IPG Photonics (IPGP) FY2023 results: revenue $1.3 billion, down 9.9% on the year
IPG Photonics Corp. (IPGP) reported revenue of $1.3 billion for fiscal 2023, the year ended 31 December 2023, down 9.9% on the year before. Net income was $219 million, up 99.1%, and diluted earnings per share $4.63. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.
Revenue
$1.3 billion
-9.9% on the year
FY2016FY2023
Operating margin
18.0%
11.9% a year earlier
FY2016FY2023
Net income
$219 million
+99.1% on the year
FY2016FY2023
Diluted EPS
$4.63
+114.4% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
296
213
390
+39.2%
Capital expenditure
110
110
123
+0.3%
Free cash flow
186
103
267
+81.0%
Free cash flow margin
14.4%
7.2%
18.2%
Cash from investing
-238
297
-416
Cash from financing
-236
-515
-125
Depreciation and amortisation
69.6
90.6
96.3
-23.1%
Share-based compensation
39.5
38.3
37.9
+3.1%
Buybacks
223
500
135
-55.3%
Diluted shares, weighted
47m
51m
54m
-7.1%
Shares outstanding at period end
46m
48m
53m
-3.8%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
2,415
2,385
2,747
+1.3%
Non-controlling interest
n/a
0.0
0.6
Debt
0.0
16.0
34.2
Operating lease liabilities
13.7
16.8
18.5
-18.6%
Other liabilities
270
325
371
-17.0%
Total liabilities and equity
2,699
2,743
3,171
-1.6%
Fixed assets
602
581
635
+3.7%
Goodwill
38.5
38.3
38.6
+0.6%
Intangible assets
26.2
34.1
52.7
-23.1%
Investments
663
479
805
+38.3%
Cash and equivalents
515
698
709
-26.3%
Receivables
219
211
262
+3.6%
Inventory
454
509
461
-10.9%
Other assets
181
192
207
-5.5%
Total assets
2,699
2,743
3,171
-1.6%
10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.