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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $274.5M, roughly 1.2× IPG PHOTONICS CORP). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -12.9%, a 17.7% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -0.4%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% 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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
IPGP vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $340.0M |
| Net Profit | $13.3M | $-13.9M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | -17.2% |
| Net Margin | 4.8% | -12.9% |
| Revenue YoY | 17.1% | -0.4% |
| Net Profit YoY | 69.8% | -131.0% |
| EPS (diluted) | $0.30 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $250.8M | $337.7M | ||
| Q2 25 | $250.7M | $319.2M | ||
| Q1 25 | $227.8M | $237.4M | ||
| Q4 24 | $234.3M | $341.5M | ||
| Q3 24 | $233.1M | $292.3M | ||
| Q2 24 | $257.6M | $270.7M | ||
| Q1 24 | $252.0M | $228.1M |
| Q4 25 | $13.3M | $-13.9M | ||
| Q3 25 | $7.5M | $33.5M | ||
| Q2 25 | $6.6M | $34.0M | ||
| Q1 25 | $3.8M | $2.8M | ||
| Q4 24 | $7.8M | $44.8M | ||
| Q3 24 | $-233.6M | $28.8M | ||
| Q2 24 | $20.2M | $22.7M | ||
| Q1 24 | $24.1M | $11.9M |
| 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% | -17.2% | ||
| Q3 25 | 3.1% | 13.6% | ||
| Q2 25 | 0.0% | 14.5% | ||
| Q1 25 | 0.8% | 2.2% | ||
| Q4 24 | 6.0% | 15.3% | ||
| Q3 24 | -108.7% | 12.8% | ||
| Q2 24 | 4.7% | 10.4% | ||
| Q1 24 | 7.6% | 6.0% |
| Q4 25 | 4.8% | -12.9% | ||
| Q3 25 | 3.0% | 9.9% | ||
| Q2 25 | 2.6% | 10.6% | ||
| Q1 25 | 1.6% | 1.2% | ||
| Q4 24 | 3.3% | 13.1% | ||
| Q3 24 | -100.2% | 9.9% | ||
| Q2 24 | 7.8% | 8.4% | ||
| Q1 24 | 9.6% | 5.2% |
| Q4 25 | $0.30 | $-0.41 | ||
| Q3 25 | $0.18 | $0.98 | ||
| Q2 25 | $0.16 | $0.99 | ||
| Q1 25 | $0.09 | $0.08 | ||
| Q4 24 | $0.27 | $1.32 | ||
| Q3 24 | $-5.33 | $0.85 | ||
| Q2 24 | $0.45 | $0.67 | ||
| Q1 24 | $0.52 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $1.7B |
| Total Assets | $2.4B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $299.3M | ||
| Q3 25 | $870.4M | $274.8M | ||
| Q2 25 | $899.6M | $233.7M | ||
| Q1 25 | $926.9M | $181.0M | ||
| Q4 24 | $930.2M | $279.3M | ||
| Q3 24 | $1.0B | $179.8M | ||
| Q2 24 | $1.1B | $208.1M | ||
| Q1 24 | $1.1B | $216.5M |
| Q4 25 | $2.1B | $1.7B | ||
| Q3 25 | $2.1B | $1.8B | ||
| Q2 25 | $2.1B | $1.8B | ||
| Q1 25 | $2.1B | $1.7B | ||
| Q4 24 | $2.0B | $1.7B | ||
| Q3 24 | $2.1B | $1.7B | ||
| Q2 24 | $2.3B | $1.7B | ||
| Q1 24 | $2.3B | $1.7B |
| Q4 25 | $2.4B | $5.1B | ||
| Q3 25 | $2.4B | $5.8B | ||
| Q2 25 | $2.4B | $4.7B | ||
| Q1 25 | $2.3B | $4.5B | ||
| Q4 24 | $2.3B | $4.4B | ||
| Q3 24 | $2.4B | $4.6B | ||
| Q2 24 | $2.5B | $4.2B | ||
| Q1 24 | $2.6B | $3.8B |
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 | $-664.3M |
| Free Cash FlowOCF − Capex | $10.9M | $-680.1M |
| FCF MarginFCF / Revenue | 4.0% | -200.0% |
| Capex IntensityCapex / Revenue | 6.5% | 4.6% |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $-664.3M | ||
| Q3 25 | $35.3M | $-948.1M | ||
| Q2 25 | $-2.2M | $-238.5M | ||
| Q1 25 | $13.4M | $-281.1M | ||
| Q4 24 | $73.8M | $129.4M | ||
| Q3 24 | $66.1M | $-202.0M | ||
| Q2 24 | $53.5M | $-237.8M | ||
| Q1 24 | $54.6M | $38.4M |
| Q4 25 | $10.9M | $-680.1M | ||
| Q3 25 | $14.6M | $-950.4M | ||
| Q2 25 | $-17.6M | $-241.0M | ||
| Q1 25 | $-11.4M | $-284.7M | ||
| Q4 24 | $50.6M | $116.4M | ||
| Q3 24 | $43.0M | $-204.0M | ||
| Q2 24 | $29.2M | $-241.7M | ||
| Q1 24 | $26.5M | $35.2M |
| Q4 25 | 4.0% | -200.0% | ||
| Q3 25 | 5.8% | -281.5% | ||
| Q2 25 | -7.0% | -75.5% | ||
| Q1 25 | -5.0% | -120.0% | ||
| Q4 24 | 21.6% | 34.1% | ||
| Q3 24 | 18.4% | -69.8% | ||
| Q2 24 | 11.3% | -89.3% | ||
| Q1 24 | 10.5% | 15.4% |
| Q4 25 | 6.5% | 4.6% | ||
| Q3 25 | 8.3% | 0.7% | ||
| Q2 25 | 6.1% | 0.8% | ||
| Q1 25 | 10.9% | 1.5% | ||
| Q4 24 | 9.9% | 3.8% | ||
| Q3 24 | 9.9% | 0.7% | ||
| Q2 24 | 9.4% | 1.4% | ||
| Q1 24 | 11.1% | 1.4% |
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | -28.34× | ||
| Q2 25 | -0.34× | -7.02× | ||
| Q1 25 | 3.58× | -102.07× | ||
| Q4 24 | 9.44× | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | 2.65× | -10.49× | ||
| Q1 24 | 2.27× | 3.24× |
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% |
WD
Segment breakdown not available.
