CTS vs IPG Photonics
IPG Photonics reported revenue of $1.0 billion in fiscal 2025, 1.9 times CTS's $541 million in fiscal 2025. CTS's revenue grew 5.2% in its latest year, and IPG Photonics' grew 2.7%. CTS had an operating margin of 15.3%, against 1.3% at IPG Photonics. Free cash flow was $86 million at CTS and −$3 million at IPG Photonics.
Side by side
| CTS | IPG Photonics | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $541M | $1.0B |
| Revenue growth | 5.2% | 2.7% |
| Revenue growth a year, last 5 years | 5.0% | −3.5% |
| Gross margin | 38.4% | 38.0% |
| Operating margin | 15.3% | 1.3% |
| Net margin | 12.1% | 3.1% |
| Free cash flow | $86M | −$3M |
| Free cash flow margin | 16.0% | −0.3% |
| Return on capital | — | 0.8% |
| Net debt to EBITDA | — | −10.5x |
| Dividends and buybacks | $61M | $53M |
| Change in diluted share count | −3.0% | −3.8% |
| Last close | $57.87 | $65.31 |
| P/E at the last close | 22.9× | 69.5× |
| Insider trades, last 12 months | sold $9.8 million | bought $199,400, sold $72.4 million |
| Piotroski F-score | — | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CTSIPG Photonics
Operating margin
Percent of revenue
CTSIPG Photonics
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CTSIPG Photonics
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the CTS and IPG Photonics pages.