LENSAR Inc. Common Stock (LNSR)

FairStock Score: 28/100 — RISKY

Key Financials

AI Analysis

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

Seeking a margin of safety, I look first at what the business earns and what I pay for it. LENSAR sells laser systems for cataract and astigmatism surgery, a real medical need, and revenue has moved from $35.7M in the fiscal year ended 2023-12-31 to $46.0M in the fiscal year ended 2024-12-31 and $51.7M in the fiscal year ended 2025-12-31, so the top line is expanding. More recently, in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $14.7M and net income was $3.5M, or diluted EPS $0.10, a sharp swing from a net loss of $1.8M in fiscal Q2 2025, the quarter ended 2025-06-30. That is encouraging. But the long record is poor: the fiscal year ended 2023-12-31 lost $14.4M, the fiscal year ended 2024-12-31 lost $31.4M, and the fiscal year ended 2025-12-31 lost $34.3M. FairStock’s trailing free cash flow is -$7.3M, a -9.5% FCF yield, so the company is still consuming cash. The balance sheet shows low debt with D/E of 0.08, but an Altman Z-score of -1.12 and ROCE of -18.66% suggest fragility and poor capital returns. The huge ROE of 357% is not a durable signal; it likely reflects a small or distorted equity base, not economic excellence. At the 2026-10-13 close of $6.27, FairStock calculates P/E 31.35, P/B 5.18, and Graham Number $2.33, meaning the price is about 169% above that conservative figure. FairStock Score is 28/100 and Piotroski is 5/9. Growth could justify some optimism, but I see no reliable moat or multi-year profit record. Without consistent free cash flow, the market price already discounts a lot of future success.

In plain English: LENSAR makes laser systems for cataract and astigmatism eye surgery. Sales have grown and the most recent filed quarter was profitable, but the company has lost money in each of the last four fiscal years and is still burning cash, so the business looks unproven. At the 2026-10-13 close of $6.27, the price looks expensive compared with its reported profits and net assets, and it is far above a conservative value estimate from those numbers.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

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