NASDAQ NMS - GLOBAL MARKET · Electrical Equipment · CIK 0001111928
$69.41
-6.24% · live
Updated
$2.92B market value
From IPG PHOTONICS CORP's FY2025 10-K, filed Feb 23, 2026 · read the filing
IPG PHOTONICS designs and makes computer chips. It took in $1.00B last year, which makes it a mid-sized company. Of every dollar it sells, about 3 cents is left as profit.
The financial picture is led by debt, with profitability and growth worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Generally healthy, with a few things to watch.
From IPG PHOTONICS CORP's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Operating income
-$208.3M → $13.1M
Profit
-$181.5M → $31.1M
Operating margin
-21.3% → 1.3%
Profit margin
-18.6% → 3.1%
Measured against FY2024, from the 10-K filed Feb 23, 2026
Improved: turned positive
-$208.3M to $13.1MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: turned positive
-$181.5M to $31.1MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote live), and what was published around it
IPGP fell 6.24% on the latest quote. The average Technology company tracked here moved −1.27%, and the S&P 500 −1.04%. That is 5.0 points below its sector and 5.2 points below the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 17 analysts covering this company, as of . Their views, not this site's.
Of 17 analysts publishing on this company, 5 say strong buy, 7 say buy, 4 say hold and 1 say sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 3 cents of every dollar of sales as profit, earning $31.1M last year. Note that after $78.8M of spending on property and equipment, it consumed $3.5M more cash than it generated.
Barely. Sales were roughly flat, up 2.7%.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $31.1M and generated $75.3M of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 23, 2026Filing for FY2025 | FY202410-K · Feb 20, 2025Filing for FY2024 | FY202310-K · Feb 21, 2024Filing for FY2023 | FY202210-K · Feb 27, 2023Filing for FY2022 | FY202110-K · Feb 22, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $1.00B | $977.1M | $1.29B | $1.43B | $1.46B | +2.7% |
| Cost of revenue | $622.3M | $639.0M | $745.7M | $874.1M | $764.5M | −2.6% |
| Gross profit | $381.5M | $338.2M | $541.7M | $555.4M | $696.4M | +12.8% |
| Gross marginGross profit ÷ revenueWhat is this? | 38.0% | 34.6% | 42.1% | 38.9% | 47.7% | +3.4 pts |
| Selling, general and administrative | $143.1M | $124.3M | $125.7M | $131.3M | $125.9M | +15.1% |
| Operating income | $13.1M | -$208.3M | $232.0M | $169.5M | $367.9M | n/m |
| Operating marginOperating income ÷ revenueWhat is this? | 1.3% | -21.3% | 18.0% | 11.9% | 25.2% | +22.6 pts |
| Income before tax | $45.1M | -$161.9M | $274.9M | $183.4M | $366.5M | n/m |
| Net income | $31.1M | -$181.5M | $218.9M | $109.9M | $278.4M | n/m |
| Net marginNet income ÷ revenueWhat is this? | 3.1% | -18.6% | 17.0% | 7.7% | 19.1% | +21.7 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $0.7381 | $-4.27 | $4.73 | $2.28 | $5.25 | n/m |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Sold on the open market — 3,048 shares at $85.30 ($260.0K)
Holds 45,162 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Signed a material agreement
Read the filingQuarterly report for Q2 FY2026
Revenue +11.1% · Operating margin +1.6 pts · Operating income +4256.7% — against Q2 FY2025
Read the filingWrite down why you are following IPG PHOTONICS CORP, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from IPGP's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 23, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 7.3 | 6/8 | 10-K, filed Feb 23, 2026 |
| FY2024 | 4.7 | 3/8 | 10-K, filed Feb 20, 2025 |
| FY2023 | 7.3 | 7/8 | 10-K, filed Feb 21, 2024 |
| FY2022 | 7.0 | 6/9 | 10-K, filed Feb 27, 2023 |
| FY2021 | 10.0 | 8/9 | 10-K, filed Feb 22, 2022 |
| FY2020 | 8.0 | 6/9 | 10-K, filed Feb 22, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
6 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
8.47
In the safe zone
For this model, above 2.99 is safe and below 1.81 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +22.6 pts
-21.3% to 1.3%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +21.7 pts
-18.6% to 3.1%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: turned negative
$149.4M to -$3.5MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: turned positive
-$4.27 to $0.74Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +3.4 pts
34.6% to 38.0%Significant
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: -34.9%
$620.0M to $403.8MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Changed: -20.0%
$98.5M to $78.8MSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +12.8%
$338.2M to $381.5MNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 4, 2026 — read it.
