LightPath Technologies (LPTH) Stock Fundamentals, Analysis & Risk Signals

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

LightPath Technologies

NasdaqCM•Technology•Electronic Components

$9.20-0.48(-0.05%)Market closed

Market Cap

$530.81M

P/S

7.4x

P/B

3.6x

LightPath Technologies, Inc. designs, develops, manufactures, and distributes optical systems and assemblies in the United States. It offers precision molded glass aspheric optics, molded and diamond-turned infrared aspheric lenses, spherical lenses, and other optical components used to produce products that manipulate light; and infrared products, including catalog and custom infrared optics. The company also offers cooled and uncooled camera systems and modules for long range surveillance and detection, and engineering services. The company's products are used in defense products, border security, perimeter security, night vision systems, medical devices, laser aided industrial tools, automotive safety applications, telecommunications, machine vision and sensors, and other sectors. It sells its products directly to customers in Europe and Asia. LightPath Technologies, Inc. was founded in 1985 and is headquartered in Orlando, Florida.

How this company scores

AverageMetricSide Score: 55/100

Strongest: Balance Sheet & Red Flags (21/25); weakest: Cash & Earnings Quality (7/25).

Profitability11/25

Growth16/25

Balance Sheet & Red Flags21/25

Cash & Earnings Quality7/25

Strengths

Growing revenueLong cash runwayLow leverageImproving leverage

Valuation vs. 5-year range

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

P/S · 7.4x5y range 0.9x – 9.4x

Currently above its 20-quarter median.

P/B · 3.6x5y range 1.0x – 16.5x

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 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $530.81M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $71.72M
Q. Revenue: $21.16M
TTM EBITDA: $-14.62M
TTM Op. Income: $-19.65M
Q. Op. Income: $-4.30M
TTM Net Income: $-20.55M
Q. Net Income: $-4.14M
EPS: $-0.38
Shares Out.: $53.37M

$71.72M in TTM revenue grew 92.8% YoY, reaching $21.16M last quarter. TTM EBITDA of $-14.62M and TTM operating income of $-19.65M show growth is flowing through to the bottom line. However, net income is negative at $20.55M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 39.4%
EBITDA Margin: -14.1%
Op. Margin: -20.3%
Net Margin: -19.6%

Op. margin of -20.3% is up 17.7% YoY — cost efficiency is improving. Net margin at -19.6% and gross margin of 39.4% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

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

P/E Ratio: N/A
P/S Ratio: 7.4x
P/B Ratio: 3.6x

P/S of 7.4x and P/B of 3.6x.

Assets & Liabilities

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

Total Assets: $194.01M
Cash: $93.20M
Long-Term Debt: $74,878
Book Value: $149.47M
D/E Ratio: 0.0
Debt/EBITDA: N/A

With $194.01M in assets and $74,878 in long-term debt, D/E is 0.0and book value is $149.47M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 4 consecutive quarters — an improving trend.

Cash Flow

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

Op. Cash Flow: $-5.11M
TTM Free Cash Flow: $-16.49M
FCF Margin: -23.0%
FCF / Net Income: 0.8

TTM FCF of $-16.49M on $-5.11M in operating cash flow. The FCF / Net Income ratio of 0.8x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.