NASDAQ : IPGP
IPG Photonics Corporation — Financial statements
Technology · Semiconductor Equipment & Materials · United States
Last price 75.7 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.22B
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Financial statements
IPG Photonics Corporation (IPGP) reported revenue of 1.07B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.07B | 1.00B | 977.13M | 1.29B | 1.43B | 1.46B |
| Cost of Revenue | 664.29M | 622.31M | 638.98M | 745.74M | 874.13M | 764.46M |
| Gross Profit | 405.05M | 381.46M | 338.15M | 541.70M | 555.41M | 696.40M |
| Selling, General & Admin | 250.36M | 247.04M | 220.26M | 215.96M | 207.90M | 204.06M |
| Research & Development | 117.40M | 111.36M | 103.42M | 94.17M | 116.11M | 139.57M |
| Operating Expenses | 367.76M | 358.40M | 323.68M | 310.13M | 324.01M | 343.63M |
| Operating Income | 37.28M | 23.06M | 14.48M | 231.57M | 231.40M | 352.76M |
| Interest Expense | -1.84M | |||||
| Interest & Investment Income | 28.44M | 29.86M | 45.47M | 41.73M | 12.62M | |
| Currency Exchange Gain (Loss) | -2.86M | -9.35M | -5.52M | 1.36M | -4.10M | 15.12M |
| Other Non Operating Income (Expenses) | 3.36M | 2.13M | 899.00K | 1.17M | 1.23M | 437.00K |
| EBT Excluding Unusual Items | 66.22M | 45.70M | 55.32M | 275.82M | 241.15M | 366.48M |
| Merger & Restructuring Charges | -601.00K | -601.00K | 288.00K | -9.70M | ||
| Gain (Loss) on Sale of Assets | -190.20M | 31.85M | ||||
| Asset Writedown | -17.57M | -27.01M | -1.24M | -79.95M | ||
| Pretax Income | 39.77M | 45.10M | -161.89M | 274.88M | 183.35M | 366.48M |
| Income Tax Expense | 12.21M | 14.00M | 19.64M | 56.00M | 72.59M | 88.61M |
| Earnings From Continuing Operations | 27.56M | 31.10M | -181.53M | 218.88M | 110.76M | 277.87M |
| Minority Interest in Earnings | -853.00K | 550.00K | ||||
| Net Income | 27.56M | 31.10M | -181.53M | 218.88M | 109.91M | 278.42M |
| Net Income to Common | 27.56M | 31.10M | -181.53M | 218.88M | 109.91M | 278.42M |
| Shares Outstanding (Basic) | 42.25M | 42.34M | 44.34M | 47.15M | 50.76M | 53.41M |
| Shares Outstanding (Diluted) | 42.75M | 42.65M | 44.34M | 47.32M | 50.92M | 53.93M |
| EPS (Basic) | 0.65 | 0.73 | -4.09 | 4.64 | 2.17 | 5.21 |
| EPS (Diluted) | 0.65 | 0.73 | -4.09 | 4.63 | 2.16 | 5.16 |
| Free Cash Flow | 20.80M | -3.45M | 149.37M | 185.50M | 102.51M | 266.59M |
| Free Cash Flow Per Share | 0.49 | -0.08 | 3.37 | 3.92 | 2.01 | 4.94 |
| Gross Margin | 37.88% | 38.00% | 34.61% | 42.08% | 38.85% | 47.67% |
| Operating Margin | 3.49% | 2.30% | 1.48% | 17.99% | 16.19% | 24.15% |
| Profit Margin | 2.58% | 3.10% | -18.58% | 17.00% | 7.69% | 19.06% |
| Free Cash Flow Margin | 1.94% | -0.34% | 15.29% | 14.41% | 7.17% | 18.25% |
| EBITDA | 104.39M | 89.91M | 75.92M | 301.19M | 321.97M | 449.09M |
| EBITDA Margin | 9.76% | 8.96% | 7.77% | 23.39% | 22.52% | 30.74% |
| D&A For EBITDA | 67.10M | 66.85M | 61.44M | 69.62M | 90.56M | 96.33M |
| EBIT | 37.28M | 23.06M | 14.48M | 231.57M | 231.40M | 352.76M |
| EBIT Margin | 3.49% | 2.30% | 1.48% | 17.99% | 16.19% | 24.15% |
