IPG PHOTONICS CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data IPG PHOTONICS CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,006	1,409	1,460	1,315	1,201	1,461	1,430	1,287	977	1,004
Cost of revenue	454	612	660	708	662	764	874	746	639	622
Gross profit	552	797	800	606	539	696	555	542	338	381
Research and development	78.6	101	123	130	127	140	116	98.7	110	117
Selling and marketing	38.4	49.8	57.8	77.7	70.6	78.2	76.6	85.7	89.6	97.9
General and administrative	66.5	80.7	102	108	110	126	131	126	124	143
Operating expenses	188	246	277	372	340	329	386	310	546	368
Operating income	364	551	523	234	199	368	170	232	-208	13.1
Other non-operating income	2.25	0.76	11	14.6	7.03	-1.4	13.9	42.9	46.4	32
Pre-tax income	367	552	534	248	206	366	183	275	-162	45.1
Income tax	106	204	130	68.1	45.4	88.6	72.6	56	19.6	14
Net income to minority interests	-0.04	-0.03	0.14	0.03	0.77	-0.55	0.85	0	0
Net income	261	348	404	180	160	278	110	219	-182	31.1
EBITDA	416	616	604	330	293	464	260	302	-147	80
EPS, basic	4.91	6.50	7.55	3.40	3.00	5.21	2.17	4.64	-4.09	0.73
EPS, diluted	4.85	6.36	7.38	3.35	2.97	5.16	2.16	4.63	-4.09	0.73
Shares, basic (weighted)	53.1	53.5	53.5	53.1	53.2	53.4	50.8	47.2	44.3	42.3
Shares, diluted (weighted)	53.8	54.7	54.7	53.8	53.8	53.9	50.9	47.3	44.3	42.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	624	910	544	680	876	709	698	515	620	404
Short-term investments	207	206	500	503	515	805	479	663	310	436
Receivables	156	237	256	238	264	262	211	219	171	182
Inventory	239	308	404	381	365	461	509	454	285	313
Other current assets	41.3	47.9	57.8	55.9	57.8	73.3	47	38.2	27.3	45.8
Total current assets	1,301	1,754	1,805	1,897	2,148	2,348	1,986	1,915	1,431	1,423
Property, plant and equipment	379	460	543	601	598	635	581	602	588	638
Lease right-of-use assets				23	21.7	21.7	15.6	13.9	14.5	17
Goodwill	19.8	55.8	101	82.1	41.4	38.6	38.3	38.5	67.2	71.7
Intangible assets	28.8	51.2	87.1	74.3	62.1	52.7	34.1	26.2	55.4	49.9
Long-term investments									0	76.5
Other non-current assets	18.6	19	18.9	45.2	43.4	48.5	28.8	28.4	32.2	41.2
Total assets	1,790	2,367	2,574	2,730	2,936	3,171	2,743	2,699	2,289	2,424
Accounts payable	28	35.1	36.3	27.3	25.7	55.8	46.2	28.6	35.4	39.3
Accrued liabilities	102	144	155	150	177	231	203	181	152	185
Deferred revenue		46.5	52.6	59.5	71.2	89.7	80.1	69.2	56.5	66.2
Short-term debt	3.19	3.6	3.67	3.74	3.81	18.1	16	0
Total current liabilities	158	199	246	192	215	313	275	215	205	234
Long-term debt	37.6	45.4	41.7	38	34.2	16	0
Lease liabilities				20.4	18.4	18.5	16.8	13.7	13.1	12.2
Other non-current liabilities	36.4
Total liabilities	232	345	368	328	342	423	358	284	265	296
Total debt	40.8	45.4	45.4	41.7	38	34.2	16	0
Paid-in capital	651	705	745	786	854	908	951	994	1,035	1,077
Retained earnings	1,094	1,444	1,849	2,029	2,188	2,467	2,577	2,795	2,614	2,645
Treasury stock	-8.95	-48.9	-225	-266	-304	-439	-938	-1,162	-1,505	-1,556
Other comprehensive income	-179	-77.3	-163	-147	-146	-190	-205	-213	-119	-38.4
Shareholders' equity	1,558	2,022	2,206	2,402	2,593	2,747	2,385	2,415	2,024	2,128
Minority interests	0.17	0	0.69	0.72	1.29	0.64	0
Total equity	1,558	2,022	2,206	2,402	2,594	2,747	2,385	2,415	2,024	2,128
Total liabilities and equity	1,790	2,367	2,574	2,730	2,936	3,171	2,743	2,699	2,289	2,424
Shares outstanding	53.3	53.6	52.9	53	53.4	53	48.1	46.3	42.5	42.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	261	348	404	180	160	278	111	219	-182	31.1
Depreciation and amortization	51.5	64.6	80.3	96.3	94.6	96.3	90.6	69.6	61.4	66.9
Stock-based compensation	21.7	23	28	33.4	35.5	37.9	38.3	39.5	37.1	42.9
Deferred income tax	-12.9	22.9	-4.58	-15.5	-12.8	-6.89	-27.6	-13.8	-25.7	-13.7
Change in receivables	-11.4	-63.2	-18.8	9.78	-13	-2.09	34.1	-10.4	46.8	-4.76
Change in inventory	-53.6	-71.1	-135	-28.1	-39.9	-150	-189	1.82	47.7	-52.9
Change in payables	-0.41	2.31	-1.43	-10.3	-1.94	31	-12.2	-16.3	-1.53	4.33
Cash from operations	298	405	393	324	285	390	213	296	248	75.3
Capital expenditures	-127	-127	-160	-134	-87.7	-123	-110	-110	-98.5	-78.8
Acquisitions	-47.8	-60.5	-109	-15.1	-0.43	0	-2	0	-66.7	0.51
Purchases of investments	-300	-212	-765	-760	-1,112	-1,941	-1,117	-1,233	-713	-943
Cash from investing	-274	-171	-563	-140	-99.6	-416	297	-238	209	-265
Debt issued	23.8	28	0	0
Debt repaid	-2.59	-19.8	-3.6	-3.67	-3.74	-3.81	-18.1	-16	0	0
Stock issued						19.2	5.51	5.63	5.92	0.78
Share buybacks	-8.95	-40	-176	-40.7	-37.9	-135	-500	-223	-344	-53.1
Cash from financing	27.4	-3.37	-167	-37.1	-10.1	-125	-515	-236	-340	-54.2
Exchange rate effect	-9.41	54.8	-29.2	-7.85	19.9	-17.8	-5.95	-5.59	-11.6	27.8
Net change in cash	41.3	286	-366	139	196	-169	-10.9	-184	105	-216
Free cash flow	171	279	233	190	198	267	103	186	149	-3.45
Interest paid	0.94	2.58	3.05	2.68	2.23	2.71	3.21	1.28	0.28	0.23
Income taxes paid	127	156	113	117	85.9	63	113	62.9	40.6	57

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $78.12 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.4%	Gross profit / revenue.
Operating margin	0.7%	Operating income / revenue.
EBITDA margin	7.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.7%	Pre-tax income / revenue.
Net margin	2.6%	Net income / revenue.
FCF margin	1.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.0%	Cash from operations / revenue.
Effective tax rate	30.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.
Return on invested capital (ROIC)	0.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	11.5%	Research and development expense / revenue.
Stock-based pay / revenue	3.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.1%	Capital expenditures / revenue.
D&A / revenue	6.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-11.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-6.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-57.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-41.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-32.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-22.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-34.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-27.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-30.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-24.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-69.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-29.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-23.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-102.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	5.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	6.18x	Current assets / current liabilities.
Quick ratio	4.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.64x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	12.3%	Total liabilities / total assets.
Working capital	$1.24B	Current assets - current liabilities.
Goodwill and intangibles / assets	4.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.01B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	1.67x	Revenue / average property, plant and equipment.
Inventory turnover	1.99x	Cost of revenue / average inventory.
Days inventory	183 days	365 x average inventory / cost of revenue.
Receivables turnover	5.88x	Revenue / average receivables.
Days sales outstanding	62 days	365 x average receivables / revenue.
Days payables	24 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	222 days	Days inventory + days sales outstanding - days payables.
FCF conversion	75.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	78.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.64	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$24.92	Revenue / diluted weighted shares.
FCF per share	$0.48	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.25	Cash from operations / diluted weighted shares.
Book value per share	$50.01	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$47.30	Tangible book value / shares outstanding.
Cash per share	$20.49	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.32B	Share price x shares outstanding.
Enterprise value	$2.45B	Market cap + total debt - cash - short-term investments.
P/E	121x	Market cap / net income. Only when net income is positive.
P/S	3.11x	Market cap / revenue.
P/B	1.56x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.65x	Market cap / tangible book value, when positive.
P/FCF	160x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	34.5x	Market cap / cash from operations, when positive.
EV/Sales	2.29x	Enterprise value / revenue.
EV/EBIT	308x	Enterprise value / operating income, when both are positive.
EV/EBITDA	32.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	118x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.6%	Free cash flow / market cap.
Earnings yield	0.8%	Net income / market cap (the inverse of P/E).

What was IPG PHOTONICS CORP's revenue in fiscal 2025?

IPG PHOTONICS CORP reported revenue of $1.00B for fiscal 2025, 2.7% higher than the year before.

Was IPG PHOTONICS CORP profitable in fiscal 2025?

Yes. Net income was $31.1M, a net margin of 3.1%.

How much free cash flow did IPG PHOTONICS CORP generate in fiscal 2025?

Cash from operations of $75.3M minus capital expenditures of $78.8M left free cash flow of -$3.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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