1M |
| FCF MarginFCF / Revenue | 4.0% | -15.1% |
| Capex IntensityCapex / Revenue | 6.5% | 17.8% |
| Cash ConversionOCF / Net Profit | 2.17× | 0.35× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $-48.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $5.8M | ||
| Q3 25 | $35.3M | $23.4M | ||
| Q2 25 | $-2.2M | $-761.0K | ||
| Q1 25 | $13.4M | $5.3M | ||
| Q4 24 | $73.8M | $14.8M | ||
| Q3 24 | $66.1M | $10.0M | ||
| Q2 24 | $53.5M | $16.1M | ||
| Q1 24 | $54.6M | $23.9M |
| Q4 25 | $10.9M | $-32.1M | ||
| Q3 25 | $14.6M | $-10.6M | ||
| Q2 25 | $-17.6M | $-7.6M | ||
| Q1 25 | $-11.4M | $2.1M | ||
| Q4 24 | $50.6M | $-3.4M | ||
| Q3 24 | $43.0M | $6.4M | ||
| Q2 24 | $29.2M | $10.5M | ||
| Q1 24 | $26.5M | $22.6M |
| Q4 25 | 4.0% | -15.1% | ||
| Q3 25 | 5.8% | -5.3% | ||
| Q2 25 | -7.0% | -4.1% | ||
| Q1 25 | -5.0% | 1.3% | ||
| Q4 24 | 21.6% | -2.0% | ||
| Q3 24 | 18.4% | 4.4% | ||
| Q2 24 | 11.3% | 7.2% | ||
| Q1 24 | 10.5% | 15.3% |
| Q4 25 | 6.5% | 17.8% | ||
| Q3 25 | 8.3% | 17.1% | ||
| Q2 25 | 6.1% | 3.7% | ||
| Q1 25 | 10.9% | 1.9% | ||
| Q4 24 | 9.9% | 10.9% | ||
| Q3 24 | 9.9% | 2.5% | ||
| Q2 24 | 9.4% | 3.8% | ||
| Q1 24 | 11.1% | 0.9% |
| Q4 25 | 2.17× | 0.35× | ||
| Q3 25 | 4.73× | 1.43× | ||
| Q2 25 | -0.34× | -0.05× | ||
| Q1 25 | 3.58× | 0.31× | ||
| Q4 24 | 9.44× | 1.40× | ||
| Q3 24 | — | 1.34× | ||
| Q2 24 | 2.65× | 0.99× | ||
| Q1 24 | 2.27× | 1.26× |
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% |
VITL
| Eggs And Egg Related Products | $205.8M | 96% |
| Butter And Butter Related Products | $7.7M | 4% |