| Effective Tax Rate | 30.70% | 31.05% | 20.37% | 39.59% | 24.18% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 399.23M | 403.79M | 620.04M | 514.67M | 698.21M | 709.11M |
| Short-Term Investments | 472.09M | 435.54M | 310.15M | 662.81M | 479.37M | 805.40M |
| Cash & Short-Term Investments | 871.32M | 839.33M | 930.19M | 1.18B | 1.18B | 1.51B |
| Receivables | 187.38M | 185.20M | 175.87M | 228.44M | 219.97M | 271.47M |
| Inventory | 330.80M | 313.42M | 284.78M | 453.87M | 509.36M | 460.75M |
| Prepaid Expenses | 49.85M | 42.30M | 22.56M | 28.82M | 38.43M | 63.98M |
| Other Current Assets | 39.42M | 43.20M | 17.59M | 26.04M | 40.93M | 36.99M |
| Total Current Assets | 1.48B | 1.42B | 1.43B | 1.91B | 1.99B | 2.35B |
| Property, Plant & Equipment | 641.92M | 654.52M | 602.90M | 616.20M | 596.12M | 656.99M |
| Long-Term Investments | 32.69M | 76.53M | 198.00K | |||
| Goodwill | 70.48M | 71.73M | 67.24M | 38.54M | 38.33M | 38.61M |
| Other Intangible Assets | 44.89M | 49.93M | 55.38M | 26.23M | 34.12M | 52.68M |
| Long-Term Deferred Tax Assets | 116.83M | 123.89M | 115.03M | 88.79M | 75.15M | 47.76M |
| Other Long-Term Assets | 38.98M | 24.23M | 17.72M | 14.48M | 13.09M | 26.82M |
| Total Assets | 2.42B | 2.42B | 2.29B | 2.70B | 2.74B | 3.17B |
| Accounts Payable | 42.88M | 39.29M | 35.38M | 28.62M | 46.23M | 55.84M |
| Accrued Expenses | 78.44M | 81.94M | 56.57M | 67.05M | 78.25M | 94.86M |
| Current Portion of Long-Term Debt | 16.03M | 18.13M | ||||
| Current Portion of Leases | 5.19M | 5.07M | 4.83M | 4.60M | 5.23M | 5.45M |
| Current Income Taxes Payable | 3.99M | 9.90M | 17.59M | 4.89M | 9.62M | 8.64M |
| Current Unearned Revenue | 59.19M | 66.21M | 56.45M | 69.22M | 80.07M | 89.66M |
| Other Current Liabilities | 49.64M | 31.62M | 34.19M | 40.48M | 39.21M | 40.86M |
| Total Current Liabilities | 239.32M | 234.04M | 205.02M | 214.86M | 274.65M | 313.43M |
| Long-Term Debt | 16.27M | |||||
| Long-Term Leases | 11.07M | 12.18M | 13.12M | 13.66M | 16.79M | 18.52M |
| Long-Term Deferred Tax Liabilities | 8.05M | 9.40M | 14.21M | 1.51M | 1.47M | 1.63M |
| Other Long-Term Liabilities | 38.94M | 40.54M | 32.44M | 53.48M | 65.02M | 73.46M |
| Total Liabilities | 297.39M | 296.15M | 264.79M | 283.51M | 357.92M | 423.32M |
| Common Stock | 6.00K | 6.00K | 6.00K | 6.00K | 6.00K | 6.00K |
| Additional Paid-In Capital | 1.09B | 1.08B | 1.04B | 994.02M | 951.37M | 908.42M |
| Retained Earnings | 2.65B | 2.64B | 2.61B | 2.80B | 2.58B | 2.47B |
| Treasury Stock | -1.56B | -1.56B | -1.51B | -1.16B | -938.01M | -438.50M |
| Comprehensive Income & Other | -55.94M | -38.38M | -119.37M | -212.53M | -204.52M | -189.95M |
| Total Common Equity | 2.13B | 2.13B | 2.02B | 2.42B | 2.39B | 2.75B |
| Minority Interest | 639.00K | |||||
| Shareholders' Equity | 2.13B | 2.13B | 2.02B | 2.42B | 2.39B | 2.75B |
| Total Liabilities & Equity | 2.42B | 2.42B | 2.29B | 2.70B | 2.74B | 3.17B |
| Total Debt | 16.25M | 17.25M | 17.96M | 18.26M | 38.05M | 58.37M |
