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IPG Photonics

IPGP Nasdaq Electronic Manufacturing Services Financials FY2016–FY2025

IPG Photonics' revenue rose 2.7% to $1.0 billion in fiscal 2025. Its operating margin was 1.3%, up from −21.3% a year earlier. Free cash flow was −$3 million, against $149 million a year earlier. It paid out $53 million in dividends and buybacks. The diluted share count fell 3.8%.

Last close · Oct 23, 2026

$71.07

2.4%
Value it Compare
Revenue Total sales reported in the income statement.
$1.0B
2.7% vs prior year
Operating margin Operating income as a share of revenue.
1.3%
22.6 pts
Net income Profit after all expenses, interest and tax.
$31.1M
Free cash flow Cash from operations minus capital spending.
−$3.5M
102.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
0.8%
14.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
109.3x
On $0.65 EPS (TTM)

What IPG Photonics does

No business description yet.

Legal name
IPG PHOTONICS CORP
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001111928-26-000040
0001111928

Revenue and margins

IPG Photonics had $1.0B of revenue in fiscal 2025, up 2.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −19.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$3.5M in fiscal 2025, −0.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

IPG Photonics returned $53.1M to shareholders in fiscal 2025. The diluted share count fell 3.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value IPG Photonics yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $839M and divides by 42.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 109.3x · peers 26.0x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably IPG Photonics can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.5B$1.2B$1.2B$930M$839M
Debt incl. finance leases $34.2M$16.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −3.2x−4.5x−3.9x—−10.5x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage 135.6x52.7x180.7x−751.8x58.0x
Current ratio 7.5x7.2x8.9x7.0x6.1x
Quick ratio 6.0x5.4x6.8x5.6x4.7x
Total assets $3.2B$2.7B$2.7B$2.3B$2.4B
Total liabilities $423M$358M$284M$265M$296M
Shareholders' equity $2.7B$2.4B$2.4B$2.0B$2.1B
Net debt (− = net cash) −$1.5B−$1.2B−$1.2B−$930M−$839M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

1 insider

Sold, 12 months

$20.4M

5 insiders

Of sales under plans

100%

$20.4M

DateInsiderTradeSharesPriceValueFiling
Sep 2, 2026 Valentin Gapontsev Trust I10% owner Sold plan 9,306 $75.95 $0.7M Form 4
Sep 1, 2026 Valentin Gapontsev Trust I10% owner Sold plan 18,091 $75.14 $1.4M Form 4
Aug 26, 2026 John R PeelerDirector Bought 2,710 $73.58 $0.2M Form 4
Aug 5, 2026 Ip Fibre Devices Ltd10% owner Sold plan 18,111 $96.12 $1.7M Form 4
Aug 4, 2026 Ip Fibre Devices Ltd10% owner Sold plan 12,202 $95.18 $1.2M Form 4
Jul 31, 2026 Eugene A ScherbakovDirector, 10% owner Sold plan 1,524 $86.61 $0.1M Form 4
Jul 31, 2026 Ip Fibre Devices Ltd10% owner Sold plan 27,000 $85.81 $2.3M Form 4
Jul 21, 2026 Valentin Gapontsev Trust I10% owner Sold plan 56,316 $102.31 $5.8M Form 4
Jun 29, 2026 Angelo P LoprestiSVP, Secretary & Gen Counsel, 10% owner Sold plan 1,000 $110.33 $0.1M Form 4
Jun 29, 2026 Eugene A ScherbakovDirector, 10% owner Sold plan 1,524 $101.55 $0.2M Form 4
Jun 29, 2026 Ip Fibre Devices Ltd10% owner Sold plan 65,700 $103.64 $6.8M Form 4
Jun 22, 2026 Tang AgnesDirector Sold plan 1,511 $117.85 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✓ ✕ ✓
F-score 9 / 93 / 97 / 9
Accruals ratio −2.8%−17.2%−1.9%
Altman Z'' 17.0314.6514.36

