IPG Photonics
IPGP on Nasdaq. IPG Photonics sells fiber lasers and laser systems to manufacturers and end users. Market value $3.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.58 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 51 of 100. Price score: 24 of 100. Our list needs 70 on quality and 60 on price.
$83.69 a share, 21% above its 1-year low
Over the past year the price has ranged from $69.41 to $155.82.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $21 million in the past 12 months, a shortfall of $3 million in the year to December 2025.
| Revenue | |||||
| Revenue | $1.5bn | $1.4bn | $1.3bn | $977m | $1.0bn |
| Operating margin | |||||
| Operating margin | 25.2% | 11.9% | 18.0% | -21.3% | 1.3% |
| Debt to equity | |||||
| Debt to equity | 0.01 | 0.01 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsShrinking, 3.5% a year
- Buying back its own sharesYes, 13% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $279 million last quarter, up 11% on a year ago.
- Profit: $5 million, down 21% on a year ago.
- It keeps 1 cents of each $1 of sales as operating profit, after losing 25 cents a year earlier.
- Spare cash over the past 12 months: $21 million, down from $65 million.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $233m |
| December 2024 | $234m |
| March 2025 | $228m |
| June 2025 | $251m |
| September 2025 | $251m |
| December 2025 | $274m |
| March 2026 | $265m |
| June 2026 | $279m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$234m |
| December 2024 | $8m |
| March 2025 | $4m |
| June 2025 | $7m |
| September 2025 | $7m |
| December 2025 | $13m |
| March 2026 | $2m |
| June 2026 | $5m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 23 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 358 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $783m | 0.6% | Added |
| Royce & AssociatesChuck Royce | $19m | 0.2% | Added |
| Brandes Investment PartnersCharles Brandes | $12m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $1m | <0.1% | Cut |
Largest holders overall
- First Eagle Investment Management$783mAdded
- BlackRock$334mAdded
- Vanguard Portfolio Management$193m
- Dimensional Fund Advisors LP$188mCut
- Lazard Asset Management$168mAdded
- Sumitomo Mitsui Trust Group$160m
- Victory Capital Management$154mAdded
- Vanguard Capital Management$135m
- Neuberger Berman Group$114mAdded
- State Street$107mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Shcherbakov Eugene AInsider or founderat least 34.3%−2.6 pts(filed with 3 related holders)Since 18 February 2026
- IP Fibre Devices LTDPassive investor15.2%Since 22 September 2025
- First Eagle Investment ManagementPassive investorat least 7.9%(filed with 1 related holder)Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Shcherbakov Eugene A Insider or founder | at least 34.3%−2.6 pts (filed with 3 related holders) | 18 February 2026 | |
IP Fibre Devices LTD Passive investor | 15.2% | 22 September 2025 | |
First Eagle Investment Management Passive investor | at least 7.9% (filed with 1 related holder) | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $199,400 of shares on the open market. 8 sold $5m, $3m of it under preset trading plans.
- SCHERBAKOV EUGENE ADirectorSoldunder a preset trading plan
- Date
- 2 October 2026
- Shares
- 3,048
- Price
- $85.30
- Value
- $259,994
- PEELER JOHN RDirectorBought
- Date
- 26 August 2026
- Shares
- 2,710
- Price
- $73.58
- Value
- $199,400
- SCHERBAKOV EUGENE ADirectorSoldunder a preset trading plan
- Date
- 31 July 2026
- Shares
- 1,524
- Price
- $86.61
- Value
- $131,994
- Lopresti Angelo PSVP, Secretary & Gen CounselSoldunder a preset trading plan
- Date
- 29 June 2026
- Shares
- 1,000
- Price
- $110.33
- Value
- $110,330
- SCHERBAKOV EUGENE ADirectorSoldunder a preset trading plan
- Date
- 29 June 2026
- Shares
- 1,524
- Price
- $101.55
- Value
- $154,757
- Agnes TangDirectorSoldunder a preset trading plan
- Date
- 22 June 2026
- Shares
- 1,511
- Price
- $117.85
- Value
- $178,078
- Mammen Timothy PVSVP, Chief Financial OfficerSold
- Date
- 22 May 2026
- Shares
- 9,975
- Price
- $119.81
- Value
- $1m
- Desmond Jeanmarie F.DirectorSold
- Date
- 14 May 2026
- Shares
- 1,690
- Price
- $105.58
- Value
- $178,430
- Buttarazzi Mary E.VP, Corp Controller and CAOSold
- Date
- 17 March 2026
- Shares
- 500
- Price
- $116.22
- Value
- $58,110
- SCHERBAKOV EUGENE ADirectorSoldunder a preset trading plan
- Date
- 24 February 2026
- Shares
- 2,700
- Price
- $137.83
- Value
- $372,141
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 October 2026 | SCHERBAKOV EUGENE A Director | Sold under a preset trading plan | 3,048 | $85.30 | $259,994 |
| 26 August 2026 | PEELER JOHN R Director | Bought | 2,710 | $73.58 | $199,400 |
| 31 July 2026 | SCHERBAKOV EUGENE A Director | Sold under a preset trading plan | 1,524 | $86.61 | $131,994 |
| 29 June 2026 | Lopresti Angelo P SVP, Secretary & Gen Counsel | Sold under a preset trading plan | 1,000 | $110.33 | $110,330 |
| 29 June 2026 | SCHERBAKOV EUGENE A Director | Sold under a preset trading plan | 1,524 | $101.55 | $154,757 |
| 22 June 2026 | Agnes Tang Director | Sold under a preset trading plan | 1,511 | $117.85 | $178,078 |
| 22 May 2026 | Mammen Timothy PV SVP, Chief Financial Officer | Sold | 9,975 | $119.81 | $1m |
| 14 May 2026 | Desmond Jeanmarie F. Director | Sold | 1,690 | $105.58 | $178,430 |
| 17 March 2026 | Buttarazzi Mary E. VP, Corp Controller and CAO | Sold | 500 | $116.22 | $58,110 |
| 24 February 2026 | SCHERBAKOV EUGENE A Director | Sold under a preset trading plan | 2,700 | $137.83 | $372,141 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 3.5% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.