| Net Cash (Debt) | 855.07M | 822.08M | 912.23M | 1.16B | 1.14B | 1.46B |
| Net Cash Per Share | 20.00 | 19.28 | 20.58 | 24.50 | 22.38 | 27.00 |
| Filing Date Shares Outstanding | 42.53M | 42.19M | 42.55M | 46.10M | 47.63M | 52.94M |
| Total Common Shares Outstanding | 42.53M | 42.13M | 42.55M | 46.32M | 48.14M | 53.01M |
| Working Capital | 1.24B | 1.19B | 1.23B | 1.70B | 1.71B | 2.03B |
| Book Value Per Share | 50.01 | 50.52 | 47.58 | 52.14 | 49.55 | 51.81 |
| Tangible Book Value | 2.01B | 2.01B | 1.90B | 2.35B | 2.31B | 2.66B |
| Tangible Book Value Per Share | 47.30 | 47.63 | 44.70 | 50.75 | 48.05 | 50.09 |
| Land | 44.61M | 40.80M | 52.51M | 52.62M | 51.25M | |
| Buildings | 462.30M | 419.64M | 446.03M | 434.70M | 433.96M | |
| Machinery | 593.52M | 549.68M | 539.28M | 497.83M | 590.73M | |
| Construction In Progress | 173.35M | 152.68M | 118.34M | 103.66M | 106.68M | |
| Order Backlog | 631.50M | 636.20M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 27.56M | 31.10M | -181.53M | 218.88M | 109.91M | 278.42M |
| Depreciation & Amortization | 67.10M | 66.85M | 61.44M | 69.62M | 90.56M | 96.33M |
| Loss (Gain) From Sale of Assets | 190.20M | -31.85M | ||||
| Asset Writedown & Restructuring Costs | 17.57M | 27.01M | -486.00K | 79.95M | ||
| Loss (Gain) From Sale of Investments | -9.02M | -14.02M | -17.66M | -25.10M | -4.56M | 2.50M |
| Stock-Based Compensation | 41.43M | 42.95M | 37.07M | 39.50M | 38.30M | 37.86M |
| Other Operating Activities | 34.98M | 33.78M | 69.84M | 48.13M | 132.55M | 58.56M |
| Change in Accounts Receivable | 16.50M | -4.76M | 46.83M | -10.39M | 34.10M | -2.09M |
| Change in Inventory | -71.17M | -52.92M | 47.73M | 1.82M | -189.01M | -149.75M |
| Change in Accounts Payable | 942.00K | 4.33M | -1.53M | -16.32M | -12.17M | 31.00M |
| Change in Income Taxes | -6.48M | -31.19M | -679.00K | 17.05M | -14.13M | 35.86M |
| Change in Other Net Operating Assets | -22.98M | -783.00K | -30.83M | -46.72M | -21.00M | 1.02M |
| Operating Cash Flow | 96.44M | 75.34M | 247.90M | 295.99M | 212.65M | 389.70M |
| Capital Expenditures | -75.65M | -78.80M | -98.52M | -110.48M | -110.14M | -123.11M |
| Sale of Property, Plant & Equipment | 1.36M | 922.00K | 28.58M | 31.24M | 26.86M | 1.41M |
| Cash Acquisitions | 505.00K | 505.00K | -66.74M | -2.00M | ||
| Divestitures | -25.32M | 52.94M | ||||
| Investment in Securities | 44.65M | -187.90M | 370.31M | -158.87M | 329.33M | -293.07M |
| Other Investing Activities | 2.08M | 43.00K | 427.00K | 558.00K | -43.00K | -1.51M |
| Investing Cash Flow | -27.05M | -265.23M | 208.73M | -237.55M | 296.95M | -416.28M |
| Long-Term Debt Repaid | -16.03M | -18.13M | -3.81M | |||
| Total Debt Repaid | -16.03M | -18.13M | -3.81M | |||
| Net Debt Issued (Repaid) | -16.03M | -18.13M | -3.81M | |||
| Issuance of Common Stock | 4.20M | 3.15M | 5.58M | 16.26M | ||
| Repurchase of Common Stock | -30.49M | -54.19M | -343.82M | -223.50M | -499.51M | -134.89M |
| Other Financing Activities | -2.50M | -2.62M | ||||
