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Semiconductors · Technology · Fiscal year ends Dec 31
Nlight reported revenue of $261M in the fiscal year ended Dec 2025, up 31.6% from the year before. Operating income was −$27M, an operating margin of −10.2%, and net income was −$23M. Operating cash flow of $21M less capital expenditure of $9M left free cash flow of $12M.
Ranks among the 51 semiconductors companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 270 | 242 | 210 | 199 | 261 |
| Cost of revenue | 193 | 191 | 164 | 166 | 183 |
| Gross profit | 77.3 | 50.8 | 46.1 | 33.0 | 78.0 |
| Research & development | 54.8 | 53.8 | 46.2 | 45.1 | 48.0 |
| Selling, general & admin | 52.7 | 48.3 | 45.9 | 49.3 | 54.2 |
| Operating income | −30.2 | −55.1 | −46.8 | −65.6 | −26.6 |
| Interest expense | – | – | 0.1 | 0.1 | 1.1 |
| Pre-tax income | −30.0 | −54.2 | −42.6 | −60.9 | −22.8 |
| Income tax | −0.4 | 0.3 | −1.0 | −0.1 | 0.7 |
| Net income | −29.7 | −54.6 | −41.7 | −60.8 | −23.5 |
| Diluted EPS | −0.70 | −1.23 | −0.90 | −1.27 | −0.47 |
| Diluted shares | 42.1 | 44.4 | 46.1 | 47.9 | 50.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 147 | 57.8 | 53.2 | 65.8 | 98.7 |
| Receivables | 41.6 | 37.9 | 39.6 | 34.9 | 50.8 |
| Inventory | 73.7 | 67.6 | 52.2 | 40.8 | 45.4 |
| Current assets | 277 | 231 | 221 | 194 | 243 |
| Net PP&E | 56.1 | 60.7 | 52.3 | 46.9 | 42.1 |
| Goodwill | 12.4 | 12.4 | 12.4 | 12.4 | 12.4 |
| Total assets | 374 | 329 | 307 | 270 | 315 |
| Payables | 26.3 | 17.5 | 12.2 | 15.1 | 20.9 |
| Deferred revenue | 1.6 | 1.4 | 4.8 | 3.6 | 1.5 |
| Current liabilities | 45.8 | 34.5 | 32.8 | 34.2 | 64.2 |
| Short-term debt | 0.0 | – | – | – | – |
| Long-term debt | 0.0 | – | – | – | – |
| Total liabilities | 71.5 | 58.4 | 52.4 | 53.8 | 88.5 |
| Shareholders' equity | 302 | 271 | 254 | 216 | 227 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −7.4 | −14.5 | 10.1 | −2.4 | 21.3 |
| Capital expenditure | 19.3 | 21.4 | 5.3 | 7.9 | 9.0 |
| Free cash flow | −26.8 | −35.9 | 4.8 | −10.3 | 12.3 |
| Depreciation & amortisation | 9.2 | 11.1 | 12.4 | 13.0 | 12.3 |
| Stock-based compensation | 37.7 | 26.8 | 25.8 | 25.0 | 33.4 |
| Acquisitions | 0.3 | 0.7 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −10.4% | −13.3% | −5.4% | 31.6% |
| Gross margin | 28.6% | 21.0% | 22.0% | 16.6% | 29.8% |
| Operating margin | −11.2% | −22.8% | −22.3% | −33.1% | −10.2% |
| Net margin | −11.0% | −22.5% | −19.9% | −30.6% | −9.0% |
| Return on equityBlank when equity is negative | −9.8% | −20.2% | −16.4% | −28.1% | −10.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −9.2% | −18.7% | −17.1% | −27.8% | −10.6% |
| Free cash flow margin | −9.9% | −14.8% | 2.3% | −5.2% | 4.7% |
| Cash conversion (CFO ÷ net income) | 0.25x | 0.27x | −0.24x | 0.04x | −0.91x |
| Receivable days | 56 | 57 | 69 | 64 | 71 |
| Inventory days | 140 | 129 | 116 | 90 | 90 |
| Payable days | 50 | 33 | 27 | 33 | 42 |
| Interest cover | – | – | −698x | −625x | −24.5x |
| Debt ÷ equity | 0.00x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −147 | – | – | – | – |
| Current ratio | 6.06x | 6.69x | 6.73x | 5.67x | 3.79x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.