LASR Nasdaq Semiconductors & Related Devices Financials FY2016βFY2025
Nlight, Inc. had $261M of revenue in fiscal 2025, up 31.6% on the year before. Over five years, revenue changed +3.2% a year on average.
Last close Β· Oct 23, 2026
$36.34
0.7%Hi! I read Nlight, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+31.6%
Yes. Sales grew 31.6% last year.
Does it make a profit?
β9.0%
No. It lost money last year.
Does profit turn into cash?
4.7%
Partly. 4.7% of sales ends up as free cash.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Nlight, Inc. had $261M of revenue in fiscal 2025, up 31.6% on the year before. Over five years, revenue changed +3.2% a year on average. Its operating margin was β10.2%, up 22.9Β pts: of every 100 in sales, about β10 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Nlight, Inc. lost $23.5M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $12.3M in fiscal 2025, 4.7% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $71.8M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$71.8M
6 insiders
Of sales under plans
85%
$61.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Geoffrey MooreDirector | Sold plan | 4,452 | $34.57 | $0.2M | Form 4 |
| Sep 15, 2026 | Geoffrey MooreDirector | Sold plan | 4,452 | $38.45 | $0.2M | Form 4 |
| Sep 9, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 100,000 | $41.01 | $4.1M | Form 4 |
| Sep 8, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 115,252 | $41.32 | $4.8M | Form 4 |
| Sep 4, 2026 | Joseph John CorsoChief Financial Officer | Sold plan | 3,524 | $41.49 | $0.1M | Form 4 |
| Sep 3, 2026 | Scott H KeeneyPresident and CEO, Director | Sold | 9,753 | $40.69 | $0.4M | Form 4 |
| Sep 3, 2026 | Joseph John CorsoChief Financial Officer | Sold plan | 4,191 | $40.69 | $0.2M | Form 4 |
| Sep 3, 2026 | James NiasChief Accounting Officer | Sold | 1,025 | $40.69 | $0.0M | Form 4 |
| Aug 28, 2026 | William GossmanDirector | Sold plan | 15,000 | $44.36 | $0.7M | Form 4 |
| Aug 24, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 181,750 | $44.15 | $8.0M | Form 4 |
| Aug 21, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 181,750 | $46.88 | $8.5M | Form 4 |
| Jun 4, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 16,089 | $74.60 | $1.2M | Form 4 |
| Jun 4, 2026 | Joseph John CorsoChief Financial Officer | Sold plan | 3,817 | $72.90 | $0.3M | Form 4 |
| Jun 3, 2026 | James NiasChief Accounting Officer | Sold | 940 | $77.99 | $0.1M | Form 4 |
| Jun 3, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 8,901 | $77.99 | $0.7M | Form 4 |
| Jun 3, 2026 | Joseph John CorsoChief Financial Officer | Sold plan | 3,840 | $77.99 | $0.3M | Form 4 |
| May 29, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 41,371 | $73.36 | $3.0M | Form 4 |
| May 28, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 41,373 | $78.64 | $3.3M | Form 4 |
| May 21, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 41,373 | $75.19 | $3.1M | Form 4 |
| May 20, 2026 | Joseph John CorsoChief Financial Officer | Sold plan | 35,476 | $70.40 | $2.5M | Form 4 |
| May 20, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 41,373 | $70.40 | $2.9M | Form 4 |
| May 20, 2026 | James NiasChief Accounting Officer | Sold plan | 415 | $71.09 | $0.0M | Form 4 |
| May 19, 2026 | Joseph John CorsoChief Financial Officer | Sold plan | 20,243 | $68.48 | $1.4M | Form 4 |
| May 19, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 46,735 | $68.48 | $3.2M | Form 4 |
| May 19, 2026 | James NiasChief Accounting Officer | Sold plan | 1,618 | $68.48 | $0.1M | Form 4 |
| May 18, 2026 | Joseph John CorsoChief Financial Officer | Sold | 19,575 | $70.82 | $1.4M | Form 4 |
| May 18, 2026 | Scott H KeeneyPresident and CEO, Director | Sold | 45,191 | $70.82 | $3.2M | Form 4 |
| May 18, 2026 | James NiasChief Accounting Officer | Sold | 1,565 | $70.82 | $0.1M | Form 4 |
| May 15, 2026 | Joseph John CorsoChief Financial Officer | Sold | 18,445 | $75.16 | $1.4M | Form 4 |
| May 15, 2026 | Scott H KeeneyPresident and CEO, Director | Sold | 42,584 | $75.16 | $3.2M | Form 4 |
| May 15, 2026 | James NiasChief Accounting Officer | Sold | 1,487 | $75.16 | $0.1M | Form 4 |
| Mar 13, 2026 | Raymond A LinkDirector | Sold plan | 6,644 | $63.28 | $0.4M | Form 4 |
| Mar 12, 2026 | Raymond A LinkDirector | Sold plan | 8,760 | $64.42 | $0.6M | Form 4 |
| Mar 12, 2026 | James NiasChief Accounting Officer | Sold plan | 1,808 | $64.42 | $0.1M | Form 4 |
| Mar 11, 2026 | Raymond A LinkDirector | Sold plan | 10,000 | $62.79 | $0.6M | Form 4 |
| Mar 9, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 19,096 | $58.80 | $1.1M | Form 4 |
| Mar 6, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 23,656 | $60.53 | $1.4M | Form 4 |
| Mar 6, 2026 | Joseph John CorsoChief Financial Officer | Sold plan | 12,290 | $60.39 | $0.7M | Form 4 |
| Mar 5, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 32,239 | $61.96 | $2.0M | Form 4 |
| Mar 5, 2026 | Joseph John CorsoChief Financial Officer | Sold plan | 13,038 | $61.96 | $0.8M | Form 4 |
| Mar 5, 2026 | James NiasChief Accounting Officer | Sold | 3,249 | $61.96 | $0.2M | Form 4 |
| Jan 6, 2026 | Scott H KeeneyPresident and CEO, Director | Sold plan | 31,748 | $37.51 | $1.2M | Form 4 |
| Dec 15, 2025 | Joseph John CorsoChief Financial Officer | Sold plan | 66,075 | $36.32 | $2.4M | Form 4 |
| Dec 4, 2025 | Scott H KeeneyPresident and CEO, Director | Sold plan | 15,371 | $35.66 | $0.5M | Form 4 |
| Dec 3, 2025 | Scott H KeeneyPresident and CEO, Director | Sold plan | 9,625 | $33.78 | $0.3M | Form 4 |
| Dec 3, 2025 | Joseph John CorsoChief Financial Officer | Sold | 4,127 | $33.78 | $0.1M | Form 4 |
| Dec 3, 2025 | James NiasChief Accounting Officer | Sold | 556 | $33.78 | $0.0M | Form 4 |
| Nov 21, 2025 | James NiasChief Accounting Officer | Sold | 1,200 | $30.00 | $0.0M | Form 4 |
| Nov 11, 2025 | Raymond A LinkDirector | Sold | 12,560 | $35.33 | $0.4M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Nlight, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $147M | $108M | $113M | $101M | $134M |
| Debt incl. finance leases | $0.0M | β | β | β | β |
| Debt / equity | 0.0x | β | β | β | β |
| Interest coverage | β | β | β698.0x | β625.1x | β24.5x |
| Current ratio | 6.1x | 6.7x | 6.7x | 5.7x | 3.8x |
| Quick ratio | 4.4x | 4.7x | 5.1x | 4.5x | 3.1x |
| Total assets | $374M | $329M | $307M | $270M | $315M |
| Total liabilities | $71.5M | $58.4M | $52.4M | $53.8M | $88.5M |
| Shareholders' equity | $302M | $271M | $254M | $216M | $227M |
| Net debt (β = net cash) | β$147M | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Nlight, Inc. passes 5 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 6 / 9 | 2 / 9 | 3 / 9 | 4 / 9 | 3 / 8 | 5 / 8 | 2 / 8 | 5 / 8 |
| Accruals ratio | β | β1.4% | 5.9% | β3.5% | β12.7% | β6.8% | β11.4% | β16.3% | β20.3% | β15.3% |
| Altman Z'' | β | 1.72 | 11.28 | 9.57 | 5.22 | 6.49 | 5.45 | 5.28 | 2.55 | 2.25 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $101M | $139M | $191M | $177M | $223M | $270M | $242M | $210M | $199M | $261M |
| Gross profit | $23.2M | $44.3M | $67.0M | $52.3M | $59.4M | $77.3M | $50.8M | $46.1M | $33.0M | $78.0M |
| Research and development | $15.2M | $15.1M | $21.1M | $28.1M | $41.2M | $54.8M | $53.8M | $46.2M | $45.1M | $48.0M |
| Operating income | β$9.3M | $9.8M | $17.1M | β$9.9M | β$21.0M | β$30.2M | β$55.1M | β$46.8M | β$65.6M | β$26.6M |
| Interest expense | β | β | β | β | β | β | β | $0.1M | $0.1M | $1.1M |
| Pretax income | β$12.3M | $6.7M | $17.5M | β$6.8M | β$20.6M | β$30.0M | β$54.2M | β$42.6M | β$60.9M | β$22.8M |
| Income tax | $1.9M | $4.9M | $3.6M | $6.1M | $0.3M | β$0.4M | $0.3M | β$1.0M | β$0.1M | $0.7M |
| Net income | β$14.2M | $1.8M | $13.9M | β$12.9M | β$20.9M | β$29.7M | β$54.6M | β$41.7M | β$60.8M | β$23.5M |
| Net income to common | β$14.2M | $0.0M | $9.5M | β$12.9M | β$20.9M | β | β | β | β | β |
| Diluted EPS | β$5.68 | $0.00 | $0.32 | β$0.35 | β$0.55 | β$0.70 | β$1.23 | β$0.90 | β$1.27 | β$0.47 |
| Diluted shares | 0.00B | 0.00B | 0.03B | 0.04B | 0.04B | 0.04B | 0.04B | 0.05B | 0.05B | 0.05B |
| Cash flow | ||||||||||
| Cash from operations | $6.0M | $3.4M | $3.4M | β$4.2M | $13.0M | β$7.4M | β$14.5M | $10.1M | β$2.4M | $21.3M |
| Capital expenditure | $4.1M | $5.5M | $10.6M | $12.4M | $23.4M | $19.3M | $21.4M | $5.3M | $7.9M | $9.0M |
| Free cash flow | $1.9M | β$2.1M | β$7.2M | β$16.6M | β$10.4M | β$26.8M | β$35.9M | $4.8M | β$10.3M | $12.3M |
| Depreciation and amortization | $8.1M | $7.9M | $8.3M | $6.6M | $7.7M | $9.2M | $11.1M | $12.4M | $13.0M | $12.3M |
| Stock-based compensation | $0.3M | $0.4M | $4.8M | $9.7M | $25.5M | $37.7M | $26.8M | $25.8M | $25.0M | $33.4M |
| Acquisitions | β | $0.0M | $0.0M | $17.4M | $0.2M | $0.3M | $0.7M | $0.0M | $0.0M | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $13.5M | $36.7M | $149M | $117M | $102M | $147M | $108M | $113M | $101M | $134M |
| Total debt | β | $17.5M | $0.1M | $0.1M | $0.4M | $0.0M | β | β | β | β |
| Current assets | β | $84.6M | $219M | $199M | $201M | $277M | $231M | $221M | $194M | $243M |
| Current liabilities | β | $28.9M | $23.6M | $25.0M | $41.4M | $45.8M | $34.5M | $32.8M | $34.2M | $64.2M |
| Inventory | β | $29.6M | $35.3M | $46.1M | $54.7M | $73.7M | $67.6M | $52.2M | $40.8M | $45.4M |