| Financing Cash Flow | -30.49M | -54.19M | -339.62M | -236.38M | -514.55M | -125.07M |
| Foreign Exchange Rate Adjustments | 1.70M | 27.83M | -11.64M | -5.59M | -5.95M | -17.80M |
| Net Cash Flow | 40.59M | -216.25M | 105.37M | -183.53M | -10.90M | -169.45M |
| Free Cash Flow | 20.80M | -3.45M | 149.37M | 185.50M | 102.51M | 266.59M |
| Free Cash Flow Margin | 1.94% | -0.34% | 15.29% | 14.41% | 7.17% | 18.25% |
| Free Cash Flow Per Share | 0.49 | -0.08 | 3.37 | 3.92 | 2.01 | 4.94 |
| Levered Free Cash Flow | 45.32M | -9.05M | 235.41M | 171.87M | 151.40M | 239.23M |
| Unlevered Free Cash Flow | 45.32M | -9.05M | 235.41M | 171.87M | 151.40M | 240.38M |
| Cash Interest Paid | 225.00K | 226.00K | 277.00K | 1.28M | 3.21M | 2.71M |
| Cash Income Tax Paid | 27.50M | 57.01M | 40.63M | 62.92M | 113.20M | 63.00M |
| Change in Working Capital | -83.18M | -85.32M | 61.52M | -54.56M | -202.22M | -83.97M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.09B | 3.02B | 3.15B | 5.09B | 4.61B | 9.18B |
| Enterprise Value | 2.23B | 2.16B | 2.14B | 3.98B | 3.40B | 7.70B |
| Last Close Price | 72.59 | 71.60 | 72.72 | 108.54 | 94.67 | 172.14 |
| PE Ratio | 111.83 | 96.99 | 23.27 | 41.96 | 32.96 | |
| Forward PE | 35.33 | 53.05 | 43.88 | 23.23 | 20.19 | 30.80 |
| PS Ratio | 2.89 | 3.00 | 3.22 | 3.96 | 3.23 | 6.28 |
| PB Ratio | 1.45 | 1.42 | 1.55 | 2.11 | 1.93 | 3.34 |
| P/TBV Ratio | 1.53 | 1.50 | 1.65 | 2.17 | 1.99 | 3.46 |
| P/FCF Ratio | 148.46 | 21.05 | 27.45 | 44.99 | 34.42 | |
| P/OCF Ratio | 32.01 | 40.03 | 12.69 | 17.21 | 21.69 | 23.55 |
| PEG Ratio | 1.58 | 15.64 | 27.50 | 5.02 | 9.39 | 1.17 |
| EV/Sales Ratio | 2.09 | 2.15 | 2.19 | 3.09 | 2.38 | 5.27 |
| EV/EBITDA Ratio | 21.39 | 24.06 | 28.22 | 13.21 | 10.56 | 17.14 |
| EV/EBIT Ratio | 59.88 | 93.81 | 147.97 | 17.18 | 14.69 | 21.82 |
| EV/FCF Ratio | 107.34 | 14.34 | 21.44 | 33.16 | 28.88 | |
| Debt / Equity Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 |
| Debt / EBITDA Ratio | 0.15 | 0.18 | 0.22 | 0.06 | 0.12 | 0.13 |
| Debt / FCF Ratio | 0.78 | 0.12 | 0.10 | 0.37 | 0.22 | |
| Net Debt / Equity Ratio | -0.40 | -0.39 | -0.45 | -0.48 | -0.48 | -0.53 |
| Net Debt / EBITDA Ratio | -8.19 | -9.14 | -12.02 | -3.85 | -3.54 | -3.24 |
| Net Debt / FCF Ratio | -41.11 | 238.01 | -6.11 | -6.25 | -11.12 | -5.46 |
| Asset Turnover | 0.45 | 0.43 | 0.39 | 0.47 | 0.48 | 0.48 |
| Inventory Turnover | 2.09 | 2.08 | 1.73 | 1.55 | 1.80 | 1.85 |
| Quick Ratio | 4.42 | 4.38 | 5.39 | 6.54 | 5.09 | 5.70 |
| Current Ratio | 6.18 | 6.08 | 6.98 | 8.91 | 7.23 | 7.49 |
| Return on Equity (ROE) | 1.30% | 1.50% | -8.18% | 9.12% | 4.32% | 10.40% |
| Return on Assets (ROA) | 0.97% | 0.61% | 0.36% | 5.32% | 4.89% | 7.22% |
| Return on Invested Capital (ROIC) | 1.99% | 1.31% | 1.22% | 14.74% | 11.02% | 20.92% |
| Return on Capital Employed (ROCE) | 1.70% | 1.10% | 0.70% | 9.30% | 9.40% | 12.30% |
| Earnings Yield | 0.89% | 1.03% | -5.77% | 4.30% | 2.38% | 3.03% |
| FCF Yield | 0.67% | -0.11% | 4.75% | 3.64% | 2.22% | 2.90% |
| Buyback Yield / Dilution | 0.33% | 3.80% | 6.31% | 7.08% | 5.57% | -0.27% |