Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price40.37 USD
Fair value47.66
Ethical score70.0/100
Our investment reviews on this name
2026-08-04Read Distribution69.25-41.7% to today ✓
2026-07-02Read Markup69.66-42.0% to today
Our analytic regime reads on this name, dated and marked against today's price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
nLIGHT, Inc. holds its Markdown at $40.37. Consolidating, no directional conviction, held for 12 days.
As held on the ledger · 2026-09-11
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 12 days
Price at the screen
$40.37
Valuation
N/A trailing · 64.08 forward price to earnings
Values screen
PASS· score 70.0
Beta
2.30
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.
Fair value range in USD, drawn from the 2026-09-11 screen. The gold marker is the market price at the same screen. A 18.1% margin of safety to the base estimate.
Third-party analyst targets: 7 covering, consensus None. The average target sits +123% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-11 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.
The risks · The things to watch: 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
2026-09-04Distribution$43.30-37.5%Entry 5
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 37.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A. Technically it is holding around 71% above its long-term trend line with momentum reading bullish. 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.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A. Technically it is holding around 71% above its long-term trend line with momentum reading bullish. 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.
2026-07-18Markup$69.66+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A. Technically it is holding around 71% above its long-term trend line with momentum reading bullish. 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.
2026-07-03Markup$69.66+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$69.66Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
