IPG Photonics Corporation (IPGP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.39	$0.58	+48.7%	—	$278.6M	—
Q1 26	$0.31	$0.29	-6.5%	—	$265.5M	—
Q4 25	$0.25	$0.46	+84.0%	—	$274.5M	—
Q3 25	$0.2	$0.35	+75.0%	—	$250.8M	—
Q2 25	$0.13	$0.3	+130.8%	—	$250.7M	—
Q1 25	$0.22	$0.31	+40.9%	—	$227.8M	—
Q4 24	$0.21	$0.18	-14.3%	—	$234.3M	—
Q3 24	$0.2	$0.29	+45.0%	—	$233.1M	—
Q2 24	$0.5	$0.49	-2.0%	—	$257.6M	—
Q1 24	$0.49	$0.52	+6.1%	—	$252M	—
Q4 23	$0.97	$0.9	-7.2%	—	$298.9M	—
Q3 23	$1.04	$1.16	+11.5%	—	$301.4M	—
Q2 23	$1.27	$1.33	+4.7%	—	$340M	—
Q1 23	$1.23	$1.26	+2.4%	—	$347.2M	—
Q4 22	$0.93	$1.08	+16.1%	—	$333.5M	—
Q3 22	$1.15	$1.16	+0.9%	—	$349M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.73	—	—	$1B	—
FY24	—	-$4.09	—	—	$977.1M	—
FY23	—	$4.64	—	—	$1.3B	—
FY22	—	$2.17	—	—	$1.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1B	$1.4B	$1.5B	$1.3B	$1.2B	$1.5B	$1.4B	$1.3B	$977.1M	$1B
YoY change	+11.6%	+40%	+3.62%	-9.95%	-8.66%	+21.7%	-2.14%	-9.94%	-24.1%	+2.73%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1B	1.4B	1.5B	1.3B	1.2B	1.5B	1.4B	1.3B	977.1M	1B
Cost of revenue	453.9M	612M	659.6M	708.4M	661.7M	764.5M	874.1M	745.7M	639M	622.3M
Gross profit	552.2M	796.9M	800.3M	606.2M	539M	696.4M	555.4M	541.7M	338.2M	381.5M
Gross margin	54.9%	56.6%	54.8%	46.1%	44.9%	47.7%	38.9%	42.1%	34.6%	38%
Research & development	78.6M	100.9M	122.8M	130M	126.9M	139.6M	116.1M	98.7M	109.8M	117.4M
Selling, general & administrative	104.9M	130.5M	160.2M	185.3M	180.6M	204.1M	207.9M	211.4M	213.9M	241M
Operating expenses	183.4M	231.3M	283M	315.3M	307.5M	343.6M	324M	310.1M	323.7M	358.4M
Operating income	368.8M	565.6M	517.3M	290.9M	231.5M	352.8M	231.4M	231.6M	14.5M	23.1M
Operating margin	36.7%	40.1%	35.4%	22.1%	19.3%	24.1%	16.2%	18%	1.48%	2.3%
Non-operating income, net	-3.5M	-14.4M	8.1M	-56.7M	-32.1M	15.6M	-60.7M	1.6M	-221.8M	-7.8M
Pretax income	366.6M	551.9M	534.4M	248.4M	205.7M	366.5M	183.4M	274.9M	-161.9M	45.1M
Income tax	105.8M	204.3M	130.2M	68.1M	45.4M	88.6M	72.6M	56M	19.6M	14M
Net income	260.7M	347.6M	404.2M	180.3M	160.3M	277.9M	110.8M	218.9M	-181.5M	31.1M
Net margin	25.9%	24.7%	27.7%	13.7%	13.4%	19%	7.75%	17%	-18.6%	3.1%
EBITDA	424.8M	644.6M	591.4M	444.2M	358.9M	434M	383.9M	300.8M	298.7M	99.9M
EPS	4.91	6.5	7.55	3.4	3	5.21	2.17	4.64	-4.09	0.73
Diluted EPS	4.85	6.36	7.38	3.35	2.97	5.16	2.16	4.63	-4.09	0.73

