nLIGHT (LASR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

nLIGHT

NasdaqGS•Technology•Semiconductors

$39.84+1.41(0.04%)Market closed

Market Cap

$2.27B

P/S

7.3x

P/B

5.2x

nLIGHT, Inc. engages in the design, development, manufacture, and sale of semiconductor and fiber lasers for aerospace and defense, industrial, and microfabrication applications. It operates through two segments, Laser Products and Advanced Development. The company offers semiconductor lasers with various ranges of power levels, wavelengths, and output fiber sizes; and programmable and serviceable fiber lasers for use in aerospace and defense and industrial applications. It also provides fiber amplifiers, beam combination, and control systems for use in high-energy laser systems in directed energy applications. The company sells its products through direct sales force in the United States, China, South Korea, and European countries, as well as through independent sales representatives and distributors in Asia, Australia, Europe, the Middle East, and South America. The company was formerly known as nLight Photonics Corporation and changed its name to nLIGHT, Inc. in January 2016. nLIGHT, Inc. was incorporated in 2000 and is headquartered in Camas, Washington.

How this company scores

GoodMetricSide Score: 62/100

Strongest: Growth (20/25); weakest: Cash & Earnings Quality (13/25).

Profitability14/25

Growth20/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality13/25

Strengths

Growing revenueLong cash runwayInterest easily coveredProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 7.3x5y range 1.7x – 10.1x

Currently above its 20-quarter median.

P/B · 5.2x5y range 1.5x – 8.7x

Currently above its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Red Flag

The last 4 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Share Dilution

Red Flag

Shares outstanding increased 18.4% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $2.27B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $310.70M
Q. Revenue: $82.59M
TTM EBITDA: $-4.56M
TTM Op. Income: $-16.99M
Q. Op. Income: $-3.57M
TTM Net Income: $-12.48M
Q. Net Income: $-1.34M
EPS: $-0.02
Shares Out.: $56.98M

$310.70M in TTM revenue grew 43.2% YoY, reaching $82.59M last quarter. TTM EBITDA of $-4.56M and TTM operating income of $-16.99M show growth is flowing through to the bottom line. However, net income is negative at $12.48M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 6 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 31.1%
EBITDA Margin: -0.5%
Op. Margin: -4.3%
Net Margin: -1.6%

Op. margin of -4.3% is up 2.5% YoY — cost efficiency is improving. Net margin at -1.6% and gross margin of 31.1% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 37% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 7.3x
P/B Ratio: 5.2x

P/S of 7.3x and P/B of 5.2x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $517.59M
Cash: $295.76M
Long-Term Debt: N/A
Book Value: $439.90M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $20.73M
TTM Free Cash Flow: $41.83M
FCF Margin: 13.5%
FCF / Net Income: -3.4

TTM FCF of $41.83M on $20.73M in operating cash flow. The FCF / Net Income ratio of -3.4x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 5 consecutive quarters — an improving trend.