nLIGHT Inc. Common Stock (LASR)

FairStock Score: 41/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

nLIGHT is not a Ben Graham bargain at first glance. At the close on 2026-10-13, the stock was $38.58 and market cap $2.2B. FairStock calculations put P/E at -160.75, P/B at 5.06, ROE at -3.81%, ROCE at -2.21%, and EV/EBITDA at 603.22. Those are not numbers that shout margin of safety. The balance sheet is conservative—D/E 0.03—and Altman Z-Score 17.29 is high, so near-term insolvency risk looks low. The business makes semiconductor and fiber lasers for aerospace/defense, industrial, and microfabrication uses. I see growth: filed FY2025, period ended 2025-12-31, revenue was $261.3M versus FY2024 $198.5M; in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $82.6M versus $61.7M in fiscal Q2 2025. But profits remain elusive. FY2025 net loss was $23.5M, EPS -$0.47, versus FY2024 net loss $60.8M, EPS -$1.27. In fiscal Q2 2026 net loss was $1.3M, EPS -$0.02. TTM free cash flow is $41.8M, but FCF yield is only 1.9%, so much future success is already priced in. Piotroski 5/9 is middling. The FairStock Lynch category is none because the company lost money in each of the last four years; no category fits a company that has not yet earned a profit. The competitive moat is unclear—defense lasers may have switching costs, but losses and a high beta of 2.30 suggest a cyclical, execution-dependent story. I would need consistent profits and cash returns before calling this cheap.

In plain English: nLIGHT makes specialized lasers for aerospace, defense, industrial, and microfabrication uses. Sales have grown, but the company has not yet made a full-year profit and recent quarters are still close to break-even at best. At $38.58 on 2026-10-13, the stock looks expensive compared with current earnings and asset value based on the figures given.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer