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IPG Photonics Corp (IPGP) stock

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NASDAQ: IPGP Nasdaq Semiconductors Next results ~November 3, 2026

C+ Fundamentals grade

IPG Photonics develops and manufactures high-performance fibre lasers, fibre amplifiers, diode lasers and laser-based systems. Its products are used in materials processing, medical and advanced applications, for tasks such as cutting, welding, marking, cleaning, drilling and additive manufacturing. It also makes complementary items including optical delivery cables, couplers, beam switches, processing heads, in-line sensors and chillers, along with complete systems such as the LightWELD handheld welder, the cleanLASER surface-cleaning range and robotic welding and automation solutions.

The company sells to original equipment manufacturers, system integrators and end users, earning its money from the sale of these laser sources, accessories and systems rather than from licences or subscriptions. It markets internationally, mainly through its own direct sales force.

IPG classifies its principal markets as materials processing, medical procedures and advanced applications. Its major manufacturing sites are in the United States and Germany, with sales, service and applications laboratories worldwide. The firm is vertically integrated, designing and making most key components from semiconductor diodes to optical fibre preforms. It began operating in 1990, holds over 900 issued patents, and in 2025 shipped to thousands of customers.

Based on IPG Photonics Corp's 10-K filed February 23, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$61

Cash-flow model

Base case. Range ~$51–$75 across our lower- and higher-growth cases (-0.7%–9.3% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 19% above our base value.

Price used: $72.91, November 2, 2026

IPG Photonics Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 10 selling2 purchases and 131 sales by directors and officers, last 12 monthsInsider trades
  • Funds208 adding, 142 cuttingOf 47 active managers that changed their stake, 33 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter IPG Photonics files

Where IPG Photonics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.07bn, up 13.0% on a year earlier, faster than 9.3% a quarter earlier. Free-cash-flow margin fell to 1.9% from 6.8% a year earlier. Operating margin widened to 0.7% from -25.1%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $46.86 a share, against a share price of $72.09. At that price, our model says the market is pricing in about 13.4% a year of cash-flow growth for five years, faster than the -6.0% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

IPG Photonics Corp's trailing-twelve-month revenue grew 13.0% year on year, with a free-cash-flow margin of 1.9%.

Our discounted-cash-flow model values the business at ~$61 per share in the base case (~$51–$75 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 49% in the quarter to 2026-06-30, the 3rd beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 3.7 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 25.8 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.4bn.

Things to watch

  • High earnings multiple. The shares trade at 113 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 72% and a beta of 2.1 against the S&P 500.
  • Weak cash conversion. Free cash flow was 75% of net income over the last 12 months.
  • Heavily shorted. 24.9% of the shares available to trade are sold short (9.4 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.58 against an average estimate of $0.39: beat by 49.3%
Revenue
$279m, up 11.1% on a year earlier
Share reaction
+5.2% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
revenue $265m to $295m (third quarter of 2026); adjusted gross margin 37.5% to 40.5% (third quarter of 2026)
Next report
November 3, 2026; average EPS estimate $0.49

IPG Photonics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.4%
  • 1 week+0.1%
  • 1 month-13.3%
  • This year+1.8%
  • 1 year-14.3%
  • 5 years-58.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.1B
Operating margin
0.7%
Net margin
2.6%
EPS (TTM, diluted)
$0.64

Growth

Revenue growth
+13.0%
Change in growth rate
+3.7 pts
Share count change
−0.3%

Cash

Free cash flow (TTM)
$20.8M
FCF margin
1.9%
Stock pay % of revenue
3.9%

Earnings

Last results
November 3, 2026
Next results (est.)
February 11, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Announcement
  4. Insider trade
  5. Agreement
  6. Insider trade
  7. Insider trade
  8. Results
  9. Insider trade
  10. Guidance
  11. Results
  12. Agreement
  13. Deal

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

IPG Photonics Corp valuation models and calculator

What the price is pricing in

The share price implies about 9.7% a year of cash-flow growth for five years.That is faster than the -6.0% a year revenue growth IPG Photonics has delivered.

