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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and XBP Global Holdings, Inc. (XBP). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $152.4M, roughly 1.8× XBP Global Holdings, Inc.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -200.7%, a 205.5% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -34.7%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $10.5M).
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.
IPGP vs XBP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $152.4M |
| Net Profit | $13.3M | $-305.8M |
| Gross Margin | 36.1% | 21.7% |
| Operating Margin | 1.2% | -191.7% |
| Net Margin | 4.8% | -200.7% |
| Revenue YoY | 17.1% | -34.7% |
| Net Profit YoY | 69.8% | -980.1% |
| EPS (diluted) | $0.30 | $-2.60 |
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 | — | ||
| Q3 25 | $250.8M | $152.4M | ||
| Q2 25 | $250.7M | — | ||
| Q1 25 | $227.8M | — | ||
| Q4 24 | $234.3M | — | ||
| Q3 24 | $233.1M | $233.4M | ||
| Q2 24 | $257.6M | — | ||
| Q1 24 | $252.0M | — |
| Q4 25 | $13.3M | — | ||
| Q3 25 | $7.5M | $-305.8M | ||
| Q2 25 | $6.6M | — | ||
| Q1 25 | $3.8M | — | ||
| Q4 24 | $7.8M | — | ||
| Q3 24 | $-233.6M | $-28.3M | ||
| Q2 24 | $20.2M | — | ||
| Q1 24 | $24.1M | — |
| Q4 25 | 36.1% | — | ||
| Q3 25 | 39.5% | 21.7% | ||
| Q2 25 | 37.3% | — | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 38.6% | — | ||
| Q3 24 | 23.2% | 18.9% | ||
| Q2 24 | 37.3% | — | ||
| Q1 24 | 38.7% | — |
| Q4 25 | 1.2% | — | ||
| Q3 25 | 3.1% | -191.7% | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | -108.7% | 0.9% | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 7.6% | — |
| Q4 25 | 4.8% | — | ||
| Q3 25 | 3.0% | -200.7% | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | -100.2% | -12.1% | ||
| Q2 24 | 7.8% | — | ||
| Q1 24 | 9.6% | — |
| Q4 25 | $0.30 | — | ||
| Q3 25 | $0.18 | $-2.60 | ||
| Q2 25 | $0.16 | — | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $-5.33 | $-0.09 | ||
| Q2 24 | $0.45 | — | ||
| Q1 24 | $0.52 | — |
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 | $34.5M |
| Total DebtLower is stronger | — | $381.5M |
| Stockholders' EquityBook value | $2.1B | $130.5M |
| Total Assets | $2.4B | $947.9M |
| Debt / EquityLower = less leverage | — | 2.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | — | ||
| Q3 25 | $870.4M | $34.5M | ||
| Q2 25 | $899.6M | — | ||
| Q1 25 | $926.9M | — | ||
| Q4 24 | $930.2M | — | ||
| Q3 24 | $1.0B | $7.8M | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $381.5M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $31.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $130.5M | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | $-1.3B | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | — |
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | $947.9M | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.4B | $99.6M | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.6B | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 2.92× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $13.9M |
| Free Cash FlowOCF − Capex | $10.9M | $10.5M |
| FCF MarginFCF / Revenue | 4.0% | 6.9% |
| Capex IntensityCapex / Revenue | 6.5% | 2.2% |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | — | ||
| Q3 25 | $35.3M | $13.9M | ||
| Q2 25 | $-2.2M | — | ||
| Q1 25 | $13.4M | — | ||
| Q4 24 | $73.8M | — | ||
| Q3 24 | $66.1M | $-1.5M | ||
| Q2 24 | $53.5M | — | ||
| Q1 24 | $54.6M | — |
| Q4 25 | $10.9M | — | ||
| Q3 25 | $14.6M | $10.5M | ||
| Q2 25 | $-17.6M | — | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $50.6M | — | ||
| Q3 24 | $43.0M | $-6.1M | ||
| Q2 24 | $29.2M | — | ||
| Q1 24 | $26.5M | — |
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.8% | 6.9% | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | -5.0% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 18.4% | -2.6% | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 10.5% | — |
| Q4 25 | 6.5% | — | ||
| Q3 25 | 8.3% | 2.2% | ||
| Q2 25 | 6.1% | — | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 9.9% | 2.0% | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 11.1% | — |
| 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% |
XBP
| Related And Non Related Party | $136.5M | 90% |
| Technology | $8.2M | 5% |
| Other | $5.7M | 4% |
| Deferred Revenue As Of July312025 | $1.9M | 1% |
