Positioning no disclosures inside 60 days, left as found
Options put/call open interest 7.73, read 2026-11-05
Ethical passes the values gate
Price38.02 USD
Fair value43.18
Ethical score70.0/100
Value readUndervaluedas of 6 Nov 2026
Our investment reviews on this name
2026-10-02Read Markdown39.93-4.8% to today ✓Distribution gives way to Markdown after a 42% slide in 8 weeks
2026-08-04Read Distribution69.25-45.1% to today ✓Markup gives way to Distribution
2026-07-02Read Markup69.66-45.4% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
nLIGHT, Inc. holds its Distribution at $38.02. The statistical read favours the sellers, held for 36 days.
As held on the ledger · 2026-11-06
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 36 days
Price at the screen
$38.02
Valuation
N/A trailing · 51.95 forward price to earnings
Values screen
PASS· score 70.0
Beta
2.44
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
11.49%
Below 33%
Interest-bearing debt is just 11.5% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
11.08%
Below 33%
Cash held in interest-bearing accounts and securities is 11.1% of assets, under the one-third limit.
Pass
Receivables
47.44%
Below 49%
Money owed to the company is 47.4% of assets, under the 49% limit.
Pass
Revenue purity
1.88%
Below 5%
Only 1.9% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
nLIGHT, clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 11%, inside the ~33% line, and interest is about 2% of its income, under the ~5% line, so it passes.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
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Today LASR passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 6 Nov 2026: it trades at roughly a 12% discount to our $43.18 fair value, 33.80% revenue growth.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. A 11.9% discount to the base estimate.
Where our models see it going: fair-value estimate $43.18, with a range of $43.18 to $49.66, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Lasers for jets hit a sky high price
Picture a factory floor where a beam cuts through titanium for fighter jets or microchips. That is the daily work at nLIGHT, a business posting 55% revenue growth yet still losing 5% on margins and 5% on equity. The shares trade at 102 times forward earnings, well above our fair value of 47.85 against a 69.25 price tag, so the margin sits 31% the wrong way.
We pass because the numbers do not line up. Strong analyst targets at 90 ignore the fact that this is a cyclical semiconductor play with no proven moat and negative profits. Revenue momentum looks impressive until you remember that peak cycle earnings often inflate multiples and then collapse when defence budgets or factory orders turn.
The real risk sits in that cyclical trap. A low or negative return on equity combined with a 100 plus multiple leaves little room for the next downturn in aerospace or industrial spending. Ethical checks clear, yet the valuation and industry swings keep us on the sidelines. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
LASR trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-05Markdown$32.99-9.6%Entry 17
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 9.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading bearish. Over the past year the shares are up 262%. Our forward projection puts the odds of a 10% gain over the next month near 48%. The street (7 analysts) rates it strong buy, with a mean price target of $86. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-04Markdown$36.51+2.1%Entry 16
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 2.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading bearish. Over the past year the shares are up 262%. Our forward projection puts the odds of a 10% gain over the next month near 48%. The street (7 analysts) rates it strong buy, with a mean price target of $86. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Markdown$35.77-3.7%Entry 15
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 3.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading bearish. Over the past year the shares are up 262%. Our forward projection puts the odds of a 10% gain over the next month near 48%. The street (7 analysts) rates it strong buy, with a mean price target of $86. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Markdown$37.13+0.0%Entry 14
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading bearish. Over the past year the shares are up 262%. Our forward projection puts the odds of a 10% gain over the next month near 48%. The street (7 analysts) rates it strong buy, with a mean price target of $86. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Markdown$37.13+0.0%Entry 13
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading bearish. Over the past year the shares are up 262%. Our forward projection puts the odds of a 10% gain over the next month near 48%. The street (7 analysts) rates it strong buy, with a mean price target of $86. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Markdown$37.13-4.8%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 4.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading bearish. Over the past year the shares are up 262%. Our forward projection puts the odds of a 10% gain over the next month near 48%. The street (7 analysts) rates it strong buy, with a mean price target of $86. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Markdown$39.01+1.3%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 1.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading bearish. Over the past year the shares are up 262%. Our forward projection puts the odds of a 10% gain over the next month near 48%. The street (7 analysts) rates it strong buy, with a mean price target of $86. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-29Markdown$38.50+6.3%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 6.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading bearish. Over the past year the shares are up 262%. Our forward projection puts the odds of a 10% gain over the next month near 48%. The street (7 analysts) rates it strong buy, with a mean price target of $86. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Markdown$36.22+0.0%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading bearish. Over the past year the shares are up 262%. Our forward projection puts the odds of a 10% gain over the next month near 48%. The street (7 analysts) rates it strong buy, with a mean price target of $86. Insiders have been net sellers over the past quarter.
2026-10-21Markdown$36.22-5.9%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 5.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 262%. Our forward projection puts the odds of a 10% gain over the next month near 48%. The street (7 analysts) rates it strong buy, with a mean price target of $86. Insiders have been net sellers over the past quarter.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
