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) Beneish M-score
nLight's Beneish M-score for fiscal 2025 is −3.21; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.21 | 0.33 |
| FY2024 | −3.54 | (0.27) |
| FY2023 | −3.28 | (0.41) |
| FY2022 | −2.86 | (0.29) |
| FY2021 | −2.57 | 0.19 |
| FY2020 | −2.76 | (0.73) |
| FY2019 | −2.03 | (0.52) |
| FY2018 | −1.51 | 0.88 |
| FY2017 | −2.39 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.11 | — | 1.02 | |
| Gross margin index | 0.56 | — | 0.29 | |
| Asset quality index | 0.88 | — | 0.35 | |
| Sales growth index | 1.32 | — | 1.17 | |
| Depreciation index | 1.08 | — | 0.12 | |
| SG&A index | 0.84 | — | −0.14 | |
| Total accruals to total assets | (0.14) | — | −0.66 | |
| Leverage index | 1.61 | — | −0.53 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.21 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| NVTS Navitas Semiconductor Corporation compare | −4.5× |
| AMBQ Ambiq Micro, Inc. compare | −3.5× |
| POWI Power Integrations, Inc. compare | −3.4× |
| LASR nLight | −3.2× |
| HIMX Himax Technologies, Inc. compare | −2.9× |
| DIOD Diodes Incorporated compare | −2.7× |
| IMOS Chipmos Technologies compare | −2.6× |
| POET POET Technologies Inc. compare | — |
| WOLF Wolfspeed, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI