IPGP

MKT CAP:$5B

IPG Photonics Corporation

Market Cap

$5B

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$124.51+$49.67 (+66.37%)

Apr 22, 2026

Company Details

IPG Photonics Corporation develops, manufactures, and sells various high-performance fiber lasers, fiber amplifiers, and diode lasers used in various applications primarily in materials processing worldwide. The company's laser products inc...

CEO

Mark Milton Gitin

IPO Date

Dec 13, 2006

Website

www.ipgphotonics.com

Key Metrics TTM

Revenue

$1.0B

+2.7% YoY

Net Income

$31M

EPS (Diluted)

$0.74

Free Cash Flow

-$3M

Revenue / Share

$23.55

Gross Margin

38.0%

Operating Margin

1.3%

Net Margin

3.1%

FCF Margin

-0.3%

P/S

5.3x

P/E

171.9x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 23, 2026

$1.0B+2.7%EPS $0.73

Q4 2025

Feb 23, 2026

$274M+17.1%EPS $0.31

Q3 2025

Nov 4, 2025

$251M+7.6%EPS $0.18

Q2 2025

Aug 5, 2025

$251M-2.7%EPS $0.16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$364M	$166M	$85M
Q1 22	$370M	$172M	$93M
Q2 22	$377M	$172M	$72M
Q4 22	$334M	$61M	-$88M
Q1 23	$347M	$147M	$75M
Q2 23	$340M	$148M	$72M
Q3 23	$301M	$133M	$56M
Q4 23	$299M	$114M	$29M
Q1 24	$252M	$98M	$19M
Q2 24	$258M	$96M	$12M
Q3 24	$233M	$54M	-$253M
Q4 24	$234M	$90M	$14M
Q1 25	$228M	$90M	$2M
Q2 25	$251M	$94M	$104.0K
Q3 25	$251M	$99M	$8M
Q4 25	$274M	$99M	$3M

Valuation

Quarter	P/S	P/E
Q4 21	3.8x	22.4x
Q1 22	3.7x	19.6x
Q2 22	3.6x	20.4x
Q4 22	3.7x	54.1x
Q1 23	3.7x	57.0x
Q2 23	3.8x	61.8x
Q3 23	4.0x	63.2x
Q4 23	4.2x	24.4x
Q1 24	4.5x	29.2x
Q2 24	4.8x	38.0x
Q3 24	5.1x	—
Q4 24	5.5x	—
Q1 25	5.6x	—
Q2 25	5.7x	—
Q3 25	5.5x	208.5x
Q4 25	5.3x	171.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$85M	$55M
Q1 22	$16M	-$9M
Q2 22	$79M	$44M
Q4 22	$42M	$16M
Q1 23	$37M	$4M
Q2 23	$67M	$41M
Q3 23	$86M	$60M
Q4 23	$106M	$81M
Q1 24	$55M	$27M
Q2 24	$53M	$29M
Q3 24	$66M	$43M
Q4 24	$74M	$51M
Q1 25	$13M	-$11M
Q2 25	-$2M	-$18M
Q3 25	$35M	$15M
Q4 25	$29M	$11M

Capital Expenditures

Quarter	CapEx
Q4 21	$29M
Q1 22	$25M
Q2 22	$35M
Q4 22	$26M
Q1 23	$33M
Q2 23	$26M
Q3 23	$26M
Q4 23	$25M
Q1 24	$28M
Q2 24	$24M
Q3 24	$23M
Q4 24	$23M
Q1 25	$25M
Q2 25	$15M
Q3 25	$21M
Q4 25	$18M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+23.0%	+12.2%
Q1 22	+16.2%	-0.1%
Q2 22	+9.1%	+18.9%
Q4 22	-10.3%	+51.0%
Q1 23	-4.7%	-2.8%
Q2 23	-8.1%	-3.2%
Q3 23	-20.1%	-19.5%
Q4 23	-10.4%	-36.0%
Q1 24	-27.4%	-14.3%
Q2 24	-24.2%	-8.3%
Q3 24	-22.6%	+98.0%
Q4 24	-21.6%	-18.4%
Q1 25	-9.6%	-3.0%
Q2 25	-2.7%	+2.0%
Q3 25	+7.6%	-50.1%
Q4 25	+17.1%	+23.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$9M	2.6%
Q1 22	$10M	2.7%
Q2 22	$10M	2.8%
Q4 22	$9M	2.7%
Q1 23	$10M	2.8%
Q2 23	$10M	2.8%
Q3 23	$8M	2.7%
Q4 23	$12M	4.1%
Q1 24	$10M	3.9%
Q2 24	$9M	3.3%
Q3 24	$11M	4.8%
Q4 24	$8M	3.3%
Q1 25	$11M	4.7%
Q2 25	$11M	4.5%
Q3 25	-$22M	-8.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$37M	$32M	$19M
Q1 22	$33M	$31M	$20M
Q2 22	$31M	$33M	$19M
Q4 22	$27M	$33M	$18M
Q1 23	$23M	$30M	$21M
Q2 23	$24M	$30M	$20M
Q3 23	$25M	$31M	$22M
Q4 23	$28M	$35M	$22M
Q1 24	$29M	$31M	$23M
Q2 24	$27M	$32M	$22M
Q3 24	$27M	$33M	$22M
Q4 24	$26M	$29M	$22M
Q1 25	$28M	$33M	$24M
Q2 25	$30M	$35M	$26M
Q3 25	$30M	$35M	$24M
Q4 25	$29M	$40M	$24M

Revenue Segments

Quarter	Amplifiers, Laser Systems, Service Parts, Accessories And Change In Deferred Revenue	High Power Continuous Wave CW Lasers	Laser And Non Laser Systems	Medium Power CW Lasers	Pulsed Lasers	Quasi Continuous Wave QCW Lasers	Amplifiers, Laser Systems, Service, Parts, Accessories And Change In Deferred Revenue	Laser And Non-Laser Systems	Quasi-Continuous Wave QCW Lasers
Q1 22	$64M	$168M	$35M	$24M	$67M	$13M	—	—	—
Q2 22	$73M	$163M	$38M	$19M	$70M	$14M	—	—	—
Q4 22	—	$130M	—	—	$59M	—	$74M	$45M	$12M
Q1 23	$70M	$154M	$41M	$14M	$56M	$11M	—	—	—
Q2 23	$67M	$146M	$38M	$22M	$53M	$14M	—	—	—
Q3 23	$71M	$120M	$37M	$21M	$41M	$11M	—	—	—
Q1 24	$57M	$91M	$38M	$16M	$35M	$16M	—	—	—
Q2 24	$68M	$82M	$39M	$16M	$43M	$11M	—	—	—
Q3 24	$58M	$81M	$35M	$15M	$33M	$10M	—	—	—
Q1 25	$53M	$69M	$33M	$24M	$37M	$11M	—	—	—
Q2 25	$64M	$76M	$40M	$21M	$38M	$12M	—	—	—

Revenue by Geography

Quarter	China	Germany	Japan	North America	Other Asian Geographical Areas	Other European Geographical Areas	Rest Of World
Q4 21	$112M	$27M	$19M	$94M	$33M	$76M	$4M
Q1 22	$130M	$27M	$13M	$77M	$39M	$80M	$4M
Q2 22	$137M	$23M	$15M	$88M	$34M	$75M	$5M
Q4 22	$95M	$15M	$19M	$91M	$41M	$67M	$6M
Q1 23	$101M	$20M	$22M	$76M	$44M	$80M	$4M
Q2 23	$99M	$29M	$17M	$78M	$38M	$73M	$7M
Q3 23	$84M	$23M	$16M	$71M	$30M	$72M	$5M
Q4 23	$71M	$16M	$18M	$88M	$31M	$66M	$9M
Q1 24	$63M	$20M	$17M	$64M	$25M	$59M	$4M
Q2 24	$65M	$21M	$10M	$77M	$28M	$54M	$3M
Q3 24	$62M	$26M	$14M	$57M	$29M	$41M	$3M
Q4 24	$56M	$21M	$21M	$61M	$31M	$42M	$2M
Q1 25	$68M	$25M	$12M	$56M	$33M	$32M	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$643M	$774M	$1.4B
Q2 22	$772M	$463M	$1.2B
Q3 22	$869M	$365M	$1.2B
Q4 22	$698M	$479M	$1.2B
Q1 23	$521M	$548M	$1.1B
Q2 23	$573M	$523M	$1.1B
Q3 23	$528M	$605M	$1.1B
Q4 23	$515M	$663M	$1.2B
Q1 24	$496M	$644M	$1.1B
Q2 24	$721M	$343M	$1.1B
Q3 24	$884M	$135M	$1.0B
Q4 24	$620M	$310M	$930M
Q1 25	$363M	$564M	$927M
Q2 25	$359M	$540M	$900M
Q3 25	$346M	$524M	$870M
Q4 25	$404M	$436M	$839M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	54M	-0.7%	+0.2%
Q1 22	53M	-1.0%	-1.1%
Q2 22	52M	-2.5%	-4.4%
Q4 22	49M	-5.9%	-9.8%
Q1 23	48M	-1.9%	-10.9%
Q2 23	47M	-0.7%	-10.6%
Q3 23	47M	-0.1%	-8.5%
Q4 23	47M	-1.5%	-4.2%
Q1 24	46M	-1.0%	-3.4%
Q2 24	45M	-2.5%	-5.1%
Q3 24	44M	-2.6%	-7.5%
Q4 24	43M	-2.4%	-8.3%
Q1 25	43M	+0.1%	-7.2%
Q2 25	43M	-0.6%	-5.4%
Q3 25	43M	-0.0%	-2.9%
Q4 25	43M	+0.1%	-0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$55.4K	7K
Q1 22	$56.2K	7K
Q2 22	$57.3K	7K
Q4 22	$53.5K	6K
Q1 23	$55.7K	6K
Q2 23	$54.6K	6K
Q3 23	$48.4K	6K
Q4 23	$48.4K	6K
Q1 24	$40.8K	6K
Q2 24	$41.7K	6K
Q3 24	$37.7K	6K
Q4 24	$49.4K	5K
Q1 25	$48.1K	5K
Q2 25	$52.9K	5K
Q3 25	$52.9K	5K
Q4 25	$56.7K	5K

Revenue / Employee