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IPG Photonics Corporation

IPGP Technology Semiconductor Equipment & Materials

IPG Photonics Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 2.73% from fiscal 2024.

Revenue
+14.6%
EPS
+164.8%
Free cash flow
+105.2%

Quarter to September 2026, against a year earlier

63.80 1.77 +2.85%
Market cap
$2.6B
P/E
65.0×
Fwd P/E
65.8×
Dividend yield
—
F-score
8/9
Altman Z
8.69
Beneish M
−2.50
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.20
Sold, $m 59.94
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — — —
Sell 4 5 4 1 — 2 4 3 1 — — 1
Insider Ownership 39.69%

Capital & Financial Ratios $m

Size
Market Cap 2,640.00
Revenue ttm 1,106.05
Net income ttm 40.37
Free cash flow ttm 37.53
Net debt Q (925.99)
Valuation
P/E 64.97 (above 35: high)
Forward P/E 65.80 (above 35: high)
Price / sales 2.39
Forward P/S Powerpack
Price / FCF 70.44
Price / book 1.23
Financial health
Current ratio Q 5.99 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 4.82
Growth
Revenue growth Q +14.64% (above 0%: growing)
Operating income growth Q +164.51% (above 0%: growing)
EPS, this year +51.64% (at or above 15%: strong)
EPS, next year A +108.63% (at or above 15%: strong)
Revenue, next year A +11.88% (at or above 10%: strong)
EPS, past 5 yrs −24.47% (below 0%: weak)
EPS, next 5 yrs A +59.23% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.6×, against a ten-year median of 4.1×; over the ten years it ranged from 1.6× in 2026 to 8.9× in 2021.
P/E against its own 10 years 80.82%
10-year low 10-year high
P/S against its own 10 years 0.33%
10-year low 10-year high
P/B against its own 10 years 0.81%
10-year low 10-year high
EV/Sales against its own 10 years 0.55%
10-year low 10-year high
EV/FCF against its own 10 years 87.63%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,177 930 839 926
Receivables 219 171 182 191
Inventory 454 285 313 338
Other — — — —
1,915 1,431 1,423 1,543
2023 2024 2025 Q'26
Payables 29 35 39 49
ST’ Debt — — — —
Other — — — —
215 205 234 258

Compound Annual Growth %

10y 5y 3y
Sales 1.08% (3.52%) (11.12%)
Cash Flow (11.77%) (23.38%) (29.24%)
Earnings (18.56%) (27.90%) (34.35%)
Book Value 5.38% (3.88%) (3.73%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.49 Actual 0.61