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	301.4M	298.9M	252M	257.6M	233.1M	234.3M	227.8M	250.7M	250.8M	274.5M	265.5M	278.6M
Cost of revenue	168.5M	184.7M	154.5M	161.5M	179.1M	144M	138M	157.1M	151.8M	175.4M	166M	166.1M
Gross profit	132.9M	114.2M	97.5M	96.2M	54.1M	90.3M	89.8M	93.6M	99M	99.1M	99.5M	112.5M
Gross margin	44.1%	38.2%	38.7%	37.3%	23.2%	38.6%	39.4%	37.3%	39.5%	36.1%	37.5%	40.4%
Research & development	24.7M	27.7M	29.4M	27.5M	27.2M	25.7M	28.3M	29.9M	30.4M	28.8M	33.3M	31M
Selling, general & administrative	53.2M	57.2M	54.2M	54.1M	54.9M	50.8M	57.2M	60.4M	58.9M	64.5M	60.6M	60.4M
Operating expenses	77.9M	84.9M	83.5M	81.6M	82.1M	76.5M	85.6M	90.4M	89.2M	93.2M	93.9M	91.4M
Operating income	55M	29.3M	14M	14.6M	-28M	13.8M	4.2M	3.2M	9.8M	5.8M	5.6M	21.2M
Operating margin	18.2%	9.8%	5.55%	5.67%	-12%	5.91%	1.86%	1.28%	3.9%	2.13%	2.1%	7.59%
Non-operating income, net	1.3M	-505K	5.4M	-2.4M	-225.6M	754K	-1.1M	-2.9M	-1.4M	-2.4M	-11.5M	-15.7M
Pretax income	67.8M	42.2M	33.6M	25M	-242.5M	22M	10.6M	8.3M	15.7M	10.6M	1M	12.5M
Income tax	12.8M	725K	9.5M	4.9M	-8.9M	14.2M	6.9M	1.7M	8.2M	-2.7M	-565K	7.3M
Net income	55M	41.4M	24.1M	20.2M	-233.6M	7.8M	3.8M	6.6M	7.5M	13.3M	1.6M	5.2M
Net margin	18.2%	13.9%	9.56%	7.82%	-100.2%	3.33%	1.65%	2.63%	2.98%	4.83%	0.6%	1.88%
EBITDA	71.6M	46.7M	25.1M	32.5M	212.5M	28.6M	22M	22.1M	27.3M	28.4M	34.8M	53.3M
EPS	1.16	0.89	0.52	0.45	-5.33	0.18	0.09	0.16	0.18	0.32	0.04	0.12
Diluted EPS	1.16	0.89	0.52	0.45	-5.33	0.18	0.09	0.16	0.18	0.31	0.04	0.12

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.2B	11.5B	6.1B	7.7B	11.9B	9.2B	4.8B	5.1B	3.2B	3B	3.3B
Enterprise value	4.4B	10.4B	5.1B	6.6B	10.6B	7.7B	3.7B	4B	2.3B	2.2B	2.5B
Shares outstanding	53.1M	53.5M	53.5M	53.1M	53.2M	53.4M	50.8M	47.2M	44.3M	42.3M	42.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20.1	33	15	42.7	74.2	33.1	43.4	23.4	—	97.5	118.8
P/S	5.21	8.13	4.15	5.85	9.91	6.29	3.36	3.98	3.3	3.02	3.07
P/B	3.36	5.66	2.75	3.2	4.59	3.35	2.01	2.12	1.59	1.42	1.54
EV/EBITDA	10.5	16.1	8.56	14.8	29.4	17.8	9.55	13.2	7.74	22.1	23.6
EV/Sales	4.42	7.37	3.47	4.99	8.79	5.3	2.56	3.08	2.37	2.2	2.31
Earnings yield	4.98%	3.03%	6.67%	2.34%	1.35%	3.02%	2.3%	4.28%	—	1.03%	0.84%
FCF yield	3.26%	2.43%	3.84%	2.47%	1.66%	2.9%	2.13%	3.62%	4.63%	-0.11%	1.38%
PEG	—	—	—	—	—	—	—	—	—	—	-4.75

