Tearsheet

IPG Photonics (IPGP)

Market Price (6/30/2026): $109.97 | Market Cap: $4.6 BilSector: Information Technology | Industry: Electronic Manufacturing Services

IPG Photonics (IPGP)

Market Price (6/30/2026): $109.97
Market Cap: $4.6 Bil
Sector: Information Technology
Industry: Electronic Manufacturing Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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 -17%

Megatrend and thematic drivers
Megatrends include Automation & Robotics, and Electric Vehicles & Autonomous Driving. Themes include Factory Automation, Industrial Robotics, Show more.

Weak multi-year price returns
2Y Excs Rtn is -0.7%, 3Y Excs Rtn is -85%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 192x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 83x, P/EPrice/Earnings or Price/(Net Income) is 162x

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.7%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.3%

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 -3.7%

Key risks
IPGP key risks include [1] weak demand in its core industrial markets, 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 -17%
1	Megatrend and thematic drivers Megatrends include Automation & Robotics, and Electric Vehicles & Autonomous Driving. Themes include Factory Automation, Industrial Robotics, Show more.
2	Weak multi-year price returns 2Y Excs Rtn is -0.7%, 3Y Excs Rtn is -85%
3	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 192x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 83x, P/EPrice/Earnings or Price/(Net Income) is 162x
4	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.7%
5	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.3%
6	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 -3.7%
7	Key risks IPGP key risks include [1] weak demand in its core industrial markets, Show more.

IPGP in ETFs

Weight = IPGP's share of each fund

VTI0.00%

ITOT0.00%

IWB0.00%

IJH0.08%

VB0.04%

ROBO1.9%

MDYV0.16%

IJJ0.16%

+16 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	6/30/26	2025	2024	2023	2022
Share Price			$109.97	$71.60	$72.72	$108.54	$94.67
Mkt Cap ($ Bil)			4.6	3.0	3.1	5.0	4.6
+ Debt ($ Bil)			0.0	0.0	0.0	0.0	0.0
- Cash ($ Bil)			0.8	0.8	0.9	1.2	1.2
TEV ($ Bil)			3.8	3.0	3.1	5.0	4.6
Valuation Ratios
P/S	3.8	4.2	4.5	3.0	3.2	3.9	3.2
P/EBIT	29.7	32.4	190.5	130.7	214.2	21.8	19.9
P/E	50.4	83.3	160.6	96.9	-17.1	23.1	41.9
P/FCF	—	—	-335.3	-872.7	20.8	27.2	45.0
Sector Ratios (* = sector average)
P/S *			3.4	3.4	3.5	3.0	2.5
P/EBIT *			5.6	4.1	2.0	-0.0	-0.2
P/E *			0.6	-0.0	-0.3	-0.3	-0.5
P/FCF *			10.5	11.3	14.8	12.8	8.5

FYE: 12/31	Forward FYE		Now
	2027	2026	6/30/26
Share Price			$109.97
Mkt Cap ($ Bil)			4.6
+ Debt ($ Bil)			0.0
- Cash ($ Bil)			0.8
TEV ($ Bil)			3.8
Valuation Ratios
P/S	3.8	4.2	4.5
P/EBIT	29.7	32.4	190.5
P/E	50.4	83.3	160.6
P/FCF	—	—	-335.3
Sector Ratios (* = sector average)
P/S *			3.4
P/EBIT *			5.6
P/E *			0.6
P/FCF *			10.5

FYE: 12/31	IPGP [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$1.0 Bil	—
FY 2026 Sales	$1.1 Bil	—
FY 2027 Sales	$1.2 Bil	—
FY 2026 Sales Growth	6.9%	—
FY 2027 Sales Growth	9.1%	8.2%
EARNINGS
LTM Net Income (GAAP) [3]	$28.9 Mil	—
FY 2026 Net Income (Non-GAAP)	$55.8 Mil	—
FY 2027 Net Income (Non-GAAP)	$92.1 Mil	—
FY 2027 Net Income Growth	65.1%	14.7%
FY 2026 EPS (Non-GAAP)	$1.27	—
FY 2027 EPS (Non-GAAP)	$2.14	—
FY 2027 EPS Growth	68.7%	—
VALUATION
FY 2026 P/S	4.2	3.3
FY 2027 P/S	3.8	—
FY 2026 P/E	83.3	20.2
FY 2027 P/E	50.4	—

[1] IPGP forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	IPGP	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	1.0
Rev Chg Q	16.6%	8.8%
Rev Chg LTM	9.3%	7.5%
Rev Chg 3Y Avg	-8.7%	5.9%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	2.3%	18.4%
CFO/Rev LTM	5.4%	21.4%
Net Inc Mgn	2.8%	13.0%
VALUATION	MODERATE
P/S	4.5	3.3
P/CFO	82.3	15.3
P/FCF	-335.3	19.8
P/E	160.6	24.6
STABILITY	VERY GOOD
Debt/Equity	0.00	0.20
Cash/Assets	0.34	0.07

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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

Price Chart

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Why The Stock Moved

Qualitative Assessment

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Updated on 6/23/2026

IPG Photonics (IPGP) stock has lost about 15% since 2/28/2026 because of the following key factors:

1. Fiscal Q1 2026 Earnings Miss and Decline in GAAP Profitability. Despite reporting a 17% year-over-year increase in revenue to $265.5 million in fiscal Q1 2026, IPG Photonics experienced a significant decline in profitability. The company's GAAP net income fell by 58% to $1.6 million, and it reported a GAAP operating loss of $7.7 million, a reversal from the prior year's positive operating income. Furthermore, adjusted earnings per diluted share of $0.29 missed the consensus estimate of $0.32.

2. Persistent Margin Pressure from Tariffs and Higher Product Costs. Gross margins continued to be negatively impacted, with GAAP gross margin at 37.5% and adjusted gross margin at 37.8% in fiscal Q1 2026, a decrease from the previous year. This compression was primarily attributed to ongoing tariff impacts and elevated product costs. Management projected that tariffs would continue to pressure gross margins, estimating a further 150 basis point impact in fiscal Q2 2026.

3. High Valuation Concerns and Negative Free Cash Flow. Investor apprehension regarding the company's valuation, characterized by a P/E ratio of 131 at the time of the fiscal Q1 2026 earnings release, contributed to a substantial sell-off. The stock plummeted over 25% in pre-market trading following the earnings announcement. This concern was exacerbated by IPG Photonics reporting negative free cash flow of $22 million in fiscal Q1 2026, a significant reversal from the positive $25 million recorded in fiscal Q1 2025.

4. Weakness in the Advanced Solutions Segment. The Advanced Solutions segment, which encompasses non-industrial applications such as micromachining and defense, experienced a 5% year-over-year decline in revenue during fiscal Q1 2026. This weakness in a segment crucial for diversification and higher-value applications raised concerns among investors despite growth in the broader Industrial Solutions segment.

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Stock Movement Drivers

Fundamental Drivers

The -15.7% change in IPGP stock from 2/28/2026 to 6/29/2026 was primarily driven by a -10.4% change in the company's Net Income Margin (%).

(LTM values as of)	2282026	6292026	Change
Stock Price ($)	131.57	110.89	-15.7%
Change Contribution By:
Total Revenues ($ Mil)	1,004	1,041	3.8%
Net Income Margin (%)	3.1%	2.8%	-10.4%
P/E Multiple	178.1	162.0	-9.1%
Shares Outstanding (Mil)	42	42	-0.3%
Cumulative Contribution			-15.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/29/2026

	Return	Correlation
IPGP	-15.7%
Market (SPY)	8.3%	48.9%
Sector (XLK)	33.8%	49.2%

Fundamental Drivers

The 39.2% change in IPGP stock from 11/30/2025 to 6/29/2026 was primarily driven by a 23.6% change in the company's P/E Multiple.

(LTM values as of)	11302025	6292026	Change
Stock Price ($)	79.64	110.89	39.2%
Change Contribution By:
Total Revenues ($ Mil)	964	1,041	8.1%
Net Income Margin (%)	2.7%	2.8%	4.4%
P/E Multiple	131.1	162.0	23.6%
Shares Outstanding (Mil)	42	42	-0.1%
Cumulative Contribution			39.2%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/29/2026

	Return	Correlation
IPGP	39.2%
Market (SPY)	9.0%	31.0%
Sector (XLK)	29.9%	31.6%

Fundamental Drivers

The 67.4% change in IPGP stock from 5/31/2025 to 6/29/2026 was primarily driven by a 51.8% change in the company's P/S Multiple.

(LTM values as of)	5312025	6292026	Change
Stock Price ($)	66.26	110.89	67.4%
Change Contribution By:
Total Revenues ($ Mil)	953	1,041	9.3%
P/S Multiple	3.0	4.5	51.8%
Shares Outstanding (Mil)	43	42	0.9%
Cumulative Contribution			67.4%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/29/2026

	Return	Correlation
IPGP	67.4%
Market (SPY)	27.2%	36.2%
Sector (XLK)	61.5%	35.6%

Fundamental Drivers

The 0.4% change in IPGP stock from 5/31/2023 to 6/29/2026 was primarily driven by a 209.9% change in the company's P/E Multiple.

(LTM values as of)	5312023	6292026	Change
Stock Price ($)	110.47	110.89	0.4%
Change Contribution By:
Total Revenues ($ Mil)	1,407	1,041	-26.0%
Net Income Margin (%)	7.1%	2.8%	-61.1%
P/E Multiple	52.3	162.0	209.9%
Shares Outstanding (Mil)	48	42	12.5%
Cumulative Contribution			0.4%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/29/2026

	Return	Correlation
IPGP	0.4%
Market (SPY)	84.3%	47.0%
Sector (XLK)	130.4%	45.2%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
IPGP Return	-23%	-45%	15%	-33%	-2%	50%	-52%
Peers Return	8%	-46%	21%	30%	145%	93%	332%
S&P 500 Return	27%	-19%	24%	23%	16%	7%	96%
Monthly Win Rates [3]
IPGP Win Rate	58%	42%	50%	33%	58%	50%
Peers Win Rate	52%	35%	48%	53%	62%	73%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
IPGP Max Drawdown	-41%	-52%	-40%	-43%	-36%	-41%
Peers Max Drawdown	-35%	-56%	-43%	-29%	-47%	-25%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: COHR, LITE, MKSI, LASR, NOVT. 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] 2026 data is for the year up to 6/29/2026 (YTD)

Event	IPGP	S&P 500
2025 US Tariff Shock
% Loss	-23.4%	-18.8%
% Gain to Breakeven	30.5%	23.1%
Time to Breakeven	35 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-23.7%	-7.8%
% Gain to Breakeven	31.0%	8.5%
Time to Breakeven	420 days	18 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-34.6%	-9.5%
% Gain to Breakeven	52.9%	10.5%
Time to Breakeven	836 days	24 days
2020 COVID-19 Crash
% Loss	-28.6%	-33.7%
% Gain to Breakeven	40.1%	50.9%
Time to Breakeven	32 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-32.9%	-19.2%
% Gain to Breakeven	49.0%	23.8%
Time to Breakeven	63 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-21.4%	-12.2%
% Gain to Breakeven	27.2%	13.9%
Time to Breakeven	64 days	62 days

Compare to COHR, LITE, MKSI, LASR, NOVT

In The Past

IPG Photonics's stock fell -23.4% during the 2025 US Tariff Shock. Such a loss loss requires a 30.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	IPGP	S&P 500
2025 US Tariff Shock
% Loss	-23.4%	-18.8%
% Gain to Breakeven	30.5%	23.1%
Time to Breakeven	35 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-23.7%	-7.8%
% Gain to Breakeven	31.0%	8.5%
Time to Breakeven	420 days	18 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-34.6%	-9.5%
% Gain to Breakeven	52.9%	10.5%
Time to Breakeven	836 days	24 days
2020 COVID-19 Crash
% Loss	-28.6%	-33.7%
% Gain to Breakeven	40.1%	50.9%
Time to Breakeven	32 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-32.9%	-19.2%
% Gain to Breakeven	49.0%	23.8%
Time to Breakeven	63 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-21.4%	-12.2%
% Gain to Breakeven	27.2%	13.9%
Time to Breakeven	64 days	62 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-38.1%	-17.9%
% Gain to Breakeven	61.5%	21.8%
Time to Breakeven	455 days	123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
% Loss	-21.9%	-15.4%
% Gain to Breakeven	28.0%	18.2%
Time to Breakeven	28 days	125 days
2008-2009 Global Financial Crisis
% Loss	-66.9%	-53.4%
% Gain to Breakeven	202.1%	114.4%
Time to Breakeven	514 days	1085 days

Compare to COHR, LITE, MKSI, LASR, NOVT

In The Past

IPG Photonics's stock fell -23.4% during the 2025 US Tariff Shock. Such a loss loss requires a 30.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About IPG Photonics (IPGP)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

IPG Photonics Corporation is a leading global developer and manufacturer of high-performance fiber lasers, fiber amplifiers, and diode lasers. The company specializes in creating advanced laser technologies that serve as fundamental tools across various industries, enabling precision and efficiency in numerous applications.

The company's extensive product portfolio includes a wide array of laser types, such as hybrid fiber-solid state lasers with green and ultraviolet wavelengths, high-energy pulsed lasers, and specialized single-polarization and single-frequency lasers. Beyond core laser units, IPG Photonics also offers essential optical fiber delivery cables, beam switches, and a variety of fiber amplifiers, including erbium-doped and Raman amplifiers. Furthermore, they provide integrated laser systems for specific tasks like 2D flat sheet cutting and welding, alongside optical transceiver and transponder modules for networking applications.

IPG Photonics primarily serves the materials processing market, where its lasers are crucial for applications such as cutting, welding, drilling, and marking. In addition to materials processing, their advanced laser and amplifier solutions are deployed in communications, medical, and other advanced technological applications. The company markets its products worldwide to a diverse customer base, including original equipment manufacturers (OEMs), system integrators, and direct end users.

