IPG Photonics Corporation

IPGP

Semiconductors · Technology

Price

$104.33

+0.97 (+0.94%)

Market Cap

$4.43B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−20.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 53.9M (2021) → 42.6M (2025)

IPG Photonics Corporation develops, manufactures, and sells various high-performance fiber lasers, fiber amplifiers, and diode lasers used in various applications primarily in materials processing worldwide. The company's laser products include hybrid fiber-solid state lasers with green and ultraviolet wavelengths; fiber pigtailed packaged diodes and fiber coupled direct diode laser systems; high-energy pulsed lasers, multi-wavelength and tunable lasers, and single-polarization and single-freque

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-54.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$117M/ year

↑ Rising (+7% vs prior year)

11.7% of revenue

Below sector average (15%)

Investing heavily in future products and technology

Insider Activity

35.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~6 years

$481M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$481M cash & investments at current burn rate

Growth context

IPG Photonics Corporation is growing revenue at 17% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

37.5%

Modest — 37.5% gross margin

Operating Margin

-2.9%

Losing money on operations — -2.9%

ROCE

-0.4%

Weak — -0.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+9.3%

Steady sales growth (9.3% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

195%

Turns 195% of profit into real cash

FCF Margin

-1.3%

Burning cash (-1.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

149.0x

Expensive — P/E 149.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+100.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (149.0 → 48.2)

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Dividends

Not applicable for this business.

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