IPG Photonics Corporation (IPGP) Key Metrics
IPGP valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.02B
- Enterprise value
- $2.43B
- P/E (TTM)
- 109.2 10-yr median 33.7
- Forward P/E
- 32.4
- PEG ratio
- 1.83
- Price / sales
- 2.8 10-yr median 4.8
- Price / book
- 1.5 10-yr median 3.0
- EV / EBITDA
- 22.2 10-yr median 17.1
- Dividend yield
- —
- Beta
- 0.97
IPGP key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsIPGP valuation Price multiples at each fiscal year-end price.
IPGP returns How much profit the business earns on the capital it uses.
IPGP per-share figures Results divided by the shares outstanding at year-end.
IPGP financial health Debt, liquidity and how easily interest is covered.
IPGP efficiency & capital use Working capital cycle and where the cash goes.
IPGP valuation history
IPGP returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
IPGP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
IPGP cash returned to shareholders
IPGP price vs earnings per share
IPGP key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.05B | $3.22B | $5.14B | $4.82B | $9.28B | $12.04B | $7.80B | $6.20B | $11.71B | $5.31B |
| Enterprise value | $2.23B | $2.31B | $3.98B | $3.68B | $7.83B | $10.69B | $6.67B | $5.20B | $10.65B | $4.52B |
| P/E ratio | 98.2 | — | 23.5 | 43.9 | 33.3 | 75.4 | 43.3 | 15.3 | 33.7 | 20.4 |
| Price / sales | 3.0 | 3.3 | 4.0 | 3.4 | 6.4 | 10.0 | 5.9 | 4.2 | 8.3 | 5.3 |
| Price / book | 1.4 | 1.6 | 2.1 | 2.0 | 3.4 | 4.6 | 3.2 | 2.8 | 5.8 | 3.4 |
| Price / free cash flow | — | 21.6 | 27.7 | 47.0 | 34.8 | 60.9 | 41.1 | 26.6 | 42.1 | 32.1 |
| Price / operating cash flow | 40.5 | 13.0 | 17.4 | 22.7 | 23.8 | 42.2 | 24.1 | 15.8 | 29.0 | 18.2 |
| EV / sales | 2.2 | 2.4 | 3.1 | 2.6 | 5.4 | 8.9 | 5.1 | 3.6 | 7.6 | 4.5 |
| EV / EBITDA | 19.9 | 30.5 | 13.2 | 11.4 | 17.4 | 32.8 | 17.2 | 8.7 | 16.9 | 10.8 |
| EV / free cash flow | — | 15.5 | 21.4 | 35.9 | 29.4 | 54.1 | 35.1 | 22.3 | 38.3 | 27.4 |
| Earnings yield | 1.0% | −5.6% | 4.3% | 2.3% | 3.0% | 1.3% | 2.3% | 6.5% | 3.0% | 4.9% |
| Free cash flow yield | −0.1% | 4.6% | 3.6% | 2.1% | 2.9% | 1.6% | 2.4% | 3.8% | 2.4% | 3.1% |
| Dividend yield | — | — | 4.6% | 0.1% | 0.2% | 0.3% | 0.1% | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 1.7% | 10.7% | 9.0% | 10.5% | 1.6% | 0.6% | 0.6% | 2.8% | 0.3% | 0.2% |
| Share price at fiscal year-end | $71.60 | $72.72 | $108.54 | $94.67 | $172.14 | $223.79 | $144.92 | $113.29 | $214.13 | $98.71 |
| Per share | ||||||||||
| Revenue per share | $23.54 | $22.04 | $27.21 | $28.07 | $27.09 | $22.32 | $24.42 | $26.68 | $25.76 | $18.70 |
| Earnings per share | $0.73 | −$4.09 | $4.63 | $2.16 | $5.16 | $2.97 | $3.35 | $7.38 | $6.36 | $4.85 |
| Operating cash flow per share | $1.77 | $5.59 | $6.25 | $4.18 | $7.23 | $5.31 | $6.01 | $7.19 | $7.39 | $5.43 |
| Free cash flow per share | −$0.08 | $3.37 | $3.92 | $2.01 | $4.94 | $3.67 | $3.53 | $4.26 | $5.08 | $3.07 |
| Cash per share | $19.68 | $20.98 | $24.88 | $23.12 | $28.08 | $25.86 | $21.97 | $19.09 | $20.41 | $15.44 |
| Book value per share | $49.90 | $45.66 | $51.04 | $46.84 | $50.93 | $48.21 | $44.61 | $40.30 | $36.97 | $28.95 |
| Tangible book value per share | $47.04 | $42.90 | $49.67 | $45.42 | $49.24 | $46.28 | $41.71 | $36.87 | $35.01 | $28.05 |
| Dividends per share | — | — | $5.00 | $0.11 | $0.30 | $0.62 | $0.14 | — | $0.00 | $0.00 |
| Capex per share | $1.85 | $2.22 | $2.33 | $2.16 | $2.28 | $1.63 | $2.48 | $2.93 | $2.31 | $2.36 |
| Debt per share | $0.40 | $0.41 | $0.39 | $0.75 | $1.08 | $0.81 | $0.87 | $0.83 | $0.90 | $0.76 |
| Shares outstanding | 42.6M | 44.3M | 47.3M | 50.9M | 53.9M | 53.8M | 53.8M | 54.7M | 54.7M | 53.8M |
| Change in shares outstanding | −3.8% | −6.3% | −7.1% | −5.6% | +0.3% | −0.1% | −1.6% | +0.0% | +1.7% | +0.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 1.5% | −8.2% | 9.1% | 4.3% | 10.4% | 6.4% | 7.8% | 19.1% | 19.4% | 18.5% |
| Return on invested capital (ROIC) | 0.7% | −13.9% | 14.8% | 8.1% | 22.0% | 12.3% | 13.7% | 36.6% | 40.3% | 38.2% |
| Return on assets (ROA) | 1.3% | −7.3% | 8.0% | 3.7% | 9.1% | 5.6% | 6.8% | 16.3% | 16.7% | 16.1% |
| Return on tangible assets | 1.4% | −8.4% | 8.3% | 4.1% | 9.0% | 5.6% | 7.0% | 16.9% | 15.3% | 15.0% |
| Free cash flow margin | −0.3% | 15.3% | 14.4% | 7.2% | 18.2% | 16.5% | 14.5% | 16.0% | 19.7% | 16.4% |
| Income quality (OCF / net income) | 2.42 | — | 1.35 | 1.93 | 1.40 | 1.79 | 1.80 | 0.97 | 1.16 | 1.12 |
| Financial health | ||||||||||
| Total debt | $17.2M | $18.0M | $18.3M | $38.1M | $58.1M | $43.7M | $47.0M | $45.4M | $49.0M | $40.8M |
| Cash & short-term investments | $839.3M | $930.2M | $1.18B | $1.18B | $1.51B | $1.39B | $1.18B | $1.04B | $1.12B | $830.6M |
| Net debt | −$822.1M | −$912.2M | −$1.16B | −$1.14B | −$1.46B | −$1.35B | −$1.14B | −$999.4M | −$1.07B | −$789.8M |
| Debt / equity | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 |
| Debt / assets | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 |
| Net debt / EBITDA | −7.34 | −12.02 | −3.85 | −3.54 | −3.24 | −4.13 | −2.93 | −1.67 | −1.69 | −1.88 |
| Current ratio | 6.08 | 6.98 | 8.91 | 7.23 | 7.49 | 10.01 | 9.88 | 7.35 | 8.82 | 8.22 |
| Quick ratio | 4.74 | 5.59 | 6.80 | 5.38 | 6.02 | 8.31 | 7.90 | 5.70 | 7.27 | 6.71 |
| Interest coverage | — | — | 5.6 | 13.4 | 200.0 | 3.3 | 16.4 | — | 747.8 | 279.4 |
| Working capital | $1.19B | $1.23B | $1.70B | $1.71B | $2.03B | $1.93B | $1.70B | $1.56B | $1.56B | $1.14B |
| Invested capital | $1.31B | $1.11B | $1.26B | $1.25B | $1.29B | $1.25B | $1.27B | $1.21B | $955.1M | $767.7M |
| Tangible asset value | $2.01B | $1.90B | $2.35B | $2.31B | $2.66B | $2.49B | $2.25B | $2.02B | $1.92B | $1.51B |
| Net current asset value | $1.13B | $1.17B | $1.63B | $1.63B | $1.92B | $1.81B | $1.57B | $1.44B | $1.40B | $1.07B |
| Graham number | $28.61 | — | $72.89 | $47.69 | $76.91 | $56.73 | $57.97 | $81.82 | $72.71 | $56.19 |
| Graham net-net per share | $19.61 | $21.11 | $27.16 | $24.21 | $28.15 | $26.59 | $22.73 | $19.55 | $20.08 | $15.52 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $236.4M | $5.6M | $16.3M | $33.2M | $7.3M | — | $0 | $0 |
| Share buybacks (net) | $53.1M | $343.8M | $223.5M | $499.5M | $134.9M | $37.9M | $40.7M | $176.1M | $40.0M | $8.9M |
| Dividend payout ratio | — | — | 108.0% | 5.1% | 5.8% | 20.8% | 4.1% | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | — | 230.2% | 247.9% | 492.7% | 56.7% | 36.0% | 25.3% | 75.6% | 14.4% | 5.4% |
| Capex / revenue | 7.9% | 10.1% | 8.6% | 7.7% | 8.4% | 7.3% | 10.2% | 11.0% | 9.0% | 12.6% |
| Capex / operating cash flow | 104.6% | 39.7% | 37.3% | 51.8% | 31.6% | 30.7% | 41.3% | 40.8% | 31.3% | 43.5% |
| Capex / depreciation | 1.18 | 1.60 | 1.59 | 1.22 | 1.28 | 0.93 | 1.39 | 2.00 | 1.96 | 2.47 |
| Stock-based compensation / revenue | 4.3% | 3.8% | 3.1% | 2.7% | 2.6% | 3.0% | 2.5% | 1.9% | 1.6% | 2.2% |
| R&D / revenue | 11.7% | 11.2% | 7.7% | 8.1% | 9.6% | 10.6% | 9.9% | 8.4% | 7.2% | 7.8% |
| SG&A / revenue | 24.0% | 21.9% | 16.4% | 14.5% | 8.6% | 15.0% | 14.1% | 7.0% | 9.3% | 10.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 64.2 | 72.9 | 61.0 | 60.4 | 65.8 | 76.4 | 68.6 | 61.6 | 50.9 | 55.6 |