  • Priced in9.7%
  • Last 12 months13.0%
  • 3 years a year-7.9%
  • 5 years a year-6.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($72.67, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$61
Price used
$72.67close November 3, 2026
Implied change
▼ 15%
Uncertainty
Low

How we got here: a discounted-cash-flow model of IPG Photonics Corp's free cash flow after stock-based pay with after-tax interest added back ($86M, FY2026 Q2 TTM), growing 8.7% and 5.8% in the next two years (forecasts, guidance and its record), then back to 4.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$51–~$75 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of IPG Photonics Corp's free cash flow after stock-based pay ( $86M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value IPG Photonics Corp as an operating company, with every model that fits that kind of business. Cost of equity 11.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.54 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$61 ~$51–$75 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$35 ~$33–$59 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$13 ~$8.5–$20 Left out: out of range vs price (0.18x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity below long-run growth
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$52 ~$35–$61 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare IPG Photonics Corp with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −10%
  • Revenue growth 5 points higher ▲ +13%
  • Free-cash-flow margin 1 point lower ▼ −22%
  • Last year's free-cash-flow margin change, if it persists ▼ −52%
  • Discount rate 1 point higher ▼ −7%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $50$60$74$92$116$147
8.5% $43$50$60$73$90$112
10% $39$45$52$62$75$92

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$89.16$98.71$214.13$113.29$144.92$223.79$172.14$94.67$108.54$72.72$71.60$72.91
Market value$4.8bn$5.3bn$11.7bn$6.2bn$7.8bn$12.0bn$9.3bn$4.8bn$5.1bn$3.2bn$3.1bn$3.1bn
+ Net debt (− = net cash)−$563m−$583m−$861m−$499m−$638m−$838m−$675m−$682m−$515m−$620m−$404m−$399m
Enterprise value$4.2bn$4.7bn$10.9bn$5.7bn$7.2bn$11.2bn$8.6bn$4.1bn$4.6bn$2.6bn$2.6bn$2.7bn
Multiples
Price / sales 5.3x5.3x8.3x4.2x5.9x10.0x6.4x3.4x4.0x3.3x3.0x2.9x
Price / earnings 19.7x20.4x33.7x15.3x43.3x75.4x33.3x43.9x23.5x—98.2x113.1x
Price / free cash flow 24.6x31.1x42.0x26.6x41.1x60.9x34.8x47.0x27.7x21.6x—149.9x
EV / EBITDA 10.9x11.4x17.6x9.4x21.7x38.2x18.5x15.9x15.3x—33.1x36.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

69 /100

Moderate moat

How hard IPG Photonics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 18 / 20

    Cash operating profit has been a median 13.7% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 45.2%, moving by 7.3 percentage points (standard deviation) across 10 years.

  • Durability 5 / 20

    Operating margin has been a median 17.5%; its worst year was -25.1%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 14.0% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 20.9% over five years; stock-based pay has been a median 2.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $283m and EPS of $0.49 (range $0.43 to $0.58) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.86 +31% $1.1bn +12%
Next $2.31 +24% $1.2bn +9%

Next year's EPS estimate has moved −0.2% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +22.7% on 90 days ago. In the last 30 days, 1 analyst raised IPG Photonics Corp's forecast and 0 cut it.

Consensus EPS forecast IPG Photonics Corp, last 90 days
$1.40 $1.60 $1.80 $2.00 $2.20 $2.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.52 Current fiscal year, 60 days ago: $1.52 Current fiscal year, 30 days ago: $1.82 Current fiscal year, 7 days ago: $1.82 Current fiscal year, Now: $1.86 $1.86 Next fiscal year, 90 days ago: $2.31 Next fiscal year, 60 days ago: $2.31 Next fiscal year, 30 days ago: $2.29 Next fiscal year, 7 days ago: $2.29 Next fiscal year, Now: $2.31 $2.31

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.52$2.31
60 days ago $1.52$2.31
30 days ago $1.82$2.29
7 days ago $1.82$2.29
Now $1.86$2.31

