Tearsheet

IPG Photonics (IPGP)

Market Price (12/4/2025): $82.58 | Market Cap: $3.5 Bil
Sector: Information Technology | Industry: Electronic Manufacturing Services

IPG Photonics (IPGP)

Market Price (12/4/2025): $82.58
Market Cap: $3.5 Bil
Sector: Information Technology
Industry: Electronic Manufacturing Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%	Weak multi-year price returns 2Y Excs Rtn is -64%, 3Y Excs Rtn is -80%	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 108x, P/EPrice/Earnings or Price/(Net Income) is 130x
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%
2	Low stock price volatility Vol 12M is 45%		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.4%
3	Megatrend and thematic drivers Megatrends include Automation & Robotics, and Electric Vehicles & Autonomous Driving. Themes include Factory Automation, Industrial Robotics, Show more.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%
2	Low stock price volatility Vol 12M is 45%
3	Megatrend and thematic drivers Megatrends include Automation & Robotics, and Electric Vehicles & Autonomous Driving. Themes include Factory Automation, Industrial Robotics, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -64%, 3Y Excs Rtn is -80%
5	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 108x, P/EPrice/Earnings or Price/(Net Income) is 130x
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.4%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$82.58	$72.72	$108.54	$94.67	$172.14
Market Cap CYE ($ Bil)	3.5	3.1	5.0	4.6	9.1
Total Debt ($ Bil)	0.0	0.0	0.0	0.0	0.1
Total Cash ($ Bil)	0.9	0.9	1.2	1.2	1.5
Enterprise Value ($ Bil)	2.6	3.1	5.0	4.6	9.2
Valuation Ratios
P/S TTM	3.5	3.3	4.0	3.4	6.3
P/EBIT TTM	107.5	222.7	22.1	20.8	26.1
P/E TTM	130.3	-17.8	23.4	43.7	33.0
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$82.58	$72.72	$108.54
Market Cap CYE ($ Bil)	3.5	3.1	5.0
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.9	0.9	1.2
Enterprise Value ($ Bil)	2.6	3.1	5.0
Valuation Ratios
P/S TTM	3.5	3.3	4.0
P/EBIT TTM	107.5	222.7	22.1
P/E TTM	130.3	-17.8	23.4
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	IPGP	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	1.0
Rev Chg Q	7.6%	7.1%
Rev Chg LTM	-7.5%	6.1%
Rev Chg 3Y Avg	-12.7%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	3.2%	18.8%
CFO/Rev LTM	12.5%	20.5%
Net Inc Mgn	2.7%	13.1%
VALUATION	VERY HIGH
P/S	3.5	3.2
P/CFO	27.8	15.8
P/FCF	92.2	20.5
P/E	130.3	23.5
STABILITY	VERY GOOD
Debt/Equity	0.01	0.20
Cash/Assets	0.37	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Book-to-bill ratio	approximately 1	9302025	Link
Materials processing sales as a percentage of total revenue	88%	9302025	Link
Emerging growth products as a percentage of total revenue	52%	9302025	Link
Sales in Asia as a percentage of total sales	15% increase year-over-year	9302025	Link
Sales in North America as a percentage of total sales	8% increase year-over-year	9302025	Link
Sales in Europe as a percentage of total sales	7% decrease year-over-year	9302025	Link
High power continuous wave (CW) lasers as a percentage of revenue	41%	12312023	Link
Pulsed lasers as a percentage of revenue	14%	12312023	Link
Laser and non-laser systems as a percentage of revenue	13%	12312023	Link

Upcoming
2/10/2026	Earnings Release	Rev: - EPS: -

IPGP Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. Strong Third Quarter 2025 Financial Results: IPG Photonics reported adjusted earnings per share of $0.35 for the third quarter of 2025, significantly exceeding analysts' consensus estimate of $0.16. Additionally, the company's revenues reached $250.8 million, surpassing the consensus forecast of $240.18 million.

2. Positive Fourth Quarter 2025 Financial Guidance: Following its strong Q3 performance, IPG Photonics provided guidance for the fourth quarter of 2025, projecting revenues between $230.0 million and $260.0 million and adjusted earnings per diluted share in the range of $0.05 to $0.35.

Stock Movement Drivers

Fundamental Drivers

The 1.8% change in IPGP stock from 9/3/2025 to 12/3/2025 was primarily driven by a 1.9% change in the company's Total Revenues ($ Mil).

	9032025	12032025	Change
Stock Price ($)	81.12	82.60	1.82%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	945.99	963.64	1.87%
P/S Multiple	3.64	3.62	-0.70%
Shares Outstanding (Mil)	42.48	42.20	0.66%
Cumulative Contribution			1.82%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
IPGP	1.8%
Market (SPY)	6.2%	61.7%
Sector (XLK)	11.0%	57.0%

Fundamental Drivers

The 21.1% change in IPGP stock from 6/4/2025 to 12/3/2025 was primarily driven by a 18.6% change in the company's P/S Multiple.

	6042025	12032025	Change
Stock Price ($)	68.23	82.60	21.06%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	952.92	963.64	1.13%
P/S Multiple	3.05	3.62	18.57%
Shares Outstanding (Mil)	42.60	42.20	0.95%
Cumulative Contribution			21.05%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
IPGP	21.1%
Market (SPY)	15.1%	59.7%
Sector (XLK)	22.7%	54.3%

Fundamental Drivers

The 6.2% change in IPGP stock from 12/3/2024 to 12/3/2025 was primarily driven by a 10.5% change in the company's P/S Multiple.

