Nlight (LASR)
NASDAQ:LASR
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nLIGHT
(NASDAQ:LASR)
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Rating:66Neutral
Price Target:
$82.00
▲(16.43% Upside)
Action:ReiteratedDate:03/21/26
The score reflects improving fundamentals (margin recovery and positive free cash flow) and strong technical momentum as the biggest positives. These are tempered by weak valuation signals driven by ongoing losses and execution risks highlighted in guidance (including the cutting/welding exit headwind and reliance on converting government program awards).
Positive Factors
A&D Market Traction & Program Wins
Substantial, multi‑year defense program wins and 60% A&D growth anchor a durable, higher‑margin end market. Large awarded programs (HELSI‑2, DE M‑SHORAD, missile contract) create multi‑year revenue visibility and strategic OEM relationships that reduce industrial cyclicality and support capacity investments.
Negative Factors
Exit of Cutting & Welding Business
A strategic exit that removes $25M–$30M of revenue reduces diversified industrial revenue and increases reliance on defense and development streams. The loss of recurring cutting/welding sales pressures near‑term top‑line growth and forces faster scaling of higher‑margin contracts to offset the structural revenue gap.
Read all positive and negative factors
Positive Factors
Negative Factors
A&D Market Traction & Program Wins
Substantial, multi‑year defense program wins and 60% A&D growth anchor a durable, higher‑margin end market. Large awarded programs (HELSI‑2, DE M‑SHORAD, missile contract) create multi‑year revenue visibility and strategic OEM relationships that reduce industrial cyclicality and support capacity investments.
Read all positive factors
nLIGHT (LASR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.98B
Dividend YieldN/A
Average Volume (3M)1.70M
Price to Earnings (P/E)―
Beta (1Y)1.38
Revenue Growth31.62%
EPS Growth62.85%
CountryUS
Employees800
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.47
Shares Outstanding55,791,320
10 Day Avg. Volume1,241,887
30 Day Avg. Volume1,704,444
Financial Highlights & Ratios
PEG Ratio1.31
Price to Book (P/B)8.43
Price to Sales (P/S)7.31
P/FCF Ratio155.34
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue14.98
Enterprise Value/Gross Profit50.21
Enterprise Value/Ebitda-461.28
Forecast
1Y Price Target
$76.42Price Target Upside8.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.31
Revenue Forecast (FY)$283.99M
nLIGHT Business Overview & Revenue Model
Company Description
nLIGHT, Inc. designs, manufactures, and sells semiconductor and fiber lasers for industrial, microfabrication, and aerospace and defense applications. It operates in two segments, Laser Products and Advanced Development. The company also provides ...
How the Company Makes Money
nLIGHT primarily makes money by selling laser sources and photonic components to customers in two main end markets: Industrial and Aerospace & Defense. In Industrial, revenue is generated through sales of high-power fiber lasers and related compon...
nLIGHT Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum: robust top-line growth (FY revenue +32%, A&D +60%), sizable margin expansion (~30% gross margin vs 17% prior year), record adjusted EBITDA ($23.5M) and improved cash generation, supported by a >$190M capital raise and a reinforced balance sheet. Key program deliveries (HELSI-2 progress, DE M-SHORAD delivery, $50M missile contract) and investments in manufacturing capacity position the company for further A&D growth. Headwinds include the strategic exit of cutting and welding (creating a $25M–$30M revenue headwind), a flat funded backlog year-over-year, product margin pressures tied to mix and inventory charges, execution/timing risk on government awards, and limited visibility in microfabrication. On balance, the favorable growth, margin recovery, cash position and strategic investments outweigh the challenges, though successful execution and converting pipeline awards remain critical.Positive Updates
Strong Full-Year Revenue Growth
Total revenue for FY2025 was $261.0M, up 32% year-over-year, driven largely by Aerospace & Defense (A&D) growth.
Negative Updates
Exit of Cutting and Welding Business — Material Revenue Headwind
Company decided to exit cutting and welding due to structural weakness; expects a full-year revenue headwind of approximately $25M–$30M in 2026. Some modest revenue contribution may continue in H1 2026 while winding down last-time buys.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year Revenue Growth
Total revenue for FY2025 was $261.0M, up 32% year-over-year, driven largely by Aerospace & Defense (A&D) growth.
Read all positive updates
Company Guidance
nLIGHT guided Q1 2026 revenue of $70–$76 million (midpoint $73M), with an expected product/development split of roughly $54M/$19M; overall gross margin of 27–32% (product GM 34–39%, development GM ~8%); adjusted EBITDA of $5–$10M; and quarterly non‑GAAP OpEx of about $17–$19M. Management reiterated 2026 should be a growth year supported by approximately $162M of funded backlog as of 12/31/25, while noting a ~$25–$30M full‑year revenue headwind from exiting cutting and welding. They also highlighted balance sheet strength after raising >$190M (leaving >$0.25B on the balance sheet), year‑end cash of $134M, FY2025 revenue of $261M (+32% YoY), adjusted EBITDA of $23.5M, and cash flow from operations of >$21M for the year.nLIGHT Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
73
Positive
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 261.33M | 198.55M | 209.92M | 242.06M | 270.15M |
| Gross Profit | 77.96M | 33.02M | 46.11M | 50.82M | 77.31M |
| EBITDA | -19.95M | -43.75M | -29.92M | -35.51M | -15.16M |
| Net Income | -23.47M | -60.79M | -41.67M | -54.58M | -29.67M |
Balance Sheet | |||||
| Total Assets | 318.11M | 270.24M | 306.80M | 329.23M | 373.62M |
| Cash, Cash Equivalents and Short-Term Investments | 133.63M | 100.70M | 112.88M | 108.22M | 146.53M |
| Total Debt | 36.21M | 12.13M | 14.16M | 15.61M | 17.68M |
| Total Liabilities | 91.36M | 53.81M | 52.38M | 58.39M | 71.48M |
| Stockholders Equity | 226.75M | 216.43M | 254.42M | 270.85M | 302.13M |
Cash Flow | |||||
| Free Cash Flow | 12.30M | -10.29M | 4.75M | -36.26M | -29.00M |
| Operating Cash Flow | 21.33M | -2.36M | 10.09M | -14.54M | -7.44M |
| Investing Cash Flow | -8.77M | 16.69M | -14.10M | -72.38M | -21.85M |
| Financing Cash Flow | 20.11M | -1.30M | -859.00K | -1.31M | 73.74M |
nLIGHT Technical Analysis
Positive
70.43
Price Trends
61.44
Positive
50.49
Positive
38.88
Positive
Market Momentum
1.83
Negative
59.35
Neutral
84.02
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LASR, the sentiment is Positive. The current price of 70.43 is above the 20-day moving average (MA) of 64.20, above the 50-day MA of 61.44, and above the 200-day MA of 38.88, indicating a bullish trend. The MACD of 1.83 indicates Negative momentum. The RSI at 59.35 is Neutral, neither overbought nor oversold. The STOCH value of 84.02 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LASR.
nLIGHT Risk Analysis
nLIGHT disclosed 36 risk factors in its most recent earnings report. nLIGHT reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
nLIGHT Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $3.07B | 12.15 | 11.84% | ― | -0.06% | -1.01% | |
69 Neutral | $3.78B | -1,578.41 | 2.64% | ― | -7.71% | -66.03% | |
66 Neutral | $3.98B | -97.29 | -10.74% | ― | 31.62% | 62.85% | |
63 Neutral | $4.33B | 764.02 | 1.48% | ― | 9.29% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $2.10B | 56.38 | 4.96% | 4.48% | -8.01% | -44.59% | |
55 Neutral | $14.09B | -303.15 | -7.54% | ― | 82.75% | 84.71% |
* Technology Sector Average
LASR
nLIGHT
71.29
62.68
727.99%
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VECO
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AAOI
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nLIGHT Corporate Events
Business Operations and StrategyPrivate Placements and Financing
nLIGHT Announces Underwritten Public Offering of Common Stock
Positive
Feb 4, 2026
On February 3, 2026, nLIGHT, Inc. entered into an underwriting agreement with a syndicate of investment banks for an underwritten public offering of 3,977,273 shares of its common stock at $44.00 per share to the public, with underwriters purchasi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.