NLIGHT, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NLIGHT, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	101	139	191	177	223	270	242	210	199	261
Cost of revenue	78.2	94.3	124	124	163	193	191	164	166	183
Gross profit	23.2	44.3	67	52.3	59.4	77.3	50.8	46.1	33	78
Research and development	15.2	15.1	21.1	28.1	41.2	54.8	53.8	46.2	45.1	48
Selling, general and administrative	17.3	19.4	28.8	34.1	39.2	52.7	48.3	45.9	49.3	54.2
Operating expenses	32.5	34.5	49.9	62.2	80.4	108	106	92.9	98.7	105
Operating income	-9.34	9.8	17.1	-9.91	-21	-30.2	-55.1	-46.8	-65.6	-26.6
Interest expense								0.07	0.11	1.08
Interest income								1.41	1.77	4.91
Other non-operating income	-0.75	-1.83	-0.25	0.54	0.38	0.34	0.34	2.78	3.1	-0.04
Pre-tax income	-12.3	6.7	17.5	-6.77	-20.6	-30	-54.2	-42.6	-60.9	-22.8
Income tax	1.88	4.86	3.6	6.12	0.34	-0.38	0.34	-0.98	-0.08	0.7
Net income	-14.2	1.84	13.9	-12.9	-20.9	-29.7	-54.6	-41.7	-60.8	-23.5
EBITDA	-1.24	17.7	25.4	-3.33	-13.3	-21	-44	-34.4	-52.6	-14.2
EPS, basic	-5.68	0.00	0.38	-0.35	-0.55	-0.70	-1.23	-0.90	-1.27	-0.47
EPS, diluted	-5.68	0.00	0.32	-0.35	-0.55	-0.70	-1.23	-0.90	-1.27	-0.47
Shares, basic (weighted)	2.5	2.74	24.9	37.1	38.4	42.1	44.4	46.1	47.9	50
Shares, diluted (weighted)	2.5	2.74	30	37.1	38.4	42.1	44.4	46.1	47.9	50

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	13.5	36.7	149	117	102	147	57.8	53.2	65.8	98.7
Short-term investments						0	50.4	59.7	34.9	34.9
Receivables		13.4	26.5	27.1	31.8	41.6	37.9	39.6	34.9	50.8
Inventory		29.6	35.3	46.1	54.7	73.7	67.6	52.2	40.8	45.4
Other current assets		0.1	0.1	0.23	0.38	0.1	0.05	15.9	17.7	13.3
Total current assets		84.6	219	199	201	277	231	221	194	243
Property, plant and equipment		18	21.5	27.7	44.5	56.1	60.7	52.3	46.9	42.1
Lease right-of-use assets					12.3	17	13.9	12.6	10.8	15
Goodwill		1.39	1.39	9.87	12.5	12.4	12.4	12.4	12.4	12.4
Intangible assets		1.84	2.69	10	8.35	6.7	4.04	1.65	0.83	0
Other non-current assets		4.37	5.97	3.71	5.17	3.9	7.22	7.03	4.95	2.12
Total assets		110	250	250	284	374	329	307	270	315
Accounts payable		12.9	12.1	12.7	21.1	26.3	17.5	12.2	15.1	20.9
Accrued liabilities		12.7	10.7	11.6	15.3	14.7	12.8	12.6	13.3	19.1
Deferred revenue		0.39	0.72	0.68	2.53	1.63	1.41	4.85	3.58	1.49
Short-term debt		2.36	0.09	0.05	0.18	0
Total current liabilities		28.9	23.6	25	41.4	45.8	34.5	32.8	34.2	64.2
Long-term debt		15.1	0.02	0	0.22	0
Lease liabilities					10.4	14.6	12.9	11	9.82	13.4
Other non-current liabilities		0.93	2.27	1.89	4.22	3.95	4.35	3.26	4.22	4.92
Total liabilities		48.9	32.3	33.4	63.7	71.5	58.4	52.4	53.8	88.5
Total debt		17.5	0.11	0.05	0.4	0
Paid-in capital		181	325	337	359	471	496	521	545	578
Retained earnings		-119	-105	-117	-138	-168	-223	-264	-325	-349
Other comprehensive income		-0.72	-2.16	-2.69	-0.26	-0.59	-2.75	-2.48	-3.33	-3.06
Shareholders' equity	29.7	61.3	218	217	220	302	271	254	216	227
Total equity	29.7	61.3	218	217	220	302	271	254	216	227
Total liabilities and equity		110	250	250	284	374	329	307	270	315
Shares outstanding		2.98	36.7	38.1	39.8	44.2	45.6	47.3	48.9	51.2

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-14.2	1.84	13.9	-12.9	-20.9	-29.7	-54.6	-41.7	-60.8	-23.5
Depreciation and amortization	8.1	7.92	8.29	6.58	7.71	9.18	11.1	12.4	13	12.3
Stock-based compensation	0.31	0.37	4.81	9.73	25.5	37.7	26.8	25.8	25	33.4
Deferred income tax	0.24	-0.34	-1.44	2.99	-1.89	0.01	0.01	-0.05	-0.63	0.22
Change in receivables	0.57	-3.52	-13.7	-0.4	-4.01	-9.51	2.76	-1.68	2.85	-14.7
Change in inventory	8.98	-9.88	-6.15	-10.7	-6.94	-19	4.62	14.9	11	-4.15
Change in payables	0.6	2.49	0.17	0.84	7.31	3.46	-5.9	-4.5	3.23	5.89
Cash from operations	5.96	3.41	3.38	-4.24	13	-7.44	-14.5	10.1	-2.36	21.3
Capital expenditures	-4.06	-5.48	-10.6	-12.4	-23.4	-19.3	-21.4	-5.34	-7.93	-9.03
Acquisitions		0	0	-17.4	-0.19	-0.29	-0.66	0	0
Purchases of investments					0	0	-100	-128	-88.6	-78.6
Sales and maturities of investments					0	0	50	119	113	78.3
Cash from investing	-4.03	-5.48	-11.7	-30.4	-24.5	-21.9	-72.4	-14.1	16.7	-8.77
Stock issued	0.05	0.34	0.36	0	0	82.4	0	0	0.5	0.28
Cash from financing	3.64	24.4	121	2.45	-3.77	73.7	-1.31	-0.86	-1.3	20.1
Exchange rate effect	1.07	0.83	-0.17	-0.03	0.55	-0.24	-0.48	0.26	-0.41	0.26
Net change in cash	6.65	23.2	113	-32.2	-14.7	44.2	-88.7	-4.61	12.6	32.9
Free cash flow	1.9	-2.07	-7.21	-16.6	-10.4	-26.8	-35.9	4.75	-10.3	12.3
Interest paid	2.06	1.44	0.94
Income taxes paid	1.27	3.49	3.67	2.34	0.65	0.53	0.44	0.21	0.1	0.17

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $40.33 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.5%	Gross profit / revenue.
Operating margin	-5.5%	Operating income / revenue.
EBITDA margin	-1.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.8%	Pre-tax income / revenue.
Net margin	-4.0%	Net income / revenue.
FCF margin	13.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.1%	Cash from operations / revenue.
Return on equity (ROE)	-2.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.4%	Net income / average total assets.
Return on invested capital (ROIC)	-9.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	16.3%	Research and development expense / revenue.
SG&A / revenue	19.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	13.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	4.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	31.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	136.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	16.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	8.17x	Current assets / current liabilities.
Quick ratio	6.89x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	6.04x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	15.0%	Total liabilities / total assets.
Interest coverage	-14.7x	Operating income / interest expense.
Working capital	$392.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$427.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.60x	Revenue / average total assets.
Fixed asset turnover	7.28x	Revenue / average property, plant and equipment.
Inventory turnover	4.41x	Cost of revenue / average inventory.
Days inventory	83 days	365 x average inventory / cost of revenue.
Receivables turnover	6.64x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	41 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	97 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	21.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.22	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$5.45	Revenue / diluted weighted shares.
FCF per share	$0.73	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.93	Cash from operations / diluted weighted shares.
Book value per share	$7.63	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.41	Tangible book value / shares outstanding.
Cash per share	$5.73	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.33B	Share price x shares outstanding.
Enterprise value	$2.00B	Market cap + total debt - cash - short-term investments.
P/S	7.49x	Market cap / revenue.
P/B	5.29x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.44x	Market cap / tangible book value, when positive.
P/FCF	55.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	43.8x	Market cap / cash from operations, when positive.
EV/Sales	6.42x	Enterprise value / revenue.
EV/FCF	47.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.8%	Free cash flow / market cap.
Earnings yield	-0.5%	Net income / market cap (the inverse of P/E).

What was NLIGHT, INC.'s revenue in fiscal 2025?

NLIGHT, INC. reported revenue of $261.3M for fiscal 2025, 31.6% higher than the year before.

Was NLIGHT, INC. profitable in fiscal 2025?

No. It reported a net loss of $23.5M.

How much free cash flow did NLIGHT, INC. generate in fiscal 2025?

Cash from operations of $21.3M minus capital expenditures of $9.0M left free cash flow of $12.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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