	12032024	12032025	Change
Stock Price ($)	77.81	82.60	6.16%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1041.69	963.64	-7.49%
P/S Multiple	3.27	3.62	10.46%
Shares Outstanding (Mil)	43.84	42.20	3.74%
Cumulative Contribution			6.01%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
IPGP	6.2%
Market (SPY)	14.3%	68.9%
Sector (XLK)	23.1%	67.8%

Fundamental Drivers

The -10.3% change in IPGP stock from 12/4/2022 to 12/3/2025 was primarily driven by a -85.5% change in the company's Net Income Margin (%).

	12042022	12032025	Change
Stock Price ($)	92.11	82.60	-10.32%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1460.47	963.64	-34.02%
Net Income Margin (%)	18.34%	2.66%	-85.49%
P/E Multiple	17.75	135.94	665.78%
Shares Outstanding (Mil)	51.63	42.20	18.27%
Cumulative Contribution			-13.32%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
IPGP	-16.2%
Market (SPY)	53.2%	64.4%
Sector (XLK)	60.2%	60.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
IPGP Return	54%	-23%	-45%	15%	-33%	12%	-44%
Peers Return	26%	23%	-8%	13%	10%	-11%	57%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
IPGP Win Rate	67%	58%	42%	50%	33%	70%
Peers Win Rate	50%	52%	35%	45%	42%	40%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
IPGP Max Drawdown	-29%	-32%	-52%	-12%	-43%	-32%
Peers Max Drawdown	-22%	-4%	-21%	-5%	-9%	-21%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: TXN, MSI, AME, WOLF, POWI. See IPGP Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	IPGP	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-67.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	211.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-31.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	46.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	35 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-59.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	149.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-75.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	302.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	623 days	1480 days

Compare to TXN, MSI, AME, WOLF, POWI

In The Past

IPG Photonics's stock fell -67.9% during the 2022 Inflation Shock from a high on 1/19/2021. A -67.9% loss requires a 211.5% gain to breakeven.

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About IPG Photonics (IPGP)

IPG Photonics Corporation develops, manufactures, and sells various high-performance fiber lasers, fiber amplifiers, and diode lasers used in various applications primarily in materials processing worldwide. The company's laser products include hybrid fiber-solid state lasers with green and ultraviolet wavelengths; fiber pigtailed packaged diodes and fiber coupled direct diode laser systems; high-energy pulsed lasers, multi-wavelength and tunable lasers, and single-polarization and single-frequency lasers; and high-power optical fiber delivery cables, fiber couplers, beam switches, chillers, scanners, and other accessories. It also provides erbium-doped fiber and Raman amplifiers, and integrated communications systems, which are deployed in broadband networks; and ytterbium and thulium specialty fiber amplifiers and broadband light sources. In addition, the company offers integrated laser systems; 2D compact flat sheet cutter systems and multi-axis systems; welding seam stepper and picker, a fiber laser welding tool; high precision laser systems; specialized fiber laser systems; and optical transceiver and transponder modules for interconnecting electronic equipment, including Ethernet switches, IP routers and DWDM/SONET/SDH optical transport modules within telecommunications, cable multi-system operators, and data center networking applications. It's lasers and amplifiers are also used in materials processing, communications, and medical and advanced applications. The company markets its products to original equipment manufacturers, system integrators, and end users through direct sales force, as well as through agreements with independent sales representatives and distributors. IPG Photonics Corporation was founded in 1990 and is headquartered in Oxford, Massachusetts.

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Here are 1-2 brief analogies to describe IPG Photonics:

The Intel Inside for industrial lasers. IPG Photonics provides the core high-power fiber lasers that are essential components for manufacturing processes like cutting, welding, and marking, much like Intel provides the processors for computers.
The ASML of fiber lasers. Similar to how ASML creates the highly specialized machines critical for semiconductor manufacturing, IPG Photonics develops and manufactures the essential fiber lasers used in high-precision industrial processes.

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Fiber Lasers: High-power industrial lasers used for materials processing applications such as cutting, welding, drilling, and marking across various industries.
Beam Delivery Systems: Components and modules that guide, shape, and focus the laser beam from the source to the workpiece.
Optical Components & Modules: Active and passive components including pump diodes, optical fiber, and specialty optics that are integral to their laser systems or sold separately.
Medical & Aesthetic Lasers: Specialized laser systems used in surgical, therapeutic, and aesthetic medical procedures.

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IPG Photonics (IPGP) Major Customers

IPG Photonics (symbol: IPGP) primarily sells its advanced fiber laser, amplifier, and opto-electronic products to other companies (B2B) across various industries rather than directly to individuals.

