IPG Photonics (IPGP) Financials

$119.00 0.00 (0.00%)

Closing price 05/22/2026 04:00 PM Eastern

Extended Trading

$119.36 +0.36 (+0.30%)

As of 05/22/2026 07:17 PM Eastern

Annual Income Statements for IPG Photonics

This table shows IPG Photonics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	242	261	348	404	180	160	278	110	219	-182	31
Consolidated Net Income / (Loss)	242	261	348	404	180	160	278	111	219	-182	31
Net Income / (Loss) Continuing Operations	242	261	348	404	180	160	278	111	219	-182	31
Total Pre-Tax Income	342	367	552	534	248	206	366	183	275	-162	45
Total Operating Income	342	364	551	523	234	199	368	170	232	-208	13
Total Gross Profit	492	552	797	800	606	539	696	555	542	338	381
Total Revenue	901	1,006	1,409	1,460	1,315	1,201	1,461	1,430	1,287	977	1,004
Operating Revenue	901	1,006	1,409	1,460	1,315	1,201	1,461	1,430	1,287	977	1,004
Total Cost of Revenue	409	454	612	660	708	662	764	874	746	639	622
Operating Cost of Revenue	409	454	612	660	708	662	764	874	746	639	622
Total Operating Expenses	150	188	246	277	372	340	329	386	311	546	368
Selling, General & Admin Expense	57	66	81	102	108	110	126	131	126	124	143
Marketing Expense	32	38	50	58	78	71	78	77	86	90	98
Research & Development Expense	63	79	101	123	130	127	140	116	99	110	117
Other Operating Expenses / (Income)	-2.56	4.50	14	-6.15	13	-13	-15	4.10	-	5.52	9.35
Impairment Charge	-	-	0.00	0.00	37	45	0.00	80	1.24	27	0.00
Restructuring Charge	-	-	0.00	0.00	7.13	0.51	0.00	9.70	-0.29	0.00	0.60
Other Special Charges / (Income)	-	-	-	-	-	0.00	0.00	-32	0.00	190	0.00
Total Other Income / (Expense), net	-0.43	2.25	0.76	11	15	7.03	-1.40	14	43	46	32
Interest & Investment Income	-0.30	1.30	0.74	9.06	14	6.27	-1.84	13	42	45	30
Other Income / (Expense), net	-0.13	0.95	0.02	1.93	0.35	0.76	0.44	1.23	1.36	0.90	2.14
Income Tax Expense	100	106	204	130	68	45	89	73	56	20	14
Basic Earnings per Share	$4.60	$4.91	$6.50	$7.55	$3.40	$3.00	$5.21	$2.17	$4.64	($4.09)	$0.73
Weighted Average Basic Shares Outstanding	52.68M	53.07M	53.50M	53.52M	53.06M	53.19M	53.41M	50.76M	47.15M	44.34M	42.34M
Diluted Earnings per Share	$4.53	$4.85	$6.36	$7.38	$3.35	$2.97	$5.16	$2.16	$4.63	($4.09)	$0.73
Weighted Average Diluted Shares Outstanding	53.43M	53.80M	54.70M	54.73M	53.84M	53.78M	53.93M	50.92M	47.32M	44.34M	42.65M
Weighted Average Basic & Diluted Shares Outstanding	52.60M	53.10M	53.50M	53.50M	53.06M	53.53M	52.94M	47.63M	46.10M	42.55M	42.19M

This table shows IPG Photonics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	55	41	24	20	-234	7.82	3.76	6.61	7.46	13	1.58
Consolidated Net Income / (Loss)	55	41	24	20	-234	7.82	3.76	6.61	7.46	13	1.58
Net Income / (Loss) Continuing Operations	55	41	24	20	-234	7.82	3.76	6.61	7.46	13	1.58
Total Pre-Tax Income	68	42	34	25	-243	22	11	8.27	16	11	1.02
Total Operating Income	56	29	19	12	-253	14	1.83	0.10	7.86	3.32	-7.74
Total Gross Profit	133	114	98	96	54	90	90	94	99	99	99
Total Revenue	301	299	252	258	233	234	228	251	251	274	265
Operating Revenue	301	299	252	258	233	234	228	251	251	274	265
Total Cost of Revenue	168	185	154	161	179	144	138	157	152	175	166
Operating Cost of Revenue	168	185	154	161	179	144	138	157	152	175	166
Total Operating Expenses	77	87	78	84	307	76	88	93	91	96	107
Selling, General & Admin Expense	31	35	31	32	33	29	33	35	35	40	36
Marketing Expense	22	22	23	22	22	22	24	26	24	24	25
Research & Development Expense	25	28	29	27	27	26	28	30	30	29	33
Other Operating Expenses / (Income)	-0.45	-	1.68	3.24	1.15	6.91	2.41	3.10	1.50	2.34	-0.20
Other Special Charges / (Income)	0.00	-	-6.78	-0.67	198	-	0.00	0.00	0.00	-	14
Total Other Income / (Expense), net	12	14	15	13	11	8.06	8.79	8.17	7.80	7.24	8.76
Interest & Investment Income	12	13	14	13	11	7.41	7.44	8.00	7.28	7.13	6.92
Other Income / (Expense), net	0.55	0.20	0.33	0.19	-0.27	0.65	1.34	0.17	0.52	0.11	1.83
Income Tax Expense	13	0.73	9.50	4.86	-8.92	14	6.86	1.67	8.19	-2.71	-0.57
Basic Earnings per Share	$1.16	$0.90	$0.52	$0.45	($5.33)	$0.27	$0.09	$0.16	$0.18	$0.30	$0.04
Weighted Average Basic Shares Outstanding	47.24M	47.15M	45.96M	44.92M	43.84M	44.34M	42.60M	42.48M	42.20M	42.34M	42.24M
Diluted Earnings per Share	$1.16	$0.90	$0.52	$0.45	($5.33)	$0.27	$0.09	$0.16	$0.18	$0.30	$0.04
Weighted Average Diluted Shares Outstanding	47.39M	47.32M	46.17M	45.01M	43.84M	44.34M	42.83M	42.58M	42.56M	42.65M	42.91M
Weighted Average Basic & Diluted Shares Outstanding	46.92M	46.10M	45.57M	44.23M	43.25M	42.55M	42.53M	42.22M	42.12M	42.19M	42.44M

This table details how cash moves in and out of IPG Photonics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	60	41	231	-366	139	196	-169	-11	-184	105	-216
Net Cash From Operating Activities	263	298	405	393	324	285	390	213	296	248	75
Net Cash From Continuing Operating Activities	263	298	405	393	324	285	390	213	296	248	75
Net Income / (Loss) Continuing Operations	242	261	348	404	180	160	278	111	219	-182	31
Consolidated Net Income / (Loss)	242	261	348	404	180	160	278	111	219	-182	31
Depreciation Expense	42	51	65	80	96	95	96	91	70	61	67
Amortization Expense	-	-	-	-	-	-	2.50	-4.56	-25	-18	-14
Non-Cash Adjustments To Reconcile Net Income	54	73	77	61	154	140	104	246	101	350	90
Changes in Operating Assets and Liabilities, net	-75	-88	-84	-152	-107	-110	-91	-230	-68	36	-99
Net Cash From Investing Activities	-182	-274	-171	-563	-140	-100	-416	297	-238	209	-265
Net Cash From Continuing Investing Activities	-182	-274	-171	-563	-140	-100	-416	297	-238	209	-265
Purchase of Property, Plant & Equipment	-70	-127	-127	-160	-134	-88	-123	-110	-110	-99	-79
Acquisitions	-4.96	-48	-60	-109	-15	-0.43	0.00	-2.00	0.00	-67	0.51
Purchase of Investments	-107	-300	-212	-765	-760	-1,112	-1,941	-1,117	-1,233	-713	-943
Sale of Property, Plant & Equipment	0.16	0.66	16	1.03	0.66	0.89	1.41	27	31	29	0.92
Divestitures	-	-	-	-	-	0.00	0.00	53	0.00	-25	0.00
Sale and/or Maturity of Investments	0.00	199	213	470	768	1,099	1,648	1,446	1,074	1,083	755
Other Investing Activities, net	0.09	0.47	-0.35	0.42	0.24	-0.01	-1.52	-0.04	0.56	0.43	0.04
Net Cash From Financing Activities	-1.54	27	-3.37	-167	-37	-10	-125	-515	-236	-340	-54
Net Cash From Continuing Financing Activities	-1.54	27	-3.37	-167	-37	-10	-125	-515	-236	-340	-54
Repayment of Debt	-29	-11	-27	-3.86	-3.69	-3.74	-3.81	-18	-16	0.00	0.00
Repurchase of Common Equity	0.00	-8.95	-40	-176	-41	-38	-135	-500	-223	-344	-53
Issuance of Common Equity	14	16	29	13	7.34	33	16	5.58	3.15	4.20	-1.06
Effect of Exchange Rate Changes	-20	-9.41	-	-29	-	20	-18	-5.95	-5.59	-12	28
Cash Interest Paid	0.87	0.94	2.58	3.05	2.68	2.23	2.71	3.21	1.28	0.28	0.23
Cash Income Taxes Paid	91	127	156	113	117	86	63	113	63	41	57

This table details how cash moves in and out of IPG Photonics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-45	-14	-18	224	163	-264	-257	-3.86	-13	58	77
Net Cash From Operating Activities	86	106	55	53	66	74	13	-2.22	35	29	-5.46
Net Cash From Continuing Operating Activities	86	106	55	53	66	74	13	-2.22	35	29	-5.46
Net Income / (Loss) Continuing Operations	55	41	24	20	-234	7.82	3.76	6.61	7.46	13	1.58
Consolidated Net Income / (Loss)	55	41	24	20	-234	7.82	3.76	6.61	7.46	13	1.58
Depreciation Expense	17	17	16	15	15	15	15	16	16	20	16
Amortization Expense	-6.72	-7.34	-7.22	-5.79	-2.67	-1.98	-3.88	-4.43	-3.40	-2.31	-1.31
Non-Cash Adjustments To Reconcile Net Income	20	30	18	25	283	24	24	25	22	19	20
Changes in Operating Assets and Liabilities, net	0.57	25	3.42	-0.77	4.55	29	-26	-46	-6.71	-21	-42
Net Cash From Investing Activities	-72	-75	24	285	163	-263	-274	13	-31	28	95
Net Cash From Continuing Investing Activities	-72	-75	24	285	163	-263	-274	13	-31	28	95
Purchase of Property, Plant & Equipment	-26	-25	-28	-24	-23	-23	-25	-15	-21	-18	-16
Purchase of Investments	-315	-334	-227	-75	-122	-290	-333	-247	-287	-77	-33
Sale of Property, Plant & Equipment	29	0.82	25	3.01	0.26	0.04	0.18	0.38	0.04	0.32	0.81
Sale and/or Maturity of Investments	240	284	253	381	332	117	83	275	276	122	144
Other Investing Activities, net	0.12	0.11	0.16	0.03	0.20	0.04	0.05	-	0.02	-0.03	0.08
Net Cash From Financing Activities	-46	-60	-91	-119	-74	-55	-5.67	-29	-16	-3.27	-12
Net Cash From Continuing Financing Activities	-46	-60	-91	-119	-74	-55	-5.67	-29	-16	-3.27	-12
Repurchase of Common Equity	-46	-64	-90	-122	-74	-57	0.11	-30	-16	-6.53	0.00
Issuance of Common Equity	0.30	3.58	-1.16	2.95	0.08	2.33	-5.78	1.52	-0.06	3.26	-12
Effect of Exchange Rate Changes	-12	15	-5.78	5.18	9.02	-20	9.62	14	-0.61	4.55	-1.10
Cash Interest Paid	0.16	0.17	0.00	0.09	0.00	0.18	0.01	0.00	0.13	0.09	0.00
Cash Income Taxes Paid	-3.18	7.92	8.01	26	4.74	1.73	11	22	11	13	7.69

This table presents IPG Photonics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,453	1,790	2,367	2,574	2,730	2,936	3,171	2,743	2,699	2,289	2,424
Total Current Assets	1,103	1,301	1,754	1,805	1,897	2,148	2,348	1,986	1,915	1,431	1,423
Cash & Equivalents	583	624	910	544	680	876	709	698	515	620	404
Short-Term Investments	107	207	206	500	503	515	805	479	663	310	436
Accounts Receivable	150	156	237	256	238	264	262	211	219	171	182
Inventories, net	204	239	308	404	381	365	461	509	454	285	313
Prepaid Expenses	26	41	48	58	56	58	73	47	38	27	46
Current Deferred & Refundable Income Taxes	34	34	45	44	39	70	37	41	26	18	43
Plant, Property, & Equipment, net	289	379	460	543	601	598	635	581	602	588	638
Total Noncurrent Assets	62	110	153	226	233	190	188	176	182	270	363
Long-Term Investments	-	-	-	-	-	-	-	-	-	0.00	77
Goodwill	0.51	20	56	101	82	41	39	38	39	67	72
Intangible Assets	12	29	51	87	74	62	53	34	26	55	50
Noncurrent Deferred & Refundable Income Taxes	30	42	27	19	31	43	48	75	89	115	124
Other Noncurrent Operating Assets	20	19	19	19	45	43	49	29	28	32	41
Total Liabilities & Shareholders' Equity	1,453	1,790	2,367	2,574	2,730	2,936	3,171	2,743	2,699	2,289	2,424
Total Liabilities	193	232	345	368	328	342	423	358	284	265	296
Total Current Liabilities	142	158	199	246	192	215	313	275	215	205	234
Accounts Payable	26	28	35	36	27	26	56	46	29	35	39
Accrued Expenses	76	102	144	155	150	177	231	203	181	152	185
Current Deferred & Payable Income Tax Liabilities	38	25	16	51	11	8.28	8.64	9.62	4.89	18	9.90
Total Noncurrent Liabilities	51	74	146	122	136	127	110	83	69	60	62
Noncurrent Deferred & Payable Income Tax Liabilities	-	36	101	81	98	93	94	83	69	60	62
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,261	1,558	2,022	2,206	2,402	2,594	2,747	2,385	2,415	2,024	2,128
Total Preferred & Common Equity	1,260	1,558	2,022	2,206	2,402	2,593	2,747	2,385	2,415	2,024	2,128
Total Common Equity	1,260	1,558	2,022	2,206	2,402	2,593	2,747	2,385	2,415	2,024	2,128
Common Stock	608	651	705	745	786	854	908	951	994	1,035	1,077
Retained Earnings	833	1,094	1,444	1,849	2,029	2,188	2,467	2,577	2,795	2,614	2,645
Treasury Stock	0.00	-8.95	-49	-225	-266	-304	-439	-938	-1,162	-1,505	-1,556
Accumulated Other Comprehensive Income / (Loss)	-181	-179	-77	-163	-147	-146	-190	-205	-213	-119	-38

This table presents IPG Photonics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,963	2,671	2,696	2,673	2,598	2,495	2,355	2,317	2,379	2,381	2,422
Total Current Assets	2,119	1,916	1,924	1,920	1,830	1,718	1,570	1,443	1,474	1,435	1,433
Cash & Equivalents	869	521	573	528	496	721	884	363	359	346	481
Short-Term Investments	365	548	523	605	644	343	135	564	540	524	332
Accounts Receivable	195	237	231	230	184	176	164	177	201	166	192
Inventories, net	556	506	491	480	432	401	321	288	304	324	319
Prepaid Expenses	84	56	54	45	49	47	40	35	41	46	58
Current Deferred & Refundable Income Taxes	49	47	51	33	25	30	27	17	29	28	51
Plant, Property, & Equipment, net	662	594	609	582	586	593	590	603	621	622	636
Total Noncurrent Assets	182	161	163	170	183	184	195	271	284	324	352
Long-Term Investments	-	-	-	-	-	-	-	-	-	30	71
Goodwill	38	38	38	38	38	38	38	69	72	72	71
Intangible Assets	36	32	30	28	25	23	22	54	55	52	47
Noncurrent Deferred & Refundable Income Taxes	69	59	70	80	84	89	106	109	114	120	121
Other Noncurrent Operating Assets	38	32	25	25	35	34	28	39	43	51	43
Total Liabilities & Shareholders' Equity	2,963	2,671	2,696	2,673	2,598	2,495	2,355	2,317	2,379	2,381	2,422
Total Liabilities	382	333	298	289	258	242	241	257	275	276	306
Total Current Liabilities	296	250	228	220	192	190	194	197	217	213	247
Accounts Payable	55	41	37	33	27	26	40	38	42	40	55
Accrued Expenses	200	190	184	175	163	161	151	153	171	171	185
Current Deferred & Payable Income Tax Liabilities	25	3.10	6.61	12	2.44	3.02	3.82	6.28	4.64	2.13	7.60
Total Noncurrent Liabilities	86	83	70	69	66	52	46	60	58	63	59
Noncurrent Deferred & Payable Income Tax Liabilities	86	83	70	69	66	52	46	60	58	63	59
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,581	2,339	2,399	2,384	2,341	2,253	2,115	2,060	2,105	2,105	2,116
Total Preferred & Common Equity	2,581	2,339	2,399	2,384	2,341	2,253	2,115	2,060	2,105	2,105	2,116
Total Common Equity	2,581	2,339	2,399	2,384	2,341	2,253	2,115	2,060	2,105	2,105	2,116
Common Stock	939	957	970	978	1,003	1,014	1,025	1,040	1,053	1,064	1,076
Retained Earnings	2,669	2,637	2,699	2,754	2,819	2,840	2,606	2,618	2,624	2,632	2,647
Treasury Stock	-821	-1,051	-1,051	-1,098	-1,251	-1,374	-1,448	-1,505	-1,536	-1,552	-1,556
Accumulated Other Comprehensive Income / (Loss)	-207	-204	-219	-251	-230	-227	-69	-92	-37	-39	-51