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Analogies:

Intel for high-power lasers
Qualcomm for industrial photonics

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Fiber Lasers: Develops and sells various high-performance fiber lasers, including hybrid, pulsed, multi-wavelength, tunable, single-polarization, and single-frequency types, primarily for materials processing.
Fiber Amplifiers: Manufactures fiber amplifiers, such as erbium-doped, Raman, ytterbium, and thulium specialty amplifiers, used in communications and other advanced applications.
Diode Lasers & Systems: Provides diode lasers, including fiber pigtailed packaged diodes and fiber-coupled direct diode laser systems.
Integrated Laser Systems: Offers integrated laser systems and tools like 2D flat sheet cutters, multi-axis systems, welding seam steppers/pickers, and high-precision laser systems.
Laser Components & Accessories: Supplies optical fiber delivery cables, fiber couplers, beam switches, chillers, scanners, and other accessories that complement their laser products.
Optical Transceiver & Transponder Modules: Manufactures optical transceiver and transponder modules for interconnecting electronic equipment in telecommunications, cable, and data center networks.

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Major Customers of IPG Photonics (IPGP)

Based on the provided company description, IPG Photonics primarily sells its high-performance fiber lasers, fiber amplifiers, and diode lasers to other businesses rather than individuals. While specific customer company names are not listed in the background information, the company markets its products to the following major categories of business customers:

Original Equipment Manufacturers (OEMs): Companies that integrate IPG Photonics' laser products and components into their own finished goods or machinery.
System Integrators: Businesses that combine IPG Photonics' products with other hardware and software to create complete, specialized laser systems or solutions for various industrial and advanced applications.
End Users: Companies that directly utilize IPG Photonics' laser technology in their own operations across diverse sectors, including materials processing (e.g., cutting, welding, marking), communications (e.g., broadband networks, data center networking), and medical and advanced applications.

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

Dr. Gitin became the Chief Executive Officer of IPG and a member of IPG's Board of Directors on June 5, 2024. Prior to IPG, he served as Executive Vice President and General Manager, Photonics Solutions Division of MKS Instruments, Inc. Dr. Gitin joined MKS in September 2017 as Vice President and General Manager of the Photonics Business Unit, later taking responsibility for the Instruments and Motion Business Unit. From March 1995 to September 2017, he 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.

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. Between May 1999 and July 2000, he served as the Group Finance Director and General Manager of the United Kingdom operations for IPFD, an early version of IPG. From 1995 to 1999, Mr. Mammen was Finance Director and General Manager of United Partners Plc, a commodity trading firm. He previously worked in the finance department of E.I. du Pont de Nemours and Company.

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

Dr. Samartsev has served as IPG's Senior Vice President, Chief Scientist since February 2022, and as Chief Technology Officer since 2011. He was a member of IPG's Board from February 2006 to January 2021. From 2005 to 2018, he also served as the Deputy General Manager of IPG's Russian subsidiary, NTO IRE-Polus. Dr. Samartsev co-founded IPG in 1990 with Valentin P. Gapontsev.

Eugene Scherbakov, Ph.D. Director

Dr. Scherbakov served as the Chief Executive Officer of IPG Photonics from May 2021 to June 2024. He has been a director since September 2000. He previously served as Chief Operating Officer from February 2017, Managing Director of IPG Laser GmbH (IPG's German subsidiary) since August 2000, and Senior Vice President-Europe since February 2013. Dr. Scherbakov controls approximately 33% of the common stock as managing director of IP Fibre Devices, an early version of the company, giving him significant influence in the publicly traded company.

Dr. Alexander (Alex) Schoenfelder Senior Vice President, Global Laser Components

Dr. Schoenfelder joined IPG in June 2025 as Senior Vice President, Global Laser Components. Prior to IPG, he held senior leadership roles, including General Manager positions across multiple laser and photonics business units, at Lumentum, JDSU, and SDL. Most recently, he served as Senior Vice President at Lumentum, where he led global teams focused on commercial laser systems, integrated photonics, and passive optical products.

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Here are the key risks to IPG Photonics' business:

Geopolitical Trade Friction and Economic Conditions: IPG Photonics is highly exposed to changes in the global trade environment, including trade controls, tariffs, and general economic uncertainty, particularly in China, a major market for the company. For example, tariffs can directly impact the company's gross margins and revenue guidance. The divestiture of Russian operations in 2024 due to geopolitical volatility also underscores this risk.
Intense Market Competition and Declining Average Selling Prices: The fiber laser industry in which IPG Photonics operates is intensely competitive, characterized by significant price and technological competition from both larger and smaller rivals. This competitive pressure often leads to declining average selling prices (ASPs), which in turn negatively impacts the company's gross margins even when demand for its products is stable.
Concentration in Cyclical Materials Processing Markets and Operational Risks: A substantial portion of IPG Photonics' revenue, approximately 85.7% in 2025, is derived from the materials processing segment. A downturn in core applications within this market, such as cutting and welding, poses a significant risk. Additionally, the company faces operational risks related to its vertically integrated model, including the potential for lower-than-expected manufacturing yields, high inventory levels, and reliance on single or limited-source suppliers for key components. The high-fixed-cost structure associated with vertical integration also presents an ongoing operational challenge.

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IPG Photonics (IPGP) operates in several significant global markets related to its fiber lasers, fiber amplifiers, diode lasers, integrated laser systems, and optical transceiver and transponder modules.

Fiber Lasers

The global fiber laser market was valued at approximately USD 4.63 billion in 2025 and is projected to grow to USD 13.08 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 12.3% during the forecast period. Another estimate places the market at USD 5.1 billion in 2026, with a projection to reach USD 15.1 billion by 2036 at a CAGR of 11.5%.

Diode Lasers

The global laser diode market was estimated at USD 9.15 billion in 2024 and is predicted to attain around USD 25.84 billion by 2034, with a CAGR of 10.94% from 2025 to 2034. Another report valued the market at USD 7.28 billion in 2025 and expects it to reach USD 25.64 billion by 2035, growing at a CAGR of 13.42% from 2026-2035.

Fiber Amplifiers

The global optical amplifier market, which includes fiber amplifiers, was valued at USD 916.4 million in 2021 and is projected to reach USD 1.8 billion by 2031, growing at a CAGR of 6.9%. The fiber amplifier segment dominated this market in 2021.

Integrated Laser Systems (for Materials Processing)

The global market for industrial laser systems was valued at USD 23.64 billion in 2024 and is projected to grow to USD 48.05 billion by 2033, growing at a CAGR of 8.20%. Another source estimates the global laser processing equipment market size was valued at USD 28.51 billion in 2025 and is projected to grow to USD 88.83 billion by 2034, exhibiting a CAGR of 14%. The global market for laser systems for materials processing reached approximately USD 23.5 billion in 2023.

Optical Transceiver and Transponder Modules

The global optical transceiver market was valued at USD 13.6 billion in 2024 and is projected to grow to USD 25.0 billion by 2029, at a CAGR of 13.0%. Other estimates place the market size at USD 14.7 billion in 2025, projected to reach USD 46.12 billion by 2034 with a CAGR of 17.00%. The market size is also projected to reach USD 29.26 billion by 2031, reflecting a 13.67% CAGR.

