Kopin Corp (NASDAQ: KOPN)

Sector: Technology Industry: Electronic Components CIK: 0000771266
Market Cap 682.31 Mn
P/B 32.00
P/E -111.00
P/S 14.96
ROIC (Qtr) -33.47
Div Yield % 0.00
Rev 1y % (Qtr) -10.19
Total Debt (Qtr) 2.01 Mn
Debt/Equity (Qtr) 0.09
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About

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Investment thesis

Bull case

  • Healthy cash reserves of 27.56M provide 35.52x coverage of short-term debt 775814, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 61.22M provides 30.52x coverage of total debt 2.01M, indicating robust asset backing and low credit risk.
  • Tangible assets of 61.22M provide exceptional 44.82x coverage of deferred revenue 1.37M, showing strong service capability backing.
  • Robust tangible asset base of 61.22M provides 3.62x coverage of working capital 16.90M, indicating strong operational backing.
  • Long-term investments of 3.15M provide solid 2.56x coverage of long-term debt 1.23M, indicating strategic financial planning.

Bear case

  • Operating cash flow of (9.27M) barely covers its investment activities of 20.33M, with a coverage ratio of -0.46, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Operating cash flow of (9.27M) provides insufficient coverage of deferred revenue obligations of 1.37M, which is -6.79x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (9.27M) shows concerning coverage of stock compensation expenses of 3.34M, with a -2.78 ratio indicating potential earnings quality issues.
  • Free cash flow of (11.10M) provides weak coverage of capital expenditures of 1.83M, with a -6.05 ratio suggesting additional external financing needs for growth initiatives.
  • Operating cash flow of (9.27M) provides minimal -46.12x coverage of tax expenses of 201000, suggesting potential tax planning inefficiencies or unsustainable tax positions.

Related and Nonrelated Parties Breakdown of Revenue (2024)

Peer comparison

Companies in the Electronic Components
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 APH Amphenol Corp /De/ 180.75 Bn 42.33 7.83 15.50 Bn
2 GLW Corning Inc /Ny 111.40 Bn 69.80 7.13 8.43 Bn
3 TEL TE Connectivity plc 69.66 Bn 33.75 3.85 5.71 Bn
4 CLS Celestica Inc 33.17 Bn 47.38 2.94 0.78 Bn
5 JBL Jabil Inc 27.80 Bn 39.54 0.89 3.37 Bn
6 FLEX Flex Ltd. 24.18 Bn 28.38 0.90 5.02 Bn
7 FN Fabrinet 17.82 Bn 47.27 4.58 0.06 Bn
8 TTMI Ttm Technologies Inc 9.30 Bn 70.47 3.34 1.00 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 10.77 3.02
EV to Cash from Ops. EV/CFO -71.10 -590.38
EV to Debt EV to Debt 328.57 107.94
EV to EBIT EV/EBIT -110.85 20.68
EV to EBITDA EV/EBITDA -105.61 -27.60
EV to Free Cash Flow [EV/FCF] EV/FCF -59.36 -537.03
EV to Market Cap EV to Market Cap 0.97 -1.14
EV to Revenue EV/Rev 14.45 96.65
Price to Book Value [P/B] P/B 32.00 6.99
Price to Earnings [P/E] P/E -111.00 -8.83
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 1.07
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 20.91
Dividend per Basic Share Div per Share (Qtr) 0.00 0.26
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 10.42
Interest Coverage Interest Coverage 0.00 14.05
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -131.64 -43.87
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 76.87 125.88
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.04
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 87.30 -176.07
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 86.75 14.38
EBIT Growth (1y) % EBIT 1y % (Qtr) 87.68 15.28
EBT Growth (1y) % EBT 1y % (Qtr) 87.68 7.50
EPS Growth (1y) % EPS 1y % (Qtr) 95.12 2.30
FCF Growth (1y) % FCF 1y % (Qtr) 34.30 9.29
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 3.08 15.57
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.74 0.77
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.05
Cash Ratio Cash Ratio (Qtr) 0.76 1.48
Current Ratio Curr Ratio (Qtr) 1.47 3.80
Debt to Equity Ratio Debt/Equity (Qtr) 0.09 0.68
Interest Cover Ratio Interest Cover Ratio 0.00 14.05
Times Interest Earned Times Interest Earned 0.00 14.05
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -11.30 21.48
EBIT Margin % EBIT Margin % (Qtr) -13.04 -42.60
EBT Margin % EBT Margin % (Qtr) -13.04 -10.39
Gross Margin % Gross Margin % (Qtr) 26.10 31.37
Net Profit Margin % Net Margin % (Qtr) -13.50 -11.50