Detailed financial statements for IPG Photonics Corporation (IPGP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Established in 1990 and headquartered in Oxford, Massachusetts, IPG Photonics Corporation is a leading global developer and manufacturer of high-performance fiber, diode, and hybrid fiber-solid state lasers, along with fiber amplifiers. These advanced laser systems are primarily utilized across a wide range of materials processing applications worldwide.
Analysis Summary
IPG Photonics Corporation reported revenue of $1.00B in the most recent fiscal year, growing at a 5-year CAGR of -3.5%. Net income reached $31.1M, with a -27.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 38.7%, operating margin 1.9%, net margin 3.6%.
At $73.27 (intraday price, November 3, 2026), IPGP trades at a P/E of 77.95 and an ROE of 1.89%. Market capitalisation stands at $3.1B.
Balance sheet quality for IPGP: debt-to-equity ratio of 0.00, current ratio of 5.99 over the last 12 months, net cash position of $822.1M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$3.5M represents -11% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.01B | $1.41B | $1.46B | $1.31B | $1.20B | $1.46B | $1.43B | $1.29B | $977.1M | $1.00B |
| Cost of Revenue | $453.9M | $612.0M | $659.6M | $708.4M | $661.7M | $764.5M | $874.1M | $745.7M | $639.0M | $622.3M |
| Gross Profit | $552.2M | $796.9M | $800.3M | $606.2M | $539.0M | $696.4M | $555.4M | $541.7M | $338.2M | $381.5M |
| Research & Development | $78.6M | $100.9M | $122.8M | $130.0M | $126.9M | $139.6M | $116.1M | $98.7M | $109.8M | $117.4M |
| Selling, General & Admin | $104.9M | $130.5M | $160.2M | $185.3M | $180.6M | $204.1M | $207.9M | $211.4M | $213.9M | $241.0M |
| Operating Expenses | $187.9M | $245.8M | $276.9M | $372.4M | $340.3M | $328.5M | $385.9M | $309.7M | $546.4M | $368.4M |
| Operating Income | $364.3M | $551.1M | $523.4M | $233.8M | $198.7M | $367.9M | $169.5M | $232.0M | -$208.3M | $13.1M |
| EBITDA | $420.3M | $630.1M | $597.5M | $387.1M | $326.1M | $449.1M | $322.0M | $301.2M | $75.9M | $112.0M |
| Interest Expense | $1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $366.6M | $551.9M | $534.4M | $248.4M | $205.7M | $366.5M | $183.4M | $274.9M | -$161.9M | $45.1M |
| Income Tax | $105.8M | $204.3M | $130.2M | $68.1M | $45.4M | $88.6M | $72.6M | $56.0M | $19.6M | $14.0M |
| Net Income | $260.8M | $347.6M | $404.0M | $180.2M | $159.6M | $278.4M | $109.9M | $218.9M | -$181.5M | $31.1M |
| EPS | $4.91 | $6.50 | $7.55 | $3.40 | $3.00 | $5.21 | $2.17 | $4.64 | -$4.09 | $0.73 |
| EPS (Diluted) | $4.85 | $6.36 | $7.38 | $3.35 | $2.97 | $5.16 | $2.16 | $4.63 | -$4.09 | $0.73 |
| Shares Outstanding (Diluted) | 53.8 M | 54.7 M | 54.7 M | 53.8 M | 53.8 M | 53.9 M | 50.9 M | 47.3 M | 44.3 M | 42.6 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $274.5M | $265.5M | $278.6M | $287.5M |
| Gross Profit | $99.1M | $99.5M | $112.5M | $117.1M |
| Operating Income | $3.3M | -$7.7M | $4.5M | $20.8M |
| EBITDA | $30.6M | $16.9M | $28.1M | $20.8M |
| Net Income | $13.3M | $1.6M | $5.2M | $20.3M |
| EPS | $0.32 | $0.04 | $0.12 | $0.48 |
| EPS (Diluted) | $0.31 | $0.04 | $0.12 | $0.47 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $623.9M | $909.9M | $544.4M | $680.1M | $876.2M | $709.1M | $698.2M | $514.7M | $620.0M | $403.8M |
| Short-term Investments | $206.8M | $206.3M | $500.4M | $502.5M | $514.8M | $805.4M | $479.4M | $662.8M | $310.2M | $435.5M |
| Receivables | $155.9M | $237.3M | $255.5M | $238.5M | $264.3M | $262.1M | $211.3M | $219.1M | $171.1M | $181.7M |
| Inventory | $239.0M | $307.7M | $403.6M | $380.8M | $365.0M | $460.7M | $509.4M | $453.9M | $284.8M | $313.4M |
| Total Current Assets | $1.30B | $1.75B | $1.81B | $1.90B | $2.15B | $2.35B | $1.99B | $1.91B | $1.43B | $1.42B |
| Property, Plant & Equipment | $379.4M | $460.2M | $543.1M | $600.9M | $597.5M | $635.3M | $580.6M | $602.3M | $588.4M | $637.5M |
| Goodwill | $19.8M | $55.8M | $100.7M | $82.1M | $41.4M | $38.6M | $38.3M | $38.5M | $67.2M | $71.7M |
| Intangible Assets | $28.8M | $51.2M | $87.1M | $74.3M | $62.1M | $52.7M | $34.1M | $26.2M | $55.4M | $49.9M |
| Total Assets | $1.79B | $2.37B | $2.57B | $2.73B | $2.94B | $3.17B | $2.74B | $2.70B | $2.29B | $2.42B |
| Accounts Payable | $28.0M | $35.1M | $36.3M | $27.3M | $25.7M | $55.8M | $46.2M | $28.6M | $35.4M | $39.3M |
| Short-term Debt | $3.2M | $3.6M | $3.7M | $3.7M | $3.8M | $18.1M | $16.0M | 0 | 0 | 0 |
| Total Current Liabilities | $158.3M | $198.9M | $245.8M | $191.9M | $214.6M | $313.4M | $274.6M | $214.9M | $205.0M | $234.0M |
| Long-term Debt | $37.6M | $45.4M | $41.7M | $38.0M | $34.2M | $16.0M | 0 | 0 | 0 | 0 |
| Total Liabilities | $232.3M | $349.7M | $368.2M | $328.0M | $341.6M | $423.3M | $357.9M | $283.5M | $264.8M | $296.1M |
| Retained Earnings | $1.09B | $1.44B | $1.85B | $2.03B | $2.19B | $2.47B | $2.58B | $2.80B | $2.61B | $2.64B |
| Total Equity | $1.56B | $2.02B | $2.21B | $2.40B | $2.59B | $2.75B | $2.39B | $2.42B | $2.02B | $2.13B |
| Total Debt | $40.8M | $49.0M | $45.4M | $47.0M | $43.7M | $58.1M | $38.1M | $18.3M | $18.0M | $17.2M |
| Net Debt | -$789.8M | -$1.07B | -$999.4M | -$1.14B | -$1.35B | -$1.46B | -$1.14B | -$1.16B | -$912.2M | -$822.1M |
| Working Capital | $1.14B | $1.56B | $1.56B | $1.70B | $1.93B | $2.03B | $1.71B | $1.70B | $1.23B | $1.19B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $346.0M | $403.8M | $480.8M | $399.2M |
| Total Assets | $2.38B | $2.42B | $2.42B | $2.42B |
| Total Liabilities | $276.2M | $296.1M | $305.8M | $297.4M |
| Total Equity | $2.10B | $2.13B | $2.12B | $2.13B |
| Total Debt | $17.4M | $17.2M | $16.3M | $16.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $260.7M | $347.6M | $404.2M | $180.3M | $160.3M | $277.9M | $110.8M | $218.9M | -$181.5M | $31.1M |
| Depreciation & Amortization | $51.5M | $64.6M | $80.3M | $96.3M | $94.6M | $96.3M | $90.6M | $69.6M | $61.4M | $66.9M |
| Stock-based Compensation | $21.7M | $23.0M | $28.0M | $33.4M | $35.5M | $37.9M | $38.3M | $39.5M | $37.1M | $42.9M |
| Change in Working Capital | -$80.2M | -$107.5M | -$147.2M | -$91.4M | -$96.8M | -$84.0M | -$202.2M | -$54.6M | $61.5M | -$85.3M |
| Operating Cash Flow | $292.3M | $404.4M | $393.3M | $323.5M | $285.3M | $389.7M | $212.6M | $296.0M | $247.9M | $75.3M |
| Capital Expenditure | -$127.0M | -$126.5M | -$160.3M | -$133.5M | -$87.7M | -$123.1M | -$110.1M | -$110.5M | -$98.5M | -$78.8M |
| Acquisitions | -$47.8M | -$59.5M | -$109.1M | -$15.1M | -$429,000 | $1.4M | $50.9M | $31.2M | -$92.1M | $505,000 |
| Stock Repurchased | -$8.9M | -$40.0M | -$176.1M | -$40.7M | -$37.9M | -$134.9M | -$499.5M | -$223.5M | -$343.8M | -$53.1M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $165.2M | $277.9M | $233.0M | $190.0M | $197.6M | $266.6M | $102.5M | $185.5M | $149.4M | -$3.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $35.3M | $28.8M | -$5.5M | $37.8M |
| Capital Expenditure | -$20.7M | -$17.9M | -$16.3M | -$20.7M |
| Free Cash Flow | $14.6M | $10.9M | -$21.8M | $17.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | -$22.0M | $10.2M | $10.2M | -$10.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +40.0% | +3.6% | -10.0% | -8.7% | +21.7% | -2.1% | -9.9% | -24.1% | +2.7% | |
| Net Income Growth (YoY) | +33.3% | +16.2% | -55.4% | -11.5% | +74.5% | -60.5% | +99.1% | -182.9% | +117.1% | |
| EPS Growth (YoY) | +32.4% | +16.2% | -55.0% | -11.8% | +73.7% | -58.3% | +113.8% | -188.1% | +117.8% | |
| Shares Change (YoY) | +1.7% | +0.0% | -1.6% | -0.1% | +0.3% | -5.6% | -7.1% | -6.3% | -3.8% | |
| FCF Growth (YoY) | +68.2% | -16.2% | -18.4% | +4.0% | +34.9% | -61.5% | +81.0% | -19.5% | -102.3% | |
| Gross Margin | 54.9% | 56.6% | 54.8% | 46.1% | 44.9% | 47.7% | 38.9% | 42.1% | 34.6% | 38.0% |
| Operating Margin | 36.2% | 39.1% | 35.9% | 17.8% | 16.5% | 25.2% | 11.9% | 18.0% | -21.3% | 1.3% |
| EBITDA Margin | 41.8% | 44.7% | 40.9% | 29.4% | 27.2% | 30.7% | 22.5% | 23.4% | 7.8% | 11.2% |
| Net Margin | 25.9% | 24.7% | 27.7% | 13.7% | 13.3% | 19.1% | 7.7% | 17.0% | -18.6% | 3.1% |
| FCF Margin | 16.4% | 19.7% | 16.0% | 14.5% | 16.5% | 18.2% | 7.2% | 14.4% | 15.3% | -0.3% |
| Effective Tax Rate | 28.9% | 37.0% | 24.4% | 27.4% | 22.0% | 24.2% | 39.6% | 20.4% | -12.1% | 31.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.07 | $5.08 | $4.26 | $3.53 | $3.67 | $4.94 | $2.01 | $3.92 | $3.37 | -$0.08 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 53.1 M | 53.5 M | 53.5 M | 53.1 M | 53.2 M | 53.4 M | 50.8 M | 47.2 M | 44.3 M | 42.6 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 1.89% |
| Return on Invested Capital | 0.72% |
| Return on Assets | 1.63% |
| Gross Margin | 38.71% |
| Operating Margin | 1.89% |
| Net Margin | 3.65% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 5.99 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 8.73 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 20.10 | 32.94 | 15.01 | 42.62 | 74.60 | 33.04 | 43.63 | 23.39 | -17.78 | 98.08 |
| P/B | 3.36 | 5.66 | 2.75 | 3.20 | 4.59 | 3.35 | 2.01 | 2.12 | 1.59 | 1.43 |
| P/S | 5.21 | 8.13 | 4.15 | 5.85 | 9.91 | 6.29 | 3.36 | 3.98 | 3.30 | 3.04 |
| Gross Margin | 54.9% | 56.6% | 54.8% | 46.1% | 44.9% | 47.7% | 38.9% | 42.1% | 34.6% | 38.0% |
| Operating Margin | 36.2% | 39.1% | 35.9% | 17.8% | 16.5% | 25.2% | 11.9% | 18.0% | -21.3% | 1.3% |
| Net Margin | 25.9% | 24.7% | 27.7% | 13.7% | 13.3% | 19.1% | 7.7% | 17.0% | -18.6% | 3.1% |
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