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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Bristow Group Inc. (VTOL). Click either name above to swap in a different company.
Bristow Group Inc. is the larger business by last-quarter revenue ($377.3M vs $274.5M, roughly 1.4× IPG PHOTONICS CORP). Bristow Group Inc. runs the higher net margin — 4.9% vs 4.8%, a 0.0% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 6.7%). Bristow Group Inc. produced more free cash flow last quarter ($47.8M vs $10.9M). Over the past eight quarters, Bristow Group Inc.'s revenue compounded faster (5.8% 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.
Bristow Helicopters Limited is a British civil helicopter operator originally based at Aberdeen Airport, Scotland, which is currently a part of the U.S.-based Bristow Group which in turn has its corporate headquarters in Houston, Texas, U.S. In 2020, Bristow Group was merged with Era Helicopters, a large U.S.-based commercial helicopter operator that was previously a division of Era Aviation, with the two companies then continuing to use the Bristow name.
IPGP vs VTOL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $377.3M |
| Net Profit | $13.3M | $18.4M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 8.5% |
| Net Margin | 4.8% | 4.9% |
| Revenue YoY | 17.1% | 6.7% |
| Net Profit YoY | 69.8% | -42.1% |
| EPS (diluted) | $0.30 | $0.61 |
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 | $377.3M | ||
| Q3 25 | $250.8M | $386.3M | ||
| Q2 25 | $250.7M | $376.4M | ||
| Q1 25 | $227.8M | $350.5M | ||
| Q4 24 | $234.3M | $353.5M | ||
| Q3 24 | $233.1M | $365.1M | ||
| Q2 24 | $257.6M | $359.7M | ||
| Q1 24 | $252.0M | $337.1M |
| Q4 25 | $13.3M | $18.4M | ||
| Q3 25 | $7.5M | $51.5M | ||
| Q2 25 | $6.6M | $31.7M | ||
| Q1 25 | $3.8M | $27.4M | ||
| Q4 24 | $7.8M | $31.8M | ||
| Q3 24 | $-233.6M | $28.2M | ||
| Q2 24 | $20.2M | $28.2M | ||
| Q1 24 | $24.1M | $6.6M |
| 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% | 8.5% | ||
| Q3 25 | 3.1% | 13.1% | ||
| Q2 25 | 0.0% | 11.3% | ||
| Q1 25 | 0.8% | 9.6% | ||
| Q4 24 | 6.0% | 9.0% | ||
| Q3 24 | -108.7% | 9.1% | ||
| Q2 24 | 4.7% | 12.4% | ||
| Q1 24 | 7.6% | 6.8% |
| Q4 25 | 4.8% | 4.9% | ||
| Q3 25 | 3.0% | 13.3% | ||
| Q2 25 | 2.6% | 8.4% | ||
| Q1 25 | 1.6% | 7.8% | ||
| Q4 24 | 3.3% | 9.0% | ||
| Q3 24 | -100.2% | 7.7% | ||
| Q2 24 | 7.8% | 7.8% | ||
| Q1 24 | 9.6% | 2.0% |
| Q4 25 | $0.30 | $0.61 | ||
| Q3 25 | $0.18 | $1.72 | ||
| Q2 25 | $0.16 | $1.07 | ||
| Q1 25 | $0.09 | $0.92 | ||
| Q4 24 | $0.27 | $1.07 | ||
| Q3 24 | $-5.33 | $0.95 | ||
| Q2 24 | $0.45 | $0.96 | ||
| Q1 24 | $0.52 | $0.23 |
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 | $286.2M |
| Total DebtLower is stronger | — | $671.5M |
| Stockholders' EquityBook value | $2.1B | $1.1B |
| Total Assets | $2.4B | $2.3B |
| Debt / EquityLower = less leverage | — | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $286.2M | ||
| Q3 25 | $870.4M | $245.5M | ||
| Q2 25 | $899.6M | $251.8M | ||
| Q1 25 | $926.9M | $191.1M | ||
| Q4 24 | $930.2M | $247.5M | ||
| Q3 24 | $1.0B | $200.3M | ||
| Q2 24 | $1.1B | $178.6M | ||
| Q1 24 | $1.1B | $140.6M |
| Q4 25 | — | $671.5M | ||
| Q3 25 | — | $675.0M | ||
| Q2 25 | — | $705.2M | ||
| Q1 25 | — | $701.9M | ||
| Q4 24 | — | $689.8M | ||
| Q3 24 | — | $629.1M | ||
| Q2 24 | — | $594.2M | ||
| Q1 24 | — | $544.1M |
| Q4 25 | $2.1B | $1.1B | ||
| Q3 25 | $2.1B | $1.0B | ||
| Q2 25 | $2.1B | $984.4M | ||
| Q1 25 | $2.1B | $931.7M | ||
| Q4 24 | $2.0B | $891.7M | ||
| Q3 24 | $2.1B | $899.2M | ||
| Q2 24 | $2.3B | $849.1M | ||
| Q1 24 | $2.3B | $820.7M |
| Q4 25 | $2.4B | $2.3B | ||
| Q3 25 | $2.4B | $2.3B | ||
| Q2 25 | $2.4B | $2.3B | ||
| Q1 25 | $2.3B | $2.2B | ||
| Q4 24 | $2.3B | $2.1B | ||
| Q3 24 | $2.4B | $2.1B | ||
| Q2 24 | $2.5B | $2.0B | ||
| Q1 24 | $2.6B | $1.9B |
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 0.77× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.66× |
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 | $76.9M |
| Free Cash FlowOCF − Capex | $10.9M | $47.8M |
| FCF MarginFCF / Revenue | 4.0% | 12.7% |
| Capex IntensityCapex / Revenue | 6.5% | 7.7% |
| Cash ConversionOCF / Net Profit | 2.17× | 4.17× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $56.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $76.9M | ||
| Q3 25 | $35.3M | $23.1M | ||
| Q2 25 | $-2.2M | $99.0M | ||
| Q1 25 | $13.4M | $-603.0K | ||
| Q4 24 | $73.8M | $51.1M | ||
| Q3 24 | $66.1M | $66.0M | ||
| Q2 24 | $53.5M | $33.7M | ||
| Q1 24 | $54.6M | $26.7M |
| Q4 25 | $10.9M | $47.8M | ||
| Q3 25 | $14.6M | $-6.2M | ||
| Q2 25 | $-17.6M | $67.4M | ||
| Q1 25 | $-11.4M | $-52.7M | ||
| Q4 24 | $50.6M | $-32.4M | ||
| Q3 24 | $43.0M | $9.0M | ||
| Q2 24 | $29.2M | $-16.7M | ||
| Q1 24 | $26.5M | $-37.9M |
| Q4 25 | 4.0% | 12.7% | ||
| Q3 25 | 5.8% | -1.6% | ||
| Q2 25 | -7.0% | 17.9% | ||
| Q1 25 | -5.0% | -15.0% | ||
| Q4 24 | 21.6% | -9.2% | ||
| Q3 24 | 18.4% | 2.5% | ||
| Q2 24 | 11.3% | -4.6% | ||
| Q1 24 | 10.5% | -11.2% |
| Q4 25 | 6.5% | 7.7% | ||
| Q3 25 | 8.3% | 7.6% | ||
| Q2 25 | 6.1% | 8.4% | ||
| Q1 25 | 10.9% | 14.9% | ||
| Q4 24 | 9.9% | 23.6% | ||
| Q3 24 | 9.9% | 15.6% | ||
| Q2 24 | 9.4% | 14.0% | ||
| Q1 24 | 11.1% | 19.2% |
| Q4 25 | 2.17× | 4.17× | ||
| Q3 25 | 4.73× | 0.45× | ||
| Q2 25 | -0.34× | 3.12× | ||
| Q1 25 | 3.58× | -0.02× | ||
| Q4 24 | 9.44× | 1.61× | ||
| Q3 24 | — | 2.34× | ||
| Q2 24 | 2.65× | 1.20× | ||
| Q1 24 | 2.27× | 4.04× |
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% |
VTOL
| Offshore Energy Services | $247.5M | 66% |
| Government Services | $100.1M | 27% |
| Other | $21.9M | 6% |
| Related Party | $7.8M | 2% |
