Optex Systems Holdings, Inc (OPXS) 10-Year Financial Performance & Capital Metrics

OPXS • • Industrial / General

IndustrialsAerospace & DefenseDefense Electronics & Mission SystemsElectronic Warfare & C4ISR

AboutOptex Systems Holdings, Inc. manufactures and sells optical sighting systems and assemblies primarily for the U.S. department of defense, foreign military applications, and commercial markets in the United States. It offers periscopes, such as laser and non-laser protected plastic and glass periscopes, electronic M17 day/thermal periscopes, and vision blocks; sighting systems, including back up sights, digital day and night sighting systems, M36 thermal periscope, unity mirrors, optical weapon system support and maintenance, and commander weapon station sights; howitzers comprising M137 telescope, M187 mount, M119 aiming device, XM10 and aiming circles; and applied optics center consisting of laser filter units, laser filter interface, optical assemblies, day windows, binoculars, and specialty thin film coatings, as well as other products, such as muzzle reference systems, binoculars, collimators, optical lenses and elements, and windows. The company also provides various periscope configurations, rifle and surveillance sights, and night vision optical assemblies. Its products are installed on various types of U.S. military land vehicles, such as the Abrams, Bradley, and Stryker families of fighting vehicles, as well as light armored and armored security vehicles. The company offers its products directly to the federal government, prime contractors, and foreign governments. Optex Systems Holdings, Inc. was founded in 1987 and is headquartered in Richardson, Texas. Optex Systems Holdings, Inc operates as a subsidiary of Sileas Corporation.Show more

Revenue $41.34B +121497.3%
EBITDA $7.13B +134263.2%
Net Income $5.15B +136497.7%
EPS (Diluted) 0.74 +34.5%
Gross Margin 29.17% +4.1%
EBITDA Margin 17.25% +10.5%
Operating Margin 17.25% +21.7%
Net Margin 12.45% +12.3%
ROE 42.34% +89.2%
ROIC 54.1% +190.0%
Debt/Equity 0.08 -57.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 27.1%
✓Strong 5Y profit CAGR of 389.8%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 15.6% free cash flow margin
✓Momentum leader: RS Rating 81 (top 19%)

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y123.99%

5Y337.16%

3Y1126.89%

TTM121500.87%

Profit (Net Income) CAGR

10Y152.38%

5Y389.84%

3Y1488.95%

TTM136497.66%

EPS CAGR

10Y-

5Y39.51%

3Y66.61%

TTM33.55%

ROCE

10Y Avg16.37%

5Y Avg20.5%

3Y Avg31.9%

Latest54.07%

Peer Comparison

Electronic Warfare & C4ISR

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ESLTElbit Systems Ltd.	32.49B	699.50	97.42	14.3%	5.92%	11.57%	0.98%	0.42
DRSLeonardo DRS, Inc.	10.87B	40.85	51.06	14.44%	7.42%	10.01%	1.71%	0.18
LHXL3Harris Technologies, Inc.	63.83B	341.24	43.36	9.82%	8.09%	9.01%	3.37%	0.66
CODACoda Octopus Group, Inc.	134.87M	11.99	37.47	4.98%	14.09%	7.18%	1.38%	0.01
OPXSOptex Systems Holdings, Inc	104.68M	15.09	20.39	1214.97%	12.45%	21.19%	100%	0.08
ASTCAstrotech Corporation	6.35M	3.61	-0.43	-36.96%	-10.7%	-73.54%		0.12
VWAVVisionWave Holdings, Inc.	224.02M	13.58	-61.73			-6.24%
MRCYMercury Systems, Inc.	5.96B	99.14	-152.52	9.19%	-7.86%	-4.64%	2%	0.44