Due to the nature of its business as a component and system supplier, and the fact that no single customer accounts for 10% or more of its net sales (as per its SEC filings), IPG Photonics does not publicly disclose the names of its specific major customer companies. Instead, its customer base consists of a broad range of companies operating within several key industries. The major categories of customer companies it serves include:

Industrial Materials Processing & Manufacturing: This is the largest customer segment. It includes manufacturers and integrators of industrial equipment that utilize lasers for applications such as cutting, welding, drilling, marking, surface treatment, cleaning, and additive manufacturing (3D printing). These customers serve various end-markets including automotive, general manufacturing, electronics, aerospace, and heavy industry.
Medical & Life Sciences: Companies that develop and produce medical devices incorporating lasers for a variety of applications, including surgical procedures, ophthalmology, dermatology, and diagnostic tools.
Advanced Applications & Research: This category includes scientific research institutions, universities, government agencies, and companies engaged in high-precision and defense applications, as well as those developing next-generation technologies.
Communications: While a smaller segment for IPG Photonics, it includes manufacturers of equipment and components for fiber optic communication networks.

In summary, while specific customer company names are not disclosed by IPG Photonics, their products are integral components for equipment manufacturers and integrators within the industrial, medical, and advanced technology sectors globally.

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Mark M. Gitin, Ph.D. Chief Executive Officer

Dr. Gitin became the Chief Executive Officer of IPG Photonics on June 5, 2024. Before joining IPG, he served as Executive Vice President and General Manager of the Photonics Solutions Division at MKS Instruments, Inc. He joined MKS in September 2017, initially as Vice President and General Manager of the Photonics Business Unit, and later oversaw the Instruments and Motion Business Unit in 2018. From 2019 to 2023, he was Senior Vice President and General Manager of the Photonics Solutions Division, advancing to Executive Vice President in 2023. Prior to MKS, from March 1995 to September 2017, Dr. Gitin held various management positions at Coherent, Inc., including Vice President of Strategic Marketing, Vice President of Business Development, and Vice President and General Manager of the Diodes, Fibers and Systems Business Unit. He possesses over 30 years of experience in the lasers and optics sector and led the integration of the former Newport business following its acquisition by MKS in 2016.

Timothy P.V. Mammen Chief Financial Officer and Senior Vice President

Mr. Mammen has served as IPG's Chief Financial Officer since July 2000 and a Vice President since November 2000, being promoted to Senior Vice President in February 2013. From May 1999 to July 2000, he was the Group Finance Director and General Manager of the United Kingdom operations for IPFD. He previously served as Finance Director and General Manager of United Partners Plc, a commodities trading firm, from 1995 to 1999. Before that, he worked in the finance department of E.I. du Pont de Nemours and Company. Mr. Mammen holds an Upper Second B.Sc. Honours degree in International Trade and Development from the London School of Economics and Political Science and is a Chartered Accountant, a member of the Institute of Chartered Accountants of Scotland. He played a key role in guiding IPG Photonics through a financial crisis in 2003, implementing a plan for executives to forgo salary in exchange for options to conserve cash.

Paulus Bucher, Ph.D. Senior Vice President, Global Operations

Dr. Bucher joined IPG Photonics in June 2025 as Senior Vice President of Global Operations. Prior to his role at IPG, he served as Senior Vice President of Global Operations at Adtran. His earlier career includes senior operations positions at ADVA, CommScope, and Ericsson.

Igor Samartsev, Ph.D. Senior Vice President, Chief Scientist

Dr. Samartsev has served as IPG's Senior Vice President, Chief Scientist since February 2022. He was previously IPG's Chief Technology Officer from 2011 and a member of IPG's Board from February 2006 to January 2021. From 2005 to 2018, he also held the position of Deputy General Manager of IPG's Russian subsidiary, NTO IRE-Polus. Dr. Samartsev holds a Ph.D. in Physics from Imperial College London.

Trevor D. Ness Senior Vice President, Sales and Strategic Business Development

Mr. Ness has served as IPG's Senior Vice President, Sales and Strategic Business Development since February 2022, with operational responsibility for the company's laser systems and medical businesses. Prior to this role, he was IPG's Senior Vice President, Worldwide Sales from February 2013 to February 2022, and Vice President – Asian Operations from January 2011 to February 2013.

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The clear emerging threat to IPG Photonics is the rapid market share gain and intense pricing pressure from Chinese domestic fiber laser manufacturers (e.g., Raycus, Maxphotonics).

These competitors are increasingly capable of producing fiber lasers with comparable performance for many industrial applications at significantly lower prices. This trend has already led to declining average selling prices (ASPs) and market share erosion for IPG Photonics, particularly in the critical Chinese market, which has historically been a major revenue driver for the company. This dynamic mirrors the historical example of how cheaper alternatives can rapidly disrupt incumbent market leaders by offering sufficient quality at a lower cost, putting immense pressure on profitability and market position.

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IPG Photonics (symbol: IPGP) operates within several addressable markets for its fiber lasers, amplifiers, and laser systems, which are primarily used in materials processing, advanced technologies, telecommunications, and medical applications. The global addressable markets for these main products and services are identified as follows:

Overall Fiber Laser Market: The global fiber laser market was valued between approximately USD 3.0 billion and USD 7.7 billion in 2024. It is projected to reach approximately USD 12.8 billion by 2034 or 2035, growing at a Compound Annual Growth Rate (CAGR) ranging from 10.8% to 12.2% during the forecast period.
Materials Processing: The global market for laser systems for materials processing was valued at USD 23.5 billion in 2023. The material processing laser processing market size was valued at USD 17.21 billion in 2024 and is estimated to grow at a CAGR of 10.3% from 2024 to 2030. This includes industrial applications such as cutting, welding, marking, cleaning, drilling, and additive manufacturing.
Medical Applications: The global medical laser market is projected to reach USD 17.3 billion by 2031, growing at a CAGR of 17.6% from 2024 to 2031. Specifically, the global medical laser fiber market is projected to reach USD 1.09 billion in 2025 and is expected to grow to USD 3.62 billion by 2034, with a CAGR of 16.12% from 2025 to 2034.
Telecommunications: The global laser communication market was valued at approximately USD 958.10 million in 2024 and is projected to reach USD 6,737.60 million by 2033, demonstrating a CAGR of 24.20% from 2025 to 2033. A sub-segment, the global satellite laser communication market, was valued at USD 933.7 million in 2024 and is estimated to grow at a CAGR of 45.4% to reach USD 36.4 billion by 2034. Fiber lasers are crucial for high-speed data transmission in this sector.
Advanced Applications (including Aerospace & Defense, Sensors and Instruments, R&D and Scientific): IPG Photonics estimates a Total Addressable Market (TAM) of USD 10 billion for industrial and non-industrial applications, which encompasses these categories. The instruments and sensors segment of the fiber laser market is anticipated to exhibit a high CAGR of 15.95% during the forecast period.

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Here are 3-5 expected drivers of future revenue growth for IPG Photonics (IPGP) over the next 2-3 years:

Growth in Advanced Applications and New Markets: IPG Photonics is strategically expanding into high-growth areas beyond traditional industrial markets. This includes significant focus on the medical sector, with the upcoming shipments of its next-generation thulium medical laser systems following FDA clearance. Additionally, the company is targeting the defense and mission-critical applications market, highlighted by the opening of its IPG Defense unit and the showcasing of its CROSSBOW scalable laser defense system. Growth in semiconductor markets within advanced applications is also contributing.
Increased Adoption in Materials Processing: The company anticipates continued revenue growth from its core materials processing segment, specifically in areas such as welding (driven by demand in battery production for e-mobility and stationary storage), additive manufacturing, and micromachining. The acquisition of Clean Laser is also expected to bolster revenue from cleaning applications.
Geographic Expansion and Market Penetration: IPG Photonics is experiencing and anticipating growth in key geographic regions. Sales in Asia and North America have shown year-over-year increases, with Asia benefiting from higher welding sales in China, Japan, and Korea. The company aims to leverage its market leadership to convert more applications to its laser-based solutions globally.
Innovation and New Product Launches: Ongoing investments in innovation and the launch of new products are crucial for future revenue. IPG Photonics is continuously introducing new and innovative fiber laser solutions, such as the LDD-1000-DS for real-time deep weld quality sensing and integrated On-the-Fly welding solutions. These new technologies enhance the company's offerings and provide cost-effective, environmentally sustainable alternatives to traditional industrial processes.

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Here is a summary of IPG Photonics' capital allocation decisions over the last 3-5 years:

Share Repurchases

IPG Photonics repurchased $343.8 million of its common stock under a February 2024 authorization for up to $300 million.
The company executed share repurchases of $57 million in Q4 2024, $74 million in Q3 2024, and $122 million in Q2 2024.
In 2023, IPG Photonics repurchased $223.5 million of treasury stock. The company also repurchased $64 million in Q4 2023 and $90 million in Q1 2024.

Share Issuance

As of December 31, 2024, IPG Photonics had 42,548,561 shares issued and outstanding, compared to 46,320,671 shares at December 31, 2023.
Proceeds from the issuance of common stock under employee stock option and purchase plans (less payments for taxes related to net share settlement of equity awards) were $1.87 million for the nine months ended September 30, 2024.
In May 2025, shareholders approved the 2025 Incentive Compensation Plan, which provides for the issuance of 2,100,000 newly authorized shares for stock-based and non-stock awards to employees, non-employee directors, and independent contractors.

Outbound Investments

In December 2024, IPG Photonics completed the acquisition of Clean-Lasersysteme GmbH (cleanLASER), a leader in laser cleaning systems, to strengthen its position in high-precision laser systems for cleaning applications.
The company completed the sale of its Russian subsidiary, Scientific and Technical Association 'IRE-Polus', for $51.1 million in 2024, resulting in a significant loss due to the divestiture.
IPG Photonics also strategically expanded its manufacturing operations in Germany, the United States, and Italy, and added capacity in Poland to offset the impact of ceasing operations in Russia and Belarus due to geopolitical tensions.

Capital Expenditures

IPG Photonics' capital expenditures were $87.7 million in 2020, $123.1 million in 2021, $110.1 million in 2022, and $110.5 million in 2023.
The company's capital expenditures were $23 million in Q4 2024, $23 million in Q3 2024, $24 million in Q2 2024, and $28 million in Q1 2024.
For 2025, IPG Photonics plans to invest approximately $105 million to $115 million in capital expenditures, focusing on replacing capacity in Russia, increasing redundant capacity for critical components, and upgrading equipment at other facilities.

