Latest Ratios: P/E Ratio -131.8x · EV/EBITDA N/A · ROE -10.6%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $1.9B | $502M | $622M | $451M | $1.0B | $1.3B | $753M | $533M | — | — |
| Enterprise Value | $3.5B | $1.8B | $449M | $583M | $408M | $880M | $1.2B | $636M | $383M | — | — |
| P/E Ratio → | -131.77 | — | — | — | — | — | — | — | 37.83 | — | — |
| P/S Ratio | 13.65 | 7.31 | 2.53 | 2.96 | 1.86 | 3.74 | 5.62 | 4.26 | 2.78 | — | — |
| P/B Ratio | 14.21 | 8.43 | 2.32 | 2.44 | 1.66 | 3.34 | 5.70 | 3.48 | 2.45 | — | — |
| P/FCF | 290.12 | 155.34 | — | 130.90 | — | — | — | — | — | — | — |
| P/OCF | 167.27 | 89.57 | — | 61.64 | — | — | 96.06 | — | 159.72 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.07 | 2.26 | 2.78 | 1.69 | 3.26 | 5.22 | 3.60 | 2.00 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | 15.12 | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | 22.57 | — | — |
| EV / FCF | — | 150.26 | — | 122.69 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.8% | 29.8% | 16.6% | 22.0% | 21.0% | 28.6% | 26.6% | 29.6% | 35.0% | 31.9% | 22.9% |
| Operating Margin | -10.2% | -10.2% | -33.1% | -22.3% | -22.8% | -11.2% | -9.4% | -5.6% | 8.9% | 7.1% | -9.2% |
| Net Profit Margin | -9.0% | -9.0% | -30.6% | -19.9% | -22.5% | -11.0% | -9.4% | -7.3% | 7.3% | 1.3% | -14.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -10.6% | -10.6% | -25.8% | -15.9% | -19.1% | -11.4% | -9.6% | -5.9% | 10.0% | 4.0% | -47.8% |
| ROA | -8.0% | -8.0% | -21.1% | -13.1% | -15.5% | -9.0% | -7.8% | -5.2% | 7.7% | 2.0% | -20.0% |
| ROIC | -12.2% | -12.2% | -26.0% | -15.8% | -20.6% | -14.9% | -13.7% | -8.9% | 23.2% | 18.9% | -19.5% |
| ROCE | -10.8% | -10.8% | -25.7% | -16.4% | -17.7% | -10.6% | -9.0% | -4.4% | 11.1% | 14.7% | -18.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.00 | 0.00 | 0.29 | 0.66 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 0.00 | 0.99 | — |
| Net Debt / Equity | — | -0.28 | -0.25 | -0.15 | -0.16 | -0.43 | -0.41 | -0.54 | -0.69 | -0.31 | 0.21 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | -5.89 | -1.08 | — |
| Debt / FCF | — | -5.08 | — | -8.22 | — | — | — | — | — | — | 3.25 |
| Interest Coverage | -10.93 | -10.93 | — | — | — | -185.38 | — | — | — | 7.72 | -4.19 |
Net cash position: cash ($99M) exceeds total debt ($36M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.79 | 3.79 | 5.67 | 6.73 | 6.69 | 6.06 | 4.85 | 7.93 | 9.27 | 2.93 | 2.40 |
| Quick Ratio | 3.08 | 3.08 | 4.48 | 5.14 | 4.73 | 4.45 | 3.53 | 6.09 | 7.77 | 1.90 | 1.42 |
| Cash Ratio | 2.08 | 2.08 | 2.94 | 3.45 | 3.14 | 3.20 | 2.47 | 4.68 | 6.34 | 1.27 | 0.70 |
| Asset Turnover | — | 0.82 | 0.73 | 0.68 | 0.74 | 0.72 | 0.79 | 0.71 | 0.77 | 1.26 | 1.43 |
| Inventory Turnover | 4.04 | 4.04 | 4.06 | 3.14 | 2.83 | 2.61 | 2.99 | 2.69 | 3.52 | 3.19 | 4.16 |
| Days Sales Outstanding | — | 71.00 | 64.15 | 68.83 | 57.17 | 69.22 | 61.44 | 62.07 | 50.60 | 38.57 | 38.51 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | 2.6% | — | — |
| FCF Yield | 0.3% | 0.6% | — | 0.8% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $51M | $48M | $46M | $44M | $42M | $38M | $37M | $30M | $29M | $29M |
High fixed cost sensitivity
Based on recent market data, nLIGHT trades at a price-to-sales multiple of 13.25, a valuation that appears to price the company as a high-growth defense technology play rather than a traditional semiconductor manufacturer, given the lack of positive earnings to support standard P/E-based valuation metrics.
The elevated P/S ratio suggests that investors are assigning significant value to the company's proprietary beam-shaping technology and its potential for long-term defense contracts. This valuation implies a market expectation of rapid margin expansion as the company scales, which warrants caution given the historical volatility in profitability and the ongoing transition away from lower-margin industrial markets.
According to historical financial statements, nLIGHT's ROIC has remained consistently negative, bottoming at -10.7% in 2024Q4, which underscores the difficulty of generating efficient returns on invested capital while the company continues to absorb the high fixed costs associated with its internal semiconductor fabrication facilities.
The persistent negative ROIC indicates that the company has yet to reach the critical mass required to cover its capital base through operational earnings. Investors should monitor whether the shift toward higher-value defense applications can eventually drive returns above the cost of capital, as current trends suggest that capital is being deployed into projects that are not yet self-sustaining.
As reported in recent filings, nLIGHT's cash conversion cycle reached 97 days in 2026Q1, reflecting a structural reliance on inventory management that appears to be a byproduct of the company's vertical integration and the long lead times inherent in specialized defense and microfabrication project cycles.
The high DIO relative to peers suggests that the company must maintain significant inventory levels to support its custom manufacturing requirements, which ties up liquidity and increases the risk of obsolescence. While the current cycle shows some improvement from the 166-day peak in 2024Q1, the efficiency of working capital remains a key variable in the company's path to consistent free cash flow generation.
Based on the most recent balance sheet data, nLIGHT maintains a current ratio of 7.07, a figure that indicates a robust liquidity position that appears sufficient to fund ongoing R&D and operational pivots without the immediate need for dilutive external financing in the near term.
This strong liquidity profile is a critical defensive feature for a company currently operating with negative net margins, as it provides the necessary runway to execute its strategic transition. However, the high quick ratio of 6.38 suggests that a significant portion of these assets is held in cash or near-cash equivalents, which may be an inefficient use of capital if not deployed toward high-return growth initiatives.
Analysis of nLIGHT's financial profile suggests that the P/E ratio is a fundamentally flawed metric for this business, as it obscures the company's role as a subsidized R&D engine for defense applications where current GAAP losses mask the underlying value of its technological intellectual property.
Investors should instead focus on EV/Sales or metrics related to the 'Design Win Pipeline' to better capture the company's growth trajectory and competitive positioning. Relying on P/E multiples in a period of heavy investment and strategic realignment risks misinterpreting the company's true earning power, which is currently suppressed by high fixed-cost absorption and non-recurring transition expenses.
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Quick answers to the most common questions about buying LASR stock.
nLIGHT, Inc.'s current P/E ratio is -131.8x. The historical average is 37.8x.
nLIGHT, Inc.'s return on equity (ROE) is -10.6%. The historical average is -13.2%.
Based on historical data, nLIGHT, Inc. is trading at a P/E of -131.8x. Compare with industry peers and growth rates for a complete picture.
nLIGHT, Inc. has 29.8% gross margin and -10.2% operating margin.