NASDAQ · LASR

nLIGHT, Inc.

Technology · Semiconductors

$39.29▼ 4.15% ($1.70)at close

After hours$39.39▲ 0.25%7:59 PM ET

52-week

$27.22$86.95

Market cap

$2.22B

P/E

-157.60

Volume

768.20K

Shares outstanding

56.41M

What the market price implies · Reverse DCF

Historical revenue grew by -0.83%/yr over the past 4 years.

Selected forecast · Base scenario

5.86%/yr · actual 10-year annualized revenue growth

Year 1 growth: 9.18%

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$39.29

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

8 of 10 projected years produce negative free cash flow, so the model returns a negative enterprise value. A discounted-cash-flow valuation cannot be defended on those inputs, so it is not shown.

Year 1 growth 9.18% · Ending margin 0% · Discount rate 17.51%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 7:38 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inModerate confidence

1Y Price: 35.86%Revenue (TTM): 43.24%FCF (TTM): 349.33%P/S: 91st pct

What changed

The stock rose 35.86% over the last year. Revenue grew 43.24% over the trailing twelve months. Operating margin moved from -24.01% to -5.37%. Free cash flow grew 349.33% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/S range (91st percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Operating margin is at -5.37% — continued expansion would be needed to justify the premium. Revenue growth of 43.24% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.

Performance

Return analysis

Company profile

nLIGHT, Inc. specializes in the development, production, and sale of advanced semiconductor and fiber lasers.

CEOScott H. Keeney

SectorTechnology

IndustrySemiconductors

Employees800

IPO dateApr 26, 2018

https://www.nlight.net

Market multiples

Forward P/E—

EV/EBITDA-92.62

Enterprise value$1.85B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth33.78%

Gross margin31.52%▲13.2ppvs FY2024

Operating margin-5.37%▲22.9ppvs FY2024

ROE-3.8%▲6.8ppvs FY2025

Analyst consensus

RatingBuy

Target price$91.00▲131.61%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 5, 2026

Q4 FY26 · EPS est $0.06 · Revenue est $68.16M

View