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	54.9%	56.6%	54.8%	46.1%	44.9%	47.7%	38.9%	42.1%	34.6%	38%	40.4%
Operating margin	36.7%	40.1%	35.4%	22.1%	19.3%	24.1%	16.2%	18%	1.48%	2.3%	5.9%
Net margin	25.9%	24.7%	27.7%	13.7%	13.4%	19%	7.75%	17%	-18.6%	3.1%	2.58%
ROE	16.7%	17.2%	18.3%	7.5%	6.18%	10.1%	4.64%	9.06%	-8.97%	1.46%	1.3%
ROA	14.6%	14.7%	15.7%	6.6%	5.46%	8.76%	4.04%	8.11%	-7.93%	1.28%	0.97%
ROIC	34.2%	37.3%	32.4%	16.7%	14.5%	20.7%	11.2%	14.7%	1.3%	1.22%	2.31%
Return on tangible assets	15.4%	16.1%	18.4%	7.46%	5.88%	9.3%	4.26%	8.52%	-8.88%	1.43%	1.26%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	8.22	8.82	7.35	9.88	10	7.49	7.23	8.91	6.98	6.08	6.18
Quick ratio	6.71	7.27	5.7	7.9	8.31	6.02	5.38	6.8	5.59	4.74	4.8
Debt / equity	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.01
Debt / assets	0.02	0.02	0.02	0.02	0.01	0.02	0.01	0.01	0.01	0.01	0.01
Net debt / EBITDA	-1.86	-1.66	-1.69	-2.56	-3.75	-3.36	-2.97	-3.85	-3.05	-8.23	-5.95
Effective tax rate	28.9%	37%	24.4%	27.4%	22%	24.2%	39.6%	20.4%	0%	31%	30.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19	26.3	27.3	24.8	22.6	27.4	28.2	27.3	22	23.7	25.3
EPS (basic)	4.91	6.5	7.55	3.4	3	5.21	2.17	4.64	-4.09	0.73	0.73
EPS (diluted)	4.85	6.36	7.38	3.35	2.97	5.16	2.16	4.63	-4.09	0.73	0.65
Book value per share	29.4	37.8	41.2	45.3	48.8	51.4	47	51.2	45.7	50.3	50
FCF per share	3.22	5.21	4.35	3.58	3.72	4.99	2.02	3.93	3.37	-0.08	0.48
Cash per share	15.7	20.9	19.5	22.3	26.2	28.4	23.2	25	21	19.8	20.5
Capex per share	2.38	2.07	2.98	2.5	1.63	2.28	1.64	1.68	1.58	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	12.6%	7.85%	10.9%	10.1%	7.23%	8.33%	5.83%	6.16%	7.16%	—	—
Capex / operating cash flow	48.9%	33.8%	45.7%	49.4%	37.5%	41.9%	162.7%	26.9%	-598.6%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Yield

