IPG Photonics Corporation

IPGP

$77.99

+1.99%

2026-09-04 10:26:58 EDT+$1.53

Technology

Semiconductors

NASDAQ

Active Trading

Established in 1990 and headquartered in Oxford, Massachusetts, IPG Photonics Corporation is a leading global developer and manufacturer of high-performance fiber, diode, ...

Key Metrics of IPGP

Snapshot

Latest / TTM · 6 periods

Market Cap

$3.25B

ROCE

0.4%

EV / EBITDA

23.32x

-0.2% YoY

FCF Yield

0.6%

+0.8% YoY

Cash Conversion Cycle

221.5d

Current Ratio

6.18

Quick take

TTM —

Positive CCC

Key Metrics

Latest / TTM · 6 periods

Valuation trend

Valuation trend table

Metric	2021	2022	2023	2024	2025	TTM
Market CapTotal market value of all shares outstanding.	$9.19B	$4.81B	$5.12B	$3.22B	$3.05B	$3.25B
Enterprise ValueCompany value including debt and cash adjustments.	$8.54B	$4.15B	$4.62B	$2.62B	$2.66B	$2.86B
EV / SalesHow many dollars investors pay per dollar of sales.	5.85x	2.90x	3.59x	2.68x	2.65x	2.68x
EV / EBITDAValuation multiple versus operating earnings before non-cash charges.	19.02x	12.88x	15.34x	34.54x	23.79x	23.32x
Net Debt / EBITDALeverage ratio using net debt divided by EBITDA.	-1.45	-2.05	-1.65	-7.93	-3.45	-3.12

Returns + ROCE gauge

ROCE latest

0.4%

Prev year 0.6%

Returns + ROCE gauge table

Metric	2021	2022	2023	2024	2025	TTM
ROEProfit generated from shareholders' equity.	10.1%	4.6%	9.1%	-9.0%	1.5%	1.3%
ROAProfit generated from total assets.	8.8%	4.0%	8.1%	-7.9%	1.3%	1.1%
ROICReturn generated on invested operating capital.	9.7%	5.9%	7.8%	0.8%	1.6%	1.4%
ROCEOperating return on long-term capital used.	12.9%	6.9%	9.3%	-10.0%	0.6%	0.4%
Earnings YieldEarnings as a percentage of market value.	3.0%	2.3%	4.3%	-5.6%	1.0%	0.9%

Cash flow quality

Cash flow quality table

Metric	2021	2022	2023	2024	2025	TTM
FCFFCash flow available to all capital providers.	$266.59M	$102.51M	$185.50M	$149.37M	$-3.45M	$20.80M
FCFECash flow available to equity holders after debt flows.	$262.78M	$84.38M	$169.47M	$149.37M	$-3.45M	$20.80M
FCF YieldFree cash flow divided by market capitalization.	2.9%	2.1%	3.6%	4.6%	-0.1%	0.6%
Income QualityHow well accounting earnings are backed by cash flow.	1.40	1.92	1.35	-1.37	2.42	3.50
Capex / OCFShare of operating cash flow spent on capital expenditures.	31.6%	51.8%	37.3%	39.7%	104.6%	78.4%

Operating efficiency

Operating efficiency table

Metric	2021	2022	2023	2024	2025	TTM
DSOAverage days to collect cash from customers.	65.5d	54.0d	62.1d	63.9d	66.1d	62.1d
DIOAverage days inventory stays before being sold.	220.0d	212.7d	222.1d	162.7d	183.8d	183.2d
DPOAverage days the company takes to pay suppliers.	26.7d	19.3d	14.0d	20.2d	23.0d	23.7d
Operating CycleTime from buying inventory to collecting receivables.	285.5d	266.6d	284.3d	226.6d	249.9d	245.3d
Cash Conversion CycleNet days cash is tied in operations.	258.8d	247.3d	270.2d	206.4d	226.9d	221.5d

Snapshot

Latest / TTM: —

Market Cap

$3.25B

ROE

1.3%

FCF Yield

0.6%

Current Ratio

6.18

Supply Chain of IPGP

Upstream / Downstream / Proxies

Upstream

Coherent Corp.NYSE:COHRSumitomo Electric Industries, Ltd.TSE:5802Linde plcNYSE:LINAir Liquide S.A.EPA:AITexas Instruments IncorporatedNASDAQ:TXN Analog Devices, Inc.NASDAQ:ADIInfineon Technologies AGXETRA:IFXMitsubishi Chemical Group CorporationTSE:4188Shin-Etsu Chemical Co., Ltd.TSE:4063Heraeus Holding GmbH

Downstream

Bystronic AGSIX:BYSMazak Corporation (Yamazaki Mazak)Amada Co., Ltd.TSE:6113Prima Industrie S.p.A.Jenoptik AGXETRA:JENTRUMPF SE + Co. KGTesla, Inc.NASDAQ:TSLABMW GroupXETRA:BMWVolkswagen GroupXETRA:VOW3Applied Materials, Inc.NASDAQ:AMAT IPG Direct Sales Operations (Global)NASDAQ:IPGP Northrop Grumman CorporationNYSE:NOCGeneral AtomicsHan's Laser Technology Industry Group Co., Ltd.SZSE:002008

Proxies

Coherent Corp.NYSE:COHR nLIGHT, Inc.NASDAQ:LASR Lumentum Holdings Inc.NASDAQ:LITEJenoptik AGXETRA:JEN

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