| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | 2 | 4 | 1 | — | 6 | — | 7 | 3 | — | 2 | 4 |
| total | individual payouts | |
|---|---|---|
| 2024 | ‡‡‡ |
|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 112.88 | 100.70 | 133.63 | 330.45 |
| Receivables | 39.59 | 34.90 | 50.84 | 46.83 |
| Inventory | 52.16 | 40.80 | 45.41 | 48.23 |
| Other | — | — | — | — |
| 220.55 | 194.09 | 243.19 | 447.36 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 12.17 | 15.08 | 20.89 | 23.95 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 32.75 | 34.24 | 64.21 | 54.75 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡‡‡ | ‡‡‡ |
| Earnings | — | ‡‡‡ | ‡‡‡ |
| Book Value | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 80.18 | 82.59 | — | — |
—
|
| ’25 | 51.67 | 61.74 | 66.74 | 81.19 |
261.33
|
| ’24 | 44.53 | 50.51 | 56.13 | 47.38 |
198.55
|
| ’23 | 54.09 | 53.30 | 50.63 | 51.89 |
209.92
|
| ’22 | 64.46 | 60.83 | 60.09 | 56.68 |
242.06
|
| ’21 | 61.35 | 69.11 | 72.24 | 67.45 |
270.15
|
| ’20 | 43.22 | 52.14 | 61.73 | 65.70 |
222.79
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 9.68 | 20.73 | — | — |
—
|
| ’25 | (0.02) | (1.38) | 5.22 | 17.52 |
21.33
|
| ’24 | 11.38 | (4.23) | (5.62) | (3.89) |
(2.36)
|
| ’23 | 0.64 | (4.11) | 13.15 | 0.40 |
10.09
|
| ’22 | (7.00) | (4.76) | (2.79) | 0.01 |
(14.54)
|
| ’21 | 4.12 | (1.03) | (0.40) | (10.13) |
(7.44)
|
| ’20 | (1.08) | 8.08 | 7.69 | (1.65) |
13.04
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 7.57 | 15.88 | — | — |
—
|
| ’25 | (2.30) | (3.33) | 2.45 | 16.03 |
12.84
|
| ’24 | 9.82 | (6.38) | (7.23) | (6.51) |
(10.29)
|
| ’23 | (0.04) | (5.06) | 10.40 | (0.55) |
4.75
|
| ’22 | (12.14) | (12.75) | (6.47) | (4.91) |
(36.26)
|
| ’21 | 0.90 | (5.99) | (6.16) | (17.75) |
(29.00)
|
| ’20 | (16.54) | 5.88 | 5.25 | (5.89) |
(11.31)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.01 | (0.02) | — | — |
—
|
| ’25 | (0.16) | (0.07) | (0.14) | (0.10) |
(0.47)
|
| ’24 | (0.29) | (0.25) | (0.21) | (0.51) |
(1.27)
|
| ’23 | (0.17) | (0.19) | (0.26) | (0.28) |
(0.90)
|
| ’22 | (0.20) | (0.23) | (0.29) | (0.50) |
(1.23)
|
| ’21 | (0.15) | (0.19) | (0.16) | (0.20) |
(0.70)
|
| ’20 | (0.20) | (0.18) | (0.05) | (0.12) |
(0.55)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 8.22 | 8.13 | 9.64 | 6.20 | — | — | — |
Low Price
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 25.98 | 15.91 | 14.75 | 39.99 | — | — | — |
High Price
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,100 | 930 | 800 | 800 | — | — | — |
Employees
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.22 | 0.23 | 0.25 | 0.33 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 242.06 | 209.92 | 198.55 | 261.33 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.00% | 21.97% | 16.63% | 29.83% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (54.23) | (42.65) | (60.87) | (22.77) | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (22.41%) | (20.32%) | (30.66%) | (8.71%) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (54.58) | (41.67) | (60.79) | (23.47) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.70 | 16.03 | 17.60 | 14.26 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.45 | 4.56 | 4.15 | 5.23 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡‡ | — | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | (1.23) | (0.90) | (1.27) | (0.47) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.33) | 0.22 | (0.05) | 0.43 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.49) | (0.12) | (0.17) | (0.17) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.82) | 0.10 | (0.21) | 0.26 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.10 | 5.52 | 4.52 | 4.54 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 44.44 | 46.08 | 47.90 | 49.98 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.92 | 2.90 | 2.53 | 7.17 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.72 | 2.39 | 2.32 | 8.27 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.54 | 2.43 | 2.10 | 6.75 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (10.28) | 106.69 | (40.56) | 137.10 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (14.54) | 10.09 | (2.36) | 21.33 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (21.72) | (5.34) | (7.93) | (8.49) | ‡‡‡‡‡ | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (36.26) | 4.75 | (10.29) | 12.84 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 196.26 | 187.80 | 159.85 | 178.98 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.61 | — | — | — | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (92.61) | (112.88) | (100.70) | (133.63) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 270.85 | 254.42 | 216.43 | 226.75 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (15.53%) | (13.10%) | (21.07%) | (8.02%) | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (19.32%) | (20.65%) | (35.45%) | (17.82%) | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (19.05%) | (15.87%) | (25.82%) | (10.59%) | — | — | — |
ROE
|
nLight Inc. (LASR), a leader in high-power semiconductors and fiber lasers for industrial, aerospace, and defense sectors, has staged a remarkable stock rally, surging over 250% from recent lows to eclipse prior peaks amid AI-driven photonics demand, CHIPS Act tailwinds, and escalating geopolitical needs for defense applications. Yet this resurgence starkly contrasts with years of revenue contraction—from a 2021 peak of $270 million to $199 million in 2024—persistent losses widening to -$61 million, eroding gross margins to 17%, and negative ROIC at -35%, all exacerbated by Fed rate hikes curbing industrial capex and U.S.-China supply disruptions.
Operational bright spots include a 92% rise in revenue per employee through workforce cuts and a fortress-like balance sheet with net cash exceeding $100 million and negligible debt. Insider activity, however, flashes caution: executives, led by the CEO, have offloaded $20.75 million in shares during the rally, with minimal buys.
Analysts project a sharp inflection—29% revenue growth to $257 million in 2025, accelerating to $320 million by 2027, alongside losses narrowing to near-breakeven—potentially lifting EV/Sales to 9x+ if margins recover and macro stabilizes. But with consensus price targets implying limited upside and execution risks looming from recession odds and valuation disconnects, this high-stakes turnaround demands scrutiny.
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