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IPG Photonics (NASDAQ: IPGP) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends: * **Growth in Emerging Applications and Products**: IPG Photonics is experiencing significant growth in its emerging product lines, which constituted 54% of total sales in Q4 2025. This growth is particularly notable in handheld welding, medical, beam delivery, cleaning, and 3D printing applications. The company is actively diversifying its revenue streams away from traditional cutting applications by expanding into these higher-growth areas. * **Expansion into New Markets and Use Cases**: The company is strategically expanding its fiber laser technology into new high-potential markets. This includes electric vehicle (EV) battery welding, micromachining, and defense segments. These new applications represent opportunities to displace legacy technologies with more efficient and environmentally beneficial fiber laser solutions. * **Technological Innovation and New Product Development**: IPG Photonics continues to invest in its research and development pipeline to introduce differentiated and innovative products. Recent successes include the launch of an 8-kilowatt single-mode laser and a breakthrough in ultraviolet spectrum technology with a compact 148-nanometer vacuum ultraviolet laser. These advancements aim to extend the company's industry leadership and enable entry into new application spaces, further driving revenue growth. * **Targeted Geographic Market Recovery and Demand Stabilization**: While some regions have faced challenges, there are signs of stabilization and growth in key geographic markets. North America demonstrated strong sequential and year-over-year growth in Q4 2025, particularly in cutting, cleaning, medical, and advanced applications. Asia, especially China, also showed improving trends with increased welding sales driven by strong demand in battery applications.

AI Analysis | Feedback

Share Repurchases

In February 2026, IPG Photonics authorized a new share repurchase program of up to $100 million of its common stock.
The company completed a prior share repurchase program, under which approximately $300.23 million of shares were repurchased by February 2026.
In 2024, IPG Photonics repurchased $343.8 million of its own shares under an authorization that allowed for purchases of up to $300 million of common stock.

Share Issuance

On May 20, 2025, shareholders approved the 2025 Incentive Compensation Plan, authorizing the issuance of 2,100,000 shares for employee awards.

Outbound Investments

In October 2024, IPG Photonics acquired Clean-Lasersysteme GmbH (cleanLASER), a developer of laser cleaning systems, for approximately $75 million.

Capital Expenditures

IPG Photonics' capital expenditures were $78.8 million in 2025, $98.5 million in 2024, and $110.5 million in 2023.
For 2025, the company had planned to invest approximately $105 million to $115 million in capital expenditures, with a focus on replacing capacity in Russia, increasing redundant capacity for critical components, and upgrading equipment at other facilities.
These investments primarily relate to the expansion of manufacturing capacity, and to a lesser extent, research and development and sales-related facilities.

Interactive Breakdown

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[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	Date
0	DASHBOARDS
1	IPG Photonics Stock Falls 12% In A Single Week, Now Is Not The Time To Buy The Stock	03/11/2026
2	Is IPG Photonics Stock Built to Withstand a Pullback?	02/25/2026
3	IPG Photonics Stock (+35%): Earnings Surprise Ignites Massive Short Squeeze	02/13/2026
4	IPG Photonics Earnings Notes	12/29/2026
5	How Does IPG Photonics Stock Stack Up Against Its Peers?	08/13/2025
6	IPGP Dip Buy Analysis	07/10/2025
7	IPG Photonics Total Shareholder Return (TSR): -33.0% in 2024 and ...% 3-yr compounded annual returns (below peer average)	03/07/2025
8	ARTICLES
9	IPG Photonics Stock To $84?	03/11/2026
10	IPG Photonics Stock Jump Looks Great, But How Secure Is That Gain?	02/25/2026
11	IPG Photonics Stock (+35%): Earnings Beat & Diversification Ignites Squeeze	02/13/2026
12	Demand Revival Could Drive IPG Photonics Stock To $260	05/28/2021
13	Up 2x Since March, Is It Time To Exit IPG Photonics Stock?	12/11/2020

	Title
0	DASHBOARDS
1	IPG Photonics Stock Falls 12% In A Single Week, Now Is Not The Time To Buy The Stock
2	Is IPG Photonics Stock Built to Withstand a Pullback?
3	IPG Photonics Stock (+35%): Earnings Surprise Ignites Massive Short Squeeze
4	IPG Photonics Earnings Notes
5	How Does IPG Photonics Stock Stack Up Against Its Peers?
6	IPGP Dip Buy Analysis
7	IPG Photonics Total Shareholder Return (TSR): -33.0% in 2024 and ...% 3-yr compounded annual returns (below peer average)
8	ARTICLES
9	IPG Photonics Stock To $84?
10	IPG Photonics Stock Jump Looks Great, But How Secure Is That Gain?
11	IPG Photonics Stock (+35%): Earnings Beat & Diversification Ignites Squeeze
12	Demand Revival Could Drive IPG Photonics Stock To $260
13	Up 2x Since March, Is It Time To Exit IPG Photonics Stock?

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Peer Comparisons

Peers to compare with:

Financials

	IPGP	COHR	LITE	MKSI	LASR	NOVT	Median
Name	IPG Phot.	Coherent	Lumentum	MKS	nLight	Novanta
Mkt Price	110.89	391.22	851.40	416.00	65.04	157.75	274.48
Mkt Cap	4.7	74.4	60.9	28.0	3.5	6.4	17.2
Rev LTM	1,041	6,602	2,488	4,072	290	1,005	1,765
Op Inc LTM	24	742	251	593	-15	117	184
FCF LTM	-14	-538	114	402	22	68	45
FCF 3Y Avg	102	-19	-33	382	5	110	53
CFO LTM	56	140	452	557	31	84	112
CFO 3Y Avg	192	457	196	503	13	128	194

Growth & Margins

	IPGP	COHR	LITE	MKSI	LASR	NOVT	Median
Name	IPG Phot.	Coherent	Lumentum	MKS	nLight	Novanta
Rev Chg LTM	9.3%	18.0%	69.0%	11.5%	40.9%	5.6%	14.7%
Rev Chg 3Y Avg	-8.7%	11.5%	16.9%	4.3%	10.0%	4.7%	7.4%
Rev Chg Q	16.6%	20.5%	90.1%	15.2%	55.2%	10.4%	18.5%
QoQ Delta Rev Chg LTM	3.8%	4.9%	18.2%	3.6%	10.9%	2.5%	4.3%
Op Inc Chg LTM	417.1%	58.8%	187.9%	11.0%	73.3%	-7.5%	66.1%
Op Inc Chg 3Y Avg	99.8%	1,555.0%	-485.7%	5.7%	21.2%	1.2%	13.4%
Op Mgn LTM	2.3%	11.2%	10.1%	14.6%	-5.2%	11.6%	10.7%
Op Mgn 3Y Avg	5.8%	6.6%	-10.5%	14.1%	-19.6%	12.9%	6.2%
QoQ Delta Op Mgn LTM	0.0%	0.7%	9.6%	0.2%	4.1%	-0.3%	0.5%
CFO/Rev LTM	5.4%	2.1%	18.2%	13.7%	10.7%	8.4%	9.5%
CFO/Rev 3Y Avg	17.8%	8.8%	9.2%	13.2%	4.8%	13.6%	11.2%
FCF/Rev LTM	-1.3%	-8.2%	4.6%	9.9%	7.6%	6.8%	5.7%
FCF/Rev 3Y Avg	9.3%	0.4%	-3.4%	10.1%	1.3%	11.7%	5.3%

