NLIGHT, Inc. (LASR) intrinsic value & 10-year financials
NLIGHT, Inc. (LASR) has a Graham intrinsic value of $8.48 per share. At $33.67 on Oct 17, 2026, the stock trades 297% above that value. Over the last 10 fiscal years revenue grew 11.1% a year to $261.3M, with an average return on invested capital of -14.7%.
- Graham intrinsic value
- $8.48
- Share price (Oct 17, 2026)
- $33.67
- Price vs Graham value
- 297% above
- Market cap
- $1.7B
- Revenue (FY2025)
- $261.3M
- Revenue growth (10-yr CAGR)
- 11.1%
- ROIC (10-yr avg)
- -14.7%
- Free cash flow (FY2025)
- $12.3M
LASR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $261.3M | -$23.5M | -$0.47 | $12.3M | -10.2% | -17.6% |
| FY2024 | $198.5M | -$60.8M | -$1.27 | -$10.3M | -33.1% | -35.2% |
| FY2023 | $209.9M | -$41.7M | -$0.90 | $4.8M | -22.3% | -20.9% |
| FY2022 | $242.1M | -$54.6M | -$1.23 | -$35.9M | -22.8% | -27.8% |
| FY2021 | $270.1M | -$29.7M | -$0.70 | -$26.8M | -11.2% | -20.0% |
| FY2020 | $222.8M | -$20.9M | -$0.55 | -$10.4M | -9.4% | -18.5% |
| FY2019 | $176.6M | -$12.9M | -$0.35 | -$16.6M | -5.6% | -11.8% |
| FY2018 | $191.4M | $13.9M | $0.32 | -$7.2M | 8.9% | 24.5% |
| FY2017 | $138.6M | $1.8M | $0.00 | -$2.1M | 7.1% | 11.6% |
| FY2016 | $101.3M | -$14.2M | -$0.52 | $1.9M | -9.2% | -31.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NLIGHT, INC. is a consistent compounder, expanding top-line revenue at 11.1% annually over the past decade.
NLIGHT, INC. has historically struggled to out-earn its cost of capital, averaging just -12.8% ROIC.
NLIGHT, INC. 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, NLIGHT, INC. is modeled at 11.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $8.48 per share.