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Stocks · Technology · Semiconductors & Related Devices

IPG PHOTONICS CORP

IPGP Clue Score43
United States Fiscal year ends December CIK 0001111928
$78.27 +0.68% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $78.27 −50.46% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1,006.2Operating income364.3Net income260.8EPS, diluted4.85Fiscal year 2017Revenue1,408.9 +40.0%Operating income551.1Net income347.6 +33.3%EPS, diluted6.36 +31.1%Fiscal year 2018Revenue1,459.9 +3.6%Operating income523.4Net income404.0 +16.2%EPS, diluted7.38 +16.0%Fiscal year 2019Revenue1,314.6 −10.0%Operating income233.8Net income180.2 −55.4%EPS, diluted3.35 −54.6%Fiscal year 2020Revenue1,200.7 −8.7%Operating income198.7Net income159.6 −11.5%EPS, diluted2.97 −11.3%Fiscal year 2021Revenue1,460.9 +21.7%Operating income367.9Net income278.4 +74.5%EPS, diluted5.16 +73.7%Fiscal year 2022Revenue1,429.5 −2.1%Operating income169.5Net income109.9 −60.5%EPS, diluted2.16 −58.1%Fiscal year 2023Revenue1,287.4 −9.9%Operating income232.0Net income218.9 +99.1%EPS, diluted4.63 +114.4%Fiscal year 2024Revenue977.1 −24.1%Operating income−208.3Net income−181.5 −182.9%EPS, diluted−4.09 −188.3%Fiscal year 2025Revenue1,003.8 +2.7%Operating income13.1Net income31.1EPS, diluted0.73
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,006.2 1,408.9 1,459.9 1,314.6 1,200.7 1,460.9 1,429.5 1,287.4 977.1 1,003.8
Growth +40.0% +3.6% −10.0% −8.7% +21.7% −2.1% −9.9% −24.1% +2.7%
Operating income 364.3 551.1 523.4 233.8 198.7 367.9 169.5 232.0 −208.3 13.1
Net income 260.8 347.6 404.0 180.2 159.6 278.4 109.9 218.9 −181.5 31.1
Growth +33.3% +16.2% −55.4% −11.5% +74.5% −60.5% +99.1% −182.9%
EPS, diluted 4.85 6.36 7.38 3.35 2.97 5.16 2.16 4.63 −4.09 0.73
Growth +31.1% +16.0% −54.6% −11.3% +73.7% −58.1% +114.4% −188.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin54.9%Operating margin36.2%Net margin25.9%Free cash flow margin17.0%Fiscal year 2017Gross margin56.6%Operating margin39.1%Net margin24.7%Free cash flow margin19.8%Fiscal year 2018Gross margin54.8%Operating margin35.9%Net margin27.7%Free cash flow margin16.0%Fiscal year 2019Gross margin46.1%Operating margin17.8%Net margin13.7%Free cash flow margin14.5%Fiscal year 2020Gross margin44.9%Operating margin16.5%Net margin13.3%Free cash flow margin16.5%Fiscal year 2021Gross margin47.7%Operating margin25.2%Net margin19.1%Free cash flow margin18.2%Fiscal year 2022Gross margin38.9%Operating margin11.9%Net margin7.7%Free cash flow margin7.2%Fiscal year 2023Gross margin42.1%Operating margin18.0%Net margin17.0%Free cash flow margin14.4%Fiscal year 2024Gross margin34.6%Operating margin−21.3%Net margin−18.6%Free cash flow margin15.3%Fiscal year 2025Gross margin38.0%Operating margin1.3%Net margin3.1%Free cash flow margin−0.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 54.9% 56.6% 54.8% 46.1% 44.9% 47.7% 38.9% 42.1% 34.6% 38.0%
Operating margin 36.2% 39.1% 35.9% 17.8% 16.5% 25.2% 11.9% 18.0% −21.3% 1.3%
Net margin 25.9% 24.7% 27.7% 13.7% 13.3% 19.1% 7.7% 17.0% −18.6% 3.1%
Free cash flow margin 17.0% 19.8% 16.0% 14.5% 16.5% 18.2% 7.2% 14.4% 15.3% −0.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow297.7Capital expenditure−127.0Free cash flow170.7Buybacks−8.9Fiscal year 2017Operating cash flow405.4Capital expenditure−126.5Free cash flow278.9 +63.4%Buybacks−40.0Fiscal year 2018Operating cash flow393.3Capital expenditure−160.3Free cash flow233.0 −16.5%Buybacks−176.1Fiscal year 2019Operating cash flow323.5Capital expenditure−133.5Free cash flow190.0 −18.4%Buybacks−40.7Fiscal year 2020Operating cash flow285.3Capital expenditure−87.7Free cash flow197.6 +4.0%Buybacks−37.9Fiscal year 2021Operating cash flow389.7Capital expenditure−123.1Free cash flow266.6 +34.9%Buybacks−134.9Fiscal year 2022Operating cash flow212.6Capital expenditure−110.1Free cash flow102.5 −61.5%Buybacks−499.5Fiscal year 2023Operating cash flow296.0Capital expenditure−110.5Free cash flow185.5 +81.0%Buybacks−223.5Fiscal year 2024Operating cash flow247.9Capital expenditure−98.5Free cash flow149.4 −19.5%Buybacks−343.8Fiscal year 2025Operating cash flow75.3Capital expenditure−78.8Free cash flow−3.5 −102.3%Buybacks−53.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 297.7 405.4 393.3 323.5 285.3 389.7 212.6 296.0 247.9 75.3
Capital expenditure −127.0 −126.5 −160.3 −133.5 −87.7 −123.1 −110.1 −110.5 −98.5 −78.8
Free cash flow 170.7 278.9 233.0 190.0 197.6 266.6 102.5 185.5 149.4 −3.5
Growth +63.4% −16.5% −18.4% +4.0% +34.9% −61.5% +81.0% −19.5% −102.3%
Buybacks −8.9 −40.0 −176.1 −40.7 −37.9 −134.9 −499.5 −223.5 −343.8 −53.1

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash623.9Total debt40.8Net cash (debt)583.0Shareholders’ equity1,557.6Debt to equity0.03Fiscal year 2017Cash909.9Total debt49.0Net cash (debt)860.9Shareholders’ equity2,022.3Debt to equity0.02Fiscal year 2018Cash544.4Total debt45.4Net cash (debt)499.0Shareholders’ equity2,205.5Debt to equity0.02Fiscal year 2019Cash680.1Total debt41.7Net cash (debt)638.4Shareholders’ equity2,401.7Debt to equity0.02Fiscal year 2020Cash876.2Total debt38.0Net cash (debt)838.3Shareholders’ equity2,592.8Debt to equity0.01Fiscal year 2021Cash709.1Total debt34.2Net cash (debt)674.9Shareholders’ equity2,746.6Debt to equity0.01Fiscal year 2022Cash698.2Total debt16.0Net cash (debt)682.2Shareholders’ equity2,385.4Debt to equity0.01Fiscal year 2023Cash514.7Total debt0.0Net cash (debt)514.7Shareholders’ equity2,415.4Debt to equity0.00Fiscal year 2024Cash620.0Shareholders’ equity2,024.5Fiscal year 2025Cash403.8Shareholders’ equity2,128.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 623.9 909.9 544.4 680.1 876.2 709.1 698.2 514.7 620.0 403.8
Total debt 40.8 49.0 45.4 41.7 38.0 34.2 16.0 0.0 n/a n/a
Net cash (debt) 583.0 860.9 499.0 638.4 838.3 674.9 682.2 514.7 n/a n/a
Shareholders’ equity 1,557.6 2,022.3 2,205.5 2,401.7 2,592.8 2,746.6 2,385.4 2,415.4 2,024.5 2,128.1
Debt to equity 0.03 0.02 0.02 0.02 0.01 0.01 0.01 0.00 n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
1,006.2 1,408.9 1,459.9 1,314.6 1,200.7 1,460.9 1,429.5 1,287.4 977.1 1,003.8
Growth +40.0% +3.6% −10.0% −8.7% +21.7% −2.1% −9.9% −24.1% +2.7%
453.9 612.0 659.6 708.4 661.7 764.5 874.1 745.7 639.0 622.3
552.2 796.9 800.3 606.2 539.0 696.4 555.4 541.7 338.2 381.5
Growth +44.3% +0.4% −24.2% −11.1% +29.2% −20.2% −2.5% −37.6% +12.8%
78.6 100.9 122.8 130.0 126.9 139.6 116.1 98.7 109.8 117.4
66.5 80.7 102.4 107.6 110.0 125.9 131.3 125.7 124.3 143.1
364.3 551.1 523.4 233.8 198.7 367.9 169.5 232.0 −208.3 13.1
Growth +51.3% −5.0% −55.3% −15.0% +85.2% −53.9% +36.9% −189.8%
366.6 551.9 534.4 248.4 205.7 366.5 183.4 274.9 −161.9 45.1
105.8 204.3 130.2 68.1 45.4 88.6 72.6 56.0 19.6 14.0
260.8 347.6 404.0 180.2 159.6 278.4 109.9 218.9 −181.5 31.1
Growth +33.3% +16.2% −55.4% −11.5% +74.5% −60.5% +99.1% −182.9%
Per share
4.91 6.50 7.55 3.40 3.00 5.21 2.17 4.64 −4.09 0.73
4.85 6.36 7.38 3.35 2.97 5.16 2.16 4.63 −4.09 0.73
Growth +31.1% +16.0% −54.6% −11.3% +73.7% −58.1% +114.4% −188.3%
53.1 53.5 53.5 53.1 53.2 53.4 50.8 47.2 44.3 42.3
53.8 54.7 54.7 53.8 53.8 53.9 50.9 47.3 44.3 42.6
Growth +1.7% +0.0% −1.6% −0.1% +0.3% −5.6% −7.1% −6.3% −3.8%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 3.5% a year over five years, and earnings per share fell 24.5% a year.
  • The diluted share count fell 20.7% in five years, so buybacks did some of the work per share.
  • Operating margin is down 15.2 points on five years ago, at 1.3%.
  • A net loss in 1 of 10 years on file.