LPTH · NasdaqCM
Electronic Components · United States
Snapshot 2026-09-20 · Latest financial period 2026-06-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2026-11-12 (provider estimate, not issuer-confirmed).
LightPath Technologies, Inc. designs, develops, manufactures, and distributes optical systems and assemblies in the United States, the United Kingdom, Israel, China, Rest of Europe, Rest of Asia and internationally. It offers optical components, assemblies and sub-systems, including precision molded glass aspheric optics, thermal imaging assemblies, molded and diamond-turned infrared aspheric lenses, spherical lenses, and other optical components used in products that manipulate light; and infrared products, including catalog and custom infrared optics. The company also offers cooled and uncooled camera systems and modules for long range surveillance and detection, and engineering services. The company's products are used in defense products, border security, perimeter security, night vision systems, medical devices, laser aided industrial tools, automotive safety applications, telecommunications, machine vision and sensors, and other sectors. LightPath Technologies, Inc. was founded in 1985 and is headquartered in Orlando, Florida.
Company websiteQ4 FY2026
Published 2026-09-11
Short takes Q4 FY2026
LPTH Stock: Record Cash. Who Funded It? #Shorts
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Q4 FY2026 REPORT HIGHLIGHTS
LightPath Q4 FY2026: record backlog, acquisition-driven growth, cash burn, dilution and the valuation required to turn optics demand into common-shareholder returns.
The backlog is approximately three times the previous year-end level, with most scheduled for delivery within twelve months. It still depends on customer schedules and successful manufacturing.
FY2026 includes twelve months of G5 Infrared and about five months of AML. Reported revenue growth is not a same-business organic growth rate.
The company excludes earnout remeasurement and stock compensation. Earnouts can reflect business success while still transferring value to acquisition sellers.
June-end common shares exceed the share count implied by the provider market-cap snapshot. Our forward models use 81 M shares, clearly identified as an assumption.
We separate management’s qualitative outlook, stale/thin Street estimates and our own assumptions. We do not manufacture a beat or miss.
Comparable businesses
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
No suitable peers with fresh, comparable size data are available. We have not substituted unrelated companies.
| Metric | LPTHLightPath Technologies, Inc.Snapshot 2026-09-20Financial period: 2026-06-30 |
|---|---|
| Market capMarket value, converted to USD | US$693.36M |
| Forward P/EProvider forward earnings estimate | 90.00x |
| EV / EBITDAEnterprise value / trailing EBITDA | 724.75x |
| Revenue growthLatest quarter vs prior-year quarter | 73.3% |
| Operating marginLatest reported quarter | -5.0% |
| Free cash flow yieldTrailing cash flow / market cap | -0.7% |
| Net debt / EBITDANet debt / trailing EBITDA | -96.18x |
| Debt / equityTotal debt / positive book equity | 0.07x |
| Trailing P/ETrailing twelve-month earnings | — |
| Price / bookPrice / positive book equity per share | 4.63x |
| EV / salesEnterprise value / trailing revenue | 8.64x |
| Earnings growthLatest quarter vs prior-year quarter | — |
| Gross marginTrailing twelve months | 36.0% |
| Net marginTrailing twelve months | -28.6% |
| Return on equityProvider trailing return; positive equity only | -19.7% |
| Free cash flow marginTrailing free cash flow / revenue | -7.0% |
| Dividend yieldIndicated annual dividend / price | — |
| Earnings payoutProvider trailing dividend payout | 0.0% |
| Current ratioCurrent assets / current liabilities | 4.96x |
| BetaProvider historical market sensitivity | 1.40 |
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Price history loads separately.
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-09-20. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
FREE RESEARCH PACKET · Q4 FY2026
LightPath Q4 FY2026: record backlog, acquisition-driven growth, cash burn, dilution and the valuation required to turn optics demand into common-shareholder returns.
Research published September 10, 2026 · Download original report
Read Research PacketPresentation · 2026-09-11 · YouTube
Short takes Q4 FY2026
LPTH Stock: Record Cash. Who Funded It? #Shorts
Watch Short on YouTube
Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.
