IPG Photonics
IPGP · Electronic Manufacturing Services
$71.07
2.4%TTM Technologies
TTMI · Electronic Manufacturing Services
$80.11
8.4%The short version
- TTM Technologies is the larger business, with $2.9B of revenue in fiscal 2025 against $1.0B for IPG Photonics, about 2.9 times as much.
- TTM Technologies grew revenue faster (19.0%, against 2.7%).
- TTM Technologies kept more of each dollar of sales as operating profit (9.1% operating margin, against 1.3% operating margin).
- TTM Technologies earned a higher return on the capital invested in it (10.7%, against 0.8%).
- Investors pay more for each dollar of IPG Photonics’s earnings: a P/E of 109.3x against 36.3x for TTM Technologies.
| Latest fiscal year | IPGP · FY25 | TTMI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.0B | $8.6B |
| Revenue | $1.0B | $2.9B |
| Free cash flow | −$3.5M | −$0.7M |
| Net income | $31.1M | $177M |
| Growth | ||
| Revenue growth | 2.7% | 19.0% |
| 5-year growth | −3.5% | 6.7% |
| Share count change | −3.8% | 1.3% |
| Profitability | ||
| Gross margin | 38.0% | 20.7% |
| Operating margin | 1.3% | 9.1% |
| Net margin | 3.1% | 6.1% |
| FCF margin | −0.3% | −0.0% |
| Return on capital | 0.8% | 10.7% |
| Return on equity | 1.5% | 10.7% |
| Balance sheet | ||
| Net debt | −$839M | $432M |
| Net debt / EBITDA | −10.5x | 1.1x |
| Dividends and buybacks | $53.1M | $17.9M |
| Valuation & quality | ||
| P/E | 109.3x | 36.3x |
| Piotroski F-score | 7 | 7 |
FY16
IPGP $1.0B
TTMI $2.5B
FY17
IPGP $1.4B
TTMI $2.7B
FY18
IPGP $1.5B
TTMI $2.2B
FY19
IPGP $1.3B
TTMI $2.1B
FY20
IPGP $1.2B
TTMI $2.1B
FY21
IPGP $1.5B
TTMI $2.2B
FY22
IPGP $1.4B
TTMI $2.5B
FY23
IPGP $1.3B
TTMI $2.2B
FY24
IPGP $977M
TTMI $2.4B
FY25
IPGP $1.0B
TTMI $2.9B
IPGP
TTMI
FY16
IPGP 36.2%
TTMI 6.9%
FY17
IPGP 39.1%
TTMI 8.0%
FY18
IPGP 35.9%
TTMI 5.3%
FY19
IPGP 17.8%
TTMI 5.1%
FY20
IPGP 16.5%
TTMI 1.3%
FY21
IPGP 25.2%
TTMI 5.6%
FY22
IPGP 11.9%
TTMI 8.4%
FY23
IPGP 18.0%
TTMI 1.9%
FY24
IPGP −21.3%
TTMI 4.8%
FY25
IPGP 1.3%
TTMI 9.1%
IPGP
TTMI
FY16
IPGP $171M
TTMI $213M
FY17
IPGP $279M
TTMI $181M
FY18
IPGP $233M
TTMI $123M
FY19
IPGP $190M
TTMI $169M
FY20
IPGP $198M
TTMI $184M
FY21
IPGP $267M
TTMI $94.7M
FY22
IPGP $103M
TTMI $170M
FY23
IPGP $186M
TTMI $27.0M
FY24
IPGP $149M
TTMI $51.2M
FY25
IPGP −$3.5M
TTMI −$0.7M
IPGP
TTMI
FY16
IPGP 38.1%
TTMI 5.5%
FY17
IPGP 40.3%
TTMI 12.0%
FY18
IPGP 36.6%
TTMI 5.9%
FY19
IPGP 13.8%
TTMI 4.2%
FY20
IPGP 12.4%
TTMI 1.1%
FY21
IPGP 22.2%
TTMI 5.3%
FY22
IPGP 8.2%
TTMI 5.6%
FY23
IPGP 15.0%
TTMI 1.0%
FY24
IPGP −14.1%
TTMI 3.9%
FY25
IPGP 0.8%
TTMI 10.7%
IPGP
TTMI
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.