(LPTH) LightPath Technologies - Overview
Sector: Technology | Industry: Electronic Components | Exchange: NASDAQ (USA) | Market Cap: 1.064m USD | Total Return: 612.2% in 12m
Avg Turnover: 38.6M
Qual. Beats: 0
Rev. Trend: 78.5%
Qual. Beats: 3
Warnings
Share dilution 41.7% YoY
High Debt/EBITDA (112.8) with thin interest coverage (-4.3)
High Debt while negative Cash Flow
Interest Coverage Ratio -4.3 is critical
Altman Z'' -11.29 < 1.0 - financial distress zone
Overextended 1w Choppy
Tailwinds
Rs Leader, Idiosyncratic Leader, Tailwind
LightPath Technologies, Inc. (LPTH) is an optical systems manufacturer specializing in precision molded glass aspheric optics and infrared lenses. The company provides critical components for light manipulation, including diamond-turned infrared lenses and thermal imaging camera modules used in defense, medical, and industrial sectors. Headquartered in Orlando, Florida, LightPath maintains a global distribution network with direct sales operations in Europe and Asia.
The company operates within the photonics industry, a sector characterized by high barriers to entry due to the technical complexity of molding glass at high temperatures without losing optical integrity. LightPath’s business model leverages vertically integrated engineering services to transition custom designs into high-volume production for automotive safety and telecommunications infrastructure. Investors may find it useful to review the latest quarterly filings on ValueRay to better understand the companys current margins.
- Defense contract wins for infrared imaging and thermal sensing systems
- Mantis camera platform adoption drives high-margin recurring revenue growth
- Expansion into automotive LiDAR and medical device high-precision optics
- Geopolitical tensions accelerate demand for domestic optical component manufacturing
| Net Income: -23.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: -12.8k > 0.02 and ΔFCF/TA -1.28m > 1.0 |
| NWC/Revenue: 97.93% < 20% (prev 47.14%; Δ 50.80% < -1%) |
| CFO/TA -0.05 > 3% & CFO -7.77m > Net Income -23.5m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 3.86 > 1.5 & < 3 |
| Outstanding Shares: last quarter (58.6m) vs 12m ago 41.74% < -2% |
| Gross Margin: 30.62% > 18% (prev 0.30%; Δ 3.03k% > 0.5%) |
| Asset Turnover: 55.63% > 50% (prev 41.30%; Δ 14.33% > 0%) |
| Interest Coverage Ratio: -4.30 > 6 (EBITDA TTM -389k / Interest Expense TTM 1.14m) |
| A: 0.43 (Total Current Assets 83.0m - Total Current Liabilities 21.5m) / Total Assets 144.3m |
| B: -1.71 (Retained Earnings -247.1m / Total Assets 144.3m) |
| C: -0.04 (EBIT TTM -4.90m / Avg Total Assets 112.8m) |
| D: -7.81 (Book Value of Equity -245.2m / Total Liabilities 31.4m) |
| Altman-Z'' = -11.29 = D |
| DSRI: 0.76 (Receivables 10.8m/7.65m, Revenue 62.8m/33.6m) |
| GMI: 0.97 (GM 30.62% / 29.63%) |
| AQI: 0.67 (AQ_t 0.26 / AQ_t-1 0.39) |
| SGI: 1.87 (Revenue 62.8m / 33.6m) |
| TATA: -0.11 (NI -23.5m - CFO -7.77m) / TA 144.3m) |
| Beneish M = -2.95 (Cap -4..+1) = A |
As of May 26, 2026, the stock is trading at USD 16.95 with a total of 7,826,400 shares traded.
Over the past week, the price has changed by +47.14%,
over one month by +21.16%,
over three months by +44.01% and
over the past year by +612.18%.
LightPath Technologies has received a consensus analysts rating of 4.80. Therefore, it is recommended to buy LPTH.
- StrongBuy: 4
- Buy: 1
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 16 | -5.7% |
P/E Forward = 217.3913
P/S = 16.9554
P/B = 11.9462
P/EG = 1.5411
Revenue TTM = 62.8m USD
EBIT TTM = -4.90m USD
EBITDA TTM = -389k USD
Long Term Debt = 104k USD (from longTermDebt, last quarter)
Short Term Debt = 1.56m USD (from shortTermDebt, last quarter)
Debt = 11.3m USD (from shortLongTermDebtTotal, last quarter) (leases 11.1m already included)
Net Debt = -43.9m USD (calculated: Debt 11.3m - CCE 55.2m)
Enterprise Value = 1.02b USD (1.06b + Debt 11.3m - CCE 55.2m)
Interest Coverage Ratio = -4.30 (Ebit TTM -4.90m / Interest Expense TTM 1.14m)
EV/FCF = -0.00x (Enterprise Value 1.02b / FCF TTM -1844b)
FCF Yield = -181k% (FCF TTM -1844b / Enterprise Value 1.02b)
FCF Margin = -2.94m% (FCF TTM -1844b / Revenue TTM 62.8m)
Net Margin = -37.38% (Net Income TTM -23.5m / Revenue TTM 62.8m)
Gross Margin = 30.62% ((Revenue TTM 62.8m - Cost of Revenue TTM 43.5m) / Revenue TTM)
Gross Margin QoQ = 33.83% (prev 34.06%)
Tobins Q-Ratio = 7.07 (Enterprise Value 1.02b / Total Assets 144.3m)
Interest Expense / Debt = 10.05% (Interest Expense 1.14m / Debt 11.3m)
Taxrate = 21.0% (US default 21%)
NOPAT = -3.87m (EBIT -4.90m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 3.86 (Total Current Assets 83.0m / Total Current Liabilities 21.5m)
Debt / Equity = 0.10 (Debt 11.3m / totalStockholderEquity, last quarter 112.9m)
Debt / EBITDA = 112.8 (negative EBITDA) (Net Debt -43.9m / EBITDA -389k)
Debt / FCF = 0.00 (negative FCF - burning cash) (Net Debt -43.9m / FCF TTM -1844b)
Total Stockholder Equity = 57.0m (last 4 quarters mean from totalStockholderEquity)
RoA = -20.79% (Net Income -23.5m / Total Assets 144.3m)
RoE = -7.71% (Net Income TTM -23.5m / Total Stockholder Equity 304.1m)
RoCE = -1.61% (EBIT -4.90m / Capital Employed (Equity 304.1m + L.T.Debt 104k))
RoIC = -5.60% (negative operating profit) (NOPAT -3.87m / Invested Capital 69.1m)
WACC = 11.72% (E(1.06b)/V(1.08b) * Re(11.76%) + D(11.3m)/V(1.08b) * Rd(10.05%) * (1-Tc(0.21)))
Discount Rate = 11.76% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 100.00 | Cagr: 21.97%
[DCF] Fair Price = unknown (Cash Flow -1844b)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.51 | # QB: 0
Revenue Correlation: 78.45 | Revenue CAGR: 21.73% | SUE: 2.04 | # QB: 3
EPS next Quarter (2026-09-30): EPS=0.03 | Chg30d=N/A | Revisions=+20% | Analysts=1
EPS current Year (2026-06-30): EPS=-0.03 | Chg30d=N/A | Revisions=+20% | GrowthEPS=+88.2% | GrowthRev=+91.5%
EPS next Year (2027-06-30): EPS=0.13 | Chg30d=+44.44% | Revisions=+20% | GrowthEPS=+533.3% | GrowthRev=+48.9%