IPG PHOTONICS CORP
IPGP · Technology · $3.9B mkt cap · FY2025 filings · Shallow moat ·
Doesn't clear the bar
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $1.5B to $1.0B, decreasing; diluted EPS 5.16 to 0.73, decreasing.
Median gross margin 45.5% over 10y, stable.
Median ROIC 9.7%, above the 12% hurdle in 40% of years.
Net cash position — no leverage risk.
Owner earnings changed -21.0%/yr over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- $110M
- $28.99
- $28.99
- $91.70
- 216% above value if growth stopped today
What today’s price assumes: owner earnings growing ~26%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.
Score records captured Jul 26, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY
Missing a usable price or zero-growth estimate: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
18 years of fundamentals
The business, in plain English
IPG PHOTONICS CORP booked $1.0B of revenue in FY2025 in the Technology sector and kept 38.0% of it as gross profit — a solid-margin business by that measure. After every other cost, 3.1% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $186M (FY2009) to $1.0B (FY2025) — about 11.1% a year compounded over 16 years.
It earned 0.5% on invested capital in the latest filed year, FY2025. Across the full 17-year measurable filed record, median ROIC was 23.2%. Over the v3 recent window (10 measurable filed years), median ROIC was 9.7%. The Returns on Capital filter above scores it 34/100.
IPGP's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
Put together: Balance-Sheet Safety is the strongest of the five filters (100/100) and Business Trend the weakest (20/100), which is how IPGP lands at 51/100 — a Shallow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in IPGP’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Aug 11, 2026.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
| Insider | Shares owned after | Date | Filing detail | ||||
|---|---|---|---|---|---|---|---|
| Bucher PaulusSVP, Global Operations | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 663 | $90.23 | $59,822 | 6,053 | Aug 8, 2026 | 1 filed lot
|
| IP FIBRE DEVICES LTD10% owner | Open-market or private sale (S)Table I · Disposed · Common Stock | 18,111 | $96.1162 | $1,740,761 | See lot detail | Aug 5, 2026 | 4 filed lots
|
| IP FIBRE DEVICES LTD10% owner | Open-market or private sale (S)Table I · Disposed · Common Stock | 12,202 | $95.18 | $1,161,386 | 6,424,100 | Aug 4, 2026 | 1 filed lot
|
| IP FIBRE DEVICES LTD10% owner | Open-market or private sale (S)Table I · Disposed · Common Stock | 27,000 | $85.8111 | $2,316,899 | See lot detail | Jul 31, 2026 | 4 filed lots
|
| SCHERBAKOV EUGENE ADirector, 10% owner | Open-market or private sale (S)Table I · Disposed · Common Stock | 1,524 | $86.61 | $131,994 | See lot detail | Jul 31, 2026 | 4 filed lots
|
Source-event as of . Retrieved .
Technology context
#271 of 744 scored Technology companies, ranked by Moat Score.
Nearest peers by Moat Score
- #269NXDR Nextdoor Holdings, Inc51.8 out of 100, Shallow moatShallow moat
- #270SABR Sabre Corporation51.7 out of 100, Shallow moatShallow moat
- #272GPN GLOBAL PAYMENTS INC.51.3 out of 100, Shallow moatShallow moat
- #273SAIC Science Applications International Corporation51.2 out of 100, Shallow moatShallow moat
Compare IPGP with its nearest peers →All Technology companies on the Index →
Common questions about IPGP
- Does IPG PHOTONICS CORP have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores IPG PHOTONICS CORP (IPGP) 51.3 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 20, pricing power 62, returns on capital 34, balance-sheet safety 100, capital allocation 40.
- Is IPGP trading below the conservative owner-earnings estimate?
- The value if growth stopped today — a zero-growth baseline — is $28.99 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $91.70, that is 216% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has IPGP's Moat Score changed over time?
- The record logs 16 readings since Jul 17, 2026; the latest reads 51.3 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.