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IPG Photonics vs Formfactor: IPGP and FORM compared
IPG Photonics is the larger company: $288M of revenue in its latest quarter (Q3 2026) against $281M for Formfactor (Q3 2026). Formfactor is growing faster (+38% against +15% a year earlier). Formfactor is more profitable, with an operating margin of 29.1% against 7.2%.
Where the money goes: IPGP and FORM
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.
Formfactor (FORM) · Q3 2026
Formfactor, Q3 2026: revenue $281M (+38% year over year), operating margin 29.1%, net earnings $73.8M, operating cash flow $104M. The chart follows the revenue to costs, profit and cash.
| IPG Photonics (IPGP) | Formfactor (FORM) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $288M | $281M |
| Revenue growth, Y/Y | +15% | +38% |
| Gross margin | 40.7% | 54.7% |
| Operating margin | 7.2% | 29.1% |
| Net earnings | $20.3M | $73.8M |
| Net margin | 7.1% | 26.3% |
| Operating cash flow | $46.2M | $104M |
| Free cash flow | $28.8M | $64.6M |
| Market value | $3.4B | $7.8B |
| P/E | 84.2× | 44.6× |
| Analysts’ mean target | $118.43 | $152.22 |
Where the revenue comes from
IPG Photonics
- Lasers and Components: $226M (79%)
- Systems: $61.5M (21%)
Formfactor
- Foundry & Logic: $134M (48%)
- DRAM: $84.9M (30%)
- Systems: $59.5M (21%)
- Flash: $2.2M (1%)
Questions
Which is bigger, IPG Photonics or Formfactor?
IPG Photonics is the larger company: $288M of revenue in its latest quarter (Q3 2026) against $281M for Formfactor (Q3 2026).
Is IPG Photonics or Formfactor growing faster?
Formfactor is growing faster (+38% against +15% a year earlier).
Which is more profitable, IPG Photonics or Formfactor?
Formfactor is more profitable, with an operating margin of 29.1% against 7.2%.
More: IPG Photonics earnings · how IPG Photonics makes money · Formfactor earnings · how Formfactor makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.