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.39 $0.58 +49.3%
Mar 2026 $0.31 $0.29 −6.9%
Dec 2025 $0.25 $0.46 +85.2%
Sept 2025 $0.20 $0.35 +78.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • revenue third quarter of 2026 $265m to $295m
    “For the third quarter of 2026, IPG expects revenue of $265 million to $295 million, adjusted gross margin between 37.5% and 40.5% and adjusted operating expenses of $92 million to $95 million.” source
  • adjusted earnings per diluted share third quarter of 2026 $0.30 to $0.60 Non-GAAP
    “IPG anticipates delivering adjusted earnings per diluted share in the range of $0.30 to $0.60 and adjusted EBITDA in the range of $35 million to $51 million.” source
  • adjusted gross margin third quarter of 2026 37.5% to 40.5% Non-GAAP
    “For the third quarter of 2026, IPG expects revenue of $265 million to $295 million, adjusted gross margin between 37.5% and 40.5% and adjusted operating expenses of $92 million to $95 million.” source
  • adjusted operating expenses third quarter of 2026 $92m to $95m Non-GAAP
    “For the third quarter of 2026, IPG expects revenue of $265 million to $295 million, adjusted gross margin between 37.5% and 40.5% and adjusted operating expenses of $92 million to $95 million.” source
  • adjusted EBITDA third quarter of 2026 $35m to $51m Non-GAAP
    “IPG anticipates delivering adjusted earnings per diluted share in the range of $0.30 to $0.60 and adjusted EBITDA in the range of $35 million to $51 million.” source

How earlier guidance turned out

  • revenue, second quarter of 2026 guided $260m to $290m Within range: $279m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows IPG Photonics Corp's revenue by +8.7% next year and +5.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.7%, weight 53%) , management guidance (+11.6%, weight 20%) and the company's own record (+4.3%, weight 27%) . How the weights are set.

Analyst recommendations

9 analysts, Oct 2026
Buy667%
Hold222%
Sell111%

Monthly trend

  1. Oct 202624219
  2. Sep 202624219
  3. Aug 202624219

Counts of recommendations published by analysts covering IPG Photonics Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
24.9%
of tradable shares
Days to cover
9.4
at average volume
Short interest, 1 month
+14%
to October 15, 2026
Held by institutions
76%
of shares
Held by insiders
39.0%
of shares
Employees
4,840
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −14.3%

$85.12 on October 31, 2025 to $72.91

ThenNowEffect
Revenue (last 12 months) $946m $1.1bn +13.0%
P/S multiple 3.9x 2.9x −24.5%
Share count 43m 43m +0.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −20.7%

$91.93 on November 3, 2023 to $72.91

ThenNowEffect
Revenue (last 12 months) $1.4bn $1.1bn −21.9%
Net margin 7.7% 2.6% −66.6%
P/E multiple 42.1x 113.1x +168.4%
Share count 49m 43m +13.5%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
IPGP−23%−45%+15%−33%−2%+2%
Industry peers (median)+36%−34%+16%−9%+19%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
IPGP58%42%50%33%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
IPGP−41%−52%−40%−43%−36%−55%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 81% from January 23, 2018 to April 8, 2025. Getting back needed a 430% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$69.41 – $153.91
From 52-week high
−52.6%
vs 50-day average
−4.5%
vs 200-day average
−28.0%
Volatility (1 year)
72%
Beta vs S&P 500
2.06

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 7 down
typical move ±10.9%
After a week
6 up, 5 down
typical move ±8.3%
After a month
4 up, 7 down
typical move ±8.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +5.2% +1.6% −1.6% −12.3%
May 5, 2026 −16.7% +2.2% −16.1% +0.1%
February 12, 2026 +38.8% −1.5% +20.5% +3.4%
November 4, 2025 +3.6% −0.8% +0.7% −3.5%
August 5, 2025 −6.9% +0.3% +1.0% +6.3%
May 6, 2025 −8.3% −0.4% +3.9% +8.4%
February 11, 2025 −6.6% −0.2% −3.8% −11.7%
October 29, 2024 +5.1% −0.1% +3.0% −2.5%
July 30, 2024 −8.2% +1.1% −22.6% −20.9%
April 30, 2024 −5.7% −1.9% +1.0% −3.9%
February 13, 2024 −15.2% −0.5% −16.6% −16.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How IPG Photonics Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

