IPG Photonics
IPGP · Electronic Manufacturing Services
$71.07
2.4%Sanmina
SANM · Electronic Manufacturing Services
$155.71
0.8%The short version
- Sanmina is the larger business, with $8.1B of revenue in fiscal 2025 against $1.0B for IPG Photonics, about 8.1 times as much.
- Sanmina grew revenue faster (7.4%, against 2.7%).
- Sanmina kept more of each dollar of sales as operating profit (4.4% operating margin, against 1.3% operating margin).
- Sanmina turned more of its sales into free cash flow (5.8% FCF margin, against −0.3% FCF margin).
- Sanmina earned a higher return on the capital invested in it (14.2%, against 0.8%).
- Investors pay more for each dollar of IPG Photonics’s earnings: a P/E of 109.3x against 27.9x for Sanmina.
| Latest fiscal year | IPGP · FY25 | SANM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.0B | $8.6B |
| Revenue | $1.0B | $8.1B |
| Free cash flow | −$3.5M | $473M |
| Net income | $31.1M | $246M |
| Growth | ||
| Revenue growth | 2.7% | 7.4% |
| 5-year growth | −3.5% | 3.2% |
| Share count change | −3.8% | −3.2% |
| Profitability | ||
| Gross margin | 38.0% | 8.8% |
| Operating margin | 1.3% | 4.4% |
| Net margin | 3.1% | 3.0% |
| FCF margin | −0.3% | 5.8% |
| Return on capital | 0.8% | 14.2% |
| Return on equity | 1.5% | 10.0% |
| Balance sheet | ||
| Net debt | −$839M | −$643M |
| Net debt / EBITDA | −10.5x | −1.4x |
| Dividends and buybacks | $53.1M | $0.0M |
| Valuation & quality | ||
| P/E | 109.3x | 27.9x |
| Piotroski F-score | 7 | 8 |
FY16
IPGP $1.0B
SANM $6.5B
FY17
IPGP $1.4B
SANM $6.9B
FY18
IPGP $1.5B
SANM $7.1B
FY19
IPGP $1.3B
SANM $8.2B
FY20
IPGP $1.2B
SANM $7.0B
FY21
IPGP $1.5B
SANM $6.7B
FY22
IPGP $1.4B
SANM $7.9B
FY23
IPGP $1.3B
SANM $8.9B
FY24
IPGP $977M
SANM $7.6B
FY25
IPGP $1.0B
SANM $8.1B
IPGP
SANM
FY16
IPGP 36.2%
SANM 3.5%
FY17
IPGP 39.1%
SANM 3.3%
FY18
IPGP 35.9%
SANM 1.7%
FY19
IPGP 17.8%
SANM 3.5%
FY20
IPGP 16.5%
SANM 3.2%
FY21
IPGP 25.2%
SANM 3.8%
FY22
IPGP 11.9%
SANM 4.4%
FY23
IPGP 18.0%
SANM 5.1%
FY24
IPGP −21.3%
SANM 4.4%
FY25
IPGP 1.3%
SANM 4.4%
IPGP
SANM
FY16
IPGP $171M
SANM $270M
FY17
IPGP $279M
SANM $139M
FY18
IPGP $233M
SANM $37.5M
FY19
IPGP $190M
SANM $248M
FY20
IPGP $198M
SANM $235M
FY21
IPGP $267M
SANM $265M
FY22
IPGP $103M
SANM $192M
FY23
IPGP $186M
SANM $43.8M
FY24
IPGP $149M
SANM $229M
FY25
IPGP −$3.5M
SANM $473M
IPGP
SANM
FY16
IPGP 38.1%
SANM 13.0%
FY17
IPGP 40.3%
SANM 9.0%
FY18
IPGP 36.6%
SANM 3.9%
FY19
IPGP 13.8%
SANM 10.9%
FY20
IPGP 12.4%
SANM 9.9%
FY21
IPGP 22.2%
SANM 15.1%
FY22
IPGP 8.2%
SANM 17.7%
FY23
IPGP 15.0%
SANM 20.2%
FY24
IPGP −14.1%
SANM 12.6%
FY25
IPGP 0.8%
SANM 14.2%
IPGP
SANM
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