Nlight, Inc. (NASDAQ: LASR)

Sector: Technology Industry: Semiconductors CIK: 0001124796
Market Cap 1.96 Bn
P/B 8.96
P/E -44.97
P/S 8.60
ROIC (Qtr) -19.90
Div Yield % 0.00
Rev 1y % (Qtr) 18.91
Total Debt (Qtr) 31.31 Mn
Debt/Equity (Qtr) 0.14

About

Price action

Investment thesis

Bull case

  • Healthy cash reserves of 81.43M provide 35.31x coverage of short-term debt 2.31M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 285.81M provides 9.13x coverage of total debt 31.31M, indicating robust asset backing and low credit risk.
  • Tangible assets of 285.81M provide exceptional 121.88x coverage of deferred revenue 2.35M, showing strong service capability backing.
  • Short-term investments of 34.68M provide solid 1.63x coverage of other current liabilities 21.33M, indicating strong liquidity.
  • Tangible assets of 285.81M provide robust 13.40x coverage of other current liabilities 21.33M, indicating strong asset backing.

Bear case

  • Operating cash flow of (75000) barely covers its investment activities of 20.34M, with a coverage ratio of -0, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 20.34M provide weak support for R&D spending of 45.30M, which is 0.45x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of (75000) provides insufficient coverage of deferred revenue obligations of 2.35M, which is -0.03x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (75000) shows concerning coverage of stock compensation expenses of 27.79M, with a -0 ratio indicating potential earnings quality issues.
  • Operating cash flow of (75000) provides minimal 0.43x coverage of tax expenses of (174000), suggesting potential tax planning inefficiencies or unsustainable tax positions.

Geographical Breakdown of Revenue (2024)

Product and Service Breakdown of Revenue (2024)

Peer comparison

Companies in the Semiconductors
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 NVDA Nvidia Corp 4,516.69 Bn 45.53 24.14 10.48 Bn
2 TSM Taiwan Semiconductor Manufacturing Co Ltd 1,678.13 Bn 32.54 14.09 31.18 Bn
3 AVGO Broadcom Inc. 1,624.80 Bn 70.26 25.43 65.14 Bn
4 MU Micron Technology Inc 386.61 Bn 32.46 9.14 12.43 Bn
5 AMD Advanced Micro Devices Inc 330.88 Bn 100.08 10.33 3.87 Bn
6 INTC Intel Corp 300.63 Bn 1,518.33 5.63 46.55 Bn
7 QCOM Qualcomm Inc/De 195.07 Bn 35.20 4.40 14.81 Bn
8 TXN Texas Instruments Inc 173.86 Bn 34.48 10.07 14.05 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 6.39 4.22
EV to Cash from Ops. EV/CFO -25,464.76 -369.72
EV to Debt EV to Debt 61.00 90.98
EV to EBIT EV/EBIT -42.45 -66.75
EV to EBITDA EV/EBITDA -61.29 23.41
EV to Free Cash Flow [EV/FCF] EV/FCF -197.08 -8.88
EV to Market Cap EV to Market Cap 0.98 0.80
EV to Revenue EV/Rev 8.39 20.68
Price to Book Value [P/B] P/B 8.96 5.21
Price to Earnings [P/E] P/E -44.97 11.55
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 2.39
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 8.25
Dividend per Basic Share Div per Share (Qtr) 0.00 0.63
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 9.91
Interest Coverage Int. cover (Qtr) 34.74 8.38
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -53.46 -155.98
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 95.21 45.60
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 5.64
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 10.09 26.23
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 11.12 47.12
EBIT Growth (1y) % EBIT 1y % (Qtr) 8.70 25.83
EBT Growth (1y) % EBT 1y % (Qtr) 9.94 39.93
EPS Growth (1y) % EPS 1y % (Qtr) 13.59 24.64
FCF Growth (1y) % FCF 1y % (Qtr) -123.60 244.42
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 29.86 43.10
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.76 0.49
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.09
Cash Ratio Cash Ratio (Qtr) 2.01 2.23
Current Ratio Curr Ratio (Qtr) 5.63 5.43
Debt to Equity Ratio Debt/Equity (Qtr) 0.14 0.34
Interest Cover Ratio Int Coverage (Qtr) 34.74 8.38
Times Interest Earned Times Interest Earned (Qtr) 34.74 8.38
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -12.60 -112.38
EBIT Margin % EBIT Margin % (Qtr) -19.77 -91.98
EBT Margin % EBT Margin % (Qtr) -19.20 -132.25
Gross Margin % Gross Margin % (Qtr) 23.80 47.73
Net Profit Margin % Net Margin % (Qtr) -19.10 -133.26