IPGPNasdaqSemiconductors & Related DevicesFiscal year ends December 31
IPG PHOTONICS CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$72.48+1.47 (+2.07%)
Close on Oct 19, 2026
- Market cap
- $3.11B
- P/E (TTM)
- 111.5
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
38.0%−6.9 pts over 5 years
Operating margin
1.3%−15.2 pts over 5 years
Net margin
3.1%−10.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.7% | -11.1% | -3.5% | +1.1% | |
| Gross profit | +12.8% | -11.8% | -6.7% | -2.5% | |
| Operating income | – | -57.4% | -41.9% | -27.8% | |
| Net income | – | -34.4% | -27.9% | -18.6% | |
| EPS, diluted | – | -30.3% | -24.5% | -16.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 18.5% | 6.4% | 1.5% | |
| Return on assets | 16.1% | 5.6% | 1.3% | |
| Current ratio | 8.22 | 10.01 | 6.08 | |
| Debt to equity | 0.03 | 0.01 | – | |
| Net debt to EBITDA | -1.40× | -2.87× | – | |
| Inventory turnover | 2.1× | 1.8× | 2.1× | |
| Capex to revenue | 12.6% | 7.3% | 7.9% | |
| Diluted shares | 54M | 54M | 43M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ipg Photonics generated $1.22B from operations and spent $1.78B on capital expenditure, dividends and share buybacks. 29% of that went back into the business.
Generated
$1.22B
Used
$1.78B
Capital expenditure$521.05M29%Dividends$00%Share buybacks$1.25B71%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin3.1%
×Asset turnover0.43×
×Equity multiplier1.14×
=Return on equity, FY20251.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 3.1% | 0.43× | 1.14× | 1.5% |
| FY2024 | -18.6% | 0.39× | 1.12× | -8.2% |
| FY2023 | 17.0% | 0.47× | 1.13× | 9.1% |
| FY2022 | 7.7% | 0.48× | 1.15× | 4.3% |
| FY2021 | 19.1% | 0.48× | 1.14× | 10.4% |
| FY2020 | 13.3% | 0.42× | 1.13× | 6.4% |
| FY2019 | 13.7% | 0.50× | 1.15× | 7.8% |
| FY2018 | 27.7% | 0.59× | 1.17× | 19.1% |
| FY2017 | 24.7% | 0.68× | 1.16× | 19.4% |
| FY2016 | 25.9% | 0.62× | 1.15× | 18.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$31.10M
- Cash generatingOperating cash flow above zero$75.34M
- Return on assets improvedROA up on the prior year-6.7% → 1.4%
- Earnings backed by cashOperating cash flow above net income$75.34M vs $31.10M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose6.98 → 6.08
- No dilutionShare count did not rise44M → 43M
- Gross margin improvedGross margin up on the prior year34.61% → 38.00%
- More efficientAsset turnover rose0.36 → 0.44