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.25 0.46 Beat by 0.21
Q1 FY26 0.32 0.29 Miss by 0.03
Q2 FY26 0.40 0.58 Beat by 0.18
Q3 FY26 0.49 0.61 Beat by 0.12
Q4 FY26 0.51 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.04 0.12 0.47 — —
’25 0.09 0.16 0.18 0.31 0.73
’24 0.52 0.45 (5.33) 0.18 (4.09)
’23 1.26 1.31 1.16 0.89 4.63
’22 1.31 1.10 1.47 (1.91) 2.16
’21 1.26 1.29 1.40 1.21 5.16
’20 0.68 0.71 0.66 0.92 2.97
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 265 279 288 — —
’25 228 251 251 274 1,004
’24 252 258 233 234 977
’23 347 340 301 299 1,287
’22 370 377 349 334 1,430
’21 346 372 379 364 1,461
’20 249 296 318 337 1,201
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (5) 38 46 — —
’25 13 (2) 35 29 75
’24 55 53 66 74 248
’23 37 67 86 106 296
’22 16 79 76 42 213
’21 88 116 102 85 390
’20 57 73 70 0 285
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (21) 17 30 — —
’25 (11) (17) 15 11 (3)
’24 52 32 43 51 178
’23 5 41 89 82 217
’22 (8) 44 51 42 129
’21 60 89 63 56 268
’20 39 54 45 0 199
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,006 1,409 1,460 1,315 1,201 1,461 1,430 1,287 977 1,004 1,106 0.0% 1,123 1,224 1,418 +12.2%
Gross margin, % 54.89 56.56 54.82 46.11 44.89 47.67 38.85 42.08 34.61 38.00 38.71 (16.9) pt
EBT 367 552 534 248 206 366 183 275 (162) 45 53 (20.8%)
EBT margin, % 36.43 39.17 36.61 18.89 17.13 25.09 12.83 21.35 (16.57) 4.49 4.75 (31.9) pt
Net income 261 348 404 180 160 278 111 219 (182) 31 40 (21.0%)
Per share, $
Per share, $ Revenue 18.96 26.34 27.28 24.77 22.58 27.35 28.16 27.30 22.04 23.70 26.01 +2.5%
Earnings 4.91 6.50 7.55 3.40 3.00 5.21 2.17 4.64 (4.09) 0.73 0.96 (19.1%)
Cash flow 5.61 7.58 7.35 6.10 5.36 7.30 4.19 6.28 5.59 1.78 2.52 (12.0%)
Capex (2.38) (2.07) (2.98) (2.50) (1.63) (2.28) (1.64) (1.68) (1.58) (1.84) (1.64) (2.8%)
Free cash flow 3.23 5.51 4.37 3.59 3.73 5.02 2.55 4.60 4.01 (0.06) 0.88 n/m
Book value 29.35 37.80 41.22 45.28 48.77 51.44 46.99 51.22 45.66 50.26 50.67 +6.2%
Shares, m 53 53 54 53 53 53 51 47 44 42 42 (2.5%)
Valuation, ×
Valuation, × P/E 20.12 34.21 15.01 42.62 74.35 33.04 48.49 23.02 0.00 95.47 64.97 38.6
P/S 5.21 8.44 4.15 5.85 9.91 6.29 3.43 3.90 3.30 3.02 2.39 5.4
P/B 3.37 5.88 2.75 3.20 4.59 3.35 2.05 2.08 1.59 1.42 1.23 3.0
EV/Sales 4.42 7.68 3.47 4.98 8.79 5.28 2.62 3.01 2.38 2.22 1.58 4.5
EV/FCF 25.99 36.73 21.64 34.35 75.99 28.78 29.00 17.90 13.07 (878.37) 46.60 (59.5)
Cash, $m
Cash, $m Operating cash flow 298 405 393 324 285 390 213 296 248 75 107 (14.2%)
Capex (126) (111) (159) (133) (87) (122) (83) (79) (70) (78) (70) (5.2%)
Free cash flow 171 295 234 191 199 268 129 217 178 (3) 38 n/m
Balance, $m
Balance, $m Working capital 1,143 1,555 1,560 1,705 1,933 2,034 1,712 1,700 1,226 1,189 1,285 +0.4%
Net debt (790) (1,067) (999) (1,141) (1,353) (1,480) (1,162) (1,177) (930) (839) (926) +0.7%
Shareholders’ equity 1,558 2,022 2,206 2,402 2,594 2,747 2,385 2,415 2,024 2,128 2,155 +3.5%
Returns, %
Returns, % ROA 16.08 16.72 16.35 6.80 5.63 9.12 3.72 8.04 (7.28) 1.32 1.66 (14.8) pt
ROIC 29.65 36.06 27.11 11.58 10.00 18.15 8.66 11.71 (11.89) 0.64 1.06 (29.0) pt
ROE 18.50 19.42 19.11 7.82 6.39 10.42 4.28 9.12 (8.18) 1.50 1.90 (17.0) pt
People
People Employees 4,230 5,030 6,220 5,960 6,060 6,580 6,230 6,180 4,740 4,840 — +1.5%
Revenue/emp, $m 0.24 0.28 0.23 0.22 0.20 0.22 0.23 0.21 0.21 0.21 — (1.5%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

IPG Photonics Corporation vs peers in Semiconductor Equipment & Materials (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KLIC Kulicke and Soffa Industries, Inc. $3.1B 27.4× 22.1× +122.63% (above 0%: growing) n/m +856.72% (above 0%: growing) 47.80% 20.66% Compare
ACLS Axcelis Technologies, Inc. $2.8B 26.6× 35.3× +11.31% (above 0%: growing) +46.99% (above 0%: growing) −12.96% (below 0%: shrinking) 40.97% 11.50% Compare
ACMR ACM Research, Inc. $2.7B 17.8× 16.8× +36.01% (above 0%: growing) +178.72% (above 0%: growing) −19.43% (below 0%: shrinking) 45.96% 16.98% Compare
IPGP IPG Photonics Corporation $2.6B 65.0× 65.8× +14.64% (above 0%: growing) +164.83% (above 0%: growing) +105.15% (above 0%: growing) 40.71% 7.23%
AMBA Ambarella, Inc. $2.4B — (loss-making) — (loss-making) +13.21% (above 0%: growing) n/m −612.08% (below 0%: shrinking) 57.73% (7.53%) Compare
AXTI AXT Inc $2.4B 70.3× 49.2× +162.60% (above 0%: growing) n/m +173.29% (above 0%: growing) 55.98% 38.72% Compare
VECO Veeco Instruments Inc. $2.0B 80.7× 43.4× +26.23% (above 0%: growing) +22.22% (above 0%: growing) +313.69% (above 0%: growing) 38.39% 6.73% Compare
UCTT Ultra Clean Holdings, Inc. $1.8B 60.9× 30.1× +48.82% (above 0%: growing) n/m −692.31% (below 0%: shrinking) 16.92% 7.08% Compare
COHU Cohu, Inc. $1.7B — (loss-making) 353× +37.00% (above 0%: growing) n/m +116.61% (above 0%: growing) 45.51% 7.40% Compare
Median of peers $2.4B 44.2× 35.3× +36.51% +46.99% +51.83% 45.74% 9.45%

All 30 Semiconductor Equipment & Materials stocks →

IPG Photonics Corporation (IPGP) Latest News

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IPGP metrics, ten years each

stockrow.com/IPGP · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com