IPG Photonics Corporation (IPGP) Financial Ratios
22 years of historical data (2004–2025) · Technology · Semiconductors
EV/EBITDA
↑
57.59
↑+177% vs avg
5yr avg: 20.78
30Y Low7.5·High38.2
P/FCF
↓
N/A
—
5yr avg: 32.78
30Y Low17.8·High83.9
P/B Ratio
↓
2.37
+12% vs avg
5yr avg: 2.11
30Y Low1.4·High5.8
ROE
↓
1.5%
↑-56% vs avg
5yr avg: 3.4%
30Y Low-8%·High50%
Debt/EBITDA
↓
N/A
—
5yr avg: 0.11
30Y Low0.1·High5.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
IPGP Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
IPG Photonics Corporation trades at 161.7x earnings, 225% above its 5-year average of 49.7x, sitting at the 100th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a premium of 457%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.0B | $3.1B | $3.2B | $5.1B | $4.8B | $9.3B | $12.0B | $7.8B | $6.2B | $11.7B | $5.3B |
| Enterprise Value | $4.6B | $2.6B | $2.6B | $4.6B | $4.2B | $8.6B | $11.2B | $7.2B | $5.7B | $10.9B | $4.7B |
| P/E Ratio → | 161.66 | 98.08 | — | 23.44 | 43.83 | 33.36 | 75.35 | 43.26 | 15.35 | 33.67 | 20.35 |
| P/S Ratio | 4.99 | 3.04 | 3.30 | 3.99 | 3.37 | 6.35 | 10.02 | 5.94 | 4.25 | 8.31 | 5.28 |
| P/B Ratio | 2.37 | 1.43 | 1.59 | 2.13 | 2.02 | 3.38 | 4.64 | 3.25 | 2.81 | 5.79 | 3.41 |
| P/FCF | — | — | 21.58 | 27.69 | 47.03 | 34.82 | 60.90 | 41.07 | 26.61 | 42.15 | 32.14 |
| P/OCF | 66.48 | 40.53 | 13.01 | 17.35 | 22.67 | 23.82 | 42.18 | 24.12 | 15.76 | 28.96 | 18.17 |
P/E links to full P/E history page with 30-year chart
IPGP EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
IPG Photonics Corporation's enterprise value stands at 57.6x EBITDA, 177% above its 5-year average of 20.8x. The Technology sector median is 16.7x, placing the stock at a 244% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.64 | 2.68 | 3.60 | 2.91 | 5.91 | 9.33 | 5.45 | 3.91 | 7.70 | 4.70 |
| EV / EBITDA | 57.59 | 33.14 | — | 15.38 | 16.00 | 18.60 | 38.21 | 21.72 | 9.44 | 17.63 | 11.37 |
| EV / EBIT | 351.42 | 58.76 | 181.12 | 20.04 | 17.98 | 24.47 | 48.40 | 24.65 | 11.02 | 19.19 | 12.82 |
| EV / FCF | — | — | 17.55 | 25.01 | 40.59 | 32.38 | 56.69 | 37.74 | 24.47 | 39.05 | 28.61 |
IPGP Profitability
Margins and return-on-capital ratios measuring operating efficiency
IPG Photonics Corporation earns an operating margin of 1.3%. Operating margins have compressed from 18.0% to 1.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 1.5% is modest. ROIC of 0.6% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.0% | 38.0% | 34.6% | 42.1% | 38.9% | 47.7% | 44.9% | 46.1% | 54.8% | 56.6% | 54.9% |
| Operating Margin | 1.3% | 1.3% | -21.3% | 18.0% | 11.9% | 25.2% | 16.5% | 17.8% | 35.9% | 39.1% | 36.2% |
| Net Profit Margin | 3.1% | 3.1% | -18.6% | 17.0% | 7.7% | 19.1% | 13.3% | 13.7% | 27.7% | 24.7% | 25.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.5% | 1.5% | -8.2% | 9.1% | 4.3% | 10.4% | 6.4% | 7.8% | 19.1% | 19.4% | 18.5% |
| ROA | 1.3% | 1.3% | -7.3% | 8.0% | 3.7% | 9.1% | 5.6% | 6.8% | 16.3% | 16.7% | 16.1% |
| ROIC | 0.6% | 0.6% | -9.3% | 9.5% | 6.7% | 14.3% | 8.4% | 10.1% | 27.4% | 38.7% | 32.7% |
| ROCE | 0.6% | 0.6% | -9.1% | 9.4% | 6.4% | 13.2% | 7.6% | 9.6% | 23.3% | 29.0% | 24.8% |
IPGP Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $404M exceeds total debt of $0, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 |
| Debt / EBITDA | — | — | — | 0.06 | 0.15 | 0.13 | 0.15 | 0.14 | 0.08 | 0.08 | 0.10 |
| Net Debt / Equity | — | -0.19 | -0.30 | -0.21 | -0.28 | -0.24 | -0.32 | -0.26 | -0.23 | -0.43 | -0.37 |
| Net Debt / EBITDA | -5.05 | -5.05 | — | -1.65 | -2.54 | -1.40 | -2.84 | -1.92 | -0.83 | -1.40 | -1.40 |
| Debt / FCF | — | — | -4.03 | -2.68 | -6.44 | -2.44 | -4.21 | -3.33 | -2.14 | -3.10 | -3.53 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | 282.83 |
Net cash position: cash ($404M) exceeds total debt ($0)
IPGP Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
IPG Photonics Corporation's current ratio of 6.08x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 4.74x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 8.91x to 6.08x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.08 | 6.08 | 6.98 | 8.91 | 7.23 | 7.49 | 10.01 | 9.88 | 7.35 | 8.82 | 8.22 |
| Quick Ratio | 4.74 | 4.74 | 5.59 | 6.80 | 5.38 | 6.02 | 8.31 | 7.90 | 5.70 | 7.27 | 6.71 |
| Cash Ratio | 3.59 | 3.59 | 4.54 | 5.48 | 4.29 | 4.83 | 6.48 | 6.16 | 4.25 | 5.61 | 5.25 |
| Asset Turnover | — | 0.41 | 0.43 | 0.48 | 0.52 | 0.46 | 0.41 | 0.48 | 0.57 | 0.59 | 0.56 |
| Inventory Turnover | 1.99 | 1.99 | 2.24 | 1.64 | 1.72 | 1.66 | 1.81 | 1.86 | 1.63 | 1.99 | 1.90 |
| Days Sales Outstanding | — | 66.08 | 63.92 | 62.10 | 53.96 | 65.49 | 80.35 | 66.21 | 63.88 | 61.47 | 56.55 |
IPGP Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
IPG Photonics Corporation returns 1.1% to shareholders annually primarily through share buybacks. The earnings yield of 0.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.6% | 1.0% | — | 4.3% | 2.3% | 3.0% | 1.3% | 2.3% | 6.5% | 3.0% | 4.9% |
| FCF Yield | — | — | 4.6% | 3.6% | 2.1% | 2.9% | 1.6% | 2.4% | 3.8% | 2.4% | 3.1% |
| Buyback Yield | 1.1% | 1.8% | 10.7% | 4.4% | 10.4% | 1.5% | 0.3% | 0.5% | 2.8% | 0.3% | 0.2% |
| Total Shareholder Yield | 1.1% | 1.8% | 10.7% | 4.4% | 10.4% | 1.5% | 0.3% | 0.5% | 2.8% | 0.3% | 0.2% |
| Shares Outstanding | — | $43M | $44M | $47M | $51M | $54M | $54M | $54M | $55M | $55M | $54M |
Peer Comparison
Compare IPGP with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 IPGPYou | $5B | 161.7 | 57.6 | — | 38.0% | 1.3% | 1.5% | 0.6% | — |
 LITE | $61B | 2297.3 | 819.5 | — | 28.0% | -10.9% | 2.5% | -4.3% | 34.0 |
 NPKI | $1B | 37.9 | 19.0 | 51.1 | 35.6% | 16.9% | 10.6% | 9.9% | 0.5 |
 MKSI | $27B | 93.0 | 34.5 | 55.0 | 40.4% | 14.4% | 11.7% | 6.5% | 5.2 |
 NOVT | $6B | 105.6 | 30.7 | 114.2 | 41.6% | 11.9% | 5.2% | 7.4% | 1.9 |
 VIAV | $11B | 314.5 | 83.7 | 176.0 | 56.8% | 6.5% | 4.8% | 5.5% | 5.2 |
 AMAT | $490B | 71.3 | 58.3 | 86.0 | 48.7% | 29.2% | 35.5% | 32.9% | 0.8 |
 COHR | $62B | -749.2 | 58.7 | 320.5 | 35.4% | 9.4% | 0.6% | 3.6% | 3.5 |
 GSIT | $262M | -18.0 | — | — | 49.4% | -52.8% | -33.1% | -34.2% | — |
 AAON | $11B | 106.0 | 50.2 | — | 26.7% | 10.6% | 12.5% | 9.8% | 1.9 |
 KLIC | $6B | 9999.0 | 420.4 | 66.2 | 42.5% | -0.5% | 0.0% | -0.3% | 2.6 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 22 years · Updated daily
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IPGP — Frequently Asked Questions
Quick answers to the most common questions about buying IPGP stock.
What is IPG Photonics Corporation's P/E ratio?
IPG Photonics Corporation's current P/E ratio is 161.7x. The historical average is 42.0x. This places it at the 100th percentile of its historical range.
What is IPG Photonics Corporation's EV/EBITDA?
IPG Photonics Corporation's current EV/EBITDA is 57.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.7x.
What is IPG Photonics Corporation's ROE?
IPG Photonics Corporation's return on equity (ROE) is 1.5%. The historical average is 15.3%.
Is IPGP stock overvalued?
Based on historical data, IPG Photonics Corporation is trading at a P/E of 161.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are IPG Photonics Corporation's profit margins?
IPG Photonics Corporation has 38.0% gross margin and 1.3% operating margin.