nLIGHT, Inc.

LASR

TechnologySemiconductorsNASDAQ

$73.91

Market Cap: $4.12B

nLIGHT, Inc. (LASR) Valuation Summary

Updated May 10, 2026 22:52

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$1.20 – $18.70	$5.16	-93.0%
▸ Trading Multiples
EV/Revenue	$11.42 – $29.17	$16.71	-77.4%

Valuation History

DCF Analysis

nLIGHT, Inc. (LASR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.16

Market Price

$73.91

Upside / Downside

-93.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -10.2% to a target of 10.2% over 5 years, discounted at a WACC of 8.9%, nLIGHT, Inc. (LASR) has an intrinsic value of $5.16 per share (range: $1.20 – $18.70).

Key Assumptions

Current Operating Margin

-10.2%

Target Operating Margin

10.2%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.4%

Target CapEx/Rev

10.0%

D&A/Revenue

6.7%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	290	10.9%	-6.1%	-18	-18	19	(17)	23	-39	-37
2027	332	14.5%	-2.0%	-7	-7	22	(21)	14	-20	-17
2028	416	25.4%	2.1%	9	7	28	(28)	29	-22	-18
2029	486	16.9%	6.2%	30	24	32	(35)	24	-3	-2
2030	563	15.8%	10.2%	58	46	37	(43)	26	14	9
2031	562	-0.2%	10.2%	58	45	37	(46)	-0	37	23
2032	564	0.5%	10.2%	58	46	38	(49)	1	34	19
2033	571	1.1%	10.2%	58	46	38	(52)	2	30	16
2034	580	1.7%	10.2%	59	47	39	(55)	3	27	13
2035	594	2.4%	10.2%	61	48	40	(59)	5	24	11

Enterprise Value Bridge

Sum of PV(FCFF)17

Terminal Value (Gordon Growth at 3.0%)412

PV of Terminal Value183

Enterprise Value200

(–) Net Debt-62

Equity Value263

(÷) Shares Outstanding51

Fair Value per Share$5.16

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.9%	$-1	$3	$8	$13	$19
7.9%	$-1	$2	$6	$10	$15
8.9%	$-1	$2	$5	$9	$12
9.9%	$-1	$1	$4	$7	$10
10.9%	$-1	$1	$4	$6	$9

Current price: $73.91. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 34.0% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$16.71

Market Price

$73.91

Upside / Downside

-77.4%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), nLIGHT, Inc. (LASR) has a fair value of $16.71 based on 9 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
nLIGHT, Inc.LASR	3,764	14.2x	12.8x
Applied Optoelectronics, Inc.AAOI	11,758	25.7x	47.0x
MaxLinear, Inc.MXL	8,939	19.3x	25.2x
Ultra Clean Holdings, Inc.UCTT	3,582	2.0x	2.0x
Veeco Instruments Inc.VECO	3,523	5.4x	5.3x
Himax Technologies, Inc.HIMX	3,103	3.5x	3.1x
Photronics, Inc.PLAB	2,970	2.9x	2.8x
Rogers CorporationROG	2,450	2.8x	2.7x
Lightspeed Commerce Inc.LSPD	1,354	0.8x	0.8x
NCR Voyix CorporationVYX	1,125	0.9x	0.9x
Industry Median		2.9x	2.8x
(*) Revenue		261	290
= Enterprise Value		764	813
(-) Net Debt		-62	-62
Equity Value		827	876
(/) Outstanding shares		51	51
Fair Price		$16	$17

Selected Fair Value (avg of trailing + forward)

$16.71

-77.4%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$1.20 – $18.70

$5.16

-93.0%

▸ Trading Multiples

EV/Revenue

$11.42 – $29.17

$16.71

-77.4%

DCF Analysis

nLIGHT, Inc. (LASR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.16

Market Price

$73.91

Upside / Downside

-93.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-10.2%

Target Operating Margin

10.2%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.4%

Target CapEx/Rev

10.0%

D&A/Revenue

6.7%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	290	10.9%	-6.1%	-18	-18	19	(17)	23	-39	-37
2027	332	14.5%	-2.0%	-7	-7	22	(21)	14	-20	-17
2028	416	25.4%	2.1%	9	7	28	(28)	29	-22	-18
2029	486	16.9%	6.2%	30	24	32	(35)	24	-3	-2
2030	563	15.8%	10.2%	58	46	37	(43)	26	14	9
2031	562	-0.2%	10.2%	58	45	37	(46)	-0	37	23
2032	564	0.5%	10.2%	58	46	38	(49)	1	34	19
2033	571	1.1%	10.2%	58	46	38	(52)	2	30	16
2034	580	1.7%	10.2%	59	47	39	(55)	3	27	13
2035	594	2.4%	10.2%	61	48	40	(59)	5	24	11

Enterprise Value Bridge

Sum of PV(FCFF)17

Terminal Value (Gordon Growth at 3.0%)412

PV of Terminal Value183

Enterprise Value200

(–) Net Debt-62

Equity Value263

(÷) Shares Outstanding51

Fair Value per Share$5.16

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.9%	$-1	$3	$8	$13	$19
7.9%	$-1	$2	$6	$10	$15
8.9%	$-1	$2	$5	$9	$12
9.9%	$-1	$1	$4	$7	$10
10.9%	$-1	$1	$4	$6	$9

Current price: $73.91. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 34.0% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$16.71

Market Price

$73.91

Upside / Downside

-77.4%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), nLIGHT, Inc. (LASR) has a fair value of $16.71 based on 9 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
nLIGHT, Inc.LASR	3,764	14.2x	12.8x
Applied Optoelectronics, Inc.AAOI	11,758	25.7x	47.0x
MaxLinear, Inc.MXL	8,939	19.3x	25.2x
Ultra Clean Holdings, Inc.UCTT	3,582	2.0x	2.0x
Veeco Instruments Inc.VECO	3,523	5.4x	5.3x
Himax Technologies, Inc.HIMX	3,103	3.5x	3.1x
Photronics, Inc.PLAB	2,970	2.9x	2.8x
Rogers CorporationROG	2,450	2.8x	2.7x
Lightspeed Commerce Inc.LSPD	1,354	0.8x	0.8x
NCR Voyix CorporationVYX	1,125	0.9x	0.9x
Industry Median		2.9x	2.8x
(*) Revenue		261	290
= Enterprise Value		764	813
(-) Net Debt		-62	-62
Equity Value		827	876
(/) Outstanding shares		51	51
Fair Price		$16	$17

Selected Fair Value (avg of trailing + forward)

$16.71

-77.4%