IPGPIPG PHOTONICS CORP

Semiconductors & Related Devices

Revenue: $1.0B; 2.7% YoY
Operating margin: 1.3%; 106% YoY
EBITDA: $80M; 154% YoY
Market cap: $3.1B
Employees: 4,840; $207K revenue each
Net debt / EBITDA: -4.8×; −$383M net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 7 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
242% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
115% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentYes
72% lowest support
Any vote under 80% support

Buyer economics 4 of 4

Low revenue per employeeYes
$207K · 18th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 11th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 4.8× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$72M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.5B	$1.4B	$1.3B	$977M	$1.0B	2.7%
Operating income	$368M	$170M	$232M	−$208M	$13M	106%
Net income	$278M	$110M	$219M	−$182M	$31M	117%
Operating cash flow	$390M	$213M	$296M	$248M	$75M	70%
Capex	$123M	$110M	$110M	$99M	$79M	20%
Stock-based comp	$38M	$38M	$40M	$37M	$43M	16%
Buybacks	$135M	$500M	$223M	$344M	$53M	85%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 28, 2026	Valentin Gapontsev Trust I	SCHEDULE 13D/A	54.4%	Passive
Feb 20, 2025	Valentin Gapontsev Trust I	SCHEDULE 13D/A	—	Passive
Jan 4, 2024	Valentin Gapontsev Trust I	SC 13D/A	15.4%	Passive
Nov 1, 2021	Shcherbakov Eugene A	SC 13D	13.1%	Active
Nov 1, 2021	Valentin Gapontsev Trust I	SC 13D/A	26.8%	Active

Insider trading

Open-market buys, 12 mo: $199K · 2
Open-market sells, 12 mo: $73M · 131
Net: −$72M

Pay vs performance

No pay-versus-performance disclosure yet.