IPG Photonics Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) IPG Photonics Corp
$900M $1B $1.1B $1.2B $1.3B $1.4B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.3B Revenue (TTM), FY23 Q4: $1.3B Revenue (TTM), FY24 Q1: $1.2B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $1B Revenue (TTM), FY24 Q4: $977.1M Revenue (TTM), FY25 Q1: $952.9M Revenue (TTM), FY25 Q2: $946M Revenue (TTM), FY25 Q3: $963.6M Revenue (TTM), FY25 Q4: $1B Revenue (TTM), FY26 Q1: $1B Revenue (TTM), FY26 Q2: $1.1B $1.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.3B
FY23 Q4 $1.3B
FY24 Q1 $1.2B
FY24 Q2 $1.1B
FY24 Q3 $1B
FY24 Q4 $977.1M
FY25 Q1 $952.9M
FY25 Q2 $946M
FY25 Q3 $963.6M
FY25 Q4 $1B
FY26 Q1 $1B
FY26 Q2 $1.1B
Revenue growth, TTM YoY IPG Photonics Corp
-30% -20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -9.5% Revenue growth, TTM YoY, FY23 Q4: -9.9% Revenue growth, TTM YoY, FY24 Q1: -15.2% Revenue growth, TTM YoY, FY24 Q2: -19.0% Revenue growth, TTM YoY, FY24 Q3: -21.2% Revenue growth, TTM YoY, FY24 Q4: -24.1% Revenue growth, TTM YoY, FY25 Q1: -20.1% Revenue growth, TTM YoY, FY25 Q2: -14.8% Revenue growth, TTM YoY, FY25 Q3: -7.5% Revenue growth, TTM YoY, FY25 Q4: 2.7% Revenue growth, TTM YoY, FY26 Q1: 9.3% Revenue growth, TTM YoY, FY26 Q2: 13.0% 13.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -9.5%
FY23 Q4 -9.9%
FY24 Q1 -15.2%
FY24 Q2 -19.0%
FY24 Q3 -21.2%
FY24 Q4 -24.1%
FY25 Q1 -20.1%
FY25 Q2 -14.8%
FY25 Q3 -7.5%
FY25 Q4 2.7%
FY26 Q1 9.3%
FY26 Q2 13.0%
Operating margin (TTM) IPG Photonics Corp
-40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 8.7% Operating margin (TTM), FY23 Q4: 18.0% Operating margin (TTM), FY24 Q1: 14.7% Operating margin (TTM), FY24 Q2: 10.4% Operating margin (TTM), FY24 Q3: -18.6% Operating margin (TTM), FY24 Q4: -21.3% Operating margin (TTM), FY25 Q1: -23.7% Operating margin (TTM), FY25 Q2: -25.1% Operating margin (TTM), FY25 Q3: 2.5% Operating margin (TTM), FY25 Q4: 1.3% Operating margin (TTM), FY26 Q1: 0.3% Operating margin (TTM), FY26 Q2: 0.7% 0.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 8.7%
FY23 Q4 18.0%
FY24 Q1 14.7%
FY24 Q2 10.4%
FY24 Q3 -18.6%
FY24 Q4 -21.3%
FY25 Q1 -23.7%
FY25 Q2 -25.1%
FY25 Q3 2.5%
FY25 Q4 1.3%
FY26 Q1 0.3%
FY26 Q2 0.7%
FCF margin (TTM) IPG Photonics Corp
-5% 0% 5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 9.1% FCF margin (TTM), FY23 Q4: 14.4% FCF margin (TTM), FY24 Q1: 17.5% FCF margin (TTM), FY24 Q2: 17.7% FCF margin (TTM), FY24 Q3: 17.2% FCF margin (TTM), FY24 Q4: 15.3% FCF margin (TTM), FY25 Q1: 11.7% FCF margin (TTM), FY25 Q2: 6.8% FCF margin (TTM), FY25 Q3: 3.8% FCF margin (TTM), FY25 Q4: -0.3% FCF margin (TTM), FY26 Q1: -1.3% FCF margin (TTM), FY26 Q2: 1.9% 1.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 9.1%
FY23 Q4 14.4%
FY24 Q1 17.5%
FY24 Q2 17.7%
FY24 Q3 17.2%
FY24 Q4 15.3%
FY25 Q1 11.7%
FY25 Q2 6.8%
FY25 Q3 3.8%
FY25 Q4 -0.3%
FY26 Q1 -1.3%
FY26 Q2 1.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 186 299 474 563 648 770 901 1,006 1,409 1,460 1,315 1,201 1,461 1,430 1,287 977 1,004 1,069
Gross profit 64 146 257 305 340 417 492 552 797 800 606 539 696 555 542 338 381 410
EBITDA 28 102 199 235 250 319 384 416 616 604 330 293 464 260 302 −147 80 75
Operating income 9 80 176 209 218 284 342 364 551 523 234 199 368 170 232 −208 13 8
Net income 5 54 118 145 156 200 242 261 348 404 180 160 278 110 219 −182 31 28
Diluted EPS $0.12 $1.13 $2.41 $2.81 $2.97 $3.79 $4.53 $4.85 $6.36 $7.38 $3.35 $2.97 $5.16 $2.16 $4.63 −$4.09 $0.73 $0.64
Growth (year on year)
Revenue — +61.0% +58.6% +18.6% +15.2% +18.8% +17.1% +11.6% +40.0% +3.6% −10.0% −8.7% +21.7% −2.1% −9.9% −24.1% +2.7% +13.0%
EBITDA — +262.2% +95.1% +17.8% +6.2% +27.9% +20.4% +8.1% +48.1% −1.9% −45.3% −11.2% +58.3% −44.0% +16.0% −148.7% — —
Operating income — +787.7% +118.3% +19.0% +4.4% +30.1% +20.5% +6.5% +51.3% −5.0% −55.3% −15.0% +85.2% −53.9% +36.9% −189.8% — —
Net income — +896.3% +118.1% +23.1% +7.4% +28.7% +20.8% +7.7% +33.3% +16.2% −55.4% −11.5% +74.5% −60.5% +99.1% −182.9% — —
Diluted EPS — +841.7% +113.3% +16.6% +5.7% +27.6% +19.5% +7.1% +31.1% +16.0% −54.6% −11.3% +73.7% −58.1% +114.4% −188.3% — —
Margins
Gross margin 34.6% 48.9% 54.2% 54.2% 52.5% 54.1% 54.6% 54.9% 56.6% 54.8% 46.1% 44.9% 47.7% 38.9% 42.1% 34.6% 38.0% 38.4%