Valuation

	IPGP	COHR	LITE	MKSI	LASR	NOVT	Median
Name	IPG Phot.	Coherent	Lumentum	MKS	nLight	Novanta
Mkt Cap	4.7	74.4	60.9	28.0	3.5	6.4	17.2
P/S	4.5	11.3	24.5	6.9	12.1	6.3	9.1
P/Op Inc	192.1	100.3	242.2	47.3	-234.4	54.6	77.4
P/EBIT	192.1	104.8	204.5	50.1	-275.5	54.6	79.7
P/E	162.0	158.7	138.4	85.7	-239.0	118.7	128.5
P/CFO	83.0	530.3	134.6	50.3	113.4	75.9	98.2
Total Yield	0.6%	0.6%	0.7%	1.4%	-0.4%	0.8%	0.7%
Dividend Yield	0.0%	0.0%	0.0%	0.2%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	3.0%	1.3%	-1.9%	4.8%	-0.9%	2.1%	1.7%
D/E	0.0	0.0	0.1	0.2	0.0	0.0	0.0
Net D/E	-0.2	0.0	0.0	0.1	-0.1	-0.0	-0.0

Returns

	IPGP	COHR	LITE	MKSI	LASR	NOVT	Median
Name	IPG Phot.	Coherent	Lumentum	MKS	nLight	Novanta
1M Rtn	-3.2%	8.2%	-0.4%	28.4%	-12.3%	-1.0%	-0.7%
3M Rtn	3.0%	78.1%	30.0%	97.8%	20.4%	39.5%	34.8%
6M Rtn	52.1%	107.0%	128.5%	156.0%	66.7%	28.7%	86.8%
12M Rtn	61.8%	348.5%	798.6%	317.4%	231.3%	21.3%	274.3%
3Y Rtn	-18.4%	667.4%	1,400.8%	293.6%	321.8%	-14.3%	307.7%
1M Excs Rtn	-3.9%	5.4%	0.6%	30.4%	-16.2%	0.6%	0.6%
3M Excs Rtn	-21.0%	43.9%	4.3%	69.7%	-15.7%	22.6%	13.5%
6M Excs Rtn	41.1%	97.1%	107.7%	147.7%	58.1%	21.3%	77.6%
12M Excs Rtn	39.9%	314.1%	777.8%	295.9%	210.8%	2.6%	253.4%
3Y Excs Rtn	-84.7%	632.5%	1,333.6%	238.4%	252.8%	-79.9%	245.6%

Comparison Analyses

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0	How Does IPG Photonics Stock Stack Up Against Its Peers?
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2	IPG Photonics vs. AMETEK: With Return Forecast Of 33%, IPG Photonics Is A Better Bet
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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

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	5/5/2026	2/23/2026	2/20/2025	2/21/2024	2/27/2023	2/22/2022	2/22/2021
Key Financials
Total Revenue	1,041	1,004	977	1,287	1,430	1,461	1,201
Gross Profit	391	381	338	542	555	696	539
EBITDA	92	90	76	301	322	449	326
Operating Income	24	23	14	232	231	353	232
Net Income	29	31	-182	219	110	278	160
EPS	0.70	0.73	-4.09	4.64	2.17	5.21	3.00
Growth Rates
Total Revenue Growth	9.3%	2.7%	-24.1%	-9.9%	-2.1%	21.7%	-8.7%
EBITDA Growth	40.6%	18.4%	-74.8%	-6.5%	-28.3%	37.7%	-15.8%
Operating Income Growth	417.1%	59.3%	-93.7%	0.1%	-34.4%	52.4%	-20.4%
Net Income Growth	114.3%	117.1%	-182.9%	99.1%	-60.5%	74.5%	-11.5%
Margins
Gross Margin	37.6%	38.0%	34.6%	42.1%	38.9%	47.7%	44.9%
EBITDA Margin	8.8%	9.0%	7.8%	23.4%	22.5%	30.7%	27.2%
Operating Income Margin	2.3%	2.3%	1.5%	18.0%	16.2%	24.1%	19.3%
Net Income Margin	2.8%	3.1%	-18.6%	17.0%	7.7%	19.1%	13.3%
Cash & Debt
Total Cash	813	839	930	1,177	1,178	1,515	1,391
Total Debt	16	17	18	18	38	58	44
Net Debt / (Cash)	-797	-822	-912	-1,159	-1,140	-1,456	-1,347
Cash Flows & CapEx
Net Cash from Operations	56	75	248	296	213	390	285
Total CapEx	-70	-79	-99	-110	-110	-123	-88
Free Cash from Operations	-14	-3	149	186	103	267	198
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	23	53	344	223	500	135	38

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	3/31/2026	12/31/2025	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
Filing Date	5/5/2026	2/23/2026	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
Key Financials Quarterly
Total Revenue	265	274	251	251	228	234	233	258	252	299	301	340
Ebitda	21	26	25	19	20	29	-13	30	30	46	72	92
Operating Income	6	6	10	3	4	14	-28	15	14	29	55	74
Net Income	2	13	7	7	4	8	-234	20	24	41	55	62
EPS	0.04	0.32	0.18	0.16	0.09	0.18	-5.33	0.45	0.52	0.89	1.16	1.32
Key Financials TTM
Total Revenue TTM	1,041	1,004	964	946	953	977	1,042	1,110	1,192	1,287	1,322	1,370
Ebitda TTM	92	90	93	54	65	76	93	179	241	301	259	281
Operating Income TTM	24	23	31	-7	5	14	30	113	173	232	185	202
Net Income TTM	29	31	26	-215	-202	-182	-148	141	183	219	85	106
Growth Rates Quarterly
Total Revenue Growth	16.6%	17.1%	7.6%	-2.7%	-9.6%	-21.6%	-22.6%	-24.2%	-27.4%	-10.4%	-13.6%	-9.8%
EBITDA Growth	9.6%	-9.7%	297.6%	-36.4%	-35.2%	-38.0%	-117.8%	-67.4%	-66.7%	1158.0%	-23.5%	-18.8%
Operating Income Growth	31.3%	-57.9%	135.0%	-78.1%	-69.7%	-52.7%	-150.9%	-80.3%	-80.8%	271.9%	-23.4%	-16.8%
Net Income Growth	-57.8%	69.8%	103.2%	-67.2%	-84.4%	-81.1%	-524.8%	-67.7%	-59.9%	144.6%	-27.9%	9.4%
Margins Quarterly
EBITDA Margin	8.1%	9.4%	10.1%	7.6%	8.6%	12.2%	-5.5%	11.6%	12.0%	15.5%	24.0%	27.0%
Operating Income Margin	2.1%	2.1%	3.9%	1.3%	1.9%	5.9%	-12.0%	5.7%	5.6%	9.8%	18.2%	21.9%
Net Income Margin	0.6%	4.8%	3.0%	2.6%	1.6%	3.3%	-100.2%	7.8%	9.6%	13.9%	18.2%	18.3%
Cash & Debt
Total Cash	813	839	870	900	927	930	1,019	1,064	1,140	1,177	1,133	1,096
Total Debt	16	17	17	17	16	18	16	17	19	18	18	18
Net Debt / (Cash)	-797	-822	-853	-883	-911	-912	-1,003	-1,046	-1,121	-1,159	-1,116	-1,078
Cash Flows Quarterly
FCF from Operations	-5	29	35	-2	13	74	66	53	55	106	86	67
Cash Flows TTM
FCF from Operations TTM	56	75	120	151	207	248	280	300	313	296	232	221
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	7	16	-0	-0	57	74	122	90	64	46	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
High Power Continuous Wave (CW) Lasers	309	333	525	614	687
Other Revenue including Other Lasers, Amplifiers, Service, Parts, and Accessories	265	247	295	284	265
Laser and Non-Laser Systems	147	139	161	153	127
Pulsed Lasers	143	147	186	251	241
Medium Power Continuous Wave (CW) Lasers	88	64	72	77	81
Quasi-Continuous Wave (QCW) Lasers	52	48	49	50	61
Total	1,004	977	1,287	1,430	1,461

