IPG PHOTONICS CORP IPGP
IPG Photonics Corporation ("IPG", the "Company", the "Registrant", "we", "us" or "our") develops, manufactures and sells high-performance fiber lasers, fiber amplifiers, diode lasers and laser-based systems that are used for diverse applications in materials processing, medical and advanced applications. Fiber lasers combine the advantages of semiconductor diodes, such as long life and high efficiency, with the high amplification and precise beam qualities of specialty optical fibers to deliver superior performance, reliability and usability.
We sell our products globally to original equipment manufacturers ("OEMs"), system integrators and end users. We market our products internationally, primarily through our direct sales force. Our major manufacturing facilities are located in the United States and Germany. We have sales service offices and applications laboratories worldwide.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.00B | $977.1M | $1.29B | $1.43B | $1.46B | $1.20B | $1.31B | $1.46B | $1.41B | $1.01B |
| Cost of revenue | $622.3M | $639.0M | $745.7M | $874.1M | $764.5M | $661.7M | $708.4M | $659.6M | $612.0M | $453.9M |
| Gross profit | $381.5M | $338.2M | $541.7M | $555.4M | $696.4M | $539.0M | $606.2M | $800.3M | $796.9M | $552.2M |
| R&D | $117.4M | $109.8M | $98.7M | $116.1M | $139.6M | $126.9M | $130.0M | $122.8M | $100.9M | $78.6M |
| SG&A | $143.1M | $124.3M | $125.7M | $131.3M | $125.9M | $110.0M | $107.6M | $102.4M | $80.7M | $66.5M |
| Total operating expenses | $368.4M | $546.4M | $309.7M | $385.9M | $328.5M | $340.3M | $372.4M | $276.9M | $245.8M | $187.9M |
| Operating income | $13.1M | -$208.3M | $232.0M | $169.5M | $367.9M | $198.7M | $233.8M | $523.4M | $551.1M | $364.3M |
| Pre-tax income | $45.1M | -$161.9M | $274.9M | $183.4M | $366.5M | $205.7M | $248.4M | $534.4M | $551.9M | $366.6M |
| Income tax | $14.0M | $19.6M | $56.0M | $72.6M | $88.6M | $45.4M | $68.1M | $130.2M | $204.3M | $105.8M |
| Net income | $31.1M | -$181.5M | $218.9M | $109.9M | $278.4M | $159.6M | $180.2M | $404.0M | $347.6M | $260.8M |
| EPS, basic | 0.73 | -4.09 | 4.64 | 2.17 | 5.21 | 3.00 | 3.40 | 7.55 | 6.50 | 4.91 |
| EPS, diluted | 0.73 | -4.09 | 4.63 | 2.16 | 5.16 | 2.97 | 3.35 | 7.38 | 6.36 | 4.85 |
| Shares, diluted (wtd. avg.) | $42.6M | $44.3M | $47.3M | $50.9M | $53.9M | $53.8M | $53.8M | $54.7M | $54.7M | $53.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $403.8M | $620.0M | $514.7M | $698.2M | $709.1M | $878.6M | $683.0M | $544.4M | $909.9M | $623.9M |
| Short-term investments | $435.5M | $310.2M | $662.8M | $479.4M | $805.4M | $514.8M | $502.5M | $500.4M | $206.3M | $206.8M |
| Receivables | $181.7M | $171.1M | $219.1M | $211.3M | $262.1M | $264.3M | $238.5M | $255.5M | $237.3M | $155.9M |
| Inventory | $313.4M | $284.8M | $453.9M | $509.4M | $460.7M | $365.0M | $380.8M | $403.6M | $307.7M | $239.0M |
| Total current assets | $1.42B | $1.43B | $1.91B | $1.99B | $2.35B | $2.15B | $1.90B | $1.81B | $1.75B | $1.30B |
| Property, plant and equipment | $637.5M | $588.4M | $602.3M | $580.6M | $635.3M | $597.5M | $600.9M | $543.1M | $460.2M | $379.4M |
| Goodwill | $71.7M | $67.2M | $38.5M | $38.3M | $38.6M | $41.4M | $82.1M | $100.7M | $55.8M | $19.8M |
| Other intangibles | $49.9M | $55.4M | $26.2M | $34.1M | $52.7M | $62.1M | $74.3M | $87.1M | $51.2M | $28.8M |
| Total assets | $2.42B | $2.29B | $2.70B | $2.74B | $3.17B | $2.94B | $2.73B | $2.57B | $2.37B | $1.79B |
| Accounts payable | $39.3M | $35.4M | $28.6M | $46.2M | $55.8M | $25.7M | $27.3M | $36.3M | $35.1M | $28.0M |
| Short-term debt | — | — | $0 | $16.0M | $18.1M | $3.8M | $3.7M | $3.7M | $3.6M | $3.2M |
| Total current liabilities | $234.0M | $205.0M | $214.9M | $274.6M | $313.4M | $214.6M | $191.9M | $245.8M | $198.9M | $158.3M |
| Long-term debt | — | — | — | $0 | $16.0M | $34.2M | $38.0M | $41.7M | $45.4M | $37.6M |
| Total liabilities | $296.1M | $264.8M | $283.5M | $357.9M | $423.3M | $341.6M | $328.0M | $368.2M | $344.9M | $232.3M |
| Retained earnings | $2.64B | $2.61B | $2.80B | $2.58B | $2.47B | $2.19B | $2.03B | $1.85B | $1.44B | $1.09B |
| Total equity | $2.13B | $2.02B | $2.42B | $2.39B | $2.75B | $2.59B | $2.40B | $2.21B | $2.02B | $1.56B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $75.3M | $247.9M | $296.0M | $212.6M | $389.7M | $285.3M | $323.5M | $393.3M | $405.4M | $297.7M |
| Depreciation and amortisation | $66.9M | $61.4M | $69.6M | $90.6M | $96.3M | $94.6M | $96.3M | $80.3M | $64.6M | $51.5M |
| Stock-based compensation | $42.9M | $37.1M | $39.5M | $38.3M | $37.9M | $35.5M | $33.4M | $28.0M | $23.0M | $21.7M |
| Capital expenditure | $78.8M | $98.5M | $110.5M | $110.1M | $123.1M | $87.7M | $133.5M | $160.3M | $126.5M | $127.0M |
| Investing cash flow | -$265.2M | $208.7M | -$237.6M | $297.0M | -$416.3M | -$99.6M | -$140.0M | -$563.0M | -$170.8M | -$274.4M |
| Financing cash flow | -$54.2M | -$339.6M | -$236.4M | -$514.5M | -$125.1M | -$10.1M | -$37.1M | -$166.6M | -$3.4M | $27.4M |
| Buybacks | $53.1M | $343.8M | $223.5M | $499.5M | $134.9M | $37.9M | $40.7M | $176.1M | $40.0M | $8.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001111928-26-000068.
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