EBITDA margin 15.2% 34.2% 42.0% 41.8% 38.5% 41.5% 42.7% 41.3% 43.7% 41.4% 25.1% 24.4% 31.8% 18.2% 23.4% −15.0% 8.0% 7.0%
Operating margin 4.9% 26.9% 37.0% 37.1% 33.7% 36.9% 38.0% 36.2% 39.1% 35.9% 17.8% 16.5% 25.2% 11.9% 18.0% −21.3% 1.3% 0.7%
Net margin 2.9% 18.0% 24.8% 25.8% 24.0% 26.0% 26.9% 25.9% 24.7% 27.7% 13.7% 13.3% 19.1% 7.7% 17.0% −18.6% 3.1% 2.6%
Free-cash-flow margin 23.6% 11.7% 7.2% 19.0% 7.5% 11.9% 21.5% 17.0% 19.8% 16.0% 14.5% 16.5% 18.2% 7.2% 14.4% 15.3% −0.3% 1.9%
Cash flow
Cash from operations 54 63 87 175 119 180 263 298 405 393 324 285 390 213 296 248 75 96
Capital spending 10 28 53 68 71 89 70 127 127 160 134 88 123 110 110 99 79 76
Free cash flow 44 35 34 107 48 92 193 171 279 233 190 198 267 103 186 149 −3 21
Stock-based pay 3 3 8 9 12 15 19 22 23 28 33 35 38 38 40 37 43 41
Free cash flow after stock pay 41 32 26 99 37 76 174 149 256 205 157 162 229 64 146 112 −46 −21
Balance sheet
Cash 83 148 180 384 449 522 583 624 910 544 680 876 709 698 515 620 404 399
Total debt 0 24 24 18 16 36 20 41 49 45 42 38 34 16 — 0 0 0
Net debt (negative = net cash) −83 −124 −156 −366 −433 −487 −563 −583 −861 −499 −638 −838 −675 −682 −515 −620 −404 −399
Diluted shares 47m 48m 49m 52m 52m 53m 53m 54m 55m 55m 54m 54m 54m 51m 47m 44m 43m 43m
Returned to shareholders
Dividends — — — 33 — — — — — — — — — — — — — —
Buybacks — — — — — 0 0 9 40 176 41 38 135 500 223 344 53 —
Total returned — — — 33 — 0 0 9 40 176 41 38 135 500 223 344 53 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $2.4bn
Short-term assets $1.5bnLonger-term assets $946m
What it owes, and who funded it · $2.4bn
Short-term liabilities $239mLonger-term liabilities $58mShareholders' equity $2.1bn
  • Short-term assets cover short-term liabilities $1.5bn of assets due within a year against $239m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.5bn short-term assets against $58m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From IPG Photonics Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$620M
Diluted share count
−0.3%
year over year
R&D spending
11.5%
of revenue
Days sales outstanding
62 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated IPGP SMTC ICHR ALGM MTSI ARRY Median
Revenue, last 12 months $1.1bn $1.1bn $1.0bn $1.0bn $1.2bn $1.2bn $1.1bn
Revenue growth, last 12 months 13.0% 14.2% 9.1% 27.9% 28.4% 1.2% 13.7%
Revenue growth, 3-year average −7.9% 11.3% −1.7% −2.0% 19.8% −13.0% 3.9%
Revenue growth, latest quarter 11.1% 15.9% 22.7% 29.2% 35.8% −5.6% 20.1%
Gross margin 38.4% 51.6% 10.4% 47.9% 56.5% 24.3% 48.3%
Operating margin 0.7% 2.1% −2.4% 7.5% 18.1% −5.1% 4.8%
Operating margin, 3-year average −4.6% −33.4% −1.8% 3.9% 13.4% −3.9% 4.8%
Net margin 2.6% −3.0% −4.0% 3.1% 20.7% −7.2% 5.3%
Cash from operations / revenue 9.0% 17.4% −0.0% 13.9% 23.3% 13.7% 17.4%
Free-cash-flow margin 1.9% 15.9% −2.5% 10.4% 17.5% 11.4% 9.6%
Free-cash-flow margin, 3-year average 8.8% 7.2% 0.6% 8.5% 19.5% 13.5% 8.5%
Stock pay / revenue 3.9% 7.1% 1.6% 5.1% 7.2% 1.5% 5.8%
Change in share count −0.3% 16.2% 3.0% 0.8% 1.8% 0.6% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 13.0% 13.7% 40 of 75
Change in growth rate Growth +3.7pp +3.7pp 37 of 75
Gross margin Profitability 38.4% 48.3% 47 of 73
Operating margin Profitability 0.7% 4.8% 47 of 75
Net margin Profitability 2.6% 5.3% 41 of 75
Free-cash-flow margin Cash generation 1.9% 9.6% 46 of 75
Stock pay as % of revenue Cash generation 3.9% 6.4% 30 of 74
Change in share count Balance sheet -0.3% 0.9% 17 of 72
Days sales outstanding Balance sheet 62 days 58 days 35 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Materials Processing $860M ▲ 0.3%
High Power Continuous Wave CW Lasers $309M ▼ 7.2%
Amplifiers Laser Systems Service Parts Accessories $265M ▲ 7.2%
Laser and Non Laser Systems $147M ▲ 5.8%
Other Applications $144M ▲ 19.9%
Pulsed Lasers $143M ▼ 2.4%
Medium and Low Power CW Lasers $88.2M ▲ 38.5%
Quasi Continuous Wave QCW Lasers $51.8M ▲ 7.8%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
Asia $480M 47.8% ▲ 14.1%
China $292M 60.8% ▲ 19.1%
Other Asian Geographical Areas $122M 25.4% ▲ 7.6%
Japan $66.4M 13.8% ▲ 6.4%
North America $267M 26.6% ▲ 3.2%
Europe $244M 24.3% ▼ 14.5%
Other European Geographical Areas $139M 56.8% ▼ 29.7%
Germany $105M 43.2% ▲ 19.8%
Rest of World $12.8M 1.3% ▲ 0.8%

From IPG Photonics Corp's 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4B
Institutions reporting
356
Shares held vs prior quarter
▲ 16.2%
Positions opened / closed
62 / 43

Top buyers and sellers, Q2 2026: 208 institutions bought and 142 sold ; the biggest buyer was First Eagle Investment Management, LLC (+2.1M shares) and the biggest seller Fuller & Thaler Asset Management, Inc (−373K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
First Eagle Investment Management, LLC $783M 6.7M 19.8% ▲ 45.4%
Blackrock, Inc. $334M 2.9M 8.5% ▲ 5.1%
Vanguard Portfolio Management LLC $193M 1.6M 4.9% ▲ 0.4%
Dimensional Fund Advisors LP $188M 1.6M 4.7% ▼ 5.9%
Lazard Asset Management LLC $168M 1.4M 4.2% ▲ 3.9%
Sumitomo Mitsui Trust Group, Inc. $160M 1.4M 4.0% ▲ 0.9%
Victory Capital Management Inc $154M 1.3M 3.9% ▲ 32558.5%
Vanguard Capital Management LLC $135M 1.2M 3.4% ▲ 1.1%
Neuberger Berman Group LLC $114M 977K 2.9% ▲ 15.7%
State Street Corp $107M 909K 2.7% ▲ 11.0%
Westwood Holdings Group Inc $106M 902K 2.7% ▲ 15.7%
M&G PLC $69.8M 596K 1.8% ▼ 0.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not IPG Photonics Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $199,400 2 trades by 1 insider, last 12 months Insider sales History → $72.5M 131 trades by 10 insiders · 98% under pre-set plans
Net ▼ $72.3M net selling
Insider Date Trade Shares Price Value
Scherbakov Eugene A Director October 2, 2026 Sell pre-set plan 3,048 $85.30 $259,994
Ip Fibre Devices Ltd 10% owner October 2, 2026 Sell pre-set plan 5,485 $86.09 $472,204
Ip Fibre Devices Ltd 10% owner October 2, 2026 Sell pre-set plan 9,876 $85.39 $843,312
Valentin Gapontsev Trust I 10% owner September 2, 2026 Sell pre-set plan 4,715 $76.25 $359,519
Valentin Gapontsev Trust I 10% owner September 2, 2026 Sell pre-set plan 4,591 $75.65 $347,309
Valentin Gapontsev Trust I 10% owner September 1, 2026 Sell pre-set plan 18,091 $75.14 $1.4M
Peeler John R Director August 26, 2026 Buy 1,158 $74.57 $86,352
Peeler John R Director August 26, 2026 Buy 1,552 $72.84 $113,048
Ip Fibre Devices Ltd 10% owner August 5, 2026 Sell pre-set plan 550 $98.71 $54,290
Ip Fibre Devices Ltd 10% owner August 5, 2026 Sell pre-set plan 4,324 $97.81 $422,930
Ip Fibre Devices Ltd 10% owner August 5, 2026 Sell pre-set plan 1,325 $96.76 $128,207
Ip Fibre Devices Ltd 10% owner August 5, 2026 Sell pre-set plan 11,912 $95.31 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 8 trades and filings