| Property and equipment, net | β | $18.0M | $21.5M | $27.7M | $44.5M | $56.1M | $60.7M | $52.3M | $46.9M | $42.1M |
| Goodwill | β | $1.4M | $1.4M | $9.9M | $12.5M | $12.4M | $12.4M | $12.4M | $12.4M | $12.4M |
| Intangible assets | β | $1.8M | $2.7M | $10.0M | $8.3M | $6.7M | $4.0M | $1.7M | $0.8M | $0.0M |
| Total assets | β | $110M | $250M | $250M | $284M | $374M | $329M | $307M | $270M | $315M |
| Total liabilities | β | $48.9M | $32.3M | $33.4M | $63.7M | $71.5M | $58.4M | $52.4M | $53.8M | $88.5M |
| Preferred stock | β | $0.0M | $0.0M | $0.0M | β | β | β | β | β | β |
| Shareholders' equity | $29.7M | $61.3M | $218M | $217M | $220M | $302M | $271M | $254M | $216M | $227M |
| Margins | ||||||||||
| Gross margin | 22.9% | 31.9% | 35.0% | 29.6% | 26.6% | 28.6% | 21.0% | 22.0% | 16.6% | 29.8% |
| Operating margin | β9.2% | 7.1% | 8.9% | β5.6% | β9.4% | β11.2% | β22.8% | β22.3% | β33.1% | β10.2% |
| EBITDA margin | β1.2% | 12.8% | 13.2% | β1.9% | β6.0% | β7.8% | β18.2% | β16.4% | β26.5% | β5.4% |
| Net margin | β14.0% | 1.3% | 7.3% | β7.3% | β9.4% | β11.0% | β22.5% | β19.9% | β30.6% | β9.0% |
| FCF margin | 1.9% | β1.5% | β3.8% | β9.4% | β4.7% | β9.9% | β14.8% | 2.3% | β5.2% | 4.7% |
| Returns | ||||||||||
| Return on capital | β | 15.1% | 19.8% | β7.9% | β14.1% | β15.3% | β | β | β | β |
| Return on capital employed | β | 12.1% | 7.5% | β4.4% | β8.7% | β9.2% | β18.7% | β17.1% | β27.8% | β10.6% |
| Return on equity | β47.8% | 4.0% | 10.0% | β5.9% | β9.6% | β11.4% | β19.1% | β15.9% | β25.8% | β10.6% |
| Return on assets | β | 1.7% | 7.7% | β5.2% | β7.8% | β9.0% | β15.5% | β13.1% | β21.1% | β8.0% |
| Return on tangible equity | β47.8% | 0.0% | 4.5% | β6.5% | β10.5% | β10.5% | β21.5% | β17.3% | β29.9% | β11.0% |
| Growth | ||||||||||
| Revenue growth | β | 36.8% | 38.1% | β7.7% | 26.1% | 21.3% | β10.4% | β13.3% | β5.4% | 31.6% |
| Net income growth | β | β | 658.7% | β192.4% | β | β | β | β | β | β |
| EPS growth | β | β | β | β209.4% | β | β | β | β | β | β |
| FCF growth | β | β209.3% | β | β | β | β | β | β | β316.6% | β |
| Share count change | β | 9.4% | 995.4% | 23.9% | 3.4% | 9.8% | 5.4% | 3.7% | 4.0% | 4.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β1.1x | β5.9x | β | β | β | β | β | β | β |
| Debt / equity | β | 0.3x | 0.0x | 0.0x | 0.0x | 0.0x | β | β | β | β |
| Interest coverage | β | β | β | β | β | β | β | β698.0x | β625.1x | β24.5x |
| Current ratio | β | 2.9x | 9.3x | 7.9x | 4.8x | 6.1x | 6.7x | 6.7x | 5.7x | 3.8x |
| Quick ratio | β | 1.9x | 7.8x | 6.1x | 3.5x | 4.4x | 4.7x | 5.1x | 4.5x | 3.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.0% | 4.0% | 5.5% | 7.0% | 10.5% | 7.2% | 8.8% | 2.5% | 4.0% | 3.5% |
| Stock comp / revenue | 0.3% | 0.3% | 2.5% | 5.5% | 11.4% | 14.0% | 11.1% | 12.3% | 12.6% | 12.8% |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | 6.0 | 2.0 | 3.0 | 4.0 | 3.0 | 5.0 | 2.0 | 5.0 |
| Altman Z'' | β | 1.7 | 11.3 | 9.6 | 5.2 | 6.5 | 5.5 | 5.3 | 2.5 | 2.2 |
| Accruals ratio | β | β1.4% | 5.9% | β3.5% | β12.7% | β6.8% | β11.4% | β16.3% | β20.3% | β15.3% |
Source: SEC EDGAR XBRL filings (CIK 0001124796). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
