IPG Photonics Corporation (IPGP) Balance Sheet
IPGP balance sheet, 2025
December 31, 2025 · U.S. dollars$2.42B assets = $296.1M liabilities + $2.13B equity
Both columns are drawn to the same scale: what IPGP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
IPGP financial health
Descriptive bands, not a rating. Fiscal 2025.
IPGP balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.79B2016 | $2.42B2025 | +3.4%/yr | |
| Total liabilities | $232.3M2016 | $296.1M2025 | +2.7%/yr | |
| Shareholders’ equity | $1.56B2016 | $2.13B2025 | +3.5%/yr | |
| Cash & short-term investments | $830.6M2016 | $839.3M2025 | +0.1%/yr | |
| Total debt | $40.8M2016 | $17.2M2025 | −9.1%/yr | |
| Net cash (debt) | $789.8M2016 | $822.1M2025 | +$32.3M | |
| Working capital | $1.14B2016 | $1.19B2025 | +$46.7M | |
| Book value per share | $28.952016 | $49.902025 | +6.2%/yr | |
| Current ratio | 8.222016 | 6.082025 | −2.14 | |
| Debt / equity | 0.032016 | 0.012025 | −0.02 | |
| Shares outstanding | 53.8M2016 | 42.6M2025 | −2.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IPGP assets
IPGP liabilities and equity
IPGP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
IPGP balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $839.3M | $930.2M | $1.18B | $1.18B | $1.51B | $1.39B | $1.18B | $1.04B | $1.12B | $830.6M |
| Cash & equivalents | $403.8M | $620.0M | $514.7M | $698.2M | $709.1M | $876.2M | $680.1M | $544.4M | $909.9M | $623.9M |
| Short-term investments | $435.5M | $310.2M | $662.8M | $479.4M | $805.4M | $514.8M | $502.5M | $500.4M | $206.3M | $206.8M |
| Receivables | $181.7M | $171.1M | $219.1M | $211.3M | $262.1M | $264.3M | $238.5M | $255.5M | $237.3M | $155.9M |
| Inventory | $313.4M | $284.8M | $453.9M | $509.4M | $460.7M | $365.0M | $380.8M | $403.6M | $307.7M | $239.0M |
| Other current assets | $89.0M | $44.9M | $64.2M | $88.0M | $110.3M | $127.7M | $94.7M | $101.5M | $92.9M | $75.4M |
| Total current assets | $1.42B | $1.43B | $1.91B | $1.99B | $2.35B | $2.15B | $1.90B | $1.81B | $1.75B | $1.30B |
| Property, plant & equipment (net) | $637.5M | $588.4M | $602.3M | $580.6M | $635.3M | $597.5M | $600.9M | $543.1M | $460.2M | $379.4M |
| Goodwill & intangible assets | $121.7M | $122.6M | $64.8M | $72.4M | $91.3M | $103.5M | $156.4M | $187.9M | $107.1M | $48.6M |
| Long-term investments | $76.5M | $0 | $0 | $0 | $0 | $0 | $604,000 | $4.7M | $16,000 | $77,000 |
| Other non-current assets | $165.1M | $147.3M | $117.2M | $104.0M | $96.3M | $86.6M | $76.0M | $33.4M | $50.7M | $61.0M |
| Total assets | $2.42B | $2.29B | $2.70B | $2.74B | $3.17B | $2.94B | $2.73B | $2.57B | $2.37B | $1.79B |
| Liabilities | ||||||||||
| Accounts payable | $39.3M | $35.4M | $28.6M | $46.2M | $55.8M | $25.7M | $27.3M | $36.3M | $35.1M | $28.0M |
| Short-term debt | $5.1M | $4.8M | $4.6M | $21.3M | $23.6M | $9.6M | $9.0M | $3.7M | $3.6M | $3.2M |
| Deferred revenue | $66.2M | $56.5M | $69.2M | $80.1M | $89.7M | $71.2M | $59.5M | $56.5M | $47.3M | $34.6M |
| Total current liabilities | $234.0M | $205.0M | $214.9M | $274.6M | $313.4M | $214.6M | $191.9M | $245.8M | $198.9M | $158.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $16.0M | $34.2M | $38.0M | $41.7M | $45.4M | $37.6M |
| Lease obligations | $17.2M | $18.0M | $18.3M | $5.2M | $5.5M | $5.8M | $5.3M | — | — | — |
| Other long-term liabilities | $62.1M | $59.8M | $68.7M | $83.3M | $93.9M | $92.9M | $98.1M | $80.7M | $105.4M | $36.4M |
| Total liabilities | $296.1M | $264.8M | $283.5M | $357.9M | $423.3M | $341.6M | $328.0M | $368.2M | $349.7M | $232.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $5,000 | $5,000 | $704.7M | $651.0M |
| Retained earnings (deficit) | $2.64B | $2.61B | $2.80B | $2.58B | $2.47B | $2.19B | $2.03B | $1.85B | $1.44B | $1.09B |