—

trailing twelve months

Frequency

—

Last dividend

$0.65

ex-dividend Dec 19, 2012

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Dec 19, 2012	$0.65

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$301.4M	$298.9M	$252M	$257.6M	$233.1M	$234.3M	$227.8M	$250.7M	$250.8M	$274.5M	$265.5M	$278.6M
YoY change	-13.6%	-10.4%	-27.4%	-24.2%	-22.6%	-21.6%	-9.61%	-2.69%	+7.57%	+17.1%	+16.6%	+11.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	830.6M	1.1B	1B	1.2B	1.4B	1.5B	1.2B	1.2B	930.2M	839.3M
Receivables	155.9M	237.3M	255.5M	238.5M	264.3M	262.1M	211.3M	219.1M	171.1M	181.7M
Inventory	239M	307.7M	403.6M	380.8M	365M	460.7M	509.4M	453.9M	284.8M	313.4M
Total current assets	1.3B	1.8B	1.8B	1.9B	2.1B	2.3B	2B	1.9B	1.4B	1.4B
Property, plant & equipment	164.5M	192.9M	210.9M	200.2M	184.8M	201.3M	145.9M	156.2M	168.7M	175.2M
Goodwill & intangibles	97.2M	214.1M	375.7M	312.7M	207M	182.6M	144.9M	129.5M	245.2M	243.3M
Total assets	1.8B	2.4B	2.6B	2.7B	2.9B	3.2B	2.7B	2.7B	2.3B	2.4B
Accounts payable	28M	35.1M	36.3M	27.3M	25.7M	55.8M	46.2M	28.6M	35.4M	39.3M
Short-term debt	3.2M	3.6M	3.7M	9M	9.6M	23.6M	21.3M	4.6M	4.8M	5.1M
Total current liabilities	158.3M	198.9M	245.8M	191.9M	214.6M	313.4M	274.6M	214.9M	205M	234M
Long-term debt	37.6M	45.4M	41.7M	38M	34.2M	34.6M	16.8M	13.7M	13.1M	12.2M
Total liabilities	232.3M	344.9M	368.2M	328M	341.6M	423.3M	357.9M	283.5M	264.8M	296.1M
Shareholders' equity	1.6B	2B	2.2B	2.4B	2.6B	2.7B	2.4B	2.4B	2B	2.1B
Total debt	40.8M	49M	45.4M	47M	43.7M	58.1M	38.1M	18.3M	18M	17.3M
Net debt	-583M	-860.9M	-499M	-633.1M	-832.5M	-651M	-660.2M	-496.4M	-602.1M	-386.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.1B	1.2B	1.1B	1.1B	1B	930.2M	926.9M	899.6M	870.4M	839.3M	812.9M	871.3M
Receivables	229.6M	219.1M	184M	176.2M	163.5M	171.1M	176.9M	201M	166.4M	181.7M	192.4M	182M
Inventory	479.8M	453.9M	431.9M	400.8M	320.7M	284.8M	287.6M	303.8M	323.9M	313.4M	319M	330.8M
Total current assets	1.9B	1.9B	1.8B	1.7B	1.6B	1.4B	1.4B	1.5B	1.4B	1.4B	1.4B	1.5B
Property, plant & equipment	—	156.2M	—	—	—	168.7M	—	—	—	175.2M	—	—
Goodwill & intangibles	132.6M	129.5M	126.3M	123.4M	121.1M	245.2M	245.8M	252.8M	247.8M	243.3M	236.2M	230.7M
Total assets	2.7B	2.7B	2.6B	2.5B	2.4B	2.3B	2.3B	2.4B	2.4B	2.4B	2.4B	2.4B
Accounts payable	33.1M	28.6M	26.7M	26.2M	39.6M	35.4M	37.9M	41.5M	40.2M	39.3M	54.7M	42.9M
Short-term debt	4.4M	4.6M	4.6M	4.5M	4.4M	4.8M	4.3M	4.8M	4.9M	5.1M	5M	5.2M
Total current liabilities	219.7M	214.9M	192.1M	190.5M	194.2M	205M	197M	217M	213.4M	234M	247.2M	239.3M
Long-term debt	13.2M	13.7M	14.3M	13M	12M	13.1M	12M	12.1M	12.5M	12.2M	11.3M	11.1M