This table displays calculated financial ratios and metrics derived from IPG Photonics' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.07%	11.64%	40.02%	3.62%	-9.95%	-8.66%	21.66%	-2.14%	-9.94%	-24.10%	2.73%
EBITDA Growth	20.04%	8.43%	47.74%	-1.64%	-45.44%	-11.03%	58.91%	-45.04%	8.22%	-158.87%	141.62%
EBIT Growth	20.16%	6.83%	50.89%	-4.68%	-55.43%	-14.83%	84.69%	-53.65%	36.66%	-188.87%	107.35%
NOPAT Growth	21.20%	6.93%	33.96%	14.04%	-57.14%	-8.74%	80.12%	-63.29%	80.40%	-178.92%	106.20%
Net Income Growth	20.74%	7.72%	33.32%	16.28%	-55.40%	-11.05%	73.30%	-60.14%	97.61%	-182.93%	117.13%
EPS Growth	19.53%	7.06%	31.13%	16.04%	-54.61%	-11.34%	73.74%	-58.14%	114.35%	-188.34%	117.85%
Operating Cash Flow Growth	46.29%	12.99%	36.18%	-2.98%	-17.74%	-11.80%	36.58%	-45.43%	39.19%	-16.25%	-69.61%
Free Cash Flow Firm Growth	56.35%	-60.97%	93.98%	-9.82%	-20.26%	52.55%	44.30%	-42.52%	17.30%	-101.26%	-4,961.04%
Invested Capital Growth	5.57%	29.89%	24.38%	26.35%	4.53%	-1.63%	2.08%	-3.40%	1.15%	-11.60%	10.78%
Revenue Q/Q Growth	1.83%	5.95%	6.09%	-2.08%	-1.75%	2.56%	1.94%	-2.12%	-2.62%	-6.20%	4.16%
EBITDA Q/Q Growth	1.31%	6.60%	8.24%	-7.40%	-22.13%	28.16%	5.20%	-41.44%	46.80%	-7.17%	-8.44%
EBIT Q/Q Growth	0.83%	6.81%	8.36%	-8.94%	-29.14%	48.32%	5.67%	-50.42%	101.35%	-7.34%	-42.31%
NOPAT Q/Q Growth	1.96%	5.44%	-5.82%	4.86%	-31.44%	55.83%	6.12%	-61.35%	190.75%	-7.66%	-16.05%
Net Income Q/Q Growth	1.79%	5.87%	-6.00%	5.90%	-30.68%	50.75%	5.94%	-58.81%	158.86%	-22.72%	21.27%
EPS Q/Q Growth	1.57%	5.90%	-6.33%	6.34%	-30.64%	50.76%	5.95%	-57.56%	130.35%	-18.21%	4.29%
Operating Cash Flow Q/Q Growth	5.13%	12.46%	1.68%	1.16%	5.51%	-13.52%	-0.20%	-16.79%	27.83%	-11.52%	-37.38%
Free Cash Flow Firm Q/Q Growth	-2.11%	40.33%	-9.98%	-31.18%	236.99%	-25.52%	17.56%	-8.38%	-2.63%	-110.89%	-10.95%
Invested Capital Q/Q Growth	1.05%	-0.54%	-0.82%	6.70%	-6.17%	2.70%	0.87%	-10.16%	-1.00%	-0.09%	0.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.58%	54.89%	56.56%	54.82%	46.11%	44.89%	47.67%	38.85%	42.08%	34.61%	38.00%
EBITDA Margin	42.64%	41.42%	43.70%	41.48%	25.13%	24.48%	31.98%	17.96%	21.58%	-16.74%	6.78%
Operating Margin	37.95%	36.21%	39.12%	35.85%	17.78%	16.54%	25.18%	11.86%	18.02%	-21.31%	1.31%
EBIT Margin	37.94%	36.30%	39.12%	35.99%	17.81%	16.61%	25.21%	11.94%	18.12%	-21.22%	1.52%
Profit (Net Income) Margin	26.85%	25.91%	24.67%	27.69%	13.71%	13.35%	19.02%	7.75%	17.00%	-18.58%	3.10%
Tax Burden Percent	70.85%	71.12%	62.98%	75.63%	72.58%	77.95%	75.82%	60.41%	79.63%	112.13%	68.96%
Interest Burden Percent	99.91%	100.36%	100.13%	101.72%	106.08%	103.14%	99.50%	107.39%	117.81%	78.07%	295.92%
Effective Tax Rate	29.15%	28.88%	37.02%	24.37%	27.42%	22.05%	24.18%	39.59%	20.37%	0.00%	31.04%
Return on Invested Capital (ROIC)	42.10%	38.13%	40.29%	36.62%	13.75%	12.38%	22.24%	8.22%	15.01%	-12.50%	0.78%
ROIC Less NNEP Spread (ROIC-NNEP)	42.15%	37.91%	40.24%	35.82%	12.76%	11.94%	22.32%	7.59%	12.09%	-9.11%	-1.61%
Return on Net Nonoperating Assets (RNNOA)	-21.12%	-19.63%	-20.87%	-17.50%	-5.93%	-5.96%	-11.84%	-3.91%	-5.89%	4.32%	0.71%
Return on Equity (ROE)	20.98%	18.50%	19.42%	19.12%	7.82%	6.42%	10.40%	4.32%	9.12%	-8.18%	1.50%
Cash Return on Invested Capital (CROIC)	36.68%	12.13%	18.56%	13.34%	9.32%	14.02%	20.18%	11.68%	13.86%	-0.18%	-9.45%
Operating Return on Assets (OROA)	25.67%	22.52%	26.51%	21.26%	8.83%	7.04%	12.06%	5.77%	8.57%	-8.31%	0.65%
Return on Assets (ROA)	18.17%	16.08%	16.72%	16.36%	6.80%	5.66%	9.10%	3.75%	8.04%	-7.28%	1.32%
Return on Common Equity (ROCE)	20.97%	18.49%	19.42%	19.11%	7.82%	6.42%	10.40%	4.32%	9.12%	-8.18%	1.50%
Return on Equity Simple (ROE_SIMPLE)	19.22%	16.74%	17.19%	18.33%	7.51%	6.18%	10.12%	4.64%	9.06%	-8.97%	0.00%
Net Operating Profit after Tax (NOPAT)	242	259	347	396	170	155	279	102	185	-146	9.04
NOPAT Margin	26.89%	25.75%	24.64%	27.12%	12.91%	12.90%	19.09%	7.16%	14.35%	-14.92%	0.90%
Net Nonoperating Expense Percent (NNEP)	-0.05%	0.22%	0.05%	0.80%	0.99%	0.44%	-0.08%	0.63%	2.92%	-3.39%	2.39%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.26%	7.65%	-7.20%	0.42%
Cost of Revenue to Revenue	45.42%	45.11%	43.44%	45.18%	53.89%	55.11%	52.33%	61.15%	57.92%	65.39%	62.00%
SG&A Expenses to Revenue	6.35%	6.61%	5.73%	7.02%	8.18%	9.16%	8.62%	9.18%	9.77%	12.72%	14.26%
R&D to Revenue	7.03%	7.81%	7.16%	8.41%	9.89%	10.57%	9.55%	8.12%	7.67%	11.24%	11.70%
Operating Expenses to Revenue	16.62%	18.68%	17.45%	18.96%	28.33%	28.34%	22.49%	27.00%	24.16%	55.92%	36.70%
Earnings before Interest and Taxes (EBIT)	342	365	551	525	234	199	368	171	233	-207	15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	384	417	616	606	330	294	467	257	278	-164	68
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.74	3.37	5.68	2.74	3.20	4.60	3.34	1.93	2.11	1.55	1.42
Price to Tangible Book Value (P/TBV)	3.77	3.47	5.99	3.00	3.43	4.79	3.46	1.99	2.17	1.65	1.50
Price to Revenue (P/Rev)	5.22	5.21	8.15	4.14	5.85	9.93	6.28	3.23	3.96	3.22	3.00
Price to Earnings (P/E)	19.43	20.10	33.03	14.97	42.67	74.75	32.96	41.96	23.27	0.00	96.99
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.15%	4.97%	3.03%	6.68%	2.34%	1.34%	3.03%	2.38%	4.30%	0.00%	1.03%
Enterprise Value to Invested Capital (EV/IC)	6.83	5.80	10.90	4.19	5.19	8.52	6.08	2.82	3.16	2.02	1.73
Enterprise Value to Revenue (EV/Rev)	4.48	4.43	7.39	3.46	4.98	8.81	5.27	2.41	3.04	2.27	2.09
Enterprise Value to EBITDA (EV/EBITDA)	10.51	10.68	16.91	8.34	19.83	35.98	16.48	13.44	14.09	0.00	30.85
Enterprise Value to EBIT (EV/EBIT)	11.81	12.19	18.89	9.61	27.98	53.04	20.90	20.21	16.78	0.00	137.82
Enterprise Value to NOPAT (EV/NOPAT)	16.66	17.18	30.00	12.76	38.61	68.30	27.59	33.70	21.20	0.00	232.43
Enterprise Value to Operating Cash Flow (EV/OCF)	15.32	14.96	25.69	12.84	20.25	37.07	19.75	16.23	13.23	8.93	27.88
Enterprise Value to Free Cash Flow (EV/FCFF)	19.12	54.02	65.14	35.03	56.98	60.31	30.41	23.72	22.95	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.02	0.03	0.02	0.02	0.02	0.01	0.01	0.01	0.00	0.00	0.00
Long-Term Debt to Equity	0.01	0.02	0.02	0.02	0.02	0.01	0.01	0.00	0.00	0.00	0.00
Financial Leverage	-0.50	-0.52	-0.52	-0.49	-0.46	-0.50	-0.53	-0.51	-0.49	-0.47	-0.44
Leverage Ratio	1.15	1.15	1.16	1.17	1.15	1.13	1.14	1.15	1.13	1.12	1.14
Compound Leverage Factor	1.15	1.15	1.16	1.19	1.22	1.17	1.14	1.24	1.34	0.88	3.36
Debt to Total Capital	1.54%	2.55%	2.36%	2.02%	1.71%	1.44%	1.23%	0.67%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.16%	0.20%	0.17%	0.16%	0.15%	0.14%	0.65%	0.67%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	1.38%	2.35%	2.19%	1.85%	1.55%	1.30%	0.58%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.09%	0.01%	0.00%	0.03%	0.03%	0.05%	0.02%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	98.38%	97.44%	97.64%	97.95%	98.26%	98.51%	98.75%	99.33%	100.00%	100.00%	100.00%
Debt to EBITDA	0.05	0.10	0.08	0.07	0.13	0.13	0.07	0.06	0.00	0.00	0.00
Net Debt to EBITDA	-1.74	-1.90	-1.73	-1.65	-3.45	-4.60	-3.17	-4.52	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.05	0.09	0.07	0.07	0.11	0.12	0.03	0.00	0.00	0.00	0.00
Debt to NOPAT	0.08	0.16	0.14	0.11	0.25	0.25	0.12	0.16	0.00	0.00	0.00
Net Debt to NOPAT	-2.76	-3.05	-3.07	-2.52	-6.72	-8.74	-5.31	-11.34	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.07	0.15	0.13	0.11	0.22	0.22	0.06	0.00	0.00	0.00	0.00
Altman Z-Score	17.64	16.40	22.98	12.83	16.62	23.42	15.71	10.52	13.75	9.50	8.66
Noncontrolling Interest Sharing Ratio	0.05%	0.05%	0.00%	0.02%	0.03%	0.04%	0.04%	0.01%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	7.78	8.22	8.82	7.35	9.88	10.01	7.49	7.23	8.91	6.98	6.08
Quick Ratio	5.92	6.23	6.80	5.29	7.41	7.71	5.67	5.06	6.50	5.37	4.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	211	82	160	144	115	175	253	145	171	-2.15	-109
Operating Cash Flow to CapEx	376.65%	235.55%	366.37%	246.87%	243.48%	328.70%	320.22%	255.35%	373.52%	354.41%	96.75%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.68	0.62	0.68	0.59	0.50	0.42	0.48	0.48	0.47	0.39	0.43
Accounts Receivable Turnover	6.14	6.57	7.17	5.93	5.32	4.78	5.55	6.04	5.98	5.01	5.69
Inventory Turnover	2.18	2.05	2.24	1.85	1.81	1.77	1.85	1.80	1.55	1.73	2.08
Fixed Asset Turnover	3.20	3.01	3.36	2.91	2.30	2.00	2.37	2.35	2.18	1.64	1.64
Accounts Payable Turnover	18.84	16.70	19.38	18.47	22.27	24.93	18.74	17.13	19.93	19.97	16.67
Days Sales Outstanding (DSO)	59.45	55.57	50.93	61.60	68.58	76.42	65.77	60.44	61.01	72.87	64.16
Days Inventory Outstanding (DIO)	167.06	178.00	163.04	196.80	202.08	205.68	197.13	202.54	235.73	210.97	175.43
Days Payable Outstanding (DPO)	19.37	21.86	18.83	19.76	16.39	14.64	19.48	21.31	18.32	18.28	21.90
Cash Conversion Cycle (CCC)	207.14	211.72	195.14	238.65	254.27	267.46	243.42	241.67	278.42	265.56	217.68
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	591	768	955	1,207	1,262	1,241	1,267	1,224	1,238	1,094	1,212
Invested Capital Turnover	1.57	1.48	1.64	1.35	1.07	0.96	1.17	1.15	1.05	0.84	0.87
Increase / (Decrease) in Invested Capital	31	177	187	252	55	-21	26	-43	14	-144	118
Enterprise Value (EV)	4,038	4,453	10,414	5,051	6,551	10,576	7,697	3,450	3,915	2,215	2,100
Market Capitalization	4,706	5,242	11,481	6,050	7,691	11,928	9,177	4,612	5,093	3,145	3,016
Book Value per Share	$23.86	$29.33	$37.72	$41.30	$45.26	$48.65	$51.52	$48.97	$51.48	$46.81	$50.52
Tangible Book Value per Share	$23.63	$28.41	$35.72	$37.78	$42.31	$46.70	$49.81	$47.48	$50.10	$43.98	$47.63
Total Capital	1,280	1,599	2,071	2,252	2,444	2,632	2,781	2,401	2,415	2,024	2,128
Total Debt	20	41	49	45	42	38	34	16	0.00	0.00	0.00
Total Long-Term Debt	18	38	45	42	38	34	16	0.00	0.00	0.00	0.00
Net Debt	-669	-790	-1,067	-999	-1,141	-1,353	-1,480	-1,162	-1,177	-930	-916
Capital Expenditures (CapEx)	70	126	111	159	133	87	122	83	79	70	78
Debt-free, Cash-free Net Working Capital (DFCFNWC)	274	315	443	519	526	546	538	550	522	296	350
Debt-free Net Working Capital (DFNWC)	963	1,146	1,559	1,563	1,708	1,937	2,052	1,728	1,700	1,226	1,189
Net Working Capital (NWC)	961	1,143	1,555	1,560	1,705	1,933	2,034	1,712	1,700	1,226	1,189
Net Nonoperating Expense (NNE)	0.30	-1.60	-0.48	-8.31	-11	-5.48	1.06	-8.37	-34	36	-22
Net Nonoperating Obligations (NNO)	-669	-790	-1,067	-999	-1,141	-1,353	-1,480	-1,162	-1,177	-930	-916
Total Depreciation and Amortization (D&A)	42	51	65	80	96	95	99	86	45	44	53
Debt-free, Cash-free Net Working Capital to Revenue	30.37%	31.33%	31.41%	35.52%	40.00%	45.49%	36.82%	38.48%	40.57%	30.27%	34.88%
Debt-free Net Working Capital to Revenue	106.83%	113.88%	110.63%	107.09%	129.96%	161.35%	140.49%	120.85%	132.03%	125.47%	118.49%
Net Working Capital to Revenue	106.61%	113.57%	110.38%	106.83%	129.68%	161.03%	139.25%	119.73%	132.03%	125.47%	118.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.60	$4.91	$6.50	$7.55	$3.40	$3.00	$5.21	$2.17	$4.64	($4.09)	$0.73
Adjusted Weighted Average Basic Shares Outstanding	52.68M	53.07M	53.50M	53.52M	53.06M	53.19M	53.41M	50.76M	47.15M	44.34M	42.34M
Adjusted Diluted Earnings per Share	$4.53	$4.85	$6.36	$7.38	$3.35	$2.97	$5.16	$2.16	$4.63	($4.09)	$0.73
Adjusted Weighted Average Diluted Shares Outstanding	53.43M	53.80M	54.70M	54.73M	53.84M	53.79M	53.93M	50.92M	47.32M	44.34M	42.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	52.89M	53.52M	54.06M	105.92M	53.06M	53.53M	52.94M	47.63M	46.10M	42.55M	42.19M
Normalized Net Operating Profit after Tax (NOPAT)	242	259	347	396	202	191	279	137	185	6.27	9.45
Normalized NOPAT Margin	26.89%	25.75%	24.64%	27.12%	15.35%	15.87%	19.09%	9.61%	14.41%	0.64%	0.94%
Pre Tax Income Margin	37.90%	36.43%	39.17%	36.61%	18.89%	17.13%	25.09%	12.83%	21.35%	-16.57%	4.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	3.43%	11.56%	43.56%	22.60%	23.63%	48.54%	450.97%	102.11%	-189.40%	170.86%

This table displays calculated financial ratios and metrics derived from IPG Photonics' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	42,191,353.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	42,191,353.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.04
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.64%	-10.39%	-27.41%	-24.22%	-22.65%	-21.60%	-9.61%	-2.69%	7.57%	17.13%	16.55%
EBITDA Growth	-42.73%	156.93%	-67.82%	-74.15%	-460.70%	-28.86%	-48.51%	-46.33%	108.55%	-22.86%	-40.68%
EBIT Growth	-40.16%	132.75%	-74.36%	-83.09%	-550.87%	-49.60%	-83.68%	-97.79%	103.30%	-76.53%	-286.16%
NOPAT Growth	-38.62%	145.66%	-74.85%	-82.37%	-492.60%	-82.49%	-95.28%	-99.14%	102.11%	-15.79%	-1,959.18%
Net Income Growth	-28.30%	144.60%	-59.93%	-67.66%	-524.76%	-81.14%	-84.41%	-67.23%	103.19%	69.80%	-57.85%
EPS Growth	-21.09%	152.33%	-58.73%	-65.65%	-559.48%	-70.00%	-82.69%	-64.44%	103.38%	11.11%	-55.56%
Operating Cash Flow Growth	13.33%	154.82%	46.45%	-19.81%	-23.17%	-30.43%	-75.37%	-104.15%	-46.55%	-60.95%	-140.63%
Free Cash Flow Firm Growth	581.13%	175.18%	3.34%	-35.87%	-114.14%	947.28%	-30.73%	-112.59%	-374.40%	-176.61%	-263.65%
Invested Capital Growth	-8.20%	1.15%	-6.54%	-8.65%	-12.41%	-11.60%	-5.58%	1.30%	9.95%	10.78%	8.71%
Revenue Q/Q Growth	-11.35%	-0.83%	-15.69%	2.24%	-9.51%	0.51%	-2.79%	10.07%	0.03%	9.44%	-3.27%
EBITDA Q/Q Growth	-20.48%	-42.31%	-37.85%	-23.52%	-1,209.49%	111.38%	-46.67%	-20.28%	76.65%	2.72%	-58.99%
EBIT Q/Q Growth	-22.25%	-48.49%	-32.51%	-37.02%	-2,173.05%	105.76%	-78.29%	-91.49%	3,000.37%	-59.06%	-272.25%
NOPAT Q/Q Growth	-17.91%	-37.39%	-51.57%	-29.18%	-1,927.99%	102.79%	-86.94%	-87.16%	4,409.06%	11.38%	-388.30%
Net Income Q/Q Growth	-11.76%	-24.67%	-41.83%	-16.37%	-1,259.05%	103.35%	-51.91%	75.76%	12.99%	77.81%	-88.06%
EPS Q/Q Growth	-11.45%	-22.41%	-42.22%	-13.46%	-1,284.44%	105.07%	-66.67%	77.78%	12.50%	66.67%	-86.67%
Operating Cash Flow Q/Q Growth	28.97%	23.36%	-48.52%	-2.08%	23.57%	11.70%	-81.78%	-116.48%	1,693.23%	-18.40%	-118.96%
Free Cash Flow Firm Q/Q Growth	-17.79%	-90.96%	588.90%	25.21%	-118.12%	769.90%	-54.44%	-122.75%	-583.07%	-8.17%	2.67%
Invested Capital Q/Q Growth	-3.97%	-1.00%	-3.01%	-0.93%	-7.92%	-0.09%	3.59%	6.30%	-0.06%	0.67%	1.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.09%	38.20%	38.70%	37.33%	23.20%	38.55%	39.43%	37.32%	39.48%	36.10%	37.48%
EBITDA Margin	22.18%	12.91%	11.28%	8.44%	-103.44%	11.71%	6.42%	4.65%	8.22%	7.71%	3.27%
Operating Margin	18.48%	9.63%	7.58%	4.67%	-108.67%	5.95%	0.80%	0.04%	3.13%	1.21%	-2.91%
EBIT Margin	18.66%	9.69%	7.71%	4.75%	-108.78%	6.23%	1.39%	0.11%	3.34%	1.25%	-2.22%
Profit (Net Income) Margin	18.25%	13.86%	9.56%	7.82%	-100.19%	3.33%	1.65%	2.63%	2.98%	4.83%	0.60%
Tax Burden Percent	81.09%	98.28%	71.72%	80.58%	96.32%	35.50%	35.40%	79.86%	47.67%	125.71%	155.45%
Interest Burden Percent	120.57%	145.49%	172.98%	204.45%	95.62%	150.74%	334.75%	3,063.33%	187.00%	308.02%	-17.26%
Effective Tax Rate	18.91%	1.72%	28.28%	19.42%	0.00%	64.50%	64.60%	20.14%	52.33%	-25.71%	-55.45%
Return on Invested Capital (ROIC)	15.17%	9.90%	5.22%	3.35%	-67.56%	1.77%	0.23%	0.03%	1.25%	1.32%	-3.99%
ROIC Less NNEP Spread (ROIC-NNEP)	14.33%	8.77%	4.27%	2.39%	-62.33%	1.50%	-0.07%	-0.64%	0.86%	0.34%	-5.49%
Return on Net Nonoperating Assets (RNNOA)	-6.79%	-4.27%	-2.00%	-1.11%	29.83%	-0.71%	0.03%	0.29%	-0.39%	-0.15%	2.38%
Return on Equity (ROE)	8.38%	5.62%	3.21%	2.25%	-37.73%	1.06%	0.26%	0.31%	0.86%	1.17%	-1.61%
Cash Return on Invested Capital (CROIC)	13.41%	13.86%	18.24%	16.79%	1.69%	-0.18%	-7.78%	-15.18%	-8.54%	-9.45%	-8.10%
Operating Return on Assets (OROA)	8.76%	4.59%	3.49%	2.03%	-45.07%	2.44%	0.54%	0.04%	1.36%	0.53%	-0.98%
Return on Assets (ROA)	8.56%	6.56%	4.33%	3.34%	-41.52%	1.31%	0.64%	1.02%	1.21%	2.06%	0.26%
Return on Common Equity (ROCE)	8.38%	5.62%	3.21%	2.25%	-37.73%	1.06%	0.26%	0.31%	0.86%	1.17%	-1.61%
Return on Equity Simple (ROE_SIMPLE)	3.55%	0.00%	7.81%	6.24%	-6.99%	0.00%	-9.80%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	45	28	14	9.70	-177	4.95	0.65	0.08	3.74	4.17	-12
NOPAT Margin	14.99%	9.46%	5.44%	3.77%	-76.07%	2.11%	0.28%	0.03%	1.49%	1.52%	-4.53%
Net Nonoperating Expense Percent (NNEP)	0.84%	1.12%	0.95%	0.97%	-5.23%	0.27%	0.30%	0.66%	0.39%	0.99%	1.50%
Return On Investment Capital (ROIC_SIMPLE)	-	1.17%	-	-	-	0.24%	0.03%	0.00%	0.18%	0.20%	-0.57%
Cost of Revenue to Revenue	55.91%	61.80%	61.30%	62.67%	76.80%	61.45%	60.57%	62.68%	60.52%	63.90%	62.52%
SG&A Expenses to Revenue	10.27%	11.71%	12.36%	12.27%	14.01%	12.33%	14.40%	13.91%	13.99%	14.70%	13.59%
R&D to Revenue	8.20%	9.27%	11.66%	10.67%	11.66%	10.98%	12.44%	11.94%	12.10%	10.48%	12.55%
Operating Expenses to Revenue	25.61%	29.02%	31.12%	32.66%	131.87%	32.60%	38.63%	37.28%	36.34%	34.89%	40.39%
Earnings before Interest and Taxes (EBIT)	56	29	19	12	-254	15	3.17	0.27	8.37	3.43	-5.90
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	67	39	28	22	-241	27	15	12	21	21	8.68
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.02	2.11	1.82	1.71	1.55	1.55	1.30	1.39	1.59	1.42	2.29
Price to Tangible Book Value (P/TBV)	2.08	2.17	1.87	1.75	1.60	1.65	1.39	1.48	1.69	1.50	2.42
Price to Revenue (P/Rev)	3.64	3.96	3.57	3.46	3.16	3.22	2.82	3.09	3.47	3.00	4.64
Price to Earnings (P/E)	56.88	23.27	23.27	27.34	0.00	0.00	0.00	0.00	130.39	96.99	167.16
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.76%	4.30%	4.30%	3.66%	0.00%	0.00%	0.00%	0.00%	0.77%	1.03%	0.60%
Enterprise Value to Invested Capital (EV/IC)	2.94	3.16	2.59	2.34	2.07	2.02	1.55	1.68	2.03	1.73	3.21
Enterprise Value to Revenue (EV/Rev)	2.78	3.04	2.61	2.51	2.18	2.27	1.85	2.14	2.54	2.09	3.79
Enterprise Value to EBITDA (EV/EBITDA)	19.42	14.09	14.31	17.90	0.00	0.00	0.00	0.00	32.86	30.85	63.60
Enterprise Value to EBIT (EV/EBIT)	31.72	16.78	17.62	23.84	0.00	0.00	0.00	0.00	92.48	137.82	640.91
Enterprise Value to NOPAT (EV/NOPAT)	57.86	21.20	21.84	28.83	0.00	0.00	0.00	0.00	226.97	232.43	1,369.64
Enterprise Value to Operating Cash Flow (EV/OCF)	15.88	13.23	9.94	9.27	8.09	8.93	8.51	13.37	20.30	27.88	70.01
Enterprise Value to Free Cash Flow (EV/FCFF)	20.98	22.95	13.74	13.30	114.74	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.47	-0.49	-0.47	-0.46	-0.48	-0.47	-0.47	-0.45	-0.46	-0.44	-0.43
Leverage Ratio	1.14	1.13	1.13	1.12	1.12	1.12	1.12	1.12	1.12	1.14	1.13
Compound Leverage Factor	1.37	1.65	1.95	2.28	1.07	1.69	3.74	34.27	2.10	3.50	-0.20
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	12.76	13.50	12.67	12.32	10.54	9.82	8.92	8.95	9.84	8.65	12.02
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.74	8.91	9.52	9.02	8.09	6.98	7.33	6.79	6.72	6.08	5.80
Quick Ratio	6.20	6.50	6.89	6.51	6.09	5.37	5.60	5.07	4.86	4.36	4.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	157	14	98	122	-22	149	68	-15	-105	-114	-111
Operating Cash Flow to CapEx	0.00%	434.48%	1,956.85%	252.09%	289.42%	319.05%	54.58%	-14.80%	170.65%	163.93%	-35.25%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.47	0.47	0.45	0.43	0.41	0.39	0.39	0.39	0.41	0.43	0.44
Accounts Receivable Turnover	6.22	5.98	5.67	5.45	5.30	5.01	5.28	5.02	5.84	5.69	5.64
Inventory Turnover	1.61	1.55	1.49	1.50	1.70	1.73	1.73	1.75	1.83	2.08	2.14
Fixed Asset Turnover	2.13	2.18	2.02	1.85	1.78	1.64	1.60	1.56	1.59	1.64	1.68
Accounts Payable Turnover	18.91	19.93	20.72	21.03	18.70	19.97	19.27	18.25	14.81	16.67	14.04
Days Sales Outstanding (DSO)	58.64	61.01	64.38	66.97	68.88	72.87	69.12	72.77	62.48	64.16	64.72
Days Inventory Outstanding (DIO)	226.64	235.73	244.57	243.31	214.95	210.97	210.95	208.04	199.10	175.43	170.24
Days Payable Outstanding (DPO)	19.31	18.32	17.62	17.36	19.52	18.28	18.94	20.00	24.65	21.90	26.00
Cash Conversion Cycle (CCC)	265.97	278.42	291.33	292.92	264.30	265.56	261.13	260.80	236.94	217.68	208.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,250	1,238	1,201	1,189	1,095	1,094	1,134	1,205	1,204	1,212	1,232
Invested Capital Turnover	1.01	1.05	0.96	0.89	0.89	0.84	0.82	0.79	0.84	0.87	0.88
Increase / (Decrease) in Invested Capital	-112	14	-84	-113	-155	-144	-67	15	109	118	99
Enterprise Value (EV)	3,676	3,915	3,115	2,782	2,268	2,215	1,760	2,020	2,443	2,100	3,951
Market Capitalization	4,810	5,093	4,255	3,846	3,287	3,145	2,687	2,920	3,343	3,016	4,835
Book Value per Share	$50.33	$51.48	$50.93	$49.45	$47.81	$46.81	$48.43	$49.48	$49.85	$50.52	$50.08
Tangible Book Value per Share	$48.93	$50.10	$49.55	$48.10	$46.44	$43.98	$45.54	$46.51	$46.92	$47.63	$47.29
Total Capital	2,384	2,415	2,341	2,253	2,115	2,024	2,060	2,105	2,105	2,128	2,116
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1,133	-1,177	-1,140	-1,064	-1,019	-930	-927	-900	-901	-916	-883
Capital Expenditures (CapEx)	-2.57	24	2.79	21	23	23	25	15	21	18	15
Debt-free, Cash-free Net Working Capital (DFCFNWC)	567	522	497	464	357	296	319	358	351	350	373
Debt-free Net Working Capital (DFNWC)	1,701	1,700	1,637	1,527	1,376	1,226	1,246	1,257	1,221	1,189	1,186
Net Working Capital (NWC)	1,701	1,700	1,637	1,527	1,376	1,226	1,246	1,257	1,221	1,189	1,186
Net Nonoperating Expense (NNE)	-9.82	-13	-10	-10	56	-2.86	-3.11	-6.52	-3.72	-9.10	-14
Net Nonoperating Obligations (NNO)	-1,133	-1,177	-1,140	-1,064	-1,019	-930	-927	-900	-901	-916	-883
Total Depreciation and Amortization (D&A)	11	9.60	9.00	9.50	12	13	11	11	12	18	15
Debt-free, Cash-free Net Working Capital to Revenue	42.91%	40.57%	41.72%	41.76%	34.26%	30.27%	33.53%	37.80%	36.40%	34.88%	35.82%
Debt-free Net Working Capital to Revenue	128.64%	132.03%	137.34%	137.62%	132.12%	125.47%	130.79%	132.90%	126.72%	118.49%	113.87%
Net Working Capital to Revenue	128.64%	132.03%	137.34%	137.62%	132.12%	125.47%	130.79%	132.90%	126.72%	118.49%	113.87%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.16	$0.90	$0.52	$0.45	($5.33)	$0.27	$0.09	$0.16	$0.18	$0.30	$0.04
Adjusted Weighted Average Basic Shares Outstanding	47.24M	47.15M	45.96M	44.92M	43.84M	44.34M	42.60M	42.48M	42.20M	42.34M	42.24M
Adjusted Diluted Earnings per Share	$1.16	$0.90	$0.52	$0.45	($5.33)	$0.27	$0.09	$0.16	$0.18	$0.30	$0.04
Adjusted Weighted Average Diluted Shares Outstanding	47.39M	47.32M	46.17M	45.01M	43.84M	44.34M	42.83M	42.58M	42.56M	42.65M	42.91M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	46.92M	46.10M	45.57M	44.23M	43.25M	42.55M	42.53M	42.22M	42.12M	42.19M	42.44M
Normalized Net Operating Profit after Tax (NOPAT)	45	28	14	9.70	-20	9.77	1.28	0.08	5.80	2.32	4.03
Normalized NOPAT Margin	14.92%	9.49%	5.44%	3.77%	-8.75%	4.17%	0.56%	0.03%	2.31%	0.85%	1.52%
Pre Tax Income Margin	22.50%	14.10%	13.33%	9.71%	-104.02%	9.39%	4.66%	3.30%	6.24%	3.85%	0.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	326.59%	102.11%	109.39%	229.24%	-236.93%	-189.40%	-125.87%	-75.20%	405.37%	170.86%	184.07%

