LightPath Technologies, Inc. (LPTH) Stock

LightPath Technologies, Inc. (LPTH) is a Technology stock trading at $9.90 (as of 2026-09-18), with a market capitalization of $528.41M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

LightPath Technologies, Inc. designs, develops, manufactures, and distributes optical components and assemblies, including precision molded glass aspheric optics and molded or diamond-turned infrared aspheric lenses. These components are used in areas such as defense, medical devices, telecommunications, machine vision, and automotive safety, with products sold directly and through distributors and catalogs in North America, Europe, and Asia.

Understand LightPath Technologies, Inc.: how it makes money

LightPath designs and sells precision molded glass optics and infrared aspheric lenses to defense, medical, and industrial customers. The business is scaling through acquisitions that add molding capacity, with infrared and assembly products now driving the fastest growth.

Each custom lens requires proprietary tooling and specialized molding or turning, so revenue scales by acquiring targets that bring new glass-melting capacity and customer relationships rather than by raising utilization on a single production line.

Revenue by segment (latest quarter)
Infrared Products$0.0B
Assemblies and Modules$0.0B
Precision Molded Optics$0.0B
Engineering Services$0.0B

Business quality (Weak): Operating margin of -22% and a Weak quality grade reflect a company still buying its way to scale: acquisition costs, earn-out charges, and integration spending outpace the revenue they are meant to generate.

Bull case

  • G5 Orders Dwarf Prior Year: Management reported G5 booked over $80 million of orders since acquisition versus $15 million of prior-year revenue, a more than five-fold jump that suggests the bolt-on is compounding the top line faster than organic growth ever could.
  • Acquisitions Widen Product Ceiling: The Amorphous acquisition extends Black Diamond melting capacity to 10-inch and potentially 17-inch optics, moving LightPath into larger defense and medical lens segments that previously required sourcing from external suppliers.

Bear case

  • Three-Year Moat Window: Management itself estimates only a three-year window before competitors may narrow the company's current differentiation in molded aspheric optics, capping the period over which premium pricing and above-peer margins can be sustained.
  • Losses Widen With Growth: Reported net loss increased to $9.4 million in the quarter, partly reflecting the G5 earn-out revaluation, meaning the company is absorbing integration and value-adjustment costs before acquired revenue fully covers them.
  • Timeline Slips Delay Defense Revenue: Satellite development timelines are pushing out potential Golden Dome-related revenue, so a meaningful tranche of the long-term defense pipeline cannot be recognized until those programs clear milestone reviews.
Valuation — source: SEC EDGAR (first-party)
Price$9.90
Market Cap$528.41M
Price / Book3.54
Price / Sales8.42
FCF Yield-3.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$71.72M
Net Margin-28.6%
Return on Equity-15.7%
Current Ratio4.96
Revenue Growth (YoY)92.8%
EPS Growth (YoY)5.6%
FCF Growth (YoY)71.9%
Financial Health — source: SEC EDGAR
Altman Z-Score5.98 (safe)
Valuation vs Sector & Industry
Sector P/E (Technology)30.2
Industry P/E (Electronic Equipment)38.0
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($73.08M)
Institutional Holders Tracked10
Company
SectorTechnology
IndustryElectronic Equipment
CEOShmuel Rubin
Employees304
CountryUS
IPO Date1996-02-22

LightPath Technologies, Inc. earnings call transcripts

  • LPTH Q4 FY26 earnings call transcript (reported 2026-09-10) · analysis
  • LPTH Q2 FY26 earnings call transcript (reported 2026-02-11) · analysis

All LPTH earnings calls

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LPTH earnings history · LPTH institutional & insider holders · LPTH KPIs & operating metrics · LPTH financials · LPTH filings, presentations & press releases · LPTH investor presentations & press releases · LPTH SEC filings · LPTH peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-18.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.