| Days of inventory on hand | 175.4 | 211.0 | 235.7 | 202.5 | 197.1 | 205.7 | 202.1 | 196.8 | 163.0 | 178.0 |
| Days payables outstanding | 21.9 | 18.3 | 18.3 | 21.3 | 19.5 | 14.6 | 16.4 | 19.8 | 18.8 | 21.9 |
| Cash conversion cycle (days) | 217.7 | 265.6 | 278.4 | 241.7 | 243.4 | 267.5 | 254.3 | 238.6 | 195.1 | 211.7 |
| Receivables turnover | 5.69 | 5.01 | 5.98 | 6.04 | 5.55 | 4.78 | 5.32 | 5.92 | 7.17 | 6.57 |
| Payables turnover | 16.67 | 19.97 | 19.93 | 17.13 | 18.74 | 24.93 | 22.26 | 18.47 | 19.38 | 16.70 |
| Inventory turnover | 2.08 | 1.73 | 1.55 | 1.80 | 1.85 | 1.77 | 1.81 | 1.85 | 2.24 | 2.05 |
| Asset turnover | 0.43 | 0.39 | 0.47 | 0.48 | 0.48 | 0.42 | 0.50 | 0.59 | 0.68 | 0.62 |
| Average receivables | $176.4M | $195.1M | $215.2M | $236.7M | $263.2M | $251.4M | $247.0M | $246.4M | $196.6M | $153.2M |
| Average payables | $37.3M | $32.0M | $37.4M | $51.0M | $40.8M | $26.5M | $31.8M | $35.7M | $31.6M | $27.2M |
| Average inventory | $299.1M | $369.3M | $481.6M | $485.1M | $412.9M | $372.9M | $392.2M | $355.6M | $273.4M | $221.4M |
| Intangibles / total assets | 5.0% | 5.4% | 2.4% | 2.6% | 2.9% | 3.5% | 5.7% | 7.3% | 4.5% | 2.7% |
Computed from IPGP's annual financial statements (latest annual report filed February 23, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
IPGP valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), IPG Photonics traded at 98.2 times earnings, against a 10-year median of 33.7. Based on the latest twelve months, the trailing P/E is 109.2 and the forward P/E is 32.4. IPG Photonics earned a return on equity of 1.5% and a return on invested capital of 0.7% in fiscal 2025. It ended the year with $17.2 million of debt and $839.3 million in cash and short-term investments, a net cash position of $822.1 million. It returned $53.1 million to shareholders: $0 in dividends and $53.1 million in share buybacks. The share count fell 20.7% from 53.8M to 42.6M over 9 years.
See the IPGP income statement, the IPGP chart for price history, or the IPGP stock overview for the latest quote and news.
IPGP key metrics FAQ
What is IPG Photonics's P/E ratio?
IPG Photonics's trailing P/E ratio is 109.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 32.4. At the end of fiscal 2025 it was 98.2, compared with a 10-year median of 33.7.
What is IPG Photonics's EV/EBITDA?
IPG Photonics's enterprise value was 19.9 times EBITDA at the end of fiscal 2025 (enterprise value $2.2 billion, EBITDA $112.0 million); the current EV/EBITDA is 22.2.
What is IPG Photonics's return on equity?
IPG Photonics's return on equity (ROE) was 1.5% in fiscal 2025: net income of $31.1 million on average shareholders' equity of $2.1 billion.
What is IPG Photonics's ROIC?
IPG Photonics's return on invested capital was 0.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does IPG Photonics have?
IPG Photonics had total debt of $17.2 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
Does IPG Photonics buy back its shares?
Yes. IPG Photonics spent $53.1 million on net share repurchases in fiscal 2025 Shares outstanding changed −3.8% over the year, to 42.6M..
What is IPG Photonics's free cash flow yield?
IPG Photonics generated -$3.5 million of free cash flow in fiscal 2025, a free cash flow yield of −0.1% on its market value at year-end ($3.1 billion).
What is IPG Photonics's current ratio?
IPG Photonics's current ratio was 6.08 at the end of fiscal 2025: current assets were 6.08 times current liabilities.