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. In the quarter to June 2026, revenue grew 11.1%, EPS fell 25.0% and free cash flow grew 200.5%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow IPGP
IPG Photonics Corporation (IPGP) Altman Z-score
IPG Photonics Corporation's Altman Z-score for fiscal 2025 is 8.69, in the safe zone (above 2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 8.69 | (0.98) |
| FY2024 | 9.67 | (4.12) |
| FY2023 | 13.80 | 2.95 |
| FY2022 | 10.84 | (4.89) |
| FY2021 | 15.73 | (7.64) |
| FY2020 | 23.37 | 6.75 |
| FY2019 | 16.62 | 3.77 |
| FY2018 | 12.85 | (10.08) |
| FY2017 | 22.93 | 6.54 |
| FY2016 | 16.39 | (1.22) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.49 | — | 0.59 | |
| Retained earnings / total assets | 1.09 | — | 1.53 | |
| EBIT / total assets | 0.01 | — | 0.02 | |
| Market value of equity / total liabilities | 10.24 | — | 6.14 | |
| Sales / total assets | 0.41 | — | 0.41 | |
| Altman Z-score | Safe zone | 8.69 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 14.36 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IPGP IPG Photonics Corporation | 8.7× |
| AMBA Ambarella, Inc. compare | 8.0× |
| KLIC Kulicke and Soffa Industries, Inc. compare | 7.4× |
| ACLS Axcelis Technologies, Inc. compare | 6.7× |
| AXTI AXT Inc compare | 3.4× |
| VECO Veeco Instruments Inc. compare | 3.1× |
| ACMR ACM Research, Inc. compare | 2.9× |
| COHU Cohu, Inc. compare | 2.4× |
| UCTT Ultra Clean Holdings, Inc. compare | 2.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets