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Makes fiber lasers used to cut, weld and mark metal and other materials in industrial manufacturing.
Makes fiber lasers used to cut, weld and mark metal and other materials in industrial manufacturing.
Makes the laser source, the costly core of cutting and welding machines, in its own factories from diodes upward, and sells it mainly to machine builders who fit it into their products. China is a large market, where local rivals have cut prices hard. A Russian-born physicist, Valentin Gapontsev, founded it in 1990.
In one line: An industrial-laser peer of Coherent Corp.
Moat: narrow (process know-how, IP / patents, installed base). Vertically integrated fiber-laser manufacturing and patents gave early leadership, though Chinese rivals compete hard on price.
Headquarters: Marlborough, Massachusetts, US · Founded: 1990 · Employees: 4,840
Size IPG Photonics (IPGP) is a United States Information Technology company (Semiconductors) with a market value of $2.78B, the 1592nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $65.31 on 6 Nov 2026.
Performance Over six months the shares fell 37.5%, against -21.7% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 14.8% over the last twelve months (peer median +25.1%); the operating margin is 5.1% (peer median 9.4%).
Valuation It trades at 32.8× forward earnings against a peer median of 27.5× (8th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is +28 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.3 points below its cost of capital (9.9% WACC).
Backlog Backlog (remaining performance obligations) was $13.1M at 30 Sep 2025, down 40% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 9.2% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.11B | $1.00B | $977M | $1.29B | $1.43B |
| Revenue growth | — | +3% | -24% | -10% | — |
| Gross profit | $445M | $412M | $338M | $538M | $553M |
| EBITDA | $124M | $89.9M | $75.9M | $301M | $320M |
| Net income | $40.4M | $31.1M | -$182M | $219M | $110M |
| Free cash flow | $35.0M | -$3.45M | $149M | $186M | $103M |
| Capital expenditure | $72.3M | $78.8M | $98.5M | $110M | $110M |
| Total debt | $16.2M | $17.2M | $18.0M | $18.3M | $38.1M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| IPG Photonics IPGP | $2.78B | -38% | +15% | 5% | 32.8× | 24.8% |
| Coherent COHR | $38.0B | -42% | +23% | 14% | 16.6× | n/a |
| Han's Laser Technology Industry 002008.SZ | $7.97B | -48% | +59% | 12% | 19.1× | 19.6% |
| nLIGHT LASR | $2.19B | +72% | +43% | -5% | 61.8× | 39.2% |
| Shenzhen Jpt Opto-Electronics 688025.SS | $3.97B | -22% | +69% | 18% | 43.3× | 44.7% |
| Novanta NOVT | $5.11B | -2% | +8% | 12% | 33.9× | 33.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IPGP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.0% | -25.1% | 7th highest of 21 |
| 6-month return | -37.5% | -21.7% | 5th lowest of 21 |
| Distance from 52-week high | -58.1% | -52.9% | 9th lowest of 21 |
| Revenue growth (TTM) | +14.8% | +25.1% | 7th lowest of 21 |
| Operating margin | 5.1% | 9.4% | 6th lowest of 21 |
| Forward P/E | 32.8× | 27.5× | 8th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 24.8% | 14.3% | 6th most demanding of 12 |
| Growth delivered (Del g) | -3.5% | +14.0% | lowest of 12 |
| Hurdle (Req g minus delivered) | +28.4 pp | -2.8 pp | 2nd most demanding of 12 |
| ROIC minus cost of capital | -6.3 pp | -0.5 pp | 7th lowest of 20 |
| EV / EBITDA | 15.0× | 13.9× | 5th most expensive of 10 |
| Net debt / EBITDA | -7.3× | -1.2× | 2nd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| IPG Photonics IPGP | United States | $2.78B | -38% | +15% | 5% | 32.8× | 24.8% | -3.5% |
| Sino-American Silicon Products 5483.TWO | Taiwan | $2.80B | 0% | -1% | 12% | 15.8× | n/a | n/a |
| Shanghai Bright Power Semiconductor 688368.SS | China | $2.72B | -20% | +90% | 6% | 85.4× | 54.1% | +7.3% |
| Maxio Technology (Hangzhou) 688449.SS | China | $2.71B | -29% | +40% | 5% | 37.7× | n/a | n/a |
| Simmtech 222800.KS | South Korea | $2.69B | +7% | +42% | 9% | 18.7× | n/a | n/a |
| Topco Scientific 5434.TW | Taiwan | $2.68B | +11% | +21% | 7% | 14.3× | 3.8% | +13.3% |
| Leeno Industrial 058470.KS | South Korea | $2.60B | -61% | +24% | 49% | 19.4× | 6.3% | +13.1% |
| Asmedia Technology 5269.TW | Taiwan | $2.60B | -14% | +38% | 25% | 12.5× | 12.3% | +14.0% |
| Ambarella AMBA | United States | $2.58B | -23% | +20% | -15% | 66.0× | n/a | n/a |
| AP Memory Technology 6531.TW | Taiwan | $2.99B | -35% | +63% | 29% | 27.0× | 34.1% | +9.8% |
| InnoScience (Suzhou) Technology 2577.HK | Hong Kong | $3.03B | -63% | +56% | -49% | n/a | n/a | n/a |
| OUST OUST | United States | $2.54B | +38% | +64% | -29% | n/a | n/a | n/a |
| Shanghai Awinic Technology 688798.SS | China | $3.04B | -9% | +2% | 1% | 39.5× | n/a | n/a |
| PENG PENG | United States | $2.52B | -5% | +26% | 10% | 9.2× | n/a | n/a |
| Xintec 3374.TWO | Taiwan | $3.08B | +88% | +17% | 23% | 36.2× | n/a | n/a |
| StarPower Semiconductor 603290.SS | China | $2.50B | -33% | +4% | 1% | 76.8× | 26.3% | +33.0% |
| Rorze 6323.T | Japan | $3.11B | -24% | +10% | 27% | 12.6× | 14.3% | +20.4% |
| Shenzhen S.C New Energy Technology 300724.SZ | China | $3.12B | -36% | -67% | 8% | 24.2× | 7.6% | +30.8% |
| Great Microwave Technology 688270.SS | China | $2.46B | -41% | +8% | 32% | 69.6× | 48.7% | +23.2% |
| Gpixel Changchun Microelectronics 3277.HK | Hong Kong | $2.45B | -48% | +27% | 33% | 28.0× | 6.9% | +9.7% |
| Wuxi NCE Power 605111.SS | China | $2.45B | -3% | +28% | 19% | 30.4× | 27.2% | +14.5% |
IPG Photonics reported $13.1M of remaining performance obligations at 30 Sep 2025, down 40% from a year earlier and down 10% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.99.