Improved: +4256.7%
$104.0K to $4.5MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +20.3%
$93.6M to $112.5MSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: -20.6%
$6.6M to $5.2MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +3.1 pts
37.3% to 40.4%Significant
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: -21.0%
$0.16 to $0.12Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +11.1%
$250.7M to $278.6MNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +1.6 pts
0.0% to 1.6%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +11.1%
$359.2M to $399.2MNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 4, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: turned positive
-$7.7M to $4.5MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +230.9%
$1.6M to $5.2MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +230.2%
$0.04 to $0.12Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +4.5 pts
-2.9% to 1.6%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: -17.0%
$480.8M to $399.2MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +13.1%
$99.5M to $112.5MNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +2.9 pts
37.5% to 40.4%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +1.3 pts
0.6% to 1.9%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
2 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 8.8% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
It does not appear so. For every $1 it owes, it owns $8.19 in assets.
The trailing P/E is 139.9x — a high multiple relative to the current trailing profit.
This company has not reported enough of the required figures to calculate this score.
Sold on the open market — 9,876 shares at $85.39 ($843.3K)
Holds 6,396,113 shares after this filing.
Sold on the open market — 5,485 shares at $86.09 ($472.2K)
Holds 6,390,628 shares after this filing.
Sold on the open market — 18,091 shares at $75.14 ($1.4M)
Holds 6,652,192 shares after this filing.
Sold on the open market — 4,591 shares at $75.65 ($347.3K)
Holds 6,647,601 shares after this filing.
Sold on the open market — 4,715 shares at $76.25 ($359.5K)
Holds 6,642,886 shares after this filing.
Bought on the open market — 1,552 shares at $72.84 ($113.0K)
Holds 19,728 shares after this filing.
Bought on the open market — 1,158 shares at $74.57 ($86.4K)
Holds 20,886 shares after this filing.
Had shares withheld to cover taxes — 663 shares at $90.23 ($59.8K)
Holds 6,053 shares after this filing.
Sold on the open market — 12,202 shares at $95.18 ($1.2M)
Holds 6,424,100 shares after this filing.
Sold on the open market — 11,912 shares at $95.31 ($1.1M)
Holds 6,412,188 shares after this filing.
Sold on the open market — 1,325 shares at $96.76 ($128.2K)
Holds 6,410,863 shares after this filing.
Sold on the open market — 4,324 shares at $97.81 ($422.9K)
Holds 6,406,539 shares after this filing.
Sold on the open market — 550 shares at $98.71 ($54.3K)
Holds 6,405,989 shares after this filing.
Sold on the open market — 783 shares at $85.72 ($67.1K)
Holds 48,951 shares after this filing.
Sold on the open market — 200 shares at $86.34 ($17.3K)
Holds 48,751 shares after this filing.
Sold on the open market — 300 shares at $87.45 ($26.2K)
Holds 48,451 shares after this filing.
Sold on the open market — 241 shares at $88.68 ($21.4K)
Holds 48,210 shares after this filing.
Sold on the open market — 25,994 shares at $85.76 ($2.2M)
Holds 6,437,308 shares after this filing.
Sold on the open market — 506 shares at $86.14 ($43.6K)
Holds 6,436,802 shares after this filing.
Sold on the open market — 200 shares at $87.45 ($17.5K)
Holds 6,436,602 shares after this filing.
Sold on the open market — 300 shares at $88.59 ($26.6K)
Holds 6,436,302 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 7,620 shares ($650.0K) on or after .
Shares originally obtained via Restricted Stock Units.
Filed notice to sell 135,000 shares ($11.6M) on or after .
Shares originally obtained via Private Transaction.
Filed notice to sell 11,688 shares ($909.1K) on or after .
Shares originally obtained via Owned Shares.
Filed notice to sell 4,572 shares ($464.3K) on or after .
Shares originally obtained via Restricted Stock Units.
Filed notice to sell 197,100 shares ($20.4M) on or after .
Shares originally obtained via Private Transaction.
Filed notice to sell 3,000 shares ($331.0K) on or after .
Shares originally obtained via Restricted Stock Units.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Published results
Signed a material agreement · Made a Regulation FD disclosure
Read the filingHeld a shareholder vote
Read the filingQuarterly report for Q1 FY2026
Revenue +16.6% · Operating margin −3.7 pts · Operating income turned negative — against Q1 FY2025
Read the filingPublished results · Reported another event
Read the filingProxy statement for a shareholder meeting
Read the filingReported another event
Read the filingAnnual report for FY2025
Operating margin +22.6 pts · Operating income turned positive · Profit turned positive — against FY2024
Read the filingReported another event
Read the filingAnnual report for FY2025
Operating margin +22.6 pts · Operating income turned positive · Profit turned positive — against FY2024
Read the filingPublished results
Read the filingQuarterly report for Q3 FY2025
Revenue +7.6% · Operating margin +111.8 pts · Gross profit +83.0% — against Q3 FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingQuarterly report for Q2 FY2025
Operating margin −4.6 pts · Operating income -99.1% · Profit -67.2% — against Q2 FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingYahoo ·
Primary sources and further research