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
IPG Photonics IPGP $3.0B 2.7% 1.3% −0.3% 0.8% 109.3x 7
TTM Technologies TTMI $8.6B 19.0% 9.1% −0.0% 10.7% 36.3x 7 Compare →
Fabrinet FN $11.4B 35.7% 10.0% 0.1% 30.0% 24.1x 5 Compare →
Sanmina SANM $8.6B 7.4% 4.4% 5.8% 14.2% 27.9x 8 Compare →
TE Connectivity TEL $61.0B 8.9% 18.6% 18.6% 12.1% 20.4x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.0B $1.4B $1.5B $1.3B $1.2B $1.5B $1.4B $1.3B $977M $1.0B
Gross profit $552M $797M $800M $606M $539M $696M $555M $542M $338M $382M
Research and development $78.6M $101M $123M $130M $127M $140M $116M $98.7M $110M $117M
Operating income $364M $551M $523M $234M $199M $368M $170M $232M −$208M $13.1M
Interest expense $0.9M $2.6M $3.1M $2.7M $2.2M $2.7M $3.2M $1.3M $0.3M $0.2M
Pretax income $367M $552M $534M $248M $206M $367M $183M $275M −$162M $45.1M
Income tax $106M $204M $130M $68.1M $45.4M $88.6M $72.6M $56.0M $19.6M $14.0M
Net income $261M $348M $404M $180M $160M $278M $110M $219M −$182M $31.1M
Diluted EPS $4.85 $6.36 $7.38 $3.35 $2.97 $5.16 $2.16 $4.63 −$4.09 $0.73
Diluted shares 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.04B 0.04B
Cash flow
Cash from operations $298M $405M $393M $324M $285M $390M $213M $296M $248M $75.3M
Capital expenditure $127M $127M $160M $134M $87.7M $123M $110M $111M $98.5M $78.8M
Free cash flow $171M $279M $233M $190M $198M $267M $103M $186M $149M −$3.5M
Depreciation and amortization $51.5M $64.6M $80.3M $96.3M $94.6M $96.3M $90.6M $69.6M $61.4M $66.9M
Stock-based compensation $21.7M $23.0M $28.0M $33.4M $35.5M $37.9M $38.3M $39.5M $37.1M $42.9M
Acquisitions $47.8M $60.5M $109M $15.1M $0.4M $0.0M $2.0M $0.0M $66.7M $0.5M
Share buybacks $8.9M $40.0M $176M $40.7M $37.9M $135M $500M $224M $344M $53.1M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $9.0M $40.0M $176M $40.7M $37.9M $135M $500M $224M $344M $53.1M
Balance sheet
Cash and short-term investments $831M $1.1B $1.0B $1.2B $1.4B $1.5B $1.2B $1.2B $930M $839M
Total debt $40.8M $49.0M $45.4M $41.7M $38.0M $34.2M $16.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.3B $1.8B $1.8B $1.9B $2.1B $2.3B $2.0B $1.9B $1.4B $1.4B
Current liabilities $158M $199M $246M $192M $215M $313M $275M $215M $205M $234M
Inventory $239M $308M $404M $381M $365M $461M $509M $454M $285M $313M
Property and equipment, net $379M $460M $543M $601M $598M $635M $581M $602M $588M $638M
Total assets $1.8B $2.4B $2.6B $2.7B $2.9B $3.2B $2.7B $2.7B $2.3B $2.4B
Total liabilities $232M $345M $368M $328M $342M $423M $358M $284M $265M $296M
Shareholders' equity $1.6B $2.0B $2.2B $2.4B $2.6B $2.7B $2.4B $2.4B $2.0B $2.1B
Margins
Gross margin 54.9% 56.6% 54.8% 46.1% 44.9% 47.7% 38.9% 42.1% 34.6% 38.0%
Operating margin 36.2% 39.1% 35.9% 17.8% 16.5% 25.2% 11.9% 18.0% −21.3% 1.3%
EBITDA margin 41.3% 43.7% 41.4% 25.1% 24.4% 31.8% 18.2% 23.4% −15.0% 8.0%
Net margin 25.9% 24.7% 27.7% 13.7% 13.3% 19.1% 7.7% 17.0% −18.6% 3.1%
FCF margin 17.0% 19.8% 16.0% 14.5% 16.5% 18.3% 7.2% 14.4% 15.3% −0.3%
Returns
Return on capital 38.1% 40.3% 36.6% 13.8% 12.4% 22.2% 8.2% 15.0% −14.1% 0.8%
Return on capital employed 24.8% 29.0% 23.3% 9.6% 7.6% 13.2% 6.4% 9.4% −9.1% 0.6%
Return on equity 18.5% 19.4% 19.1% 7.8% 6.4% 10.4% 4.3% 9.1% −8.2% 1.5%
Return on assets 16.1% 16.7% 16.4% 6.8% 5.6% 9.1% 3.7% 8.0% −7.3% 1.3%
Growth
Revenue growth 11.6% 40.0% 3.6% −10.0% −8.7% 21.7% −2.1% −9.9% −24.1% 2.7%
Net income growth 7.7% 33.3% 16.2% −55.4% −11.5% 74.5% −60.5% 99.1% −182.9% —
EPS growth 7.1% 31.1% 16.0% −54.6% −11.3% 73.7% −58.1% 114.4% −188.3% —
FCF growth −11.7% 63.4% −16.5% −18.5% 4.0% 34.9% −61.6% 81.0% −19.5% −102.3%
Share count change 0.7% 1.7% 0.1% −1.6% −0.1% 0.3% −5.6% −7.1% −6.3% −3.8%
Financial health
Net debt / EBITDA −1.9x −1.7x −1.7x −3.5x −4.6x −3.2x −4.5x −3.9x — −10.5x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage 386.7x 213.4x 171.5x 87.1x 88.9x 135.6x 52.7x 180.7x −751.8x 58.0x
Current ratio 8.2x 8.8x 7.4x 9.9x 10.0x 7.5x 7.2x 8.9x 7.0x 6.1x
Quick ratio 6.7x 7.3x 5.7x 7.9x 8.3x 6.0x 5.4x 6.8x 5.6x 4.7x
Capital allocation
Capex / revenue 12.6% 9.0% 11.0% 10.2% 7.3% 8.4% 7.7% 8.6% 10.1% 7.9%
Stock comp / revenue 2.2% 1.6% 1.9% 2.5% 3.0% 2.6% 2.7% 3.1% 3.8% 4.3%
Payouts / FCF 5.2% 14.3% 75.6% 21.4% 19.2% 50.6% 487.3% 120.5% 230.2% —
Quality scores
Piotroski F-score 5.0 8.0 3.0 6.0 6.0 7.0 5.0 9.0 3.0 7.0
Altman Z'' 14.6 14.0 14.0 14.8 15.2 14.3 14.6 17.0 14.7 14.4
Accruals ratio −2.3% −2.8% 0.4% −5.4% −4.4% −3.6% −3.5% −2.8% −17.2% −1.9%

Source: SEC EDGAR XBRL filings (CIK 0001111928). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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