IPG Photonics Corp IPGP

Information TechnologyElectronic Equipment & PartsUnited States of America

Last close 72.59 USD on Nov 1, 2026, +1.4% year to date

Quant rating

Quant rating C Rank 238 of 389 in Information Technology

Growth B 132 of 389
Valuation C 202 of 389
Quality C 188 of 389
Revisions B 105 of 389
Momentum D 331 of 389

Wall Street consensus Buy (2.18)Average target 125.80 USD +73.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.1B
Enterprise value: 2.2B
52-week range: 68.28 – 155.82
3-year range: 49.68 – 155.82
Dividend yield: –
Beta (5 years): 1.00
Shares outstanding: 42.5M
Next earnings: Nov 3, 2026

About the company

IPG Photonics Corporation develops, manufactures, and sells fiber lasers, fiber amplifiers, diode lasers and laser-based systems. It designs and manufactures components used in its finished products, from semiconductor diodes to optical fiber preforms, finished fiber lasers and complementary products. The Company’s portfolio of laser solutions is used in materials processing, medical, advanced applications and communications, among others. It also manufactures and sells complementary products used with its lasers, including optical delivery cables, fiber couplers, beam switches, optical processing heads, in-line sensors and chillers. Its products include Continuous Wave (CW) lasers (1-125 kW) and IPG systems, Nanosecond (NS) pulsed lasers (100-3,000 W), Infrared (IR), green and ultraviolet (UV) pulsed lasers, Picosecond (PS), and Femtosecond (FS) pulsed lasers. It also makes direct diode lasers, packaged semiconductor diodes, laser and non-laser systems and laser-based medical systems.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,004	977	1,287	1,430	1,461	–
Revenue growth	2.7%	−24.1%	−9.9%	−2.1%	21.7%	−3.5%
EPS (basic, normalized)	0.73	−4.09	4.63	5.02	5.16	–
EPS growth	–	–	−7.8%	−2.7%	–	–
Gross margin	38.0%	34.6%	42.1%	38.9%	47.7%	40.2%
Net margin	3.1%	−18.6%	17.0%	7.7%	19.1%	5.7%
ROE	1.5%	−8.2%	9.1%	4.3%	10.4%	3.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	871
Current ratio	6.18x
Long-term debt (mil)	0
Net debt (mil)	−871
Total equity (mil)	2,127
Net debt / equity	−0.41x
Net debt / EBITDA	−6.12x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,004	+2.7%	2.2x	142	+618.7%	15.6x	0.73	+117.8%	99.4x
2026	1,123	+11.8%	2.0x	153	+7.7%	14.4x	1.10	+51.1%	65.8x
2027	1,239	+10.4%	1.8x	194	+26.3%	11.4x	2.18	+97.8%	33.3x
2028	1,399	+12.9%	1.6x	228	+17.9%	9.7x	3.06	+40.3%	23.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,123	0.0%	+0.8%	+1.6%	1.10	0.0%	−12.2%	−31.0%
2027	1,239	0.0%	+2.0%	+3.4%	2.18	0.0%	+3.7%	−10.6%
2028	1,399	0.0%	+4.0%	+0.6%	3.06	0.0%	+15.5%	−12.3%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	252	258	233	234	228	251	251	274	265	279
Sales mean (mil)	254	259	228	227	227	230	240	249	257	280
Surprise	−0.9%	−0.5%	+2.3%	+3.0%	+0.3%	+9.2%	+4.6%	+10.0%	+3.3%	−0.5%
EPS reported	0.52	0.45	0.29	0.18	0.09	0.16	0.18	0.31	0.04	0.12
EPS mean	0.49	0.51	0.19	0.21	0.21	0.09	0.13	0.20	0.27	0.38
Surprise	+6.9%	−11.2%	+51.0%	−14.8%	−56.7%	+73.4%	+33.8%	+55.8%	−85.3%	−68.3%

Peer comparison Electronic Equipment & Parts

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
IPGP IPG Photonics Corp	3.1B	−6.12x	3.1%	1.45x	65.8x	33.3x	14.4x	11.4x
FLEX Flex Ltd	32.0B	0.94x	3.2%	5.50x	17.8x	11.5x	10.7x	7.2x
JBL Jabil Inc.	28.1B	0.62x	2.9%	17.66x	15.4x	12.3x	8.6x	7.2x
ZBRA Zebra Technologies Corp	17.1B	2.23x	7.8%	4.98x	17.3x	16.2x	13.6x	13.1x
ITRI Itron, Inc.	4.2B	2.03x	12.7%	2.47x	14.2x	13.8x	12.1x	11.6x
Mean		−0.06x	5.9%	6.42x	26.1x	17.4x	11.9x	10.1x
Median		0.94x	3.2%	4.98x	17.3x	13.8x	12.1x	11.4x

Technical analysis

1M−6.0%
3M−13.6%
1Y−16.6%
3Y−17.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, IPG Photonics Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,004	977	1,287	1,430	1,461	1,201
Cost of revenue	622	639	746	874	764	662
Gross profit	381	338	542	555	696	539
Selling, general & administrative expenses	241	214	211	208	204	181
Research & development	117	110	98.7	116	140	127
Interest expense (income), operating	9.4	5.5	−1.4	4.1	−15.1	−12.9
Unusual expense (income)	0.6	217	0.9	57.8	0	45.8
Other operating expenses	0	0	0	0	0	0
Operating income	13.1	−208	232	170	368	199
Net interest income (expense)	29.9	45.5	41.7	12.6	−1.8	6.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	2.1	0.9	1.2	1.2	0.4	0.8
Net income before taxes	45.1	−162	275	183	366	206
Provision for taxes	14.0	19.6	56.0	72.6	88.6	45.4
Minority interest	–	0	0	−0.9	0.6	−0.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	31.1	−182	219	110	278	160
Extraordinary items	–	–	–	–	–	0
Net income	31.1	−182	219	110	278	160
EBIT, normalized	23.1	14.5	232	231	353	232
EBITDA, normalized	89.9	75.9	301	322	449	326
Basic EPS, normalized	0.73	−4.09	4.63	5.02	5.16	–

Balance sheet in millions of USD, fiscal years

Balance sheet, IPG Photonics Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	839	930	1,177	1,178	1,515	1,391
Receivables	185	176	228	220	271	264
Total inventory	313	285	454	509	461	365
Prepaid expenses	85.5	40.2	54.9	79.4	101	128
Other current assets	0	0	0	0	0	0
Total current assets	1,423	1,431	1,915	1,986	2,348	2,148
Property, plant & equipment	655	603	616	596	657	619
Goodwill	71.7	67.2	38.5	38.3	38.6	41.4
Intangibles	49.9	55.4	26.2	34.1	52.7	62.1
Long-term investments	76.5	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	148	133	103	88.4	74.6	64.9
Total assets	2,424	2,289	2,699	2,743	3,171	2,936
Liabilities
Accounts payable	39.3	35.4	28.6	46.2	55.8	25.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	104	82.8	98.9	112	127	92.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	0	16.0	18.1	3.8
Other current liabilities	90.4	86.8	87.3	100	113	92.1
Total current liabilities	234	205	215	275	313	215
Long-term debt	0	0	0	0	16.0	34.2
Minority interest	–	–	–	0	0.6	1.3
Other liabilities	62.1	59.8	68.7	83.3	93.9	92.9
Total liabilities	296	265	284	358	424	343
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	1,077	1,035	994	951	908	854
Retained earnings (accumulated deficit)	2,645	2,614	2,795	2,577	2,467	2,188
Treasury stock	−1,556	−1,505	−1,162	−938	−439	−304
Other equity	−38.4	−119	−213	−205	−190	−146
Total equity	2,128	2,024	2,415	2,385	2,747	2,593
Total liabilities & shareholders' equity	2,424	2,289	2,699	2,743	3,171	2,936

Cash flow statement in millions of USD, fiscal years

Cash flow statement, IPG Photonics Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	31.1	−182	219	111	278	160
Depreciation, depletion & amortization	66.9	61.4	69.6	90.6	96.3	94.6
Deferred taxes	−13.7	−25.7	−13.8	−27.6	−6.9	−12.8
Non-cash items	76.4	332	75.8	241	106	140
Changes in working capital	−85.3	61.5	−54.6	−202	−84.0	−96.8
Cash from operations	75.3	248	296	213	390	285
Investing activities
Capital expenditures	−78.8	−98.5	−110	−110	−123	−87.7
Other investing cash flows	−186	307	−127	407	−293	−11.9
Cash from investing	−265	209	−238	297	−416	−99.6
Financing activities
Financing cash flow items	–	0	0	−2.5	−2.6	−1.6
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−54.2	−340	−236	−512	−122	−8.4
Cash from financing	−54.2	−340	−236	−515	−125	−10.1
Foreign exchange effects	27.8	−11.6	−5.6	−5.9	−17.8	19.9
Net change in cash	−216	105	−184	−10.9	−169	196
Free cash flow	−3.5	149	186	103	267	198

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.