| Treasury stock | — | — | — | — | −$438.5M | −$303.6M | −$265.7M | −$225.0M | −$48.9M | −$8.9M |
| Accumulated other comprehensive income | −$38.4M | −$119.4M | −$212.5M | −$204.5M | −$190.0M | −$146.1M | −$146.9M | −$162.9M | −$77.3M | −$178.6M |
| Minority interest | — | — | — | $0 | $639,000 | $1.3M | $717,000 | $687,000 | $0 | $166,000 |
| Total shareholders' equity | $2.13B | $2.02B | $2.42B | $2.39B | $2.75B | $2.59B | $2.40B | $2.21B | $2.02B | $1.56B |
| Key figures | ||||||||||
| Total debt | $17.2M | $18.0M | $18.3M | $38.1M | $58.1M | $43.7M | $47.0M | $45.4M | $49.0M | $40.8M |
| Net cash (debt) | $822.1M | $912.2M | $1.16B | $1.14B | $1.46B | $1.35B | $1.14B | $999.4M | $1.07B | $789.8M |
| Working capital | $1.19B | $1.23B | $1.70B | $1.71B | $2.03B | $1.93B | $1.70B | $1.56B | $1.56B | $1.14B |
| Tangible book value | $2.01B | $1.90B | $2.35B | $2.31B | $2.66B | $2.49B | $2.25B | $2.02B | $1.92B | $1.51B |
| Book value per share | $49.90 | $45.66 | $51.04 | $46.84 | $50.93 | $48.21 | $44.61 | $40.30 | $36.97 | $28.95 |
| Shares outstanding | 42.6M | 44.3M | 47.3M | 50.9M | 53.9M | 53.8M | 53.8M | 54.7M | 54.7M | 53.8M |
| Current ratio | 6.08 | 6.98 | 8.91 | 7.23 | 7.49 | 10.01 | 9.88 | 7.35 | 8.82 | 8.22 |
| Quick ratio | 4.36 | 5.37 | 6.50 | 5.06 | 5.67 | 7.71 | 7.41 | 5.29 | 6.80 | 6.23 |
| Debt / equity | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 |
| Equity / assets | 87.8% | 88.4% | 89.5% | 87.0% | 86.6% | 88.3% | 88.0% | 85.7% | 85.3% | 87.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $871.3M | $812.9M | $839.3M | $870.4M | $899.6M | $926.9M | $930.2M | $1.02B | $1.06B | $1.14B | $1.18B | $1.13B |
| Cash & equivalents | $399.2M | $480.8M | $403.8M | $346.0M | $359.2M | $363.0M | $620.0M | $883.9M | $720.5M | $496.5M | $514.7M | $528.3M |
| Short-term investments | $472.1M | $332.1M | $435.5M | $524.4M | $540.4M | $563.8M | $310.2M | $135.4M | $343.4M | $643.7M | $662.8M | $605.2M |
| Receivables | $182.0M | $198.1M | $181.7M | $169.1M | $201.0M | $176.9M | $171.1M | $163.5M | $176.2M | $184.0M | $219.1M | $229.6M |
| Inventory | $330.8M | $319.0M | $313.4M | $323.9M | $303.8M | $287.6M | $284.8M | $320.7M | $400.8M | $431.9M | $453.9M | $479.8M |
| Other current assets | $94.7M | $103.1M | $89.0M | $71.1M | $69.7M | $52.0M | $44.9M | $66.8M | $77.1M | $73.6M | $64.2M | $77.5M |
| Total current assets | $1.48B | $1.43B | $1.42B | $1.43B | $1.47B | $1.44B | $1.43B | $1.57B | $1.72B | $1.83B | $1.91B | $1.92B |
| Property, plant & equipment (net) | $641.9M | $636.2M | $637.5M | $622.1M | $621.4M | $603.3M | $588.4M | $589.6M | $593.1M | $585.8M | $602.3M | $582.0M |
| Goodwill & intangible assets | $115.4M | $118.1M | $121.7M | $123.9M | $126.4M | $122.9M | $122.6M | $60.5M | $61.7M | $63.2M | $64.8M | $66.3M |
| Long-term investments | $32.7M | $70.6M | $76.5M | $30.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $155.8M | $163.6M | $165.1M | $170.3M | $157.5M | $147.8M | $147.3M | $134.6M | $122.6M | $119.9M | $117.2M | $104.1M |
| Total assets | $2.42B | $2.42B | $2.42B | $2.38B | $2.38B | $2.32B | $2.29B | $2.36B | $2.50B | $2.60B | $2.70B | $2.67B |
| Liabilities | ||||||||||||
| Accounts payable | $42.9M | $54.7M | $39.3M | $40.2M | $41.5M | $37.9M | $35.4M | $39.6M | $26.2M | $26.7M | $28.6M | $33.1M |
| Short-term debt | $5.2M | $5.0M | $5.1M | $4.9M | $4.8M | $4.3M | $4.8M | $4.4M | $4.5M | $4.6M | $4.6M | $4.4M |
| Deferred revenue | $59.2M | $67.8M | $66.2M | $54.9M | $60.6M | $61.8M | $56.5M | $52.3M | $57.5M | $60.2M | $69.2M | $67.0M |
| Total current liabilities | $239.3M | $247.2M | $234.0M | $213.4M | $217.0M | $197.0M | $205.0M | $194.2M | $190.5M | $192.1M | $214.9M | $219.7M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $16.3M | $16.3M | $17.2M | $17.4M | $16.9M | $16.3M | $18.0M | $16.5M | $17.4M | $18.9M | $18.3M | $17.6M |
