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Our Company IPG Photonics Corporation ("IPG", the "Company", the "Registrant", "we", "us" or "our") develops, manufactures and sells high-performance fiber lasers, fiber amplifiers, diode lasers and laser-based systems that are used for diverse applications in materials processing, medical and advanced applications. Fiber lasers combine the advantages of semiconductor diodes, such as long life …
Operating margin is thin at 1.31%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 2.7%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 102% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$3M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1.04B
▲ +2.7% YoY
Net Income (TTM)
$29M
▲ +117.1% YoY
Op. Margin
0.34%
▲ +22.6pp YoY
ROIC
0.13%
▲ +7.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$14M
▼ -102.3% YoY
Op. Cash Flow (TTM)
$56M
▼ -69.6% YoY
Net Debt
-$797M
Net Cash Position
Cash & Equiv.
$813M
5Y CAGR: -3.5%
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