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Semiconductors · Technology · Fiscal year ends Dec 31
Ipg Photonics reported revenue of $1B in the fiscal year ended Dec 2025, up 2.7% from the year before. Operating income was $13M, an operating margin of 1.3%, and net income was $31M. Operating cash flow of $75M less capital expenditure of $79M left free cash flow of −$3M.
Ranks among the 51 semiconductors companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,461 | 1,430 | 1,287 | 977 | 1,004 |
| Cost of revenue | 764 | 874 | 746 | 639 | 622 |
| Gross profit | 696 | 555 | 542 | 338 | 381 |
| Research & development | 140 | 116 | 98.7 | 110 | 117 |
| Selling, general & admin | 204 | 208 | 211 | 214 | 241 |
| Operating income | 368 | 170 | 232 | −208 | 13.1 |
| Pre-tax income | 366 | 183 | 275 | −162 | 45.1 |
| Income tax | 88.6 | 72.6 | 56.0 | 19.6 | 14.0 |
| Net income | 278 | 110 | 219 | −182 | 31.1 |
| Diluted EPS | 5.16 | 2.16 | 4.63 | −4.09 | 0.73 |
| Diluted shares | 53.9 | 50.9 | 47.3 | 44.3 | 42.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 709 | 698 | 515 | 620 | 404 |
| Receivables | 262 | 211 | 219 | 171 | 182 |
| Inventory | 461 | 509 | 454 | 285 | 313 |
| Current assets | 2,348 | 1,986 | 1,915 | 1,431 | 1,423 |
| Net PP&E | 635 | 581 | 602 | 588 | 638 |
| Goodwill | 38.6 | 38.3 | 38.5 | 67.2 | 71.7 |
| Total assets | 3,171 | 2,743 | 2,699 | 2,289 | 2,424 |
| Payables | 55.8 | 46.2 | 28.6 | 35.4 | 39.3 |
| Deferred revenue | 89.7 | 80.1 | 69.2 | 56.5 | 66.2 |
| Current liabilities | 313 | 275 | 215 | 205 | 234 |
| Short-term debt | 18.1 | 16.0 | 0.0 | – | – |
| Long-term debt | 16.0 | 0.0 | – | – | – |
| Total liabilities | 423 | 358 | 284 | 265 | 296 |
| Shareholders' equity | 2,747 | 2,385 | 2,415 | 2,024 | 2,128 |
| Backlog (remaining obligations) | 46.2 | 39.7 | 24.9 | 18.1 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 390 | 213 | 296 | 248 | 75.3 |
| Capital expenditure | 123 | 110 | 110 | 98.5 | 78.8 |
| Free cash flow | 267 | 103 | 186 | 149 | −3.5 |
| Depreciation & amortisation | 96.3 | 90.6 | 69.6 | 61.4 | 66.9 |
| Stock-based compensation | 37.9 | 38.3 | 39.5 | 37.1 | 42.9 |
| Acquisitions | 0.0 | 2.0 | 0.0 | 66.7 | −0.5 |
| Share buybacks | 135 | 500 | 223 | 344 | 53.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.1% | −9.9% | −24.1% | 2.7% |
| Operating income growth (YoY) | – | −53.9% | 36.9% | −189.8% | – |
| EPS growth (YoY) | – | −58.1% | 114.4% | −188.3% | – |
| Gross margin | 47.7% | 38.9% | 42.1% | 34.6% | 38.0% |
| Operating margin | 25.2% | 11.9% | 18.0% | −21.3% | 1.3% |
| Net margin | 19.1% | 7.7% | 17.0% | −18.6% | 3.1% |
| Return on equityBlank when equity is negative | 10.1% | 4.6% | 9.1% | −9.0% | 1.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.9% | 6.9% | 9.3% | −10.0% | 0.6% |
| Free cash flow margin | 18.2% | 7.2% | 14.4% | 15.3% | −0.3% |
| Cash conversion (CFO ÷ net income) | 1.40x | 1.93x | 1.35x | −1.37x | 2.42x |
| Receivable days | 65 | 54 | 62 | 64 | 66 |
| Inventory days | 220 | 213 | 222 | 163 | 184 |
| Payable days | 27 | 19 | 14 | 20 | 23 |
| Debt ÷ equity | 0.01x | 0.01x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −675 | −682 | – | – | – |
| Current ratio | 7.49x | 7.23x | 8.91x | 6.98x | 6.08x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.