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Friday 6 November 2026
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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
65.04
3.01
+4.85%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
95.47 | 0.00 | 23.02 | 48.49 | 33.04 | 74.35 | 42.62 | 15.01 | 34.21 | 20.12 |
Piotroski F-Score |
8 | 4 | 8 | 6 | 7 | 5 | 6 | 3 | 8 | 5 |
Altman Z-Score |
8.69 | 9.67 | 13.80 | 10.84 | 15.73 | 23.37 | 16.62 | 12.85 | 22.93 | 16.39 |
P/S ratio |
3.02 | 3.30 | 3.90 | 3.43 | 6.29 | 9.91 | 5.85 | 4.15 | 8.44 | 5.21 |
P/FCF ratio |
0.00 | 18.12 | 23.19 | 37.86 | 34.31 | 85.73 | 40.33 | 25.91 | 40.35 | 30.60 |
Altman Z″-Score (non-manufacturers) |
14.36 | 14.65 | 17.03 | 14.57 | 14.34 | 15.18 | 14.78 | 13.97 | 14.02 | 14.59 |
Beneish M-Score |
(2.50) | (3.23) | (2.43) | (2.68) | (2.70) | (2.66) | (2.69) | (2.29) | (2.12) | (2.37) |
P/Operating CF |
105.24 | 43.70 | 47.38 | 117.67 | 108.75 | 0.00 | 59.18 | 53.64 | 109.58 | 51.47 |
P/B ratio |
1.42 | 1.59 | 2.08 | 2.05 | 3.35 | 4.59 | 3.20 | 2.75 | 5.88 | 3.37 |
Price to Tangible BV |
1.51 | 1.70 | 2.14 | 2.12 | 3.46 | 4.78 | 3.42 | 3.00 | 6.21 | 3.47 |
EV/Sales |
2.22 | 2.38 | 3.01 | 2.62 | 5.28 | 8.79 | 4.98 | 3.47 | 7.68 | 4.42 |
EV/EBITDA |
33.73 | 0.00 | 14.03 | 14.43 | 16.53 | 33.55 | 17.84 | 8.39 | 17.59 | 10.71 |
EV/Operating CF |
29.52 | 9.38 | 13.11 | 17.64 | 19.79 | 52.74 | 20.24 | 12.88 | 26.71 | 14.96 |
EV/FCF |
(878.37) | 13.07 | 17.90 | 29.00 | 28.78 | 75.99 | 34.35 | 21.64 | 36.73 | 25.99 |
Quick Ratio |
4.36 | 5.37 | 6.50 | 5.06 | 5.67 | 7.71 | 7.41 | 5.29 | 6.80 | 6.23 |
Current Ratio |
6.08 | 6.98 | 8.91 | 7.23 | 7.49 | 10.01 | 9.88 | 7.35 | 8.82 | 8.22 |
Net Debt/EBITDA |
(12.73) | 5.66 | (4.26) | (4.47) | (3.17) | (4.01) | (3.11) | (1.66) | (1.73) | (1.90) |
Debt/Assets |
0.00% | 0.00% | 0.00% | 0.58% | 1.08% | 1.29% | 1.53% | 1.76% | 2.07% | 2.28% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.03 |
Asset Turnover |
0.43 | 0.39 | 0.47 | 0.48 | 0.48 | 0.42 | 0.50 | 0.59 | 0.68 | 0.62 |
Operating CF/Net income |
2.42 | (1.37) | 1.35 | 1.93 | 1.40 | 1.79 | 1.80 | 0.97 | 1.17 | 1.14 |
Capex/Depreciation |
(1.47) | (1.60) | (1.78) | (0.92) | (1.23) | (0.62) | (1.00) | (1.98) | (1.71) | (2.46) |
| 1.50% | (8.18%) | 9.12% | 4.28% | 10.42% | 6.39% | 7.82% | 19.11% | 19.42% | 18.50% | |
| 1.32% | (7.28%) | 8.04% | 3.72% | 9.12% | 5.63% | 6.80% | 16.35% | 16.72% | 16.08% | |
ROIC |
0.64% | (11.89%) | 11.71% | 8.66% | 18.15% | 10.00% | 11.58% | 27.11% | 36.06% | 29.65% |
Return on Tangible Assets |
1.70% | (10.01%) | 9.51% | 4.79% | 10.43% | 6.30% | 7.82% | 19.21% | 17.25% | 17.13% |
Average Days of Receivables |
66.08 | 63.92 | 62.10 | 53.96 | 65.49 | 80.35 | 66.21 | 63.88 | 61.47 | 56.55 |
Research and Development Expense of Revenue |
11.70% | 11.24% | 7.67% | 8.12% | 9.55% | 10.57% | 9.89% | 8.41% | 7.16% | 7.81% |
Selling, General and Administrative Expense of Revenue |
24.01% | 21.89% | 16.42% | 14.54% | 13.97% | 15.04% | 14.10% | 10.98% | 9.26% | 10.42% |
Intangible Assets out of Total Assets |
0.05 | 0.05 | 0.02 | 0.03 | 0.03 | 0.04 | 0.06 | 0.07 | 0.05 | 0.03 |
Share Based Compensation of Revenue |
4.28% | 3.79% | 3.07% | 2.68% | 2.59% | 2.95% | 2.54% | 1.92% | 1.63% | 2.16% |
Graham Net Nets |
0.37 | 0.36 | 0.32 | 0.33 | 0.21 | 0.15 | 0.20 | 0.24 | 0.12 | 0.20 |
Graham Number |
29.12 | 0.00 | 73.05 | 45.87 | 77.65 | 57.47 | 58.85 | 83.68 | 74.36 | 56.95 |
Earnings Yield |
1.05% | (5.75%) | 4.34% | 2.06% | 3.03% | 1.35% | 2.35% | 6.66% | 2.92% | 4.97% |
Free Cash Flow Yield |
(0.08%) | 5.52% | 4.31% | 2.64% | 2.91% | 1.17% | 2.48% | 3.86% | 2.48% | 3.27% |
Revenue per Share |
23.70 | 22.04 | 27.30 | 28.16 | 27.35 | 22.58 | 24.77 | 27.28 | 26.34 | 18.96 |
Operating CF per Share |
1.78 | 5.59 | 6.28 | 4.19 | 7.30 | 5.36 | 6.10 | 7.35 | 7.58 | 5.61 |
Capex per Share |
(1.84) | (1.58) | (1.68) | (1.64) | (2.28) | (1.63) | (2.50) | (2.98) | (2.07) | (2.38) |
Free Cash Flow per Share |
(0.06) | 4.01 | 4.60 | 2.55 | 5.02 | 3.73 | 3.59 | 4.37 | 5.51 | 3.23 |
Cash per Share |
19.82 | 20.98 | 24.97 | 23.20 | 28.36 | 26.15 | 22.29 | 19.52 | 20.86 | 15.65 |
Shareholders Equity per Share |
50.26 | 45.66 | 51.22 | 46.99 | 51.44 | 48.77 | 45.28 | 41.22 | 37.80 | 29.35 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
50.26 | 45.66 | 51.22 | 46.99 | 51.44 | 48.77 | 45.28 | 41.22 | 37.80 | 29.35 |
Free Cash Flow |
(2.53) | 177.95 | 216.74 | 129.37 | 268.00 | 198.53 | 190.65 | 233.98 | 294.74 | 171.31 |
Working Capital |
1,189.40 | 1,225.98 | 1,699.79 | 1,711.63 | 2,034.25 | 1,933.50 | 1,704.73 | 1,559.65 | 1,555.11 | 1,142.69 |
Capital Expenditures |
(77.88) | (69.95) | (79.24) | (83.28) | (121.70) | (86.81) | (132.87) | (159.32) | (110.65) | (126.38) |
Net Current Asset Value |
1,127.29 | 1,166.20 | 1,631.14 | 1,628.35 | 1,924.36 | 1,806.49 | 1,568.64 | 1,437.21 | 1,409.08 | 1,068.69 |
EV/EBIT |
169.72 | 0.00 | 16.72 | 22.14 | 20.97 | 53.10 | 28.01 | 9.68 | 19.65 | 12.22 |
Capex to Sales |
0.08 | 0.07 | 0.06 | 0.06 | 0.08 | 0.07 | 0.10 | 0.11 | 0.08 | 0.13 |
Price to Operating Income |
231.37 | 0.00 | 21.66 | 28.90 | 24.99 | 59.91 | 32.89 | 11.58 | 21.58 | 14.39 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.08 | 0.07 | 0.07 | 0.16 | 0.16 | 0.23 | 0.22 | 0.15 | 0.14 | 0.14 |
Cash ROIC |
(0.09%) | 6.02% | 6.03% | 3.61% | 6.24% | 4.93% | 5.26% | 7.10% | 9.25% | 7.05% |
Accounts Receivable Turnover |
5.69 | 5.01 | 5.98 | 6.04 | 5.55 | 4.78 | 5.32 | 5.93 | 7.17 | 6.57 |
Accounts Payable Turnover |
16.67 | 19.97 | 19.93 | 17.13 | 18.74 | 24.93 | 22.27 | 18.47 | 19.38 | 16.70 |
Inventory Turnover |
2.08 | 1.73 | 1.55 | 1.80 | 1.85 | 1.77 | 1.81 | 1.85 | 2.24 | 2.05 |
Average Days of Payables |
23.04 | 20.21 | 14.01 | 19.30 | 26.66 | 14.20 | 14.08 | 20.09 | 20.94 | 22.55 |
Days of Inventory on Hand |
183.83 | 162.67 | 222.15 | 212.69 | 219.99 | 201.33 | 196.21 | 223.32 | 183.53 | 192.18 |
Average Receivables |
176.43 | 195.09 | 215.20 | 236.73 | 263.22 | 251.40 | 246.99 | 246.39 | 196.59 | 153.19 |
Average Payables |
37.34 | 32.00 | 37.43 | 51.04 | 40.79 | 26.54 | 31.82 | 35.71 | 31.58 | 27.18 |
Average Inventory |
299.10 | 369.33 | 481.62 | 485.06 | 412.87 | 372.89 | 392.18 | 355.65 | 273.36 | 221.37 |
Average Assets |
2,356.77 | 2,494.08 | 2,721.09 | 2,956.91 | 3,053.12 | 2,833.07 | 2,652.44 | 2,470.85 | 2,078.63 | 1,621.71 |
Average Common Equity |
2,076.30 | 2,219.93 | 2,400.37 | 2,566.29 | 2,670.67 | 2,498.28 | 2,304.34 | 2,114.28 | 1,790.02 | 1,409.19 |
Columns are period end dates · fundamentals updated 5 Nov 2026