Better Bets than IPG Photonics (IPGP)

	IPGP	Better Performance than IPGP
Metric	Value	INDUSTRY: Electronic Manufacturing Services
Rev Chg LTM	-7.5%	FN (19.7%), SANM (5.9%), TEL (4.9%), FLEX (3.5%), JBL (3.2%)
Rev Chg 3Y Avg	-12.7%	FN (14.9%), SANM (4.6%), TEL (1.8%), FLEX (-1.0%), JBL (-3.3%)
Op Mgn LTM	3.2%	TEL (19.3%), FN (9.5%), FLEX (4.9%), JBL (4.8%), SANM (4.7%)
CFO/Rev LTM	12.5%	TEL (22.7%), CTS (18.6%)
FCF/Rev LTM	3.8%	TEL (17.4%), FN (5.6%), SANM (4.5%), FLEX (4.5%), JBL (3.9%)
Total Yield	0.8%	SANM (4.9%), TEL (4.5%), FLEX (4.0%), JBL (2.9%), FN (2.7%)
P/S	3.5	SANM (0.7), JBL (0.8), FLEX (0.8), TTMI (2.1), TEL (3.0)
P/Op Inc	107.5	SANM (13.9), TEL (15.6), JBL (16.2), FLEX (16.7), FN (38.0)

	IPGP	Better Performance than IPGP
Metric	Value	SECTOR: Information Technology
Rev Chg LTM	-7.5%	NVDA (71.6%), AVGO (28.0%), MSFT (15.6%), ORCL (9.7%), AAPL (6.0%)
Rev Chg 3Y Avg	-12.7%	NVDA (92.0%), AVGO (24.0%), MSFT (13.2%), ORCL (10.2%), AAPL (1.8%)
Op Mgn LTM	3.2%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), AAPL (31.9%), ORCL (31.6%)
CFO/Rev LTM	12.5%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), ORCL (36.5%), AAPL (26.6%)
FCF/Rev LTM	3.8%	PLTR (46.0%), NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%)
Total Yield	0.8%	MSFT (3.4%), AAPL (3.0%), ORCL (2.8%), NVDA (2.3%), AVGO (1.5%)
P/S	3.5	DELL (0.8), ACN (2.2), INTC (2.8), TEL (3.0), WDC (3.2)
P/Op Inc	107.5	MSFT (28.3), AAPL (29.1), ORCL (33.1), NVDA (40.1), AVGO (55.6)

	IPGP	Better Performance than IPGP
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-7.5%	LLY (36.8%), META (21.3%), GOOGL (13.4%), AMZN (10.9%), TSLA (-1.6%)
Rev Chg 3Y Avg	-12.7%	BRK-B (19.8%), META (17.3%), AMZN (11.3%), GOOGL (11.0%), TSLA (9.3%)
Op Mgn LTM	3.2%	META (43.2%), LLY (43.0%), GOOGL (32.2%), AMZN (11.4%), TSLA (5.1%)
CFO/Rev LTM	12.5%	META (56.8%), GOOGL (39.3%), LLY (20.5%), AMZN (18.1%), TSLA (16.5%)
FCF/Rev LTM	3.8%	META (23.7%), GOOGL (19.1%), XOM (8.8%), TSLA (7.1%), BRK-B (4.8%)
Total Yield	0.8%	BRK-B (6.2%), GOOGL (4.6%), META (3.5%), AMZN (3.0%), LLY (2.7%)
P/S	3.5	WMT (1.1), XOM (1.4), COST (1.5), HD (2.2), BRK-B (2.7)
P/Op Inc	107.5	META (22.6), GOOGL (23.7), WMT (26.9), LLY (29.9), AMZN (30.7)

		Best Bets In Information Technology Sector
	IPGP
What You Pay
P/E	130.3
P/EBIT	107.5
What You Get
Rev Chg Q	7.6%
Rev Chg LTM	-7.5%
Rev Chg 3Y Avg	-12.7%
FCF/Rev 3Y Avg	10.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	IPG Photonics Stock Drop Looks Sharp, But How Deep Can It Go?	Return
2	How Does IPG Photonics Stock Stack Up Against Its Peers?	Peer Comparison
3	IPGP Dip Buy Analysis
4	IPG Photonics Total Shareholder Return (TSR): -33.0% in 2024 and ...% 3-yr compounded annual returns (below peer average)
5	IPG Photonics (IPGP) Operating Cash Flow Comparison	Financials
6	IPG Photonics (IPGP) Net Income Comparison	Financials
7	IPG Photonics (IPGP) Operating Income Comparison	Financials
8	IPG Photonics (IPGP) Revenue Comparison	Financials
9	Day 5 of Gains Streak for IPG Photonics Stock with 14% Return (vs. -22% YTD) [10/29/2024]	Notification
10	IPG Photonics vs. S&P500 Correlation	Correlation
11	ARTICLES
12	Demand Revival Could Drive IPG Photonics Stock To $260		May 28th, 2021
13	Up 2x Since March, Is It Time To Exit IPG Photonics Stock?		December 11th, 2020

	Title
0	DASHBOARDS
1	IPG Photonics Stock Drop Looks Sharp, But How Deep Can It Go?
2	How Does IPG Photonics Stock Stack Up Against Its Peers?
3	IPGP Dip Buy Analysis
4	IPG Photonics Total Shareholder Return (TSR): -33.0% in 2024 and ...% 3-yr compounded annual returns (below peer average)
5	IPG Photonics (IPGP) Operating Cash Flow Comparison
6	IPG Photonics (IPGP) Net Income Comparison
7	IPG Photonics (IPGP) Operating Income Comparison
8	IPG Photonics (IPGP) Revenue Comparison
9	Day 5 of Gains Streak for IPG Photonics Stock with 14% Return (vs. -22% YTD) [10/29/2024]
10	IPG Photonics vs. S&P500 Correlation
11	ARTICLES
12	Demand Revival Could Drive IPG Photonics Stock To $260
13	Up 2x Since March, Is It Time To Exit IPG Photonics Stock?

Trade Ideas

Select past ideas related to IPGP. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.9%	0.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.8%	0.8%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	3.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.1%	5.1%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	0.0%
IPGP_2292024_Dip_Buyer_ValueBuy	02292024	IPGP	IPG Photonics	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-19.9%	-32.6%	-33.0%
IPGP_12312022_Dip_Buyer_ValueBuy	12312022	IPGP	IPG Photonics	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	43.5%	14.7%	-11.6%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.9%	0.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.8%	0.8%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	3.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.1%	5.1%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	0.0%
IPGP_2292024_Dip_Buyer_ValueBuy	02292024	IPGP	IPG Photonics	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-19.9%	-32.6%	-33.0%
IPGP_12312022_Dip_Buyer_ValueBuy	12312022	IPGP	IPG Photonics	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	43.5%	14.7%	-11.6%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for IPG Photonics

Peers to compare with:

Financials

	IPGP	TXN	MSI	AME	WOLF	POWI	Median
Name	IPG Phot.	Texas In.	Motorola.	AMETEK	Wolfspeed	Power In.
Mkt Price	82.60	182.60	375.69	199.22	21.87	36.19	132.60
Mkt Cap	3.5	166.0	62.7	46.0	3.4	2.0	24.7
Rev LTM	964	17,266	11,094	7,164	760	446	4,064
Op Inc LTM	31	6,012	2,785	1,874	-625	5	952
FCF LTM	36	2,080	2,384	1,643	-1,518	80	861
FCF 3Y Avg	112	1,732	2,047	1,591	-2,023	65	851
CFO LTM	120	6,897	2,612	1,768	-574	100	944
CFO 3Y Avg	211	6,560	2,293	1,722	-520	85	966

Growth & Margins

	IPGP	TXN	MSI	AME	WOLF	POWI	Median
Name	IPG Phot.	Texas In.	Motorola.	AMETEK	Wolfspeed	Power In.
Rev Chg LTM	-7.5%	9.9%	6.4%	3.7%	-5.6%	10.5%	5.1%
Rev Chg 3Y Avg	-12.7%	-4.6%	9.5%	5.9%	8.7%	-12.3%	0.7%
Rev Chg Q	7.6%	14.2%	5.2%	10.8%	1.1%	2.7%	6.4%
QoQ Delta Rev Chg LTM	1.9%	3.5%	1.3%	2.6%	0.3%	0.7%	1.6%
Op Mgn LTM	3.2%	34.8%	25.1%	26.2%	-82.3%	1.2%	14.2%
Op Mgn 3Y Avg	6.7%	38.0%	23.8%	25.7%	-63.3%	5.4%	15.2%
QoQ Delta Op Mgn LTM	3.9%	-0.1%	0.1%	-0.1%	0.6%	-3.5%	-0.0%
CFO/Rev LTM	12.5%	39.9%	23.5%	24.7%	-75.6%	22.5%	23.0%
CFO/Rev 3Y Avg	19.0%	38.6%	21.9%	25.1%	-66.7%	19.4%	20.7%
FCF/Rev LTM	3.8%	12.0%	21.5%	22.9%	-199.8%	17.9%	15.0%
FCF/Rev 3Y Avg	10.0%	10.2%	19.6%	23.2%	-258.4%	14.8%	12.5%

Valuation

	IPGP	TXN	MSI	AME	WOLF	POWI	Median
Name	IPG Phot.	Texas In.	Motorola.	AMETEK	Wolfspeed	Power In.
Mkt Cap	3.5	166.0	62.7	46.0	3.4	2.0	24.7
P/S	3.5	9.7	6.9	6.1	5.9	5.0	6.0
P/EBIT	107.5	26.8	25.5	23.5	-2.6	420.2	26.1
P/E	130.3	33.1	36.0	29.5	-2.3	125.0	34.6
P/CFO	27.8	24.2	29.2	24.5	-7.8	22.4	24.4
Total Yield	0.8%	6.0%	3.7%	4.0%	-44.1%	2.9%	3.3%
Dividend Yield	0.0%	3.0%	0.9%	0.6%	0.0%	2.1%	0.8%
FCF Yield 3Y Avg	3.0%	1.1%	3.1%	4.1%	-	2.2%	3.0%
D/E	0.0	0.1	0.1	0.1	0.0	0.0	0.0
Net D/E	-0.3	0.1	0.1	0.0	-0.2	-0.1	-0.0

Returns

	IPGP	TXN	MSI	AME	WOLF	POWI	Median
Name	IPG Phot.	Texas In.	Motorola.	AMETEK	Wolfspeed	Power In.
1M Rtn	-3.8%	13.1%	-4.0%	0.3%	-8.0%	-12.5%	-3.9%
3M Rtn	1.8%	-5.9%	-20.6%	8.2%	-	-17.1%	-5.9%
6M Rtn	21.1%	-2.7%	-9.6%	12.8%	-	-32.9%	-2.7%
12M Rtn	6.2%	-4.4%	-23.8%	3.2%	-	-44.2%	-4.4%
3Y Rtn	-10.3%	12.6%	42.5%	40.7%	-	-52.4%	12.6%
1M Excs Rtn	-3.8%	13.1%	-4.0%	0.3%	-7.9%	-12.5%	-3.9%
3M Excs Rtn	-5.0%	-7.0%	-26.7%	0.9%	-	-23.9%	-7.0%
6M Excs Rtn	6.3%	-17.4%	-24.3%	-1.9%	-	-47.7%	-17.4%
12M Excs Rtn	-7.7%	-19.8%	-37.6%	-10.4%	-	-57.3%	-19.8%
3Y Excs Rtn	-80.2%	-57.2%	-26.7%	-27.0%	-	-123.3%	-57.2%

Comparison Analyses

	Title
0	How Does IPG Photonics Stock Stack Up Against Its Peers?
1	IPG Photonics vs. Texas Instruments: With Return Forecast Of 33%, IPG Photonics Is A Better Bet
2	IPG Photonics vs. AMETEK: With Return Forecast Of 33%, IPG Photonics Is A Better Bet
3	IPG Photonics vs. MKS Instruments: With Return Forecast Of 45%, MKS Instruments Is A Better Bet
4	Why MSI With 17% Upside May Beat IPGP?
5	IPG Photonics vs. Twitter: With Return Forecast Of 49%, Twitter Is A Better Bet
6	IPG Photonics vs. Intuitive Surgical: With Return Forecast Of 64%, Intuitive Surgical Is A Better Bet
7	IPG Photonics vs. Salesforce: With Return Forecast Of 193%, Salesforce Is A Better Bet
8	IPG Photonics vs. Verisign CA: With Return Forecast Of 126%, IPG Photonics Is A Better Bet
9	IPG Photonics vs. Enphase Energy: With Return Forecast Of 126%, IPG Photonics Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/20/2025	2/21/2024	2/27/2023	2/22/2022	2/22/2021	2/24/2020
Key Financials
Total Revenue	964	977	1,287	1,430	1,461	1,201	1,315
EBITDA	93	76	301	322	449	326	387
Operating Income	31	14	232	231	353	232	291
Net Income	26	-182	219	110	278	160	180
EPS	0.61	-4.09	4.64	2.17	5.21	3.00	3.40
Growth Rates
Total Revenue Growth	-7.5%	-24.1%	-9.9%	-2.1%	21.7%	-8.7%	-10.0%
EBITDA Growth	-0.8%	-74.8%	-6.5%	-28.3%	37.7%	-15.8%	-35.2%
Operating Income Growth	3.9%	-93.7%	0.1%	-34.4%	52.4%	-20.4%	-43.8%
Net Income Growth	117.3%	-182.9%	99.1%	-60.5%	74.5%	-11.5%	-55.4%
Margins
EBITDA Margin	9.6%	7.8%	23.4%	22.5%	30.7%	27.2%	29.4%
Operating Income Margin	3.2%	1.5%	18.0%	16.2%	24.1%	19.3%	22.1%
Net Income Margin	2.7%	-18.6%	17.0%	7.7%	19.1%	13.3%	13.7%
Cash & Debt
Total Cash	870	930	1,177	1,178	1,515	1,391	1,183
Total Debt	17	18	18	38	58	44	47
Net Debt / (Cash)	-853	-912	-1,159	-1,140	-1,456	-1,347	-1,136
Cash Flows
Net Cash from Operations	120	248	296	213	390	285	324
Free Cash from Operations	36	149	186	103	267	198	190
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	74	344	223	500	135	38	41

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	8/5/2025	5/6/2025	2/20/2025	10/29/2024	7/30/2024	4/30/2024	2/21/2024	10/31/2023	8/1/2023	5/2/2023	2/27/2023
Key Financials Quarterly
Total Revenue	251	251	228	234	233	258	252	299	301	340	347	334
Ebitda	25	19	20	29	-13	30	30	46	72	92	91	4
Operating Income	10	3	4	14	-28	15	14	29	55	74	73	-17
Net Income	7	7	4	8	-234	20	24	41	55	62	60	-93
EPS	0.18	0.16	0.09	0.18	-5.33	0.45	0.52	0.89	1.16	1.32	1.26	-1.91
Key Financials TTM
Total Revenue TTM	964	946	953	977	1,042	1,110	1,192	1,287	1,322	1,370	1,407	1,430
Ebitda TTM	93	54	65	76	93	179	241	301	259	281	302	322
Operating Income TTM	31	-7	5	14	30	113	173	232	185	202	217	231
Net Income TTM	26	-215	-202	-182	-148	141	183	219	85	106	100	110
Growth Rates Quarterly
Total Revenue Growth	7.6%	-2.7%	-9.6%	-21.6%	-22.6%	-24.2%	-27.4%	-10.4%	-13.6%	-9.8%	-6.2%	-8.5%
EBITDA Growth	297.6%	-36.4%	-35.2%	-38.0%	-117.8%	-67.4%	-66.7%	1158.0%	-23.5%	-18.8%	-18.0%	-96.4%
Operating Income Growth	135.0%	-78.1%	-69.7%	-52.7%	-150.9%	-80.3%	-80.8%	271.9%	-23.4%	-16.8%	-16.5%	-121.9%
Net Income Growth	103.2%	-67.2%	-84.4%	-81.1%	-524.8%	-67.7%	-59.9%	144.6%	-27.9%	9.4%	-13.6%	-242.7%
Margins Quarterly
EBITDA Margin	10.1%	7.6%	8.6%	12.2%	-5.5%	11.6%	12.0%	15.5%	24.0%	27.0%	26.2%	1.1%
Operating Income Margin	3.9%	1.3%	1.9%	5.9%	-12.0%	5.7%	5.6%	9.8%	18.2%	21.9%	21.0%	-5.1%
Net Income Margin	3.0%	2.6%	1.6%	3.3%	-100.2%	7.8%	9.6%	13.9%	18.2%	18.3%	17.3%	-27.9%
Cash & Debt
Total Cash	870	900	927	930	1,019	1,064	1,140	1,177	1,133	1,096	1,070	1,178
Total Debt	17	17	16	18	16	17	19	18	18	18	37	38
Net Debt / (Cash)	-853	-883	-911	-912	-1,003	-1,046	-1,121	-1,159	-1,116	-1,078	-1,033	-1,140
Cash Flows Quarterly
FCF from Operations	35	-2	13	74	66	53	55	106	86	67	37	42
Cash Flows TTM
FCF from Operations TTM	120	151	207	248	280	300	313	296	232	221	234	213
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	16	-0	-0	57	74	122	90	64	46	-0	113	117
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
High Power Continuous Wave (CW) Lasers	525	614	687	646	735
Other Revenue including Other Lasers, Amplifiers, Service, Parts, Accessories and Change in	295	284	265	201	187
Pulsed Lasers	186	251	241	158	138
Laser and Non-Laser Systems	161	153	127	94	142
Medium Power Continuous Wave (CW) Lasers	72	77	81	51	57
Quasi-Continuous Wave (QCW) Lasers	49	50	61	50	56
Total	1,287	1,430	1,461	1,201	1,315

Price Behavior

Price Behavior

Market Price	$82.60
Market Cap ($ Bil)	3.5
First Trading Date	12/13/2006
Distance from 52W High	-8.0%
	50 Days	200 Days
DMA Price	$82.92	$72.14
DMA Trend	up	indeterminate
Distance from DMA	-0.4%	14.5%
	3M	1YR
Volatility	37.8%	45.4%
Downside Capture	212.03	165.66
Upside Capture	161.67	150.31
Correlation (SPY)	61.7%	68.8%

IPGP Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.73	2.02	1.93	1.92	1.58	1.48
Up Beta	0.63	0.76	1.36	1.71	1.60	1.42
Down Beta	1.16	2.56	2.45	2.42	1.55	1.49
Up Capture	159%	210%	157%	193%	198%	250%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	10	22	33	70	133	390
Down Capture	229%	210%	201%	172%	132%	109%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	20	30	55	115	360

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of IPGP With Other Asset Classes (Last 1Y)
	IPGP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.9%	25.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	45.2%	27.6%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	0.28	0.81	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		67.7%	68.8%	0.2%	20.7%	47.8%	31.1%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of IPGP With Other Asset Classes (Last 5Y)
	IPGP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-16.6%	19.9%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	40.5%	24.6%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	-0.32	0.73	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		57.4%	57.2%	7.8%	9.8%	40.5%	23.9%

Based On 10-Year Data

		Comparison of IPGP With Other Asset Classes (Last 10Y)
	IPGP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-0.8%	22.2%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	41.5%	24.2%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.13	0.84	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		56.1%	54.7%	1.6%	17.5%	34.0%	14.3%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	2,327,869
Short Interest: % Change Since 10312025	6.6%
Average Daily Volume	297,840
Days-to-Cover Short Interest	7.82
Basic Shares Quantity	42,198,713
Short % of Basic Shares	5.5%

Returns Analyses

	Title
0	IPG Photonics Stock Drop Looks Sharp, But How Deep Can It Go?
1	IPGP YTD Stock Return Of -47% Outperforms BRKS by 53% and Underperforms TXN by -27%
2	IPG Photonics Stock Return Comparison

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11042025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	5062025	10-Q 3/31/2025
12312024	2202025	10-K 12/31/2024
9302024	10292024	10-Q 9/30/2024
6302024	7302024	10-Q 6/30/2024
3312024	4302024	10-Q 3/31/2024
12312023	2212024	10-K 12/31/2023
9302023	10312023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2272023	10-K 12/31/2022
9302022	11012022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2222022	10-K 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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IPG Photonics (IPGP)

Market Price (12/4/2025): $82.58 | Market Cap: $3.5 BilSector: Information Technology | Industry: Electronic Manufacturing Services

IPG Photonics (IPGP)

Market Price (12/4/2025): $82.58Market Cap: $3.5 BilSector: Information TechnologyIndustry: Electronic Manufacturing Services

Valuation, Metrics & Events

IPGP Stock

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Market Price (12/4/2025): $82.58 | Market Cap: $3.5 Bil
Sector: Information Technology | Industry: Electronic Manufacturing Services

Market Price (12/4/2025): $82.58
Market Cap: $3.5 Bil
Sector: Information Technology
Industry: Electronic Manufacturing Services