No trades in IPG Photonics Corp disclosed in the last 12 months; 8 earlier trades on record.

  • Thomas R. Suozzi(D-NY 3):Sale (full), $1,001 - $15,000, traded June 3, 2021, filed September 23, 2021
  • Thomas R. Suozzi(D-NY 3):Purchase, $1,001 - $15,000, traded April 15, 2021, filed September 23, 2021
  • Dean Phillips(D-MN 3):Sale (full), $1,001 - $15,000, traded January 4, 2019, filed February 18, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • August 4, 2026
  • May 5, 2026
  • February 12, 2026
  • November 4, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on IPG Photonics Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

IPG Photonics Corp in brief

What does IPG Photonics Corp do?
IPG Photonics Corp is a US-listed company in the semiconductors industry. Its financial year ends in December.
What is IPG Photonics Corp's stock ticker?
IPG Photonics Corp trades under the ticker IPGP on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is IPG Photonics Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, IPG Photonics Corp reported revenue of $1.1B, 13.0% higher than a year earlier, according to its SEC filings.
What is IPG Photonics Corp's free cash flow?
IPG Photonics Corp's free-cash-flow margin is 1.9% of revenue over the trailing twelve months, ranking 46 of the 75 semiconductor companies we cover.
What is IPG Photonics Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of IPG Photonics Corp's free cash flow after stock-based pay gives ~$61 per share in the base case, and ~$51–$75 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are IPG Photonics Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are First Eagle Investment Management, LLC, Blackrock, Inc. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is IPG Photonics Corp's market cap?
On November 2, 2026, IPG Photonics Corp's market capitalisation was about $3.1B, with a price-to-earnings ratio of 113.1 and net debt of -$399M. Market figures come from third-party market data and may be delayed.
Who are IPG Photonics Corp's competitors?
In our Semiconductors peer group, the companies closest to IPG Photonics Corp are Semtech Corp, Ichor Holdings, LTD., Allegro Microsystems, Inc., Macom Technology Solutions Holdings, Inc. and Array Technologies, Inc. The side-by-side comparison below sets their revenue, margins and growth against IPG Photonics Corp's.
Are insiders buying or selling IPG Photonics Corp stock?
Over the last 12 months, IPG Photonics Corp's directors and officers reported 2 open-market purchases and 131 sales on Form 4. The insider trading page charts every trade.
When is IPG Photonics Corp's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — IPG Photonics Corp announces its own schedule.