The company maintains a conservative capital structure with a debt-to-equity ratio of 0.08 as of 2026Q1, supported by a substantial cash position of $298.2 million.
| Total Current Assets | 446.06M | 243.19M | 194.09M | 220.55M | 230.76M | 277.2M | 200.57M | 198.59M | 218.62M | 84.58M | 46.12M |
| Cash & Short-Term Investments | 332.59M | 133.63M | 100.7M | 112.88M | 108.22M | 146.53M | 102.28M | 117.25M | 149.48M | 36.69M | 13.5M |
| Cash Only | 298.21M | 98.7M | 65.83M | 53.21M | 57.83M | 146.53M | 102.28M | 117.25M | 149.48M | 36.69M | 13.5M |
| Short-Term Investments | 34.38M | 34.93M | 34.87M | 59.67M | 50.39M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 48.1M | 50.84M | 34.9M | 39.59M | 37.91M | 51.23M | 37.5M | 30.04M | 26.53M | 14.64M | 10.69M |
| Days Sales Outstanding | 60.66 | 71 | 64.15 | 68.83 | 57.17 | 69.22 | 61.44 | 62.07 | 50.6 | 38.57 | 38.51 |
| Inventory | 43.86M | 45.41M | 40.8M | 52.16M | 67.6M | 73.75M | 54.71M | 46.13M | 35.33M | 29.57M | 18.8M |
| Days Inventory Outstanding | 86.6 | 90.38 | 89.97 | 116.22 | 129.02 | 139.58 | 122.18 | 135.48 | 103.66 | 114.45 | 87.82 |
| Other Current Assets | 21.5M | 13.31M | 17.7M | 15.93M | 10.43M | 103K | 378K | 231K | 7.29M | 97K | 824K |
| Total Non-Current Assets | 69.63M | 74.92M | 76.15M | 86.25M | 98.48M | 96.41M | 83.07M | 51.37M | 31.51M | 25.57M | 24.94M |
| Property, Plant & Equipment | 55.16M | 57.13M | 57.76M | 64.92M | 74.59M | 73.15M | 56.78M | 27.75M | 21.46M | 20.19M | 20.3M |
| Fixed Asset Turnover | 5.21x | 4.57x | 3.44x | 3.23x | 3.25x | 3.69x | 3.92x | 6.37x | 8.92x | 6.86x | 4.99x |
| Goodwill | 12.43M | 12.45M | 12.35M | 12.4M | 12.38M | 12.42M | 12.48M | 9.87M | 1.39M | 1.39M | 1.39M |
| Intangible Assets | 0 | 0 | 833K | 1.65M | 4.04M | 6.7M | 8.35M | 10.01M | 2.69M | 1.84M | 1.49M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | -69K | -72K | -3.11M | 0 | 0 |
| Other Non-Current Assets | 2.04M | 1.59M | 5.21M | 7.28M | 7.47M | 4.15M | 5.46M | 3.75M | 5.97M | 343K | 381K |
| Total Assets | 515.7M | 318.11M | 270.24M | 306.8M | 329.23M | 373.62M | 283.64M | 249.97M | 250.13M | 110.15M | 71.06M |
| Asset Turnover | 0.81x | 0.82x | 0.73x | 0.68x | 0.74x | 0.72x | 0.79x | 0.71x | 0.77x | 1.26x | 1.43x |
| Asset Growth % | 98.41% | 17.71% | -11.92% | -6.81% | -11.88% | 31.72% | 13.47% | -0.07% | 127.09% | 55.01% | - |
| Total Current Liabilities | 63.05M | 64.21M | 34.23M | 32.75M | 34.49M | 45.77M | 41.36M | 25.04M | 23.59M | 28.89M | 19.23M |
| Accounts Payable | 19.13M | 20.89M | 15.08M | 12.17M | 17.51M | 26.35M | 21.06M | 12.7M | 12.07M | 12.92M | 9.38M |
| Days Payables Outstanding | 34.49 | 41.58 | 33.24 | 27.11 | 33.41 | 49.87 | 47.03 | 37.3 | 35.41 | 50.01 | 43.8 |
| Short-Term Debt | 22.9M | 22.78M | 0 | 0 | 0 | 0 | 184K | 51K | 91K | 2.36M | 1.29M |
| Deferred Revenue (Current) | 10.39M | 1.49M | 3.58M | 4.85M | 1.41M | 1.63M | 2.53M | 679K | 720K | 961K | 216K |
| Other Current Liabilities | 16.93M | 4.21M | 0 | 0 | 0 | 0 | 0 | 3.24M | 3.98M | 5.52M | 3.26M |
| Current Ratio | 7.07x | 3.79x | 5.67x | 6.73x | 6.69x | 6.06x | 4.85x | 7.93x | 9.27x | 2.93x | 2.40x |
| Quick Ratio | 6.38x | 3.08x | 4.48x | 5.14x | 4.73x | 4.45x | 3.53x | 6.09x | 7.77x | 1.90x | 1.42x |
| Cash Conversion Cycle | 112.77 | 119.8 | 120.87 | 157.94 | 152.78 | 158.93 | 136.59 | 160.26 | 118.85 | 103.01 | 82.53 |
| Total Non-Current Liabilities | 23.41M | 27.15M | 19.58M | 19.63M | 23.9M | 25.71M | 22.37M | 8.32M | 8.76M | 19.97M | 22.14M |
| Long-Term Debt | 12.68M | 0 | 0 | 0 | 0 | 0 | 215K | 0 | 18K | 15.11M | 18.38M |
| Capital Lease Obligations | 32.02M | 13.43M | 9.82M | 10.98M | 12.85M | 14.61M | 10.38M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2.9M | 2.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 10.73M | 5.26M | 9.76M | 8.65M | 11.04M | 11.1M | 11.78M | 8.32M | 8.74M | 4.86M | 3.76M |
| Total Liabilities | 86.46M | 91.36M | 53.81M | 52.38M | 58.39M | 71.48M | 63.73M | 33.36M | 32.35M | 48.87M | 41.37M |
| Total Debt | 35.58M | 36.21M | 12.13M | 14.16M | 15.61M | 17.68M | 13.05M | 51K | 109K | 17.47M | 19.67M |
| Net Debt | -262.63M | -62.49M | -53.7M | -39.05M | -42.22M | -128.86M | -89.23M | -117.2M | -149.37M | -19.22M | 6.17M |
| Debt / Equity | 0.08x | 0.16x | 0.06x | 0.06x | 0.06x | 0.06x | 0.06x | 0.00x | 0.00x | 0.29x | 0.66x |
| Debt / EBITDA | -9.91x | - | - | - | - | - | - | - | 0.00x | 0.99x | - |
| Net Debt / EBITDA | 73.16x | - | - | - | - | - | - | - | -5.89x | -1.08x | - |
| Interest Coverage | -6.19x | -10.93x | - | - | - | -185.38x | - | - | - | 7.72x | -4.19x |
| Total Equity | 429.24M | 226.75M | 216.43M | 254.42M | 270.85M | 302.13M | 219.91M | 216.61M | 217.78M | 61.28M | 29.69M |
| Equity Growth % | 89.56% | 4.77% | -14.93% | -6.06% | -10.36% | 37.39% | 1.53% | -0.54% | 255.37% | 106.4% | - |
| Book Value per Share | 7.16 | 4.45 | 4.52 | 5.52 | 6.10 | 7.17 | 5.73 | 5.84 | 7.27 | 2.10 | 1.02 |
| Total Shareholders' Equity | 429.24M | 226.75M | 216.43M | 254.42M | 270.85M | 302.13M | 219.91M | 216.61M | 217.78M | 61.28M | 29.69M |
| Common Stock | 17K | 16K | 16K | 16K | 16K | 15K | 15K | 15K | 15K | 14K | 1K |
| Retained Earnings | -347.92M | -348.56M | -325.1M | -264.3M | -222.63M | -168.06M | -138.39M | -117.45M | -104.73M | -118.67M | -120.51M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -3.34M | -3.06M | -3.33M | -2.48M | -2.75M | -587K | -259K | -2.69M | -2.16M | -719K | -3.01M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High fixed cost sensitivity
According to recent balance sheet data, nLIGHT's total assets surged to $515.7 million in 2026Q1 from $270.2 million in 2024Q4, a significant expansion that appears to be driven by a deliberate accumulation of liquidity to support the company's transition toward specialized defense and aerospace applications.
The rapid growth in the asset base suggests management is prioritizing a fortified liquidity position to navigate the high-fixed-cost nature of its semiconductor fabrication model. This trajectory indicates a shift toward a more robust balance sheet, though the underlying profitability remains constrained by the ongoing transition away from legacy industrial markets.
As reported in financial statements, nLIGHT maintained a cash position of $298.2 million in 2026Q1, representing a substantial increase from the $65.8 million held in 2024Q4, which provides a significant buffer against the volatility inherent in its project-based government contract revenue model.
The current ratio of 7.07 suggests an exceptionally strong short-term liquidity position, effectively insulating the company from immediate operational shocks. This liquidity profile appears designed to provide the necessary runway for R&D investments while the company scales its high-margin directed energy programs.
Based on reported figures, nLIGHT maintains a conservative capital structure with a debt-to-equity ratio of 0.08 as of 2026Q1, reflecting a strategic preference for equity-based funding over debt financing during this period of negative GAAP profitability and high capital intensity.
The minimal reliance on debt suggests that the company is avoiding interest-related cash outflows that could otherwise exacerbate its negative operating margins. This low leverage profile warrants further investigation into whether management intends to utilize this capacity for future strategic acquisitions or facility upgrades.
As indicated by the company's financial filings, retained earnings have remained deeply negative, reaching -$347.9 million in 2026Q1, which highlights the persistent challenge of achieving GAAP profitability despite the company's successful top-line growth and strategic pivot toward higher-value defense-related segments.
The accumulation of losses in retained earnings suggests that the company's business model has yet to reach the scale required to offset its high fixed-cost structure. Investors should monitor the impact of ongoing stock-based compensation on equity dilution, as this remains a significant factor in the company's capital structure.
Quick answers to the most common questions about buying LASR stock.
As of 2025, nLIGHT, Inc. (LASR) had total assets of $318.1M including $243.2M in current assets.
nLIGHT, Inc. (LASR) carries total debt of $36.2M, offset by $133.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
nLIGHT, Inc. (LASR) has total shareholders' equity (book value) of $226.7M ($4.45 book value per share). Book value represents the net worth of the company belonging to common stock holders.
nLIGHT, Inc. (LASR) reported a current ratio of 3.79x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.