Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Nlight, Inc.LASR · business equipment | |
|---|---|
| Grade |  C/Don the C/D boundary of 497 graded peers; percentile 60.5, sampling error 2.2 points; lower is stronger |
| Rank | 301 of 497 |
| Profitability | Cpercentile 52.2 |
| Solvency | Bpercentile 33.9 |
| Growth and financing | Dpercentile 69.2 |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $315.2M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active · fortress balance sheetnot computable: distress |
| Inputs computable | 8 of 14 |
| Graded from | filings received through Feb 27, 2026224 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $38.282026-10-08; market equity $2.2B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 27, 2026; the document on sec.gov.
nLIGHT, Inc. is a leading provider of high‑power lasers for mission-critical directed energy, optical sensing, and advanced manufacturing applications. We design, manufacture, and sell a range of high-power semiconductor lasers and fiber lasers that are typically integrated into laser systems or manufacturing tools built by our customers. We also make high energy pulsed fiber lasers, fiber amplifiers, and beam combination and control systems for use in high-energy laser systems for directed energy and laser sensing systems used in a wide range of defense applications.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 52.2 | |||||||
| Gross profitability | 24.7% | [1,5] | 28.5% | 56.4 | 558 | 2025-12-31 | |
| Return on invested capital | not computable | 10.9% | |||||
| a prior annual debt, equity, and cash observation is required | |||||||
| Accruals ratio | (15.3%) | [1,6-8] | (7.4%) | 27.4 | 621 | 2025-12-31 | |
| Gross margin stability, five years | 4.9 pts | [2,5,9-16] | 2.4 pts | 72.7 | 429 | 2025-12-31 | |
| Solvency, sleeve percentile 33.9 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 2.25 | [1,17-22] | 2.18 | 43.2 | 566 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.11x | |||||
| latest aligned inputs end 2018-12-31; latest annual assets end 2025-12-31 | |||||||
| Interest coverage | not computable | 3.77x | |||||
| one or more required annual facts are missing | |||||||
| Current ratio | 3.79x | [17-18] | 2.02x | 24.7 | 666 | 2025-12-31 | |
| Growth and financing, sleeve percentile 69.2 | |||||||
| Revenue growth, three-year compound | 2.6% | [2,10,12,14] | 6.4% | 60.7 | 538 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 17.2% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 14.3% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (1.4%) | [1,8,23-24] | 5.0% | 65.5 | 563 | 2025-12-31 | |
| Net share issuance, one year | 13.8% | [25-26] | 0.5% | 81.3 | 407 | 2026-02-25 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.039; sampling error 2.2 percentile points on 497 peers.
Among 497 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 296 | Northrop Grumman Corp. (NOC) Northrop Grumman Corp. (NOC) C/Don the C/D boundary; percentile 59.5 NYSE · Search, Detection, Navigation, Guidance, Aeronautical Sys market equity $68.8B; last close $484.32 No active warnings; 11 of 14 inputs | 59.5 | C/D | |
| 297 | Backblaze, Inc. (BLZE) Backblaze, Inc. (BLZE) C/Don the C/D boundary; percentile 59.7 Nasdaq · Services-Prepackaged Software market equity $804.1M; last close $13.00 No active warnings; 8 of 14 inputs | 59.7 | C/D | |
| 298 | Next Technology Holding Inc. (NXTT) Next Technology Holding Inc. (NXTT) C/Don the C/D boundary; percentile 59.9 Nasdaq · Services-Computer Processing & Data Preparation market equity $7.7M; last close $5.32 Warnings: dilution, late filer; 8 of 14 inputs | 59.9 | C/D | dilution, late filer |
| 299 | Certara, Inc. (CERT) Certara, Inc. (CERT) C/Don the C/D boundary; percentile 60.1 Nasdaq · Services-Prepackaged Software market equity $1.3B; last close $8.64 No active warnings; 8 of 14 inputs | 60.1 | C/D | |
| 300 | Rockwell Automation, Inc. (ROK) Rockwell Automation, Inc. (ROK) C/Don the C/D boundary; percentile 60.3 NYSE · Measuring & Controlling Devices, NEC market equity $48.2B; last close $434.69 No active warnings; 11 of 14 inputs | 60.3 | C/D | |
| 301 | Nlight, Inc. (LASR) Nlight, Inc. (LASR) C/Don the C/D boundary; percentile 60.5 Nasdaq · Semiconductors & Related Devices market equity $2.2B; last close $38.28 Warnings: fortress balance sheet; 8 of 14 inputs | 60.5 | C/D | fortress balance sheet |
| 302 | Bentley Systems Inc. (BSY) Bentley Systems Inc. (BSY) C/Don the C/D boundary; percentile 60.7 Nasdaq · Services-Prepackaged Software last close $34.81 No active warnings; 9 of 14 inputs | 60.7 | C/D | |
| 303 | Mettler Toledo International (MTD) Mettler Toledo International (MTD) C/Don the C/D boundary; percentile 60.9 NYSE · Laboratory Analytical Instruments market equity $30.6B; last close $1,527.03 No active warnings; 8 of 14 inputs | 60.9 | C/D | |
| 304 | NXP Semiconductors N.V. (NXPI) NXP Semiconductors N.V. (NXPI) C/Don the C/D boundary; percentile 61.1 Nasdaq · Semiconductors & Related Devices market equity $58.3B; last close $231.03 No active warnings; 12 of 14 inputs | 61.1 | C/D | |
| 305 | Commerce.com, Inc. (CMRC) Commerce.com, Inc. (CMRC) C/Don the C/D boundary; percentile 61.3 Nasdaq · Services-Prepackaged Software market equity $266.8M; last close $3.21 No active warnings; 10 of 14 inputs | 61.3 | C/D | |
| 306 | Weave Communications, Inc. (WEAV) Weave Communications, Inc. (WEAV) C/Don the C/D boundary; percentile 61.5 NYSE · Services-Prepackaged Software market equity $591.2M; last close $7.39 Warnings: fortress balance sheet; 8 of 14 inputs | 61.5 | C/D | fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | C | 50.5 | 2204 |
| sector peers, equal sleeves (the grade) | C/D | 60.5 | 497 |
| same exchange, equal sleeves | C | 50.3 | 1219 |
| sector peers, equal inputs | D | 65.1 | 497 |
Each letter is one fifth of the 497 graded peers, about 99 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 42.7% | 2.2% | 77 | hotter than 77 of 100 peers |
| Distance from 52-week high | (54.9%) | (30.0%) | 21 | closer to its high than 21 of 100 peers |
| EBIT to enterprise value | (1.4%) | 1.5% | 30 | pricier than 70 of 100 peers |
| Free cash flow yield | 0.6% | 2.7% | 28 | pricier than 72 of 100 peers |
| Book value to price | 0.20 | 0.23 | 44 | pricier than 56 of 100 peers |
| Sales to price | 0.12 | 0.30 | 24 | pricier than 76 of 100 peers |
| Composite equity issuance, five years | 36.3% | 3.9% | 83 | more equity-funded than 83 of 100 peers |
| Relative strength against the sector, log excess return | 0.07 | (0.26) | 77 | ahead of 77 of 100 peers |
Inputs: market equity $2.2B; EBIT -$26.6M; free cash flow $12.3M; book equity $439.9M; sales $261.3M; debt $121,000; cash $295.8M[27].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (8.7%) | ✗ fail[6,8] |
| Operating cash flow above zero | $21.3M | ✓ pass[7] |
| Return on assets improved | 11.1 pts | ✓ pass[6,8,23,28] |
| Operating cash flow exceeds net income | $44.8M | ✓ pass[6-7] |
| Long-term leverage fell | n/a[1,8,23] | |
| Current ratio improved | (188.2 pts) | ✗ fail[17-18,29-30] |
| No new shares issued | 13.8% | ✗ fail[25-26] |
| Gross margin improved | 13.2 pts | ✓ pass[2,5,9-10] |
| Asset turnover improved | 32.0 pts | ✓ pass[2,8,10,23] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $295.8M[31] |
| Operating cash flow, four quarters | $53.2M[7,31-35] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 63 |
| 10-Q received Aug 7, 2026 | |
| Median daily dollar volume | $53.5M |
| 63 sessions | |
| Days since newest grade input | 224 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $315.2M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $261.3M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $149.5M | 2018-12-31 | 2020-03-09 | 10-K | filing · viewer · series |
| 4 | total debt | us-gaap:LongTermDebt | $109,000 | 2018-12-31 | 2019-03-15 | 10-K | filing · viewer · series |
| 5 | gross profit | us-gaap:GrossProfit | $78.0M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 6 | net income | us-gaap:NetIncomeLoss | -$23.5M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 7 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $21.3M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 8 | assets | us-gaap:Assets | $270.2M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $33.0M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $198.5M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $46.1M | 2023-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $209.9M | 2023-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $50.8M | 2022-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $242.1M | 2022-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 15 | gross profit | us-gaap:GrossProfit | $77.3M | 2021-12-31 | 2024-02-26 | 10-K | filing · viewer · series |
| 16 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $270.1M | 2021-12-31 | 2024-02-26 | 10-K | filing · viewer · series |
| 17 | current assets | us-gaap:AssetsCurrent | $243.2M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 18 | current liabilities | us-gaap:LiabilitiesCurrent | $64.2M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 19 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$348.6M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 20 | operating income | us-gaap:OperatingIncomeLoss | -$26.6M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 21 | book equity | us-gaap:StockholdersEquity | $226.7M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 22 | liabilities | us-gaap:Liabilities | $88.5M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 23 | assets | us-gaap:Assets | $306.8M | 2023-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 24 | assets | us-gaap:Assets | $329.2M | 2022-12-31 | 2024-02-26 | 10-K | filing · viewer · series |
| 25 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 55,791,319 | 2026-02-25 | 2026-02-27 | 10-K | filing · viewer · series |
| 26 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 49,030,981 | 2025-02-26 | 2025-02-28 | 10-K | filing · viewer · series |
| 27 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 57,690,197 | 2026-08-05 | 2026-08-07 | 10-Q | filing · viewer · series |
| 28 | net income | us-gaap:NetIncomeLoss | -$60.8M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 29 | current assets | us-gaap:AssetsCurrent | $194.1M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 30 | current liabilities | us-gaap:LiabilitiesCurrent | $34.2M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 31 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $295.8M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $30.4M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $9.7M | 2026-03-31 | 2026-05-08 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $3.8M | 2025-09-30 | 2025-11-07 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$1.4M | 2025-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 60.5 is 0.5 points from the nearest band edge; sampling error is 2.2 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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