nLight
LASR Technology Semiconductors
nLight’s revenue for fiscal 2025 (year ended December 2025) was $261.3 million, up 31.6% from fiscal 2024. In the quarter to June 2026, revenue grew 33.8%, EPS grew 71.4% and free cash flow grew 576.3%, each against the same quarter a year earlier.
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nLight (LASR) Altman Z-score
nLight's Altman Z-score for fiscal 2025 is 12.40, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 12.40 | 7.84 |
| FY2024 | 4.56 | (2.27) |
| FY2023 | 6.83 | 2.25 |
| FY2022 | 4.58 | (4.46) |
| FY2021 | 9.04 | (3.28) |
| FY2020 | 12.32 | (1.97) |
| FY2019 | 14.29 | 4.75 |
| FY2018 | 9.54 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.57 | — | 0.68 | |
| Retained earnings / total assets | (1.11) | — | −1.55 | |
| EBIT / total assets | (0.08) | — | −0.28 | |
| Market value of equity / total liabilities | 21.19 | — | 12.72 | |
| Sales / total assets | 0.83 | — | 0.83 | |
| Altman Z-score | Safe zone | 12.40 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.25 | ||
Z and Z″ put nLight in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| POWI Power Integrations, Inc. compare | 14.5× |
| NVTS Navitas Semiconductor Corporation compare | 14.0× |
| LASR nLight | 12.4× |
| DIOD Diodes Incorporated compare | 4.8× |
| AMBQ Ambiq Micro, Inc. compare | 4.1× |
| HIMX Himax Technologies, Inc. compare | 2.4× |
| IMOS Chipmos Technologies compare | 2.3× |
| POET POET Technologies Inc. compare | 1.4× |
| WOLF Wolfspeed, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets