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Side-by-side financial comparison of IPG PHOTONICS CORP (IPGP) and OLYMPIC STEEL INC (ZEUS). Click either name above to swap in a different company.
OLYMPIC STEEL INC is the larger business by last-quarter revenue ($490.7M vs $274.5M, roughly 1.8× IPG PHOTONICS CORP). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs 0.4%, a 4.4% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 4.4%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-12.9M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs 0.1%).
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.
Olympic Steel, Inc. is a metals service center based in Cleveland, Ohio. The company processes and distributes carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminium alloy, tin plate, and metal-intensive branded products primarily in the United States. Metals processing and value added services include tempering, stretch leveling, cutting-to-length, slitting, edging, shearing, blanking, burning, forming, shot blasting, laser punching, plate rolling, fabricating, machi...
IPGP vs ZEUS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $274.5M | $490.7M |
| Net Profit | $13.3M | $2.2M |
| Gross Margin | 36.1% | — |
| Operating Margin | 1.2% | 1.5% |
| Net Margin | 4.8% | 0.4% |
| Revenue YoY | 17.1% | 4.4% |
| Net Profit YoY | 69.8% | -21.2% |
| EPS (diluted) | $0.30 | $0.18 |
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 | $490.7M | ||
| Q2 25 | $250.7M | $496.5M | ||
| Q1 25 | $227.8M | $492.9M | ||
| Q4 24 | $234.3M | $418.8M | ||
| Q3 24 | $233.1M | $470.0M | ||
| Q2 24 | $257.6M | $526.3M | ||
| Q1 24 | $252.0M | $526.6M |
| Q4 25 | $13.3M | — | ||
| Q3 25 | $7.5M | $2.2M | ||
| Q2 25 | $6.6M | $5.2M | ||
| Q1 25 | $3.8M | $2.5M | ||
| Q4 24 | $7.8M | $3.9M | ||
| Q3 24 | $-233.6M | $2.7M | ||
| Q2 24 | $20.2M | $7.7M | ||
| Q1 24 | $24.1M | $8.7M |
| 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% | — | ||
| Q3 25 | 3.1% | 1.5% | ||
| Q2 25 | 0.0% | 2.3% | ||
| Q1 25 | 0.8% | 1.6% | ||
| Q4 24 | 6.0% | 2.1% | ||
| Q3 24 | -108.7% | 1.7% | ||
| Q2 24 | 4.7% | 2.9% | ||
| Q1 24 | 7.6% | 3.0% |
| Q4 25 | 4.8% | — | ||
| Q3 25 | 3.0% | 0.4% | ||
| Q2 25 | 2.6% | 1.1% | ||
| Q1 25 | 1.6% | 0.5% | ||
| Q4 24 | 3.3% | 0.9% | ||
| Q3 24 | -100.2% | 0.6% | ||
| Q2 24 | 7.8% | 1.5% | ||
| Q1 24 | 9.6% | 1.7% |
| Q4 25 | $0.30 | — | ||
| Q3 25 | $0.18 | $0.18 | ||
| Q2 25 | $0.16 | $0.45 | ||
| Q1 25 | $0.09 | $0.21 | ||
| Q4 24 | $0.27 | $0.33 | ||
| Q3 24 | $-5.33 | $0.23 | ||
| 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 | $7.5M |
| Total DebtLower is stronger | — | $240.9M |
| Stockholders' EquityBook value | $2.1B | $579.1M |
| Total Assets | $2.4B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $839.3M | — | ||
| Q3 25 | $870.4M | $7.5M | ||
| Q2 25 | $899.6M | $14.8M | ||
| Q1 25 | $926.9M | $13.3M | ||
| Q4 24 | $930.2M | $11.9M | ||
| Q3 24 | $1.0B | $11.1M | ||
| Q2 24 | $1.1B | $9.4M | ||
| Q1 24 | $1.1B | $10.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | $240.9M | ||
| Q2 25 | — | $233.2M | ||
| Q1 25 | — | $235.4M | ||
| Q4 24 | — | $272.5M | ||
| Q3 24 | — | $197.3M | ||
| Q2 24 | — | $209.2M | ||
| Q1 24 | — | $196.8M |
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $579.1M | ||
| Q2 25 | $2.1B | $578.2M | ||
| Q1 25 | $2.1B | $574.2M | ||
| Q4 24 | $2.0B | $573.9M | ||
| Q3 24 | $2.1B | $570.6M | ||
| Q2 24 | $2.3B | $569.5M | ||
| Q1 24 | $2.3B | $563.0M |
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | $1.1B | ||
| Q2 25 | $2.4B | $1.1B | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | $2.3B | $1.0B | ||
| Q3 24 | $2.4B | $1.0B | ||
| Q2 24 | $2.5B | $1.0B | ||
| Q1 24 | $2.6B | $1.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.40× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.35× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.35× |
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 | $-5.4M |
| Free Cash FlowOCF − Capex | $10.9M | $-12.9M |
| FCF MarginFCF / Revenue | 4.0% | -2.6% |
| Capex IntensityCapex / Revenue | 6.5% | 1.5% |
| Cash ConversionOCF / Net Profit | 2.17× | -2.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.5M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | — | ||
| Q3 25 | $35.3M | $-5.4M | ||
| Q2 25 | $-2.2M | $15.5M | ||
| Q1 25 | $13.4M | $49.4M | ||
| Q4 24 | $73.8M | $14.6M | ||
| Q3 24 | $66.1M | $24.6M | ||
| Q2 24 | $53.5M | $-2.9M | ||
| Q1 24 | $54.6M | $-2.6M |
| Q4 25 | $10.9M | — | ||
| Q3 25 | $14.6M | $-12.9M | ||
| Q2 25 | $-17.6M | $6.8M | ||
| Q1 25 | $-11.4M | $40.6M | ||
| Q4 24 | $50.6M | $7.4M | ||
| Q3 24 | $43.0M | $15.6M | ||
| Q2 24 | $29.2M | $-11.3M | ||
| Q1 24 | $26.5M | $-7.4M |
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.8% | -2.6% | ||
| Q2 25 | -7.0% | 1.4% | ||
| Q1 25 | -5.0% | 8.2% | ||
| Q4 24 | 21.6% | 1.8% | ||
| Q3 24 | 18.4% | 3.3% | ||
| Q2 24 | 11.3% | -2.2% | ||
| Q1 24 | 10.5% | -1.4% |
| Q4 25 | 6.5% | — | ||
| Q3 25 | 8.3% | 1.5% | ||
| Q2 25 | 6.1% | 1.7% | ||
| Q1 25 | 10.9% | 1.8% | ||
| Q4 24 | 9.9% | 1.7% | ||
| Q3 24 | 9.9% | 1.9% | ||
| Q2 24 | 9.4% | 1.6% | ||
| Q1 24 | 11.1% | 0.9% |
| Q4 25 | 2.17× | — | ||
| Q3 25 | 4.73× | -2.50× | ||
| Q2 25 | -0.34× | 2.96× | ||
| Q1 25 | 3.58× | 19.70× | ||
| Q4 24 | 9.44× | 3.75× | ||
| Q3 24 | — | 9.01× | ||
| Q2 24 | 2.65× | -0.38× | ||
| Q1 24 | 2.27× | -0.30× |
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% |
ZEUS
| Carbon Flat Products | $268.2M | 55% |
| Specialty Metals Flat Products | $140.9M | 29% |
| Tubular And Pipe Products | $81.6M | 17% |
