Lightpath Technologies Inc. (LPTH) intrinsic value & 10-year financials
Lightpath Technologies Inc. (LPTH) has a Graham intrinsic value of $0.63 per share. At $7.66 on Oct 17, 2026, the stock trades 1116% above that value. Over the last 10 fiscal years revenue grew 8.9% a year to $37.2M, with an average return on invested capital of -5.0%.
- Graham intrinsic value
- $0.63
- Share price (Oct 17, 2026)
- $7.66
- Price vs Graham value
- 1116% above
- Market cap
- $313.1M
- Revenue (FY2025)
- $37.2M
- Revenue growth (10-yr CAGR)
- 8.9%
- ROIC (10-yr avg)
- -5.0%
- Free cash flow (FY2025)
- -$9.6M
LPTH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $37.2M | -$14.9M | -$0.36 | -$9.6M | -31.8% | -39.4% |
| FY2024 | $31.7M | -$8.0M | -$0.21 | -$1.7M | -24.7% | -20.3% |
| FY2023 | $32.9M | -$4.0M | -$0.13 | -$5.9M | -10.8% | -9.1% |
| FY2022 | $35.6M | -$3.5M | -$0.13 | -$162.5K | -7.4% | -6.9% |
| FY2021 | $38.5M | -$3.2M | -$0.12 | $1.6M | -4.8% | -5.0% |
| FY2020 | $35.0M | $866.9K | $0.03 | $1.3M | 6.1% | 3.3% |
| FY2019 | $33.7M | -$2.7M | -$0.10 | -$1.5M | -3.4% | -3.3% |
| FY2018 | $32.5M | $1.1M | $0.04 | $101.3K | 1.1% | 1.1% |
| FY2017 | $28.4M | $7.7M | $0.36 | $2.8M | 14.6% | 13.1% |
| FY2016 | $17.3M | $1.4M | $0.08 | $394.6K | 11.6% | 16.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
LIGHTPATH TECHNOLOGIES INC is a consistent compounder, expanding top-line revenue at 8.9% annually over the past decade.
LIGHTPATH TECHNOLOGIES INC has historically struggled to out-earn its cost of capital, averaging just -5.0% ROIC.
LIGHTPATH TECHNOLOGIES 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, LIGHTPATH TECHNOLOGIES INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.63 per share.