IPGP
IPG PHOTONICS CORP
Technology • CIK: 0001111928
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Market Cap
$3.03B
P/E (TTM)
96.8x
Rev Growth (TTM)
+2.7%
Net Margin (TTM)
3.1%
FCF Yield (TTM)
-0.1%
FCF Margin (TTM)
-0.3%
Cash Flow Health
Free Cash Flow6/8 positive
TTM$-3M
Q4 '25
$11M-25%
Q3 '25
$15M+183%
FCF Margin
TTM-0.3%
Q4 '254.0%-32%
Sector: 10.0%Below Avg
OCF Margin7.5%
OCF/NI2.42x
CapEx Coverage1.0x
FCF Yield-0.1%
FCF Growth (2Y)–
Cash Conversion Cycle
221 days
DSO: 66+DIO: 178−DPO: 23
Capital Allocation & Returns
Total Shareholder YieldFY
FY0.0%
Div Yield0.0%
+Buyback (FY)1.8%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$-3.5M
Stock Repurchases (FY)$53.1M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
0.4%
Volatile
+0.1% YoY+9.8%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
0.9%
8Q: 1.5%
Asset Turnover
0.43x
8Q: 0.40x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 0.4% ≈ 0.4% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
1.63x
8Q:1.63x
Flat
Invested Cap Turn
0.51x
8Q:0.47x
+10.7%
CapEx Intensity
4.0%
8Q:4.4%
CapEx/Depreciation
1.18x
Depreciation Rate Trend
⚠ Declining -2.3%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $1.0B | $274.5M↑9.4% | $250.8M↑0.0% | $250.7M↑10.1% | $227.8M↓2.8% | $234.3M↑0.5% | $233.1M↓9.5% | $257.6M↑2.2% | $252.0M |
Operating Income | $13.1M | $3.3M↓57.8% | $7.9M↑7452.9% | $104.0K↓94.3% | $1.8M↓86.9% | $14.0M↑105.5% | $-253.3M↓2204.2% | $12.0M↓37.0% | $19.1M |
Net Income | $31.1M | $13.3M↑77.8% | $7.5M↑13.0% | $6.6M↑75.8% | $3.8M↓51.9% | $7.8M↑103.3% | $-233.6M↓1259.0% | $20.2M↓16.4% | $24.1M |
Operating Cash Flow | $75.3M | $28.8M↓18.4% | $35.3M↑1693.2% | $-2.2M↓116.5% | $13.4M↓81.8% | $73.8M↑11.7% | $66.1M↑23.6% | $53.5M↓2.1% | $54.6M |
Free Cash Flow | $-3.5M | $10.9M↓25.1% | $14.6M↑182.9% | $-17.6M↓54.5% | $-11.4M↓122.5% | $50.6M↑17.8% | $43.0M↑47.0% | $29.2M↑10.2% | $26.5M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
96.8x
Volatile
8Q: 330.0x+26077%
Valuation Lenses
Earnings
96.8x
vs – sector
Cash Flow
-618.5x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
223.4P/E per %ROIC
ROIC: 0.4%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$3.03B
EV$2.14B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
38/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
1.5%
8Q:–
Return on Invested Capital (ROIC)Top 25%
0.4%
8Q:–
+9.8%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 0.9%
Asset Turnover: 0.43x
Earnings Quality
Cash Conversion
2.42x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin38.0%
Capital Efficiency
Invested Capital Turnover0.51x
Working Capital
Cash Conversion Cycle221 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
53/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
2.7%
OpInc Growth YoY
-76.2%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
38.0%
Operating
1.3%
Below Avg in sector
Net
3.1%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-3.4 pts
FCF: -0.3% | Net: 3.1%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $839.33M
Interest Coverage
–
+Net cash position: $839.33M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis