IPG Photonics vs TTM Technologies
TTM Technologies reported revenue of $2.9 billion in fiscal 2025, 2.9 times IPG Photonics' $1.0 billion in fiscal 2025. IPG Photonics' revenue grew 2.7% in its latest year, and TTM Technologies' grew 19.0%. IPG Photonics had an operating margin of 1.3%, against 9.1% at TTM Technologies. Free cash flow was −$3 million at IPG Photonics and −$1 million at TTM Technologies. Their fiscal years end in different months (December 31 and December 29), so the periods don't line up exactly.
Side by side
| IPG Photonics | TTM Technologies | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 29, 2025 |
| Revenue | $1.0B | $2.9B |
| Revenue growth | 2.7% | 19.0% |
| Revenue growth a year, last 5 years | −3.5% | 6.7% |
| Gross margin | 38.0% | 20.7% |
| Operating margin | 1.3% | 9.1% |
| Net margin | 3.1% | 6.1% |
| Free cash flow | −$3M | −$1M |
| Free cash flow margin | −0.3% | −0.0% |
| Return on capital | 0.8% | 10.7% |
| Net debt to EBITDA | −10.5x | 1.1x |
| Dividends and buybacks | $53M | $18M |
| Change in diluted share count | −3.8% | 1.3% |
| Last close | $72.81 | $85.50 |
| P/E at the last close | 112.0× | 38.7× |
| Insider trades, last 12 months | bought $199,400, sold $71.1 million | bought $1.6 million, sold $36.5 million |
| Piotroski F-score | 7 of 9 | 7 of 9 |
Amounts in each company's own currency, US$ 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
IPG PhotonicsTTM Technologies
Operating margin
Percent of revenue
IPG PhotonicsTTM Technologies
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
IPG PhotonicsTTM Technologies
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 IPG Photonics and TTM Technologies pages.