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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and Xometry, Inc. (XMTR). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $192.4M, roughly 1.4× Xometry, Inc.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -4.5%, a 9.3% gap on every dollar of revenue. On growth, Xometry, Inc. posted the faster year-over-year revenue change (29.5% vs 17.1%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-5.9M). Over the past eight quarters, Xometry, Inc.'s revenue compounded faster (25.2% 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.
Xometry is an online marketplace for sourcing on-demand manufactured parts for prototyping and large-scale production.
IPGP vs XMTR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $192.4M |
| Net Profit | $13.3M | $-8.6M |
| Gross Margin | 36.1% | 39.1% |
| Operating Margin | 1.2% | -4.6% |
| Net Margin | 4.8% | -4.5% |
| Revenue YoY | 17.1% | 29.5% |
| Net Profit YoY | 69.8% | 12.7% |
| 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 | $192.4M | ||
| Q3 25 | $250.8M | $180.7M | ||
| Q2 25 | $250.7M | $162.5M | ||
| Q1 25 | $227.8M | $151.0M | ||
| Q4 24 | $234.3M | $148.5M | ||
| Q3 24 | $233.1M | $141.7M | ||
| Q2 24 | $257.6M | $132.6M | ||
| Q1 24 | $252.0M | $122.7M |
| Q4 25 | $13.3M | $-8.6M | ||
| Q3 25 | $7.5M | $-11.6M | ||
| Q2 25 | $6.6M | $-26.4M | ||
| Q1 25 | $3.8M | $-15.1M | ||
| Q4 24 | $7.8M | $-9.9M | ||
| Q3 24 | $-233.6M | $-10.2M | ||
| Q2 24 | $20.2M | $-13.7M | ||
| Q1 24 | $24.1M | $-16.6M |
| Q4 25 | 36.1% | 39.1% | ||
| Q3 25 | 39.5% | 39.9% | ||
| Q2 25 | 37.3% | 40.1% | ||
| Q1 25 | 39.4% | 37.3% | ||
| Q4 24 | 38.6% | 39.7% | ||
| Q3 24 | 23.2% | 39.4% | ||
| Q2 24 | 37.3% | 39.9% | ||
| Q1 24 | 38.7% | 39.0% |
| Q4 25 | 1.2% | -4.6% | ||
| Q3 25 | 3.1% | -6.1% | ||
| Q2 25 | 0.0% | -6.3% | ||
| Q1 25 | 0.8% | -10.2% | ||
| Q4 24 | 6.0% | -7.8% | ||
| Q3 24 | -108.7% | -8.1% | ||
| Q2 24 | 4.7% | -11.5% | ||
| Q1 24 | 7.6% | -14.6% |
| Q4 25 | 4.8% | -4.5% | ||
| Q3 25 | 3.0% | -6.4% | ||
| Q2 25 | 2.6% | -16.3% | ||
| Q1 25 | 1.6% | -10.0% | ||
| Q4 24 | 3.3% | -6.7% | ||
| Q3 24 | -100.2% | -7.2% | ||
| Q2 24 | 7.8% | -10.3% | ||
| Q1 24 | 9.6% | -13.5% |
| Q4 25 | $0.30 | — | ||
| Q3 25 | $0.18 | — | ||
| Q2 25 | $0.16 | — | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $-5.33 | — | ||
| 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 | $219.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $275.6M |
| Total Assets | $2.4B | $703.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | $219.1M | ||
| Q3 25 | $870.4M | $224.5M | ||
| Q2 25 | $899.6M | $225.8M | ||
| Q1 25 | $926.9M | $231.4M | ||
| Q4 24 | $930.2M | $239.8M | ||
| Q3 24 | $1.0B | $234.0M | ||
| Q2 24 | $1.1B | $240.9M | ||
| Q1 24 | $1.1B | $253.8M |
| Q4 25 | $2.1B | $275.6M | ||
| Q3 25 | $2.1B | $272.0M | ||
| Q2 25 | $2.1B | $270.4M | ||
| Q1 25 | $2.1B | $309.9M | ||
| Q4 24 | $2.0B | $314.5M | ||
| Q3 24 | $2.1B | $315.2M | ||
| Q2 24 | $2.3B | $315.8M | ||
| Q1 24 | $2.3B | $320.4M |
| Q4 25 | $2.4B | $703.7M | ||
| Q3 25 | $2.4B | $698.9M | ||
| Q2 25 | $2.4B | $687.0M | ||
| Q1 25 | $2.3B | $690.1M | ||
| Q4 24 | $2.3B | $680.1M | ||
| Q3 24 | $2.4B | $678.2M | ||
| Q2 24 | $2.5B | $678.6M | ||
| Q1 24 | $2.6B | $692.5M |
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 | $4.4M |
| Free Cash FlowOCF − Capex | $10.9M | $-5.9M |
| FCF MarginFCF / Revenue | 4.0% | -3.0% |
| Capex IntensityCapex / Revenue | 6.5% | 5.3% |
| Cash ConversionOCF / Net Profit | 2.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $-24.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $4.4M | ||
| Q3 25 | $35.3M | $5.8M | ||
| Q2 25 | $-2.2M | $-427.0K | ||
| Q1 25 | $13.4M | $-3.7M | ||
| Q4 24 | $73.8M | $9.1M | ||
| Q3 24 | $66.1M | $-3.6M | ||
| Q2 24 | $53.5M | $-9.1M | ||
| Q1 24 | $54.6M | $-11.7M |
| Q4 25 | $10.9M | $-5.9M | ||
| Q3 25 | $14.6M | $-1.7M | ||
| Q2 25 | $-17.6M | $-7.4M | ||
| Q1 25 | $-11.4M | $-9.2M | ||
| Q4 24 | $50.6M | $4.5M | ||
| Q3 24 | $43.0M | $-8.4M | ||
| Q2 24 | $29.2M | $-13.5M | ||
| Q1 24 | $26.5M | $-16.1M |
| Q4 25 | 4.0% | -3.0% | ||
| Q3 25 | 5.8% | -0.9% | ||
| Q2 25 | -7.0% | -4.5% | ||
| Q1 25 | -5.0% | -6.1% | ||
| Q4 24 | 21.6% | 3.1% | ||
| Q3 24 | 18.4% | -6.0% | ||
| Q2 24 | 11.3% | -10.2% | ||
| Q1 24 | 10.5% | -13.1% |
| Q4 25 | 6.5% | 5.3% | ||
| Q3 25 | 8.3% | 4.1% | ||
| Q2 25 | 6.1% | 4.3% | ||
| Q1 25 | 10.9% | 3.6% | ||
| Q4 24 | 9.9% | 3.1% | ||
| Q3 24 | 9.9% | 3.4% | ||
| Q2 24 | 9.4% | 3.3% | ||
| Q1 24 | 11.1% | 3.5% |
| 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% |
XMTR
| US | $159.1M | 83% |
| Non Us | $33.3M | 17% |