Total liabilities	288.9M	283.5M	257.7M	242.1M	240.5M	264.8M	256.9M	274.9M	276.2M	296.1M	305.8M	297.4M
Shareholders' equity	2.4B	2.4B	2.3B	2.3B	2.1B	2B	2.1B	2.1B	2.1B	2.1B	2.1B	2.1B
Total debt	17.6M	18.3M	18.9M	17.4M	16.5M	18M	16.3M	16.9M	17.4M	17.3M	16.3M	16.3M
Net debt	-510.7M	-496.4M	-477.6M	-703.1M	-867.4M	-602.1M	-346.7M	-342.3M	-328.7M	-386.5M	-464.4M	-383M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	260.7M	347.6M	404.2M	180.3M	160.3M	277.9M	110.8M	218.9M	-181.5M	31.1M
Depreciation & 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	23M	28M	33.4M	35.5M	37.9M	38.3M	39.5M	37.1M	42.9M
Change in working capital	-65.5M	-132M	-155.7M	-28.6M	-54.9M	-120.8M	-167.1M	-24.9M	93M	-53.3M
Operating cash flow	258.3M	327M	348.6M	269.1M	231.3M	290.4M	51.2M	294.5M	-11.7M	75.3M
Capital expenditure	-126.4M	-110.7M	-159.3M	-132.9M	-86.8M	-121.7M	-83.3M	-79.2M	-69.9M	—
Investing cash flow	-274.4M	-170.8M	-563M	-140M	-99.6M	-416.3M	297M	-237.6M	208.7M	-187.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-8.9M	-40M	-176.1M	-40.7M	-37.9M	-134.9M	-499.5M	-223.5M	-343.8M	-53.1M
Financing cash flow	3.3M	-38.8M	-179.1M	-44.4M	-43.3M	-141.3M	-520.1M	-239.5M	-343.8M	-53.1M
Net change in cash	-12.9M	117.5M	-393.5M	84.7M	88.5M	-267.2M	-172M	-182.6M	-146.8M	-165.1M
Free cash flow	170.7M	278.9M	233M	190M	197.6M	266.6M	102.5M	185.5M	149.4M	-3.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	55M	41.4M	24.1M	20.2M	-233.6M	7.8M	3.8M	6.6M	7.5M	13.3M	1.6M	5.2M
Depreciation & amortization	17.3M	16.9M	16.2M	15.3M	15.1M	14.8M	15.3M	15.8M	15.6M	20.1M	15.9M	15.5M
Stock-based compensation	8.1M	12.1M	9.7M	8.5M	11.1M	7.7M	10.8M	11.3M	10.7M	10.2M	10.2M	10.3M
Change in working capital	-12.5M	31.1M	34.1M	22.7M	29.1M	7.1M	-7.6M	-30.3M	4.7M	-20.1M	-14M	-24.3M
Operating cash flow	60.6M	110.8M	82.5M	63.6M	-189.4M	31.7M	30.1M	-2.2M	35.3M	28.8M	-5.5M	37.8M
Capital expenditure	2.6M	-24.4M	-2.8M	-21.2M	-22.8M	-23.1M	-24.6M	—	—	—	—	—
Investing cash flow	-72.5M	-74.6M	23.7M	284.9M	188M	-262.5M	-274.4M	27.8M	-10.7M	45.2M	110.7M	-98.1M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-46.5M	-64M	-89.6M	-122.4M	-74.5M	-57.3M	—	—	-16.4M	-6.5M	—	—
Financing cash flow	-46.5M	-64M	-89.6M	-122.4M	-74.5M	-57.3M	105K	—	-16.4M	-6.5M	0	—
Net change in cash	-58.3M	-27.7M	16.6M	226.1M	-75.9M	-288.2M	-244.1M	25.6M	8.2M	67.5M	105.3M	-60.3M
Free cash flow	59.9M	80.8M	26.5M	29.2M	43M	50.6M	-11.4M	-17.6M	14.6M	10.9M	-21.8M	17.1M

IPG Photonics Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement