Kopin

KOPN · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

KOPN · Last close · November 6, 2026

$3.04

Kopin's revenue fell 21.9% to $39 million in fiscal 2025. Its operating margin was −25.1%, up from −85.6% a year earlier. Free cash flow was −$17 million. The diluted share count rose 31.8%.

KOPIN CORP Latest fiscal year ended December 27, 2025 10-K filed April 13, 2026 · 0001493152-26-016338 Updated November 7, 2026

Revenue

$39M

21.9%

Operating margin

−25.1%

60.6 pts

Net income

$3M

Free cash flow

−$17M

Return on equity

6.0%

172.2 pts

Market cap

$567M

Nov 6 close

P/E

—

Over 200x

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Kopin's filings from 2022 tag only a small part of its sales (about US$1 to 2 million a year, from related parties) as revenue, so revenue is taken from the total sales it reports from the customer contracts line, and from the older revenue line for the years before it. In fiscal 2025 the SEC's structured data shows assets that differ from liabilities plus equity by more than 3%, so total liabilities may be incomplete.

Charts show fiscal years, from the 10-K filings.

What Kopin does

Kopin makes microdisplays, which are very small screens, and the optics, electronics and housings that go with them. Its products serve defense, enterprise, industrial, consumer and medical customers. Its display types include liquid crystal, liquid crystal on silicon, OLED and an emerging MicroLED type. Kopin was incorporated in 1984 and is based in Westborough, Massachusetts.

It earns revenue by selling displays and complete subsystems and by performing paid research and development work. Its products go into items such as weapon-mounted thermal sights, spatial computing devices and medical headsets. Kopin has supplied microdisplays and subsystems to the U.S. Department of War for many years, for soldier-worn systems and aircraft, and it is working on products for armored vehicles and soldier-carried missile systems.

In 2025 Kopin received a government award to research and develop color MicroLED technology. The company says its strategy is to move from selling single display parts to complete, higher-value solutions, including headsets and subsystems. It also says it is developing a fifth-generation display it calls NeuralDisplay.

Its biggest risks, as it describes them

A history of losses and negative cash flow, and a need to raise money that may not be available on good terms.
Depending on defense contracts and government funding, which may change or stop shipping.
Being unable to get all the components it needs, which could halt production.
Its new products, such as MicroLED and NeuralDisplay, may not succeed.
Exchange rate changes and the risks of selling in many countries.

From Kopin's annual report on Form 10-K, filed April 13, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	29	13	17	36	—
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	3.0x	2.1x	2.5x	1.4x	2.7x
Quick ratio	2.6x	1.7x	2.0x	1.3x	2.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Kopin's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Kopin's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Kopin shares on the open market, and 2 insiders sold $1.9 million, all of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
May 6, 2026	Paul Christopher BakerChief Operating Officer	Sold plan	58,939	$4.90	$288,801	Form 4
May 5, 2026	Paul Christopher BakerChief Operating Officer	Sold plan	1,041	$4.90	$5,101	Form 4
Apr 28, 2026	Paul Christopher BakerChief Operating Officer	Sold plan	116,860	$3.95	$461,597	Form 4
Apr 17, 2026	Michael Andrew MurrayCEO, Director	Sold plan	96,800	$3.01	$291,368	Form 4
Apr 15, 2026	Michael Andrew MurrayCEO, Director	Sold plan	63,200	$3.01	$190,232	Form 4
Apr 13, 2026	Michael Andrew MurrayCEO, Director	Sold plan	187,920	$2.80	$526,176	Form 4
Mar 26, 2026	Michael Andrew MurrayCEO, Director	Sold plan	5,413	$2.25	$12,179	Form 4
Mar 25, 2026	Michael Andrew MurrayCEO, Director	Sold plan	33,334	$2.32	$77,335	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	−54.9%	−5.3%	−65.0%
Altman Z''	−21.27	−20.35	−7.29
Accruals ratio	−9.6%	−49.4%	20.3%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	—	—	—
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Kopin side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Kopin	FY25	−21.9%	−25.1%	−43.2%	—	—	—
M-tron Industries	FY25	11.0%	18.9%	14.9%	—	—	—	Compare
LightPath Technologies	FY26	92.8%	−27.4%	−23.0%	—	—	—	Compare
nLight	FY25	31.6%	−10.2%	4.7%	−20.1%	—	5	Compare
Knowles	FY25	7.2%	11.8%	—	6.7%	0.6x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	23	28	24	30	40	46	47	40	50	39
Revenue growth	−29.4%	23.0%	−12.1%	20.7%	35.9%	13.8%	3.8%	−14.8%	24.6%	−21.9%
Gross profit	5	10	9	9	19	—	—	—	—	—
Research and development	15	16	13	9	4	6	8	4	6	7
Operating income	−20	−30	−40	−26	−5	−14	−22	−17	−43	−10
Net income	−24	−25	−34	−30	−4	−13	−19	−20	−44	3
Diluted EPS (US$)	−0.37	−0.36	−0.47	−0.37	−0.05	−0.15	−0.21	−0.18	−0.33	0.01
Diluted shares (millions)	64	70	73	80	82	89	91	109	133	175
Cash flow
Cash from operations	−26	−26	−28	−21	−4	−11	−18	−15	−14	−16
Capital expenditure	0	3	1	0	0	1	1	1	1	1
Free cash flow	−27	−29	−29	−21	−5	−12	−19	−16	−15	−17
Dividends paid	0	1	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	2	2	5	2	1	4	1	4	3	3
Balance sheet at fiscal year end
Cash and short-term investments	77	69	37	22	21	29	13	17	36	—
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	88	91	60	43	48	63	44	49	71	108
Total liabilities	14	14	12	14	19	23	20	20	48	37
Shareholders' equity	74	77	48	29	28	40	24	30	23	64
Margins and ratios
Gross margin	21.3%	34.9%	35.3%	29.2%	46.7%	—	—	—	—	—
Operating margin	−90.4%	−108.8%	−163.4%	−89.4%	−11.9%	−30.2%	−46.0%	−42.5%	−85.6%	−25.1%
Net margin	−104.1%	−90.7%	−141.2%	−100.0%	−11.0%	−29.4%	−40.8%	−48.9%	−87.2%	6.6%
Free cash flow margin	−117.3%	−103.1%	−119.7%	−71.8%	−12.4%	−25.8%	−39.1%	−40.1%	−29.9%	−43.2%
Rule of 40 (growth + FCF margin)	−146.7%	−80.2%	−131.8%	−51.1%	23.6%	−12.0%	−35.3%	−54.9%	−5.3%	−65.0%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	−27.9%	−33.5%	−55.4%	−77.2%	−15.5%	−39.4%	−60.4%	−73.6%	−166.2%	6.0%
Return on assets	−24.3%	−28.2%	−45.8%	−57.5%	−9.7%	−24.3%	−36.2%	−42.4%	−73.1%	2.9%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Kopin's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Kopin.