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IPG Photonics vs Allegro Microsystems: IPGP and ALGM compared
IPG Photonics is the larger company: $288M of revenue in its latest quarter (Q3 2026) against $277M for Allegro Microsystems (Q2 FY27). Allegro Microsystems is growing faster (+29% against +15% a year earlier). Allegro Microsystems is more profitable, with an operating margin of 12.8% against 7.2%.
Where the money goes: IPGP and ALGM
IPG Photonics (IPGP) · Q3 2026
IPG Photonics, Q3 2026: revenue $288M (+15% year over year), operating margin 7.2%, net earnings $20.3M, operating cash flow $46.2M. The chart follows the revenue to costs, profit and cash.
Allegro Microsystems (ALGM) · Q2 FY27
Allegro Microsystems, Q2 FY27: revenue $277M (+29% year over year), operating margin 12.8%, net earnings $23.3M, operating cash flow $36.8M. The chart follows the revenue to costs, profit and cash.
| IPG Photonics (IPGP) | Allegro Microsystems (ALGM) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $288M | $277M |
| Revenue growth, Y/Y | +15% | +29% |
| Gross margin | 40.7% | 49.2% |
| Operating margin | 7.2% | 12.8% |
| Net earnings | $20.3M | $23.3M |
| Net margin | 7.1% | 8.4% |
| Operating cash flow | $46.2M | $36.8M |
| Free cash flow | $28.8M | $30.5M |
| Market value | $3.4B | $6.7B |
| P/E | 84.2× | — |
| Analysts’ mean target | $118.43 | $48.85 |
Where the revenue comes from
IPG Photonics
- Lasers and Components: $226M (79%)
- Systems: $61.5M (21%)
Allegro Microsystems
- Magnetic Sensors: $158M (57%)
- Power Integrated Circuits: $119M (43%)
Questions
Which is bigger, IPG Photonics or Allegro Microsystems?
IPG Photonics is the larger company: $288M of revenue in its latest quarter (Q3 2026) against $277M for Allegro Microsystems (Q2 FY27).
Is IPG Photonics or Allegro Microsystems growing faster?
Allegro Microsystems is growing faster (+29% against +15% a year earlier).
Which is more profitable, IPG Photonics or Allegro Microsystems?
Allegro Microsystems is more profitable, with an operating margin of 12.8% against 7.2%.
More: IPG Photonics earnings · how IPG Photonics makes money · Allegro Microsystems earnings · how Allegro Microsystems makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.