nLight vs LightPath Technologies
nLight reported revenue of $261 million in fiscal 2025, 3.6 times LightPath Technologies' $72 million in fiscal 2026. nLight's revenue grew 31.6% in its latest year, and LightPath Technologies' grew 92.8%. nLight had an operating margin of -10.2%, against -27.4% at LightPath Technologies. Free cash flow was $12 million at nLight and −$16 million at LightPath Technologies. Their fiscal years end in different months (December 31 and June 30), so the periods don't line up exactly.
Side by side
| nLight | LightPath Technologies | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2026, Jun 30, 2026 |
| Revenue | $261M | $72M |
| Revenue growth | 31.6% | 92.8% |
| Revenue growth a year, last 5 years | 3.2% | 13.2% |
| Gross margin | 29.8% | 36.0% |
| Operating margin | −10.2% | −27.4% |
| Net margin | −9.0% | −28.6% |
| Free cash flow | $12M | −$16M |
| Free cash flow margin | 4.7% | −23.0% |
| Return on capital | −20.1% | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 4.3% | 30.6% |
| Last close | $38.02 | $7.06 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | sold $71.6 million | bought $1,746, sold $90.1 million |
| Piotroski F-score | 5 of 9 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
nLightLightPath Technologies
Operating margin
Percent of revenue
nLightLightPath Technologies
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
nLightLightPath Technologies
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the nLight and LightPath Technologies pages.