IPG Photonics Corporation
- Open
- 104.25
- Day high
- 104.25
- Day low
- 99.56
- Prev close
- 103.36
- Volume
- 7K
- Mkt cap
- $4.2B
- P/E (TTM)
- 142.6
- EPS (TTM)
- $0.70
- P/B
- 2.0
- P/S
- 4.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$8.6M over the last 3 months (0 open-market buys, 19 sales)
- 🏛Institutions accumulating (13F)
IPG Photonics Corporation (IPGP) is a Technology company listed on NASDAQ. The stock is up 39% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 19 sales (SEC Form 4).
IPG Photonics Corporation (IPGP) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IPGP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.32 | $0.29 | -9.4% | $265M | +3.3% |
| Feb 12, 2026 | $0.25 | $0.31 | +24.0% | $274M | +12.7% |
| Apr 30, 2024 | $0.49 | $0.52 | +6.1% | $252M | -0.9% |
| Feb 13, 2024 | $0.95 | $0.89 | -6.3% | $299M | +4.5% |
| Oct 31, 2023 | $1.01 | $1.16 | +14.9% | $301M | -4.5% |
| May 2, 2023 | $1.14 | $1.25 | +9.6% | $347M | +5.0% |
| Feb 14, 2023 | $0.91 | $-1.91 | -309.9% | $334M | +4.2% |
| Nov 1, 2022 | $1.15 | $1.49 | +29.6% | $349M | -4.5% |
| Aug 2, 2022 | $1.15 | $1.10 | -4.3% | $377M | +0.8% |
| May 3, 2022 | $0.98 | $1.31 | +33.7% | $370M | +10.0% |
| Feb 15, 2022 | $1.19 | $1.21 | +1.7% | $364M | +2.4% |
| Nov 2, 2021 | $1.27 | $1.40 | +10.2% | $379M | +2.8% |
IPGP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | SCHERBAKOV EUGENE Adirector, 10 percent owner: | Sell | 973 | $100.43 |
| Jul 1, 2026 | SCHERBAKOV EUGENE Adirector, 10 percent owner: | Sell | 1 | $104.63 |
| Jul 1, 2026 | IP FIBRE DEVICES LTD10 percent owner | Sell | 11,325 | $106.40 |
| Jul 1, 2026 | IP FIBRE DEVICES LTD10 percent owner | Sell | 2,684 | $105.37 |
| Jul 1, 2026 | IP FIBRE DEVICES LTD10 percent owner | Sell | 13,304 | $103.08 |
| Jul 1, 2026 | SCHERBAKOV EUGENE Adirector, 10 percent owner: | Sell | 100 | $102.92 |
| Jul 1, 2026 | IP FIBRE DEVICES LTD10 percent owner | Sell | 17,735 | $102.09 |
| Jul 1, 2026 | IP FIBRE DEVICES LTD10 percent owner | Sell | 2,405 | $101.21 |
| Jul 1, 2026 | SCHERBAKOV EUGENE Adirector, 10 percent owner: | Sell | 200 | $106.66 |
| Jul 1, 2026 | Lopresti Angelo P10 percent owner, officer: SVP, Secretary & Gen Counsel | Sell | 1,000 | $110.33 |
| Jul 1, 2026 | SCHERBAKOV EUGENE Adirector, 10 percent owner: | Sell | 250 | $101.24 |
| Jul 1, 2026 | IP FIBRE DEVICES LTD10 percent owner | Sell | 16,406 | $104.33 |
| Jul 1, 2026 | IP FIBRE DEVICES LTD10 percent owner | Sell | 1,841 | $100.19 |
| Jun 23, 2026 | Agnes Tangdirector | Sell | 536 | $118.08 |
| Jun 23, 2026 | Agnes Tangdirector | Sell | 200 | $119.32 |
Source: IPGP SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full IPGP insider & 13F page →IPG Photonics Corporation company profile
Overview
IPG Photonics Corporation (NASDAQ:IPGP) is a Massachusetts-based manufacturer of high-performance fiber lasers and amplifiers founded in 1990. The company went public in 2006 and has established itself as a leading provider of laser technology for industrial applications worldwide. IPG specializes in developing and manufacturing fiber lasers, which are advanced laser systems that use optical fibers doped with rare-earth elements to generate high-power laser beams. The company has evolved from primarily serving traditional materials processing markets to diversifying into emerging applications including electric vehicle manufacturing, medical devices, and advanced manufacturing processes.
Business
IPG Photonics operates in the industrial laser industry, developing and manufacturing fiber laser systems and related optical components. Fiber lasers are sophisticated devices that generate intense, focused light beams by passing electrical energy through optical fibers containing rare-earth elements like ytterbium and erbium. These lasers offer superior beam quality, energy efficiency, and reliability compared to traditional laser technologies, making them ideal for precision manufacturing applications. The company's core products include high-power continuous wave (CW) lasers used for cutting and welding metals, pulsed lasers for precision marking and drilling, and medium-power lasers for various specialized applications. IPG also manufactures complete laser systems, including cutting machines and welding equipment, as well as optical components like fiber couplers, beam delivery systems, and cooling equipment. The business operates across several key segments: Materials Processing Applications represents the majority of revenue (approximately 75-80%), encompassing metal cutting, welding, and surface treatment. Other Applications accounts for roughly 20-25% of revenue and includes medical devices, telecommunications equipment, advanced manufacturing processes, and emerging technologies like laser cleaning and 3D printing additive manufacturing. Within materials processing, welding applications have become increasingly important, representing about 37% of total sales, while traditional cutting applications have declined to approximately 21% of revenue. The company has strategically pivoted toward higher-value applications, with emerging growth products now comprising over 50% of total sales.
Revenue model
IPG Photonics generates revenue primarily through direct product sales of laser systems, components, and integrated solutions to original equipment manufacturers (OEMs), system integrators, and end-users. The company operates a direct sales model supplemented by independent sales representatives and distributors globally. The customer base spans multiple industries, with automotive manufacturers (particularly electric vehicle battery producers), metal fabrication companies, medical device manufacturers, and aerospace companies serving as primary revenue sources. EV-related applications alone account for approximately 20% of total revenue, reflecting the company's successful pivot toward high-growth markets. Revenue generation faces several margin-influencing factors. Positive margin drivers include the company's technological differentiation in fiber laser technology, which commands premium pricing compared to traditional laser systems. The shift toward higher-value applications like medical devices and EV battery welding also supports better margins. Additionally, IPG's vertical integration in manufacturing key components provides cost advantages and supply chain control. Margin pressures come from intensifying competition, particularly from Chinese manufacturers offering lower-cost alternatives in traditional cutting applications. Macroeconomic headwinds affecting industrial capital expenditure, tariff-related manufacturing complexities, and the cyclical nature of automotive investment also impact profitability. The company's ongoing transition away from Russian manufacturing operations has created temporary cost inefficiencies, though this is expected to improve operational flexibility long-term. The business model benefits from recurring revenue streams through replacement parts, service contracts, and consumables, though the majority of revenue comes from initial equipment sales that can be cyclical based on customer capital investment cycles.
Competitive moat
IPG Photonics maintains a moderate technological moat based on its proprietary fiber laser technology and manufacturing expertise. The company's competitive advantages stem from decades of research and development in rare-earth-doped fiber technology, resulting in superior beam quality, energy efficiency, and reliability compared to traditional CO2 and solid-state lasers. The company's vertical integration provides significant advantages, as IPG manufactures many of its own optical components, including specialized optical fibers, pump diodes, and beam delivery systems. This integration offers better cost control, quality assurance, and the ability to customize solutions for specific applications. The technical complexity of fiber laser manufacturing creates barriers to entry, particularly for achieving the power levels and beam quality that IPG delivers. However, the moat faces meaningful challenges. Chinese competitors have emerged with increasingly capable fiber laser systems at significantly lower prices, particularly in traditional cutting applications. While IPG maintains technological leadership in high-power and specialized applications, the competitive gap has narrowed considerably in standard industrial applications. The company's moat is strongest in emerging applications where technical differentiation matters most, such as medical devices requiring precise beam characteristics, EV battery welding demanding high reliability, and advanced manufacturing processes needing specialized wavelengths. IPG's extensive patent portfolio and deep application expertise provide some protection, but the fundamental laser physics are well-understood, limiting long-term technological barriers. The competitive landscape suggests IPG's moat is sustainable in premium market segments but vulnerable in commodity applications, requiring continuous innovation and market positioning toward higher-value uses to maintain competitive advantages.
Risks & safety
IPG Photonics demonstrates a strong financial safety profile with minimal solvency risk but faces valuation and operational challenges. **Financial Strength:** • Cash position: $363 million with no meaningful debt (debt-to-equity ratio of 0.008) • Current ratio: 7.3x indicating excellent liquidity • Free cash flow: Recently negative at -$11.4 million in Q1 2025, but historically positive • Total cash and investments: Over $620 million as of recent quarters **Valuation Metrics:** • EV/EBITDA: 29.9x (elevated due to depressed earnings) • Price-to-book: 1.31x (reasonable for technology company) • Graham number suggests potential undervaluation at current levels • Price volatility reflects cyclical earnings uncertainty **Other Considerations:** • Revenue decline: 10% year-over-year decrease indicating demand challenges • Margin pressure from competitive dynamics and operational transitions • Geographic diversification provides some risk mitigation • Strong balance sheet provides substantial runway during market downturns
Recent development
Over the past few years, IPG Photonics has undergone significant strategic transformation focused on diversifying beyond traditional cutting applications toward higher-value markets. The company completed the divestiture of its Russian operations in 2024, reducing geopolitical risk while optimizing its global manufacturing footprint across facilities in the US, Germany, Italy, and Poland. Key strategic initiatives include aggressive expansion into medical applications, particularly urology systems using thulium fiber lasers, with new products expected to contribute meaningfully starting in late 2025. The company has also prioritized micromachining applications, nearly doubling revenue in this segment through new product launches targeting precision manufacturing. IPG acquired cleanLASER for approximately $75 million, adding laser cleaning systems capabilities and expanding into industrial cleaning markets. This acquisition represents part of the company's strategy to penetrate adjacent markets where fiber laser technology can displace traditional solutions. The company has strengthened its position in electric vehicle applications, developing specialized welding and battery manufacturing solutions. Despite EV market volatility, IPG maintains that EV-related sales represent over 20% of revenue, with particular strength in battery welding technologies. Recent product development efforts focus on next-generation high-power fiber lasers with smaller form factors and lower manufacturing costs, designed to help OEM customers compete more effectively against Chinese alternatives. The company has also expanded partnerships, including collaborations with Miller Electric for handheld welding solutions and AkzoNobel for powder coating laser curing applications.
IPGP company profile · for informational purposes only — not investment advice.
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