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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and XPLR Infrastructure, LP (XIFR). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $249.0M, roughly 1.1× XPLR Infrastructure, LP). XPLR Infrastructure, LP runs the higher net margin — 11.2% vs 4.8%, a 6.4% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -15.3%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-88.0M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -1.6%).
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.
XPLR Infrastructure is a publicly traded subsidiary of NextEra Energy, is a Juno Beach, Florida-based renewable energy company.
IPGP vs XIFR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $249.0M |
| Net Profit | $13.3M | $28.0M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | -19.3% |
| Net Margin | 4.8% | 11.2% |
| Revenue YoY | 17.1% | -15.3% |
| Net Profit YoY | 69.8% | 124.3% |
| EPS (diluted) | $0.30 | — |
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 | $249.0M | ||
| Q3 25 | $250.8M | $315.0M | ||
| Q2 25 | $250.7M | $342.0M | ||
| Q1 25 | $227.8M | $282.0M | ||
| Q4 24 | $234.3M | $294.0M | ||
| Q3 24 | $233.1M | $319.0M | ||
| Q2 24 | $257.6M | $360.0M | ||
| Q1 24 | $252.0M | $257.0M |
| Q4 25 | $13.3M | $28.0M | ||
| Q3 25 | $7.5M | $-37.0M | ||
| Q2 25 | $6.6M | $79.0M | ||
| Q1 25 | $3.8M | $-98.0M | ||
| Q4 24 | $7.8M | $-115.0M | ||
| Q3 24 | $-233.6M | $-40.0M | ||
| Q2 24 | $20.2M | $62.0M | ||
| Q1 24 | $24.1M | $70.0M |
| 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% | -19.3% | ||
| Q3 25 | 3.1% | 1.6% | ||
| Q2 25 | 0.0% | 26.3% | ||
| Q1 25 | 0.8% | -82.6% | ||
| Q4 24 | 6.0% | -188.1% | ||
| Q3 24 | -108.7% | 15.4% | ||
| Q2 24 | 4.7% | 18.3% | ||
| Q1 24 | 7.6% | -8.2% |
| Q4 25 | 4.8% | 11.2% | ||
| Q3 25 | 3.0% | -11.7% | ||
| Q2 25 | 2.6% | 23.1% | ||
| Q1 25 | 1.6% | -34.8% | ||
| Q4 24 | 3.3% | -39.1% | ||
| Q3 24 | -100.2% | -12.5% | ||
| Q2 24 | 7.8% | 17.2% | ||
| Q1 24 | 9.6% | 27.2% |
| Q4 25 | $0.30 | — | ||
| Q3 25 | $0.18 | $-0.40 | ||
| Q2 25 | $0.16 | $0.84 | ||
| Q1 25 | $0.09 | $-1.05 | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $-5.33 | $-0.43 | ||
| Q2 24 | $0.45 | $0.66 | ||
| Q1 24 | $0.52 | $0.75 |
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 | $960.0M |
| Total DebtLower is stronger | — | $6.2B |
| Stockholders' EquityBook value | $2.1B | $10.9B |
| Total Assets | $2.4B | $19.6B |
| Debt / EquityLower = less leverage | — | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $960.0M | ||
| Q3 25 | $870.4M | $711.0M | ||
| Q2 25 | $899.6M | $880.0M | ||
| Q1 25 | $926.9M | $1.5B | ||
| Q4 24 | $930.2M | $283.0M | ||
| Q3 24 | $1.0B | $290.0M | ||
| Q2 24 | $1.1B | $281.0M | ||
| Q1 24 | $1.1B | $245.0M |
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.1B | $10.9B | ||
| Q3 25 | $2.1B | $11.0B | ||
| Q2 25 | $2.1B | $11.3B | ||
| Q1 25 | $2.1B | $12.6B | ||
| Q4 24 | $2.0B | $12.9B | ||
| Q3 24 | $2.1B | $13.6B | ||
| Q2 24 | $2.3B | $13.9B | ||
| Q1 24 | $2.3B | $14.0B |
| Q4 25 | $2.4B | $19.6B | ||
| Q3 25 | $2.4B | $19.1B | ||
| Q2 25 | $2.4B | $20.5B | ||
| Q1 25 | $2.3B | $21.4B | ||
| Q4 24 | $2.3B | $20.3B | ||
| Q3 24 | $2.4B | $20.9B | ||
| Q2 24 | $2.5B | $21.7B | ||
| Q1 24 | $2.6B | $22.3B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.41× | ||
| 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 | $186.0M |
| Free Cash FlowOCF − Capex | $10.9M | $-88.0M |
| FCF MarginFCF / Revenue | 4.0% | -35.3% |
| Capex IntensityCapex / Revenue | 6.5% | 110.0% |
| Cash ConversionOCF / Net Profit | 2.17× | 6.64× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $-219.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $186.0M | ||
| Q3 25 | $35.3M | $231.0M | ||
| Q2 25 | $-2.2M | $232.0M | ||
| Q1 25 | $13.4M | $90.0M | ||
| Q4 24 | $73.8M | $283.0M | ||
| Q3 24 | $66.1M | $208.0M | ||
| Q2 24 | $53.5M | $231.0M | ||
| Q1 24 | $54.6M | $78.0M |
| Q4 25 | $10.9M | $-88.0M | ||
| Q3 25 | $14.6M | $-283.0M | ||
| Q2 25 | $-17.6M | $151.0M | ||
| Q1 25 | $-11.4M | $1.0M | ||
| Q4 24 | $50.6M | $231.0M | ||
| Q3 24 | $43.0M | $152.0M | ||
| Q2 24 | $29.2M | $162.0M | ||
| Q1 24 | $26.5M | $14.0M |
| Q4 25 | 4.0% | -35.3% | ||
| Q3 25 | 5.8% | -89.8% | ||
| Q2 25 | -7.0% | 44.2% | ||
| Q1 25 | -5.0% | 0.4% | ||
| Q4 24 | 21.6% | 78.6% | ||
| Q3 24 | 18.4% | 47.6% | ||
| Q2 24 | 11.3% | 45.0% | ||
| Q1 24 | 10.5% | 5.4% |
| Q4 25 | 6.5% | 110.0% | ||
| Q3 25 | 8.3% | 163.2% | ||
| Q2 25 | 6.1% | 23.7% | ||
| Q1 25 | 10.9% | 31.6% | ||
| Q4 24 | 9.9% | 17.7% | ||
| Q3 24 | 9.9% | 17.6% | ||
| Q2 24 | 9.4% | 19.2% | ||
| Q1 24 | 11.1% | 24.9% |
| Q4 25 | 2.17× | 6.64× | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | 2.94× | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | 3.73× | ||
| Q1 24 | 2.27× | 1.11× |
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% |
XIFR
| Renewable Energy Sales | $238.0M | 96% |
| Related Party | $8.0M | 3% |
