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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $208.0M, roughly 1.3× VIRTUS INVESTMENT PARTNERS, INC.). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 16.3% vs 4.8%, a 11.4% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -10.9%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-74.1M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -3.2%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
IPGP vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $208.0M |
| Net Profit | $13.3M | $33.9M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 19.1% |
| Net Margin | 4.8% | 16.3% |
| Revenue YoY | 17.1% | -10.9% |
| Net Profit YoY | 69.8% | -14.2% |
| EPS (diluted) | $0.30 | $5.15 |
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 | $208.0M | ||
| Q3 25 | $250.8M | $216.4M | ||
| Q2 25 | $250.7M | $210.5M | ||
| Q1 25 | $227.8M | $217.9M | ||
| Q4 24 | $234.3M | $233.5M | ||
| Q3 24 | $233.1M | $227.0M | ||
| Q2 24 | $257.6M | $224.4M | ||
| Q1 24 | $252.0M | $222.0M |
| Q4 25 | $13.3M | $33.9M | ||
| Q3 25 | $7.5M | $31.3M | ||
| Q2 25 | $6.6M | $42.7M | ||
| Q1 25 | $3.8M | $28.1M | ||
| Q4 24 | $7.8M | $39.5M | ||
| Q3 24 | $-233.6M | $49.1M | ||
| Q2 24 | $20.2M | $26.0M | ||
| Q1 24 | $24.1M | $37.9M |
| 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 24 | 38.7% | — |
| Q4 25 | 1.2% | 19.1% | ||
| Q3 25 | 3.1% | 21.7% | ||
| Q2 25 | 0.0% | 21.5% | ||
| Q1 25 | 0.8% | 16.8% | ||
| Q4 24 | 6.0% | 21.7% | ||
| Q3 24 | -108.7% | 24.3% | ||
| Q2 24 | 4.7% | 19.7% | ||
| Q1 24 | 7.6% | 14.5% |
| Q4 25 | 4.8% | 16.3% | ||
| Q3 25 | 3.0% | 14.5% | ||
| Q2 25 | 2.6% | 20.3% | ||
| Q1 25 | 1.6% | 12.9% | ||
| Q4 24 | 3.3% | 16.9% | ||
| Q3 24 | -100.2% | 21.6% | ||
| Q2 24 | 7.8% | 11.6% | ||
| Q1 24 | 9.6% | 17.1% |
| Q4 25 | $0.30 | $5.15 | ||
| Q3 25 | $0.18 | $4.65 | ||
| Q2 25 | $0.16 | $6.12 | ||
| Q1 25 | $0.09 | $4.05 | ||
| Q4 24 | $0.27 | $4.65 | ||
| Q3 24 | $-5.33 | $5.71 | ||
| Q2 24 | $0.45 | $2.43 | ||
| Q1 24 | $0.52 | $4.10 |
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 | — |
| Total DebtLower is stronger | — | $390.0M |
| Stockholders' EquityBook value | $2.1B | $934.0M |
| Total Assets | $2.4B | $4.3B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | — | ||
| Q3 25 | $870.4M | — | ||
| Q2 25 | $899.6M | — | ||
| Q1 25 | $926.9M | — | ||
| Q4 24 | $930.2M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M | ||
| Q1 24 | — | $253.0M |
| Q4 25 | $2.1B | $934.0M | ||
| Q3 25 | $2.1B | $918.7M | ||
| Q2 25 | $2.1B | $896.4M | ||
| Q1 25 | $2.1B | $893.7M | ||
| Q4 24 | $2.0B | $897.5M | ||
| Q3 24 | $2.1B | $889.0M | ||
| Q2 24 | $2.3B | $868.7M | ||
| Q1 24 | $2.3B | $871.7M |
| Q4 25 | $2.4B | $4.3B | ||
| Q3 25 | $2.4B | $3.9B | ||
| Q2 25 | $2.4B | $3.7B | ||
| Q1 25 | $2.3B | $3.7B | ||
| Q4 24 | $2.3B | $4.0B | ||
| Q3 24 | $2.4B | $3.6B | ||
| Q2 24 | $2.5B | $3.6B | ||
| Q1 24 | $2.6B | $3.5B |
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× | ||
| Q1 24 | — | 0.29× |
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 | $-67.2M |
| Free Cash FlowOCF − Capex | $10.9M | $-74.1M |
| FCF MarginFCF / Revenue | 4.0% | -35.6% |
| Capex IntensityCapex / Revenue | 6.5% | 3.3% |
| Cash ConversionOCF / Net Profit | 2.17× | -1.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $100.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $-67.2M | ||
| Q3 25 | $35.3M | $108.3M | ||
| Q2 25 | $-2.2M | $75.8M | ||
| Q1 25 | $13.4M | $-3.8M | ||
| Q4 24 | $73.8M | $1.8M | ||
| Q3 24 | $66.1M | $69.1M | ||
| Q2 24 | $53.5M | $70.0M | ||
| Q1 24 | $54.6M | $-34.5M |
| Q4 25 | $10.9M | $-74.1M | ||
| Q3 25 | $14.6M | $106.9M | ||
| Q2 25 | $-17.6M | $74.2M | ||
| Q1 25 | $-11.4M | $-6.8M | ||
| Q4 24 | $50.6M | $-3.8M | ||
| Q3 24 | $43.0M | $68.7M | ||
| Q2 24 | $29.2M | $68.6M | ||
| Q1 24 | $26.5M | $-36.5M |
| Q4 25 | 4.0% | -35.6% | ||
| Q3 25 | 5.8% | 49.4% | ||
| Q2 25 | -7.0% | 35.2% | ||
| Q1 25 | -5.0% | -3.1% | ||
| Q4 24 | 21.6% | -1.6% | ||
| Q3 24 | 18.4% | 30.3% | ||
| Q2 24 | 11.3% | 30.6% | ||
| Q1 24 | 10.5% | -16.4% |
| Q4 25 | 6.5% | 3.3% | ||
| Q3 25 | 8.3% | 0.7% | ||
| Q2 25 | 6.1% | 0.7% | ||
| Q1 25 | 10.9% | 1.4% | ||
| Q4 24 | 9.9% | 2.4% | ||
| Q3 24 | 9.9% | 0.2% | ||
| Q2 24 | 9.4% | 0.6% | ||
| Q1 24 | 11.1% | 0.9% |
| Q4 25 | 2.17× | -1.99× | ||
| Q3 25 | 4.73× | 3.45× | ||
| Q2 25 | -0.34× | 1.77× | ||
| Q1 25 | 3.58× | -0.13× | ||
| Q4 24 | 9.44× | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | 2.65× | 2.69× | ||
| Q1 24 | 2.27× | -0.91× |
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% |
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