| Other long-term liabilities | $58.1M | $58.7M | $62.1M | $62.8M | $57.9M | $59.9M | $59.8M | $46.3M | $51.6M | $65.6M | $68.7M | $69.2M |
| Total liabilities | $297.4M | $305.8M | $296.1M | $276.2M | $274.9M | $256.9M | $264.8M | $240.5M | $242.1M | $257.7M | $283.5M | $288.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 |
| Retained earnings (deficit) | $2.65B | $2.65B | $2.64B | $2.63B | $2.62B | $2.62B | $2.61B | $2.61B | $2.84B | $2.82B | $2.80B | $2.75B |
| Accumulated other comprehensive income | −$55.9M | −$50.8M | −$38.4M | −$38.7M | −$37.2M | −$92.2M | −$119.4M | −$68.7M | −$226.9M | −$230.3M | −$212.5M | −$250.8M |
| Total shareholders' equity | $2.13B | $2.12B | $2.13B | $2.10B | $2.10B | $2.06B | $2.02B | $2.11B | $2.25B | $2.34B | $2.42B | $2.38B |
| Key figures | ||||||||||||
| Total debt | $16.3M | $16.3M | $17.2M | $17.4M | $16.9M | $16.3M | $18.0M | $16.5M | $17.4M | $18.9M | $18.3M | $17.6M |
| Net cash (debt) | $855.1M | $796.6M | $822.1M | $853.0M | $882.7M | $910.6M | $912.2M | $1.00B | $1.05B | $1.12B | $1.16B | $1.12B |
| Working capital | $1.24B | $1.19B | $1.19B | $1.22B | $1.26B | $1.25B | $1.23B | $1.38B | $1.53B | $1.64B | $1.70B | $1.70B |
| Tangible book value | $2.01B | $2.00B | $2.01B | $1.98B | $1.98B | $1.94B | $1.90B | $2.05B | $2.19B | $2.28B | $2.35B | $2.32B |
| Book value per share | $49.57 | $49.31 | $49.93 | $49.46 | $49.43 | $48.11 | $47.32 | $48.24 | $50.06 | $50.69 | $51.77 | $50.31 |
| Shares outstanding | 42.9M | 42.9M | 42.6M | 42.6M | 42.6M | 42.8M | 42.8M | 43.8M | 45.0M | 46.2M | 46.7M | 47.4M |
| Current ratio | 6.18 | 5.80 | 6.08 | 6.72 | 6.79 | 7.33 | 6.98 | 8.09 | 9.02 | 9.52 | 8.91 | 8.74 |
| Quick ratio | 4.40 | 4.09 | 4.36 | 4.87 | 5.07 | 5.60 | 5.37 | 6.09 | 6.51 | 6.89 | 6.50 | 6.20 |
| Debt / equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Equity / assets | 87.7% | 87.4% | 87.8% | 88.4% | 88.4% | 88.9% | 88.4% | 89.8% | 90.3% | 90.1% | 89.5% | 89.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 23, 2026); data from EODHD.
IPGP financial position
At the end of fiscal 2025 (December 31, 2025), IPG Photonics had total assets of $2.4 billion (up 5.9% from a year earlier), total liabilities of $296.1 million and shareholders' equity of $2.1 billion. It held $839.3 million in cash and short-term investments against $17.2 million of debt, a net cash position of $822.1 million. Its current ratio was 6.08. In the latest quarter (ended June 30, 2026) total assets were $2.4 billion and equity $2.1 billion.
Related: IPGP income statement, IPGP cash flow statement, IPGP key metrics. See the IPGP stock overview for the latest quote and news.
IPGP balance sheet FAQ
What are IPG Photonics's total assets?
IPG Photonics reported total assets of $2.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.3 billion a year earlier.
How much debt does IPG Photonics have?
IPG Photonics had $17.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.01.
How much cash does IPG Photonics have?
IPG Photonics held $839.3 million in cash and short-term investments at the end of fiscal 2025; with $17.2 million of debt that is net cash of $822.1 million.
What is IPG Photonics's book value?
IPG Photonics's shareholders' equity (book value) was $2.1 billion at the end of fiscal 2025, or $49.90 per share.
What is IPG Photonics's current ratio?
IPG Photonics had current assets of $1.4 billion and current liabilities of $234.0 million, a current ratio of 6.08 (it can cover its short-term obligations).
How much goodwill does IPG Photonics have?
IPG Photonics carried $121.7 million of goodwill and intangible assets, 5.0% of total assets, at the end of fiscal 2025.