Price Behavior

Price Behavior

Market Price	$110.89
Market Cap ($ Bil)	4.7
First Trading Date	12/13/2006
Distance from 52W High	-28.0%
	50 Days	200 Days
DMA Price	$113.73	$99.91
DMA Trend	up	down
Distance from DMA	-2.5%	11.0%
	3M	1YR
Volatility	82.1%	67.8%
Downside Capture	254.86	150.11
Upside Capture	130.69	173.20
Correlation (SPY)	45.2%	35.2%

IPGP Betas & Captures as of 5/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.68	1.49	2.02	1.38	1.60	1.52
Up Beta	5.37	3.52	3.00	3.28	2.64	1.60
Down Beta	0.02	1.38	3.64	0.44	1.34	1.43
Up Capture	-85%	-5%	52%	138%	185%	256%
Bmk +ve Days	13	28	36	67	141	432
Stock +ve Days	9	20	32	69	139	398
Down Capture	-128%	-25%	161%	63%	113%	111%
Bmk -ve Days	7	13	27	57	109	318
Stock -ve Days	11	20	30	54	109	351

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

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with IPGP
IPGP	66.0%	67.6%	1.02	-
Sector ETF (XLK)	48.5%	23.6%	1.61	34.8%
Equity (SPY)	22.2%	12.5%	1.32	35.3%
Gold (GLD)	20.2%	27.8%	0.65	15.6%
Commodities (DBC)	21.3%	18.6%	0.90	-8.8%
Real Estate (VNQ)	15.6%	13.6%	0.82	14.5%
Bitcoin (BTCUSD)	-44.0%	42.6%	-1.25	23.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with IPGP
IPGP	-11.0%	47.5%	-0.08	-
Sector ETF (XLK)	21.8%	25.4%	0.76	49.3%
Equity (SPY)	13.5%	17.1%	0.61	49.6%
Gold (GLD)	17.2%	18.3%	0.76	9.5%
Commodities (DBC)	7.1%	19.5%	0.26	4.4%
Real Estate (VNQ)	2.9%	18.8%	0.05	34.4%
Bitcoin (BTCUSD)	13.6%	53.8%	0.44	23.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with IPGP
IPGP	3.2%	45.3%	0.24	-
Sector ETF (XLK)	25.3%	24.7%	0.92	52.5%
Equity (SPY)	15.4%	18.0%	0.73	51.0%
Gold (GLD)	11.5%	16.1%	0.58	5.9%
Commodities (DBC)	5.7%	18.0%	0.24	13.5%
Real Estate (VNQ)	5.6%	20.7%	0.23	31.0%
Bitcoin (BTCUSD)	55.0%	66.4%	0.95	13.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	6152026
Short Interest: Shares Quantity	2.7 Mil
Short Interest: % Change Since 5312026	-3.5%
Average Daily Volume	0.6 Mil
Days-to-Cover Short Interest	4.7 days
Basic Shares Quantity	42.2 Mil
Short % of Basic Shares	6.3%

Returns Analyses

	Title
0	Is IPG Photonics Stock Built to Withstand a Pullback?
1	IPGP YTD Stock Return Of -47% Outperforms BRKS by 53% and Underperforms TXN by -27%
2	IPG Photonics Stock Return Comparison

Earnings Returns History

Updated 6/8/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/5/2026	-25.7%	-15.4%	-0.6%
2/12/2026	35.5%	17.2%	0.0%
11/4/2025	-2.2%	0.8%	-3.5%
8/5/2025	-3.7%	-2.6%	4.7%
5/6/2025	-13.0%	2.7%	8.1%
2/11/2025	-5.5%	-5.1%	-11.4%
10/29/2024	7.3%	1.6%	-2.7%
7/30/2024	-7.3%	-23.0%	-21.1%
...
SUMMARY STATS
# Positive	8	10	8
# Negative	16	14	16
Median Positive	7.5%	3.5%	5.5%
Median Negative	-6.5%	-10.3%	-11.0%
Max Positive	35.5%	17.2%	14.5%
Max Negative	-25.7%	-23.0%	-21.5%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/5/2026	-25.7%	-15.4%	-0.6%
2/12/2026	35.5%	17.2%	0.0%
11/4/2025	-2.2%	0.8%	-3.5%
8/5/2025	-3.7%	-2.6%	4.7%
5/6/2025	-13.0%	2.7%	8.1%
2/11/2025	-5.5%	-5.1%	-11.4%
10/29/2024	7.3%	1.6%	-2.7%
7/30/2024	-7.3%	-23.0%	-21.1%
4/30/2024	-5.2%	-0.2%	-5.7%
2/13/2024	-16.1%	-16.7%	-13.8%
10/31/2023	2.6%	10.4%	14.5%
8/1/2023	-17.6%	-15.4%	-18.4%
5/2/2023	1.5%	-1.3%	-6.3%
2/14/2023	11.6%	12.0%	3.3%
11/1/2022	-0.2%	1.6%	6.3%
8/2/2022	-4.7%	-5.1%	-15.2%
5/3/2022	7.7%	1.6%	3.1%
2/15/2022	-6.2%	-7.4%	-20.5%
11/2/2021	8.6%	4.4%	-0.5%
8/3/2021	-18.3%	-18.3%	-21.5%
5/4/2021	-10.4%	-11.4%	-2.0%
2/16/2021	1.4%	-9.3%	-14.3%
10/30/2020	-0.6%	5.6%	10.7%
8/4/2020	-6.9%	-12.1%	-10.7%
SUMMARY STATS
# Positive	8	10	8
# Negative	16	14	16
Median Positive	7.5%	3.5%	5.5%
Median Negative	-6.5%	-10.3%	-11.0%
Max Positive	35.5%	17.2%	14.5%
Max Negative	-25.7%	-23.0%	-21.5%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	05/05/2026	10-Q
12/31/2025	02/23/2026	10-K
09/30/2025	11/04/2025	10-Q
06/30/2025	08/05/2025	10-Q
03/31/2025	05/06/2025	10-Q
12/31/2024	02/20/2025	10-K
09/30/2024	10/29/2024	10-Q
06/30/2024	07/30/2024	10-Q
03/31/2024	04/30/2024	10-Q
12/31/2023	02/21/2024	10-K
09/30/2023	10/31/2023	10-Q
06/30/2023	08/01/2023	10-Q
03/31/2023	05/02/2023	10-Q
12/31/2022	02/27/2023	10-K
09/30/2022	11/01/2022	10-Q
06/30/2022	08/03/2022	10-Q

Collapse to Preview

Report Date	Filing Date	Filing
03/31/2026	05/05/2026	10-Q
12/31/2025	02/23/2026	10-K
09/30/2025	11/04/2025	10-Q
06/30/2025	08/05/2025	10-Q
03/31/2025	05/06/2025	10-Q
12/31/2024	02/20/2025	10-K
09/30/2024	10/29/2024	10-Q
06/30/2024	07/30/2024	10-Q
03/31/2024	04/30/2024	10-Q
12/31/2023	02/21/2024	10-K
09/30/2023	10/31/2023	10-Q
06/30/2023	08/01/2023	10-Q
03/31/2023	05/02/2023	10-Q
12/31/2022	02/27/2023	10-K
09/30/2022	11/01/2022	10-Q
06/30/2022	08/03/2022	10-Q
03/31/2022	05/05/2022	10-Q
12/31/2021	02/22/2022	10-K
09/30/2021	11/03/2021	10-Q
06/30/2021	08/04/2021	10-Q
03/31/2021	05/05/2021	10-Q
12/31/2020	02/22/2021	10-K
09/30/2020	11/03/2020	10-Q
06/30/2020	08/04/2020	10-Q
03/31/2020	05/05/2020	10-Q
12/31/2019	02/24/2020	10-K
09/30/2019	11/05/2019	10-Q
06/30/2019	08/06/2019	10-Q

Recent Forward Guidance

Updated 6/1/2026

Latest: Q1 2026 Earnings Reported 5/5/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q2 2026 Revenue	260.00 Mil	275.00 Mil	290.00 Mil	10.0%		Raised	Guidance: 250.00 Mil for Q1 2026
Q2 2026 Adjusted Gross Margin	37.0%	38.5%	40.0%	1.3%	0.5%	Raised	Guidance: 38.0% for Q1 2026
Q2 2026 Adjusted Operating Expenses	92.00 Mil	93.50 Mil	95.00 Mil	2.7%		Raised	Guidance: 91.00 Mil for Q1 2026
Q2 2026 Adjusted EPS	0.25	0.4	0.55	60.0%		Raised	Guidance: 0.25 for Q1 2026
Q2 2026 Adjusted EBITDA	32.00 Mil	40.00 Mil	48.00 Mil	23.1%		Raised	Guidance: 32.50 Mil for Q1 2026

Prior: Q4 2025 Earnings Reported 2/12/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2026 Revenue	235.00 Mil	250.00 Mil	265.00 Mil	2.0%		Higher New	Guidance: 245.00 Mil for Q4 2025
Q1 2026 Adjusted Gross Margin	37.0%	38.0%	39.0%	1.3%	0.5%	Higher New	Guidance: 37.5% for Q4 2025
Q1 2026 Operating Expenses	90.00 Mil	91.00 Mil	92.00 Mil	0		Same New	Guidance: 91.00 Mil for Q4 2025
Q1 2026 Adjusted EPS	0.1	0.25	0.4	25.0%		Higher New	Guidance: 0.2 for Q4 2025
Q1 2026 Adjusted EBITDA	25.00 Mil	32.50 Mil	40.00 Mil	10.2%		Higher New	Guidance: 29.50 Mil for Q4 2025