Financials Breakdown Chart

Key Financial Trends

IPG Photonics (IPGP) has shown a mix of growth and expense pressures across its latest four quarters. The data below highlights the most important year-to-date trends from the last four years of quarterly statements.

Q4 2025 revenue rebound vs. prior year: Operating revenue was 274,471,000 USD in Q4 2025, up from 234,337,000 USD in Q4 2024 (+40.1 million, roughly +17%).
Q4 2025 net income up YoY: Net income attributable to common shareholders was 13,270,000 USD in Q4 2025 vs 7,815,000 USD in Q4 2024.
EPS improvement in Q4 2025: Basic and diluted earnings per share were 0.30 USD in Q4 2025, up from 0.27 USD (basic) in Q4 2024, indicating rising profitability per share.
Solid operating cash flow in 2025 quarters: Cash flow from continuing operating activities remained positive, with 35.3 million USD in Q3 2025 and 28.8 million USD in Q4 2025 (illustrating ongoing cash generation).
Strong balance sheet footprint: Total equity around 2.1 billion USD and total assets near 2.38 billion USD in recent quarters, indicating a substantial equity cushion versus liabilities.
Liquidity remains ample: Cash and cash equivalents typically sit in the mid-to-upper 300 million USD range (e.g., Q1–Q3 2025: about 346–363 million USD), supporting near-term liquidity needs.

Gross margin modestly declined: Q4 2025 gross margin was about 36.1% (gross profit 99,073,000 on 274,471,000 revenue), down from roughly 38–39% in late 2024, indicating some margin compression as costs rise.
Rising operating expenses: SG&A, marketing, and R&D expense increased in 2025, contributing to higher total operating expenses and narrowing operating income in some quarters.
Significant investing activity in some quarters: Several periods show large cash outlays for investments and related activity (e.g., substantial investments purchased in some quarters and sizable sales in others), which can temper free cash flow on a quarterly basis.

Investing cash outflows in some quarters: In several periods, net cash from investing activities was negative due to heavy purchases of investments and capital allocations (e.g., large investment purchases in 2025 and prior years). This reduced cash despite strong CFO in some quarters.
Financing cash outflows over multiple quarters: Net cash from financing activities was negative in multiple 2025 quarters (e.g., Q3 and Q4 2025) due to share repurchases and modest equity issuance, exerting pressure on cash held from financing activities.
Quarterly cash flow volatility: Net change in cash for some quarters has been negative (e.g., Q3 2025 and other periods), reflecting swings in investing/financing activity even as operating cash flow stays positive.
Margin and expense pressures may weigh on profitability: While profitability improved in Q4 2025 versus the prior year, the decline in gross margin and rising operating expenses suggest continued pressure on near-term earnings unless revenue growth accelerates or cost discipline improves.

05/25/26 03:41 PM ETAI Generated. May Contain Errors.

IPG Photonics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, IPG Photonics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

IPG Photonics' net income appears to be on a downward trend, with a most recent value of $31.10 million in 2025, falling from $242.03 million in 2015. The previous period was -$181.53 million in 2024. See where experts think IPG Photonics is headed by visiting IPG Photonics' forecast page.

IPG Photonics' total operating income in 2025 was $13.10 million, based on the following breakdown:

Total Gross Profit: $381.46 million
Total Operating Expenses: $368.36 million

Over the last 10 years, IPG Photonics' total revenue changed from $901.27 million in 2015 to $1.00 billion in 2025, a change of 11.4%.

IPG Photonics' total liabilities were at $296.15 million at the end of 2025, a 11.8% increase from 2024, and a 53.6% increase since 2015.

In the past 10 years, IPG Photonics' cash and equivalents has ranged from $403.79 million in 2025 to $909.90 million in 2017, and is currently $403.79 million as of their latest financial filing in 2025.

Over the last 10 years, IPG Photonics' book value per share changed from 23.86 in 2015 to 50.52 in 2025, a change of 111.7%.

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Financial statements for NASDAQ:IPGP last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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IPG Photonics (IPGP) Financials

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IPG Photonics (IPGP) Financials

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