Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Lightwave Logic, Inc.LWLG · manufacturing | |
|---|---|
| Grade |  B/Con the B/C boundary of 255 graded peers; percentile 39.4, sampling error 3.0 points; lower is stronger |
| Rank | 101 of 255 |
| Profitability | Cpercentile 55.8 |
| Solvency | Bpercentile 32.0 |
| Growth and financing | Cpercentile 48.1 |
| Reliability | 0.83 AUCfailure model, filers with $12.5M to $120M assets; 95% interval 0.79 to 0.86; 201 events, 2020 to 2025 |
| Peer failure rate | 1.07% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $12.5M to $120M assetstotal assets $79.2M[1] |
| Standard universe | outsiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: fortress balance sheet |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Mar 20, 2026203 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $5.132026-10-08; market equity $790.9M; 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 | ||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 Mar 20, 2026; the document on sec.gov.
a specialty materials and intellectual property company focused on the development and commercialization of proprietary electro-optic (“EO”) polymer materials designed to enable high-speed optical modulators for data communications and other photonic applications. of EO polymer materials is engineered for integration into silicon photonics (“SiPh”) and other photonic integrated circuit (“PIC”) platforms.
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 55.8 | |||||||
| Gross profitability | 0.3% | [1-3] | 21.9% | 95.6 | 275 | 2025-12-31 | |
| Return on invested capital | not computable | 9.7% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | (11.2%) | [1,4-6] | (3.6%) | 16.0 | 308 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.1 pts | |||||
| five annual gross margins are required; found 3 | |||||||
| Solvency, sleeve percentile 32.0 | |||||||
| Twelve-month failure probability | 0.12% | 0.04% | 90.9 | 34 | 2026-06-30 | ||
| Altman Z double-prime | 14.22 | [1,7-12] | 3.66 | 4.1 | 244 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.78x | |||||
| one or more required annual facts are missing | |||||||
| Interest coverage | not computable | 5.09x | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 32.69x | [7-8] | 2.25x | 0.9 | 325 | 2025-12-31 | |
| Growth and financing, sleeve percentile 48.1 | |||||||
| Revenue growth, three-year compound | not computable | 2.1% | |||||
| four consecutive annual observations are required | |||||||
| Free cash flow growth, three-year compound | not computable | 13.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 26.4% | |||||
| one or more required annual facts are missing | |||||||
| Asset growth, three years | 39.3% | [1,6,13-14] | 4.4% | 5.8 | 279 | 2025-12-31 | |
| Net share issuance, one year | 19.3% | [15-16] | 0.01% | 90.5 | 243 | 2026-03-20 | |
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 -0.103; sampling error 3.0 percentile points on 255 peers.
Among 255 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 |
|---|---|---|---|---|
| 96 | Karat Packaging Inc. (KRT) Karat Packaging Inc. (KRT) B/Con the B/C boundary; percentile 37.4 Nasdaq · Plastics Products, NEC market equity $1.1B; last close $54.16 No active warnings; 11 of 14 inputs | 37.4 | B/C | |
| 97 | AZZ Inc. (AZZ) AZZ Inc. (AZZ) B/Con the B/C boundary; percentile 37.8 NYSE · Coating, Engraving & Allied Services market equity $4.1B; last close $136.43 No active warnings; 11 of 14 inputs | 37.8 | B/C | |
| 98 | Advanced Drainage Systems, Inc. (WMS) Advanced Drainage Systems, Inc. (WMS) B/Con the B/C boundary; percentile 38.2 NYSE · Plastics Foam Products market equity $9.5B; last close $126.22 No active warnings; 12 of 14 inputs | 38.2 | B/C | |
| 99 | United States Antimony Corp. (UAMY) United States Antimony Corp. (UAMY) B/Con the B/C boundary; percentile 38.6 NYSE · Primary Smelting & Refining of Nonferrous Metals market equity $556.8M; last close $3.71 Warnings: dilution, fortress balance sheet; 9 of 14 inputs | 38.6 | B/C | dilution, fortress balance sheet |
| 100 | Gibraltar Industries, Inc. (ROCK) Gibraltar Industries, Inc. (ROCK) B/Con the B/C boundary; percentile 39.0 Nasdaq · Steel Works, Blast Furnaces & Rolling & Finishing Mills market equity $1.1B; last close $37.45 Warnings: fortress balance sheet; 11 of 14 inputs | 39.0 | B/C | fortress balance sheet |
| 101 | Lightwave Logic, Inc. (LWLG) Lightwave Logic, Inc. (LWLG) B/Con the B/C boundary; percentile 39.4 Nasdaq · Miscellaneous Plastics Products market equity $787.8M; last close $5.13 No active warnings; 7 of 14 inputs | 39.4 | B/C | |
| 102 | OIL States International, Inc. (OIS) OIL States International, Inc. (OIS) B/Con the B/C boundary; percentile 39.8 NYSE · Oil & Gas Field Machinery & Equipment market equity $494.6M; last close $8.19 Warnings: fortress balance sheet; 9 of 14 inputs | 39.8 | B/C | fortress balance sheet |
| 103 | Virco MFG Corporation (VIRC) Virco MFG Corporation (VIRC) B/Con the B/C boundary; percentile 40.2 Nasdaq · Public Bldg & Related Furniture market equity $102.5M; last close $6.53 Warnings: fortress balance sheet; 10 of 14 inputs | 40.2 | B/C | fortress balance sheet |
| 104 | Bloom Energy Corp. (BE) Bloom Energy Corp. (BE) B/Con the B/C boundary; percentile 40.6 NYSE · Electrical Industrial Apparatus market equity $77.6B; last close $272.74 No active warnings; 9 of 14 inputs | 40.6 | B/C | |
| 105 | Generac Holdings Inc. (GNRC) Generac Holdings Inc. (GNRC) B/Con the B/C boundary; percentile 40.9 NYSE · Motors & Generators market equity $13.2B; last close $224.50 No active warnings; 12 of 14 inputs | 40.9 | B/C | |
| 106 | Friedman Industries Inc. (FRD) Friedman Industries Inc. (FRD) B/Con the B/C boundary; percentile 41.3 Nasdaq · Steel Works, Blast Furnaces & Rolling & Finishing Mills market equity $301.9M; last close $43.02 No active warnings; 8 of 14 inputs | 41.3 | B/C |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | B | 33.8 | 2204 |
| sector peers, equal sleeves (the grade) | B/C | 39.4 | 255 |
| same exchange, equal sleeves | B | 33.6 | 1219 |
| sector peers, equal inputs | B | 33.1 | 255 |
Each letter is one fifth of the 255 graded peers, about 51 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 | 46.4% | 13.7% | 77 | hotter than 77 of 100 peers |
| Distance from 52-week high | (71.9%) | (24.3%) | 4 | closer to its high than 4 of 100 peers |
| EBIT to enterprise value | not computable | 4.1% | required accounting or market input is missing | |
| Free cash flow yield | (1.9%) | 3.4% | 18 | pricier than 82 of 100 peers |
| Book value to price | 0.13 | 0.34 | 17 | pricier than 83 of 100 peers |
| Sales to price | 0.00 | 0.54 | 0 | pricier than 100 of 100 peers |
| Composite equity issuance, five years | not computable | (9.5%) | five-year total-return history is required | |
| Relative strength against the sector, log excess return | 0.25 | (0.00) | 77 | ahead of 77 of 100 peers |
Inputs: market equity $787.8M; EBIT -$20.8M; free cash flow -$15.1M; book equity $104.2M; sales $236,855; cash $47.2M[17].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (53.7%) | ✗ fail[4,6] |
| Operating cash flow above zero | -$13.7M | ✗ fail[5] |
| Return on assets improved | 0.2 pts | ✓ pass[4,6,13,18] |
| Operating cash flow exceeds net income | $6.6M | ✓ pass[4-5] |
| Long-term leverage fell | n/a[1,6,13] | |
| Current ratio improved | 1,694.2 pts | ✓ pass[7-8,19-20] |
| No new shares issued | 19.3% | ✗ fail[15-16] |
| Gross margin improved | n/a[2-3,21-22] | |
| Asset turnover improved | 0.4 pts | ✓ pass[2,6,13,22] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $47.2M[23] |
| Operating cash flow, four quarters | -$16.4M[5,23-27] |
| Months of runway | 34.6 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 56 |
| 10-Q received Aug 14, 2026 | |
| Median daily dollar volume | $16.7M |
| 63 sessions | |
| Days since newest grade input | 203 |
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 | $79.2M | 2025-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:Revenues | $236,855 | 2025-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 3 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $6,823 | 2025-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$20.3M | 2025-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$13.7M | 2025-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $37.8M | 2024-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 7 | current assets | us-gaap:AssetsCurrent | $69.8M | 2025-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 8 | current liabilities | us-gaap:LiabilitiesCurrent | $2.1M | 2025-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 9 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$167.3M | 2025-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 10 | operating income | us-gaap:OperatingIncomeLoss | -$20.8M | 2025-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquity | $74.6M | 2025-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 12 | liabilities | us-gaap:Liabilities | $4.5M | 2025-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 13 | assets | us-gaap:Assets | $41.8M | 2023-12-31 | 2025-03-18 | 10-K | filing · viewer · series |
| 14 | assets | us-gaap:Assets | $29.3M | 2022-12-31 | 2024-02-29 | 10-K | filing · viewer · series |
| 15 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 148,831,122 | 2026-03-20 | 2026-03-20 | 10-K | filing · viewer · series |
| 16 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 124,799,620 | 2025-03-18 | 2025-03-28 | 10-K/A | filing · viewer · series |
| 17 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 154,167,255 | 2026-08-14 | 2026-08-14 | 10-Q | filing · viewer · series |
| 18 | net income | us-gaap:NetIncomeLoss | -$22.5M | 2024-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 19 | current assets | us-gaap:AssetsCurrent | $28.1M | 2024-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 20 | current liabilities | us-gaap:LiabilitiesCurrent | $1.8M | 2024-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 21 | gross profit | us-gaap:GrossProfit | $88,210 | 2024-12-31 | 2025-03-18 | 10-K | filing · viewer · series |
| 22 | revenue | us-gaap:Revenues | $95,605 | 2024-12-31 | 2026-03-20 | 10-K | filing · viewer · series |
| 23 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $47.2M | 2026-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
| 24 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$9.9M | 2026-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
| 25 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$4.1M | 2026-03-31 | 2026-05-15 | 10-Q | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$10.4M | 2025-09-30 | 2025-11-14 | 10-Q | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$7.3M | 2025-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 39.4 is 0.6 points from the nearest band edge; sampling error is 3.0 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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