Insider Activity

Updated 6/8/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Mammen, Timothy PV	SVP, Chief Financial Officer	Direct	Sell	5262026	119.81	9,975	1,195,098	9,157,987	Form
2	Desmond, Jeanmarie F		Direct	Sell	5152026	105.58	1,690	178,430	1,107,112	Form
3	Buttarazzi, Mary E	VP, Corp Controller and CAO	Direct	Sell	3172026	116.22	500	58,110	551,929	Form
4	Ip, Fibre Devices Ltd		Direct	Sell	2242026	136.89	1,620	221,768	893,780,071	Form
5	Scherbakov, Eugene A		Direct	Sell	2242026	137.83	2,700	372,141	8,062,366	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Mammen, Timothy PV	SVP, Chief Financial Officer	Direct	Sell	5262026	119.81	9,975	1,195,098	9,157,987	Form
2	Desmond, Jeanmarie F		Direct	Sell	5152026	105.58	1,690	178,430	1,107,112	Form
3	Buttarazzi, Mary E	VP, Corp Controller and CAO	Direct	Sell	3172026	116.22	500	58,110	551,929	Form
4	Ip, Fibre Devices Ltd		Direct	Sell	2242026	136.89	1,620	221,768	893,780,071	Form
5	Scherbakov, Eugene A		Direct	Sell	2242026	137.83	2,700	372,141	8,062,366	Form
6	Ip, Fibre Devices Ltd		Direct	Sell	2242026	133.52	33,380	4,456,899	871,968,872	Form
7	Ip, Fibre Devices Ltd		Direct	Sell	2242026	131.94	29,167	3,848,311	866,058,319	Form
8	Valentin, Gapontsev Trust I		Direct	Sell	2182026	130.84	66,500	8,700,865	880,108,746	Form
9	Meurice, Eric		Direct	Sell	2032026	95.00	750	71,250	2,166,285	Form
10	Lopresti, Angelo P	SVP, Secretary & Gen Counsel	Direct	Sell	1232026	85.00	1,500	127,500	4,962,725	Form
11	Scherbakov, Eugene A		Direct	Sell	1212026	80.96	2,700	218,586	4,803,222	Form
12	Ip, Fibre Devices Ltd		Direct	Sell	1212026	81.52	13,381	1,090,848	537,489,263	Form
13	Ip, Fibre Devices Ltd		Direct	Sell	1212026	79.90	21,619	1,727,251	527,830,641	Form
14	Ip, Fibre Devices Ltd		Direct	Sell	1212026	79.87	29,167	2,329,616	529,402,732	Form
15	Valentin, Gapontsev Trust I		Direct	Sell	1162026	80.10	7,952	636,987	544,154,344	Form
16	Valentin, Gapontsev Trust I		Direct	Sell	1142026	77.57	17,526	1,359,574	527,589,378	Form
17	Valentin, Gapontsev Trust I		Direct	Sell	1142026	76.98	23,029	1,772,769	524,892,992	Form
18	Valentin, Gapontsev Trust I		Direct	Sell	1142026	76.25	17,993	1,372,011	521,689,595	Form
19	Ip, Fibre Devices Ltd		Direct	Sell	12292025	74.76	12,785	955,846	497,723,034	Form
20	Scherbakov, Eugene A		Direct	Sell	12292025	74.44	2,700	200,986	4,617,472	Form
21	Ip, Fibre Devices Ltd		Direct	Sell	12292025	74.62	28,445	2,122,581	497,727,993	Form
22	Ip, Fibre Devices Ltd		Direct	Sell	12292025	75.43	22,937	1,730,163	505,280,082	Form
23	Valentin, Gapontsev Trust I		Direct	Sell	12162025	77.06	27,116	2,089,452	528,573,641	Form
24	Valentin, Gapontsev Trust I		Direct	Sell	12162025	77.63	39,384	3,057,380	534,615,685	Form
25	Lopresti, Angelo P	SVP, Secretary & Gen Counsel	Direct	Sell	12102025	85.07	1,500	127,605	5,094,417	Form
26	Agnes, Tang		Direct	Sell	11252025	76.75	1,881	144,363	664,869	Form
27	Scherbakov, Eugene A		Direct	Sell	11252025	76.03	2,700	205,294	4,921,731	Form
28	Ip, Fibre Devices Ltd		Direct	Sell	11252025	76.36	35,000	2,672,575	513,249,141	Form
29	Ip, Fibre Devices Ltd		Direct	Sell	11252025	74.26	29,167	2,165,973	501,745,238	Form
30	Ness, Trevor	SVP, Chief Revenue Officer	Direct	Sell	11192025	75.58	1,681	127,050	2,812,029	Form
31	Valentin, Gapontsev Trust I		Direct	Sell	11192025	76.13	47,901	3,646,570	527,264,614	Form
32	Valentin, Gapontsev Trust I		Direct	Sell	11192025	77.67	18,599	1,444,615	541,682,121	Form
33	Meurice, Eric		Direct	Sell	11072025	92.00	750	69,000	2,097,876	Form
34	Lopresti, Angelo P	SVP, Secretary & Gen Counsel	Direct	Sell	10292025	87.13	1,500	130,695	5,348,475	Form
35	Scherbakov, Eugene A		Direct	Sell	10212025	87.64	2,700	236,633	5,909,694	Form
36	Ip, Fibre Devices Ltd		Direct	Sell	10212025	87.92	23,966	2,107,007	596,572,408	Form
37	Ip, Fibre Devices Ltd		Direct	Sell	10212025	87.70	23,642	2,073,313	597,179,068	Form
38	Ness, Trevor	SVP, Sales & Strategic Bus Dev	Direct	Sell	10212025	87.00	1,678	145,978	3,382,991	Form
39	Ip, Fibre Devices Ltd		Direct	Sell	10212025	84.68	16,559	1,402,176	578,625,561	Form
40	Valentin, Gapontsev Trust I		Direct	Sell	10152025	85.09	17,707	1,506,670	594,992,892	Form
41	Valentin, Gapontsev Trust I		Direct	Sell	10152025	82.97	16,529	1,371,378	581,630,843	Form
42	Valentin, Gapontsev Trust I		Direct	Sell	10152025	83.19	32,264	2,684,094	584,573,659	Form
43	Meurice, Eric		Direct	Sell	10082025	89.66	1,502	134,676	2,044,619	Form
44	Lopresti, Angelo P	SVP, Secretary & Gen Counsel	Direct	Sell	10062025	85.17	1,500	127,755	5,355,915	Form
45	Scherbakov, Eugene A		Direct	Sell	9242025	81.81	2,700	220,879	5,737,137	Form
46	Ip, Fibre Devices Ltd		Direct	Sell	9222025	82.10	35,000	2,873,402	562,352,536	Form
47	Ip, Fibre Devices Ltd		Direct	Sell	9222025	81.49	29,167	2,376,897	561,063,746	Form
48	Ness, Trevor	SVP, Sales & Strategic Bus Dev	Direct	Sell	9192025	82.64	1,678	138,674	3,352,380	Form
49	Valentin, Gapontsev Trust I		Direct	Sell	9162025	80.67	14,180	1,143,901	569,457,516	Form
50	Valentin, Gapontsev Trust I		Direct	Sell	9162025	80.71	52,320	4,222,653	570,871,567	Form
51	Ness, Trevor	SVP, Sales & Strategic Bus Dev	Direct	Sell	8282025	82.94	1,678	139,172	3,503,594	Form
52	Desmond, Jeanmarie F		Direct	Sell	8082025	76.24	1,360	103,686	742,578	Form
53	Lopresti, Angelo P	SVP, Secretary & Gen Counsel	Direct	Sell	6062025	69.28	4,500	311,760	4,460,593	Form

IPGP Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing IPGP?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What IPGP Makes & Who Pays

TTM figures based on

IPGP Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Information Technology Resources

TechCrunch

Wired

CIO

MIT Technology Review

Gartner Insights

Ars Technica

Electronic Manufacturing Services Resources

EMSNOW

I-Connect007

Circuits Assembly

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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Core Cache Last Updated: 6/29/2026

IPG Photonics (IPGP)

Market Price (6/30/2026): $109.97 | Market Cap: $4.6 BilSector: Information Technology | Industry: Electronic Manufacturing Services

IPG Photonics (IPGP)

Market Price (6/30/2026): $109.97Market Cap: $4.6 BilSector: Information TechnologyIndustry: Electronic Manufacturing Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

IPGP in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About IPG Photonics (IPGP)

Major Customers of IPG Photonics (IPGP)

Fiber Lasers

Diode Lasers

Fiber Amplifiers

Integrated Laser Systems (for Materials Processing)

Optical Transceiver and Transponder Modules

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. IPG Photonics (IPGP)

INDUSTRY: Electronic Manufacturing Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for IPGP: -8.7% | 4.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for IPGP: -8.7% | 192.1x)

Higher Rev Chg LTM (Value for IPGP: 9.3%)

Higher Rev Chg 3Y Avg (Value for IPGP: -8.7%)

Higher Op Mgn LTM (Value for IPGP: 2.3%)

Higher CFO/Rev LTM (Value for IPGP: 5.4%)

Higher FCF/Rev LTM (Value for IPGP: -1.3%)

Higher Total Yield (Value for IPGP: 0.6%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for IPGP: -8.7% | 4.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for IPGP: -8.7% | 192.1x)

Higher Rev Chg LTM (Value for IPGP: 9.3%)

Higher Rev Chg 3Y Avg (Value for IPGP: -8.7%)

Higher Op Mgn LTM (Value for IPGP: 2.3%)

Higher CFO/Rev LTM (Value for IPGP: 5.4%)

Higher FCF/Rev LTM (Value for IPGP: -1.3%)

Higher Total Yield (Value for IPGP: 0.6%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for IPGP: -8.7% | 4.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for IPGP: -8.7% | 192.1x)

Higher Rev Chg LTM (Value for IPGP: 9.3%)

Higher Rev Chg 3Y Avg (Value for IPGP: -8.7%)

Higher Op Mgn LTM (Value for IPGP: 2.3%)

Higher CFO/Rev LTM (Value for IPGP: 5.4%)

Higher FCF/Rev LTM (Value for IPGP: -1.3%)

Higher Total Yield (Value for IPGP: 0.6%)

Best Bets in Information Technology

P/EBIT (Value for IPGP: 192.1x)

P/E (Value for IPGP: 162.0x)

Rev Chg 3Y Avg (Value for IPGP: -8.7%)

Rev Chg LTM (Value for IPGP: 9.3%)

Rev Chg Q (Value for IPGP: 16.6%)

FCF/Rev 3Y Avg (Value for IPGP: 9.3%)

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Market Price (6/30/2026): $109.97
Market Cap: $4.6 Bil
Sector: Information Technology
Industry: Electronic Manufacturing Services