Kopin Corp. (KOPN) intrinsic value & 10-year financials
Kopin Corp. (KOPN) has a Graham intrinsic value of $0.33 per share. At $3.29 on Oct 17, 2026, the stock trades 897% above that value. Over the last 10 fiscal years revenue grew 43.5% a year to $39.3M, with an average return on invested capital of -88.5%.
- Graham intrinsic value
- $0.33
- Share price (Oct 17, 2026)
- $3.29
- Price vs Graham value
- 897% above
- Market cap
- $576.2M
- Revenue (FY2025)
- $39.3M
- Revenue growth (10-yr CAGR)
- 43.5%
- ROIC (10-yr avg)
- -88.5%
- Free cash flow (FY2025)
- -$17.0M
KOPN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $39.3M | $2.6M | $0.01 | -$17.0M | -25.1% | -46.6% |
| FY2024 | $50.3M | -$43.9M | -$0.33 | -$15.0M | -85.6% | -238.0% |
| FY2023 | $40.4M | -$19.7M | -$0.18 | -$16.2M | -42.5% | -77.9% |
| FY2022 | $47.4M | -$19.3M | -$0.21 | -$18.5M | -46.0% | -126.0% |
| FY2021 | $45.7M | -$13.4M | -$0.15 | -$11.8M | -30.2% | -97.5% |
| FY2020 | $40.1M | -$4.4M | — | -$5.0M | -11.9% | -26.1% |
| FY2019 | $29.5M | -$29.5M | — | -$21.2M | -89.4% | -90.8% |
| FY2018 | $24.5M | -$35.9M | — | -$29.3M | -163.4% | -119.1% |
| FY2017 | $2.9M | -$25.2M | — | -$28.7M | -1028.2% | -35.6% |
| FY2016 | $1.5M | -$23.4M | -$0.37 | -$26.6M | -1340.3% | -27.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
KOPIN CORP is a consistent compounder, expanding top-line revenue at 43.5% annually over the past decade.
KOPIN CORP has historically struggled to out-earn its cost of capital, averaging just -73.3% ROIC.
KOPIN CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, KOPIN CORP is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.33 per share.