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Lightwave Logic Inc.

LWLG Basic Materials Specialty Chemicals

Lightwave Logic Inc.’s revenue for fiscal 2025 (year ended December 2025) was $236,900.00, up 147.8% from fiscal 2024. In the quarter to June 2026, revenue grew 28.1%, EPS fell 1.01% and free cash flow fell 79.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years.

4.01 0.19 −4.52%
Market cap
$647.5M
P/E
0.0×
Fwd P/E
—
Dividend yield
—
F-score
6/9
Altman Z
52.29
Beneish M
−0.95
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 1.43
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 2 2 — 1 6 — 1 — — — —
Insider Ownership 1.54%

Capital & Financial Ratios $m

Market Cap 647.50
Revenue 0.25
Net Income (23.56)
Free Cash Flow (18.95)
Net Debt (95.91)
Current Ratio 62.84 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E —
P/S ratio 2,457.88 (above 10: high)
P/B ratio 5.91
Past 5Y EPS Growth —
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth (3.33%) (below 0%: weak)
Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2,075×, against a ten-year median of 2,903×; over the ten years it ranged from 968× in 2025 to 8,045× in 2026.
P/B against its own 10 years 4.42%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2020 Powerpack
2019 Powerpack
2018 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 31 28 69 96
Receivables 0 0 0 0
Inventory — — — —
Other — — — —
33 28 70 98
2023 2024 2025 Q'26
Payables 2 1 1 1
ST’ Debt — — — —
Other 0 0 0 0
3 2 2 2

Compound Annual Growth %

10y 5y 3y
Sales — — 355.91%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 31.02% 66.83% 39.41%

Revenue $m

Mar Jun Sep Dec Year
’26 0 0 — — —
’25 0 0 0 0 0
’24 0 0 0 0 0
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) (6) — — —
’25 (3) (4) (3) (3) (14)
’24 (5) (4) (4) (3) (16)
’23 (4) (3) (3) (2) (12)
’22 (3) (3) (2) (3) (11)
’21 (1) (2) (1) (6) (10)
’20 (1) (1) (1) (1) (5)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (5) (7) — — —
’25 (4) (4) (3) (4) (16)
’24 (6) (5) (4) (4) (18)
’23 (4) (4) (4) (4) (16)
’22 (3) (3) (3) (3) (12)
’21 (2) (2) (2) (6) (11)
’20 (1) (1) (1) (1) (5)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.04) (0.04) — — —
’25 (0.04) (0.04) (0.04) (0.04) (0.16)
’24 (0.05) (0.05) (0.04) (0.05) (0.19)
’23 (0.05) (0.05) (0.04) (0.04) (0.18)
’22 (0.03) (0.03) (0.04) (0.04) (0.15)
’21 (0.02) (0.04) (0.04) (0.08) (0.18)
’20 (0.02) (0.02) (0.02) (0.02) (0.07)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 0.44 0.62 0.63 0.62 0.48 0.90 3.91 3.79 1.75 0.79

Analyst estimates 2026–2028

Powerpack
High 0.87 1.86 1.33 1.30 1.10 20.30 16.79 9.18 5.30 6.26
People
People Employees — 16 17 18 19 19 21 33 31 34
Revenue/emp, $m — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01
Income, $m
Income, $m Revenue — — — — — — — 0 0 0
Gross margin, % 0.00 0.00 0.00 0.00 0.00 0.00 0.00 93.83 92.26 97.09
EBT (4) (6) (6) (7) (7) (19) (17) (21) (23) (20)
EBT margin, % 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (51,945.68) (23,572.18) (8,574.84)
Net income (4) (6) (6) (7) (7) (19) (17) (21) (23) (20)
Depreciation 0 0 0 1 1 1 1 2 2 3
Per share, $
Per share, $ Revenue 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Earnings (0.07) (0.08) (0.08) (0.08) (0.07) (0.18) (0.15) (0.18) (0.19) (0.16)
Cash flow (0.05) (0.06) (0.06) (0.06) (0.05) (0.10) (0.09) (0.11) (0.13) (0.11)
Capex 0.00 0.00 (0.02) 0.00 0.00 (0.01) (0.01) (0.03) (0.02) (0.01)
Free cash flow (0.05) (0.07) (0.08) (0.06) (0.06) (0.11) (0.11) (0.14) (0.15) (0.12)
Book value 0.05 0.07 0.06 0.06 0.06 0.24 0.25 0.32 0.28 0.58
Shares, m 66 71 76 83 92 105 112 115 121 129
Valuation, ×
Valuation, × P/E — — — — — — — 0.00 0.00 0.00
P/S — — — — — — — 0.00 2,649.16 1,759.21
P/B — — — — — — — 14.58 7.58 5.58
EV/Sales — — — — — — — 0.00 2,359.75 1,467.88
EV/FCF — — — — — — — (31.56) (12.36) (22.34)
Cash, $m
Cash, $m Operating cash flow (3) (4) (4) (5) (5) (10) (11) (12) (16) (14)
Capex 0 0 (1) 0 0 (1) (2) (4) (3) (2)
Free cash flow (3) (5) (6) (5) (5) (11) (12) (16) (18) (16)
Balance, $m
Balance, $m Working capital 2 3 2 2 3 22 24 30 26 68
Total debt — — — 1 1 1 0 — — —
Net debt (2) (3) (2) (2) (3) (23) (24) (31) (28) (69)
Shareholders’ equity 3 5 5 5 6 25 28 36 33 75
Returns, %
Returns, % ROA (106.23) (127.24) (102.16) (109.59) (94.64) (107.71) (61.00) (59.22) (56.63) (34.73)
ROIC (234.40) (224.99) (128.11) (147.85) (167.09) (599.58) (310.43) (265.23) (250.71) (230.54)
ROE (109.27) (142.38) (116.35) (137.08) (125.72) (120.28) (65.32) (65.76) (64.52) (37.59)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Lightwave Logic Inc. vs peers in Specialty Chemicals (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SCL Stepan Company $1.4B — (loss-making) 2,564× +15.04% (above 0%: growing) +100.00% (above 0%: growing) −4.42% (below 0%: shrinking) 14.61% 5.44% Compare
ECVT Ecovyst Inc. $1.1B — (loss-making) 18.2× +41.97% (above 0%: growing) +40.00% (above 0%: growing) −66.55% (below 0%: shrinking) 19.94% 7.75% Compare
ODC Oil-Dri Corporation Of America $1.1B 18.3× 37.5× +3.26% (above 0%: growing) +8.03% (above 0%: growing) −20.76% (below 0%: shrinking) 27.83% 14.11% Compare
KRO Kronos Worldwide Inc $851.7M — (loss-making) — (loss-making) +12.88% (above 0%: growing) n/m +291.58% (above 0%: growing) 18.42% 6.74% Compare
KOP Koppers Holdings Inc. $821.5M — (loss-making) 583× +3.03% (above 0%: growing) n/m −2.84% (below 0%: shrinking) 20.96% (31.92%) Compare
LWLG Lightwave Logic Inc. $647.5M — (loss-making) — +28.13% (above 0%: growing) n/m −79.80% (below 0%: shrinking) 100.00% (22,161.89%)
MATV Mativ Holdings, Inc. $644.1M 6.9× — (loss-making) +1.22% (above 0%: growing) n/m +19.37% (above 0%: growing) 21.31% 6.64% Compare
OEC Orion S.A. $316.5M — (loss-making) — (loss-making) +7.40% (above 0%: growing) −81.25% (below 0%: shrinking) −83.48% (below 0%: shrinking) 18.57% 4.25% Compare
MNTK Montauk Renewables, Inc. $301.8M 34.7× 14.4× +19.71% (above 0%: growing) n/m +60.35% (above 0%: growing) 100.00% (0.14%) Compare
Median of peers $836.6M 18.3× 37.5× +10.14% +24.02% −3.63% 20.45% 6.04%

All 60 Specialty Chemicals stocks →

Lightwave Logic Inc. (LWLG) key facts

  • Strength: Lightwave Logic Inc.’s revenue for fiscal 2025 (year ended December 2025) was $236,900.00, up 147.8% from fiscal 2024.
  • Lightwave Logic Inc. (LWLG) is a Specialty Chemicals company in the Basic Materials sector, listed on Nasdaq.
  • As of October 16, 2026, LWLG traded at $4.01, a market capitalization of $647.5 million.
  • Return on equity was −37.6% and debt-to-equity 0.00.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 52.29 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Lightwave Logic Inc. (LWLG) Latest News

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stockrow.com/LWLG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com