Profit & Loss

	Oct 2016	Oct 2017	Sep 2018	Sep 2019	Sep 2020	Oct 2021	Oct 2022	Oct 2023	Sep 2024	Sep 2025
Sales/Revenue+	17.28M	18.55M	20.85M	24.53M	25.89M	18.22M	22.38M	25.66M	33.99M	41.34B
Revenue Growth %	0.33%	0.07%	0.12%	0.18%	0.06%	-0.3%	0.23%	0.15%	0.32%	1214.97%
Cost of Goods Sold+	14.23M	15.13M	16.34M	18.28M	19.8M	15.7M	17.49M	19.04M	24.47M	29.28B
COGS % of Revenue	0.82%	0.82%	0.78%	0.75%	0.76%	0.86%	0.78%	0.74%	0.72%	0.71%
Gross Profit+	3.05M	3.41M	4.51M	6.25M	6.09M	2.52M	4.9M	6.62M	9.53M	12.06B
Gross Margin %	0.18%	0.18%	0.22%	0.25%	0.24%	0.14%	0.22%	0.26%	0.28%	0.29%
Gross Profit Growth %	1.2%	0.12%	0.32%	0.38%	-0.03%	-0.59%	0.94%	0.35%	0.44%	1264.3%
Operating Expenses+	3.96M	3.21M	3.03M	3.06M	3.21M	3.01M	3.25M	3.83M	4.71M	4.92B
OpEx % of Revenue	0.23%	0.17%	0.15%	0.12%	0.12%	0.17%	0.15%	0.15%	0.14%	0.12%
Selling, General & Admin	3.96M	3.21M	3.03M	3.06M	3.21M	3.01M	3.25M	3.83M	4.71M	4.92B
SG&A % of Revenue	0.23%	0.17%	0.15%	0.12%	0.12%	0.17%	0.15%	0.15%	0.14%	0.12%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-200K	204K	1.49M	3.2M	2.88M	-494K	1.65M	2.79M	4.82M	7.13B
Operating Margin %	-0.01%	0.01%	0.07%	0.13%	0.11%	-0.03%	0.07%	0.11%	0.14%	0.17%
Operating Income Growth %	0.86%	2.02%	6.28%	1.15%	-0.1%	-1.17%	4.33%	0.69%	0.73%	1478.36%
EBITDA+	145K	541K	1.81M	3.54M	3.13M	-231K	1.95M	3.13M	5.31M	7.13B
EBITDA Margin %	0.01%	0.03%	0.09%	0.14%	0.12%	-0.01%	0.09%	0.12%	0.16%	0.17%
EBITDA Growth %	1.13%	2.73%	2.35%	0.95%	-0.11%	-1.07%	9.46%	0.6%	0.69%	1342.63%
D&A (Non-Cash Add-back)	345K	337K	327K	340K	248K	263K	307K	345K	487K	0
EBIT	-172K	-285K	1.58M	4.54M	2.38M	2.04M	1.65M	2.79M	4.82M	0
Net Interest Income+	-36K	-19K	-20K	-23K	-19K	-11K	0	-55K	-47K	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	36K	19K	20K	23K	19K	11K	0	55K	47K	-23M
Other Income/Expense	-8K	-508K	75K	1.32M	-527K	2.52M	0	-55K	-47K	-781M
Pretax Income+	-236K	-304K	1.56M	4.52M	2.36M	2.03M	1.65M	2.73M	4.77M	6.35B
Pretax Margin %	-0.01%	-0.02%	0.07%	0.18%	0.09%	0.11%	0.07%	0.11%	0.14%	0.15%
Income Tax+	72K	0	167K	-1.15M	531K	-101K	364K	469K	1.01M	1.2B
Effective Tax Rate %	1%	1%	0.89%	1.25%	0.77%	1.05%	0.78%	0.83%	0.79%	0.81%
Net Income+	-236K	-304K	1.39M	5.67M	1.82M	2.13M	1.28M	2.26M	3.77M	5.15B
Net Margin %	-0.01%	-0.02%	0.07%	0.23%	0.07%	0.12%	0.06%	0.09%	0.11%	0.12%
Net Income Growth %	-1.48%	-0.29%	5.59%	3.07%	-0.68%	0.17%	-0.4%	0.76%	0.67%	1364.98%
Net Income (Continuing)	-208K	-304K	1.39M	5.67M	1.82M	2.13M	1.28M	2.26M	3.77M	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.15	-0.04	0.16	0.45	0.14	0.18	0.16	0.34	0.55	0.74
EPS Growth %	0.99%	0.75%	5.21%	1.81%	-0.69%	0.29%	-0.11%	1.13%	0.62%	0.35%
EPS (Basic)	-0.15	-0.04	0.16	0.45	0.14	0.18	0.16	0.34	0.56	0.75
Diluted Shares Outstanding	1.55M	8M	8.8M	8.49M	8.59M	8.32M	8.22M	6.65M	6.89M	6.92M
Basic Shares Outstanding	1.55M	8M	8.46M	8.39M	8.46M	8.24M	8.13M	6.62M	6.8M	6.87M
Dividend Payout Ratio	-	-	0.56%	-	-	-	-	-	-	-

Balance Sheet

	Oct 2016	Oct 2017	Sep 2018	Sep 2019	Sep 2020	Oct 2021	Oct 2022	Oct 2023	Sep 2024	Sep 2025
Total Current Assets+	11M	12.48M	11.33M	15.02M	16.67M	14.93M	13.38M	17.54M	20.07M	25.28B
Cash & Short-Term Investments	2.57M	1.68M	1.13M	1.07M	4.7M	3.9M	934K	1.2M	1.01M	6.39B
Cash Only	2.57M	1.68M	1.13M	1.07M	4.7M	3.9M	934K	1.2M	1.01M	6.39B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	2.1M	3.13M	2.46M	3.07M	2.95M	3.18M	2.91M	3.96M	3.98M	4.57B
Days Sales Outstanding	44.25	61.5	43.02	45.62	41.63	63.76	47.42	56.33	42.77	40.34
Inventory	6.21M	7.61M	7.64M	10.54M	8.79M	7.58M	9.21M	12.15M	14.86M	14.32B
Days Inventory Outstanding	159.41	183.65	170.66	210.39	162.04	176.27	192.29	232.98	221.74	178.54
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Total Non-Current Assets+	1.76M	1.54M	1.35M	2.54M	3.67M	5.93M	5.16M	4.68M	5.45M	4.33B
Property, Plant & Equipment	1.65M	1.46M	1.3M	1.1M	2.42M	4.62M	4.19M	3.74M	3.52M	3.13B
Fixed Asset Turnover	10.47x	12.70x	16.04x	22.26x	10.69x	3.95x	5.34x	6.86x	9.64x	13.22x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	951K	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	113K	83K	53K	23K	23K	23K	23K	23K	23K	0
Total Assets+	12.76M	14.03M	12.69M	17.56M	20.34M	20.86M	18.54M	22.22M	25.52M	30.06B
Asset Turnover	1.35x	1.32x	1.64x	1.40x	1.27x	0.87x	1.21x	1.15x	1.33x	1.38x
Asset Growth %	0.11%	0.1%	-0.1%	0.38%	0.16%	0.03%	-0.11%	0.2%	0.15%	1176.84%
Total Current Liabilities+	2.4M	4.47M	2.84M	3.31M	4.96M	2.01M	3.37M	4.08M	4.95M	3.7B
Accounts Payable	706K	1.36M	943K	1.83M	833K	551K	706K	810K	1.18M	1.52B
Days Payables Outstanding	18.11	32.85	21.07	36.61	15.35	12.81	14.74	15.53	17.56	19.01
Short-Term Debt	300K	300K	300K	250K	417K	528K	604K	620K	1.64M	1.85B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	1000K
Other Current Liabilities	940K	2.37M	1.1M	1.08M	3.53M	721K	1.5M	2.13M	1.76M	1.61B
Current Ratio	4.58x	2.79x	3.99x	4.53x	3.36x	7.43x	3.97x	4.30x	4.05x	6.84x
Quick Ratio	1.99x	1.09x	1.30x	1.35x	1.59x	3.66x	1.24x	1.32x	1.05x	2.96x
Cash Conversion Cycle	185.55	212.29	192.62	219.4	188.32	227.22	224.97	273.78	246.94	199.87
Total Non-Current Liabilities+	3.12M	3.61M	3.5M	2.04M	1.41M	3.13M	2.76M	3.28M	1.76M	2.07B
Long-Term Debt	0	0	0	0	377K	0	0	1M	0	0
Capital Lease Obligations	0	0	0	0	1.04M	3.13M	2.76M	2.28M	1.76M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	3.12M	3.61M	3.5M	2.04M	0	0	0	0	0	2.07B
Total Liabilities	2.4M	8.08M	6.34M	5.35M	6.37M	5.14M	6.13M	7.36M	6.71M	5.76B
Total Debt+	300K	300K	300K	250K	1.83M	3.66M	3.37M	3.9M	3.4M	1.85B
Net Debt	-2.27M	-1.38M	-833K	-818K	-2.87M	-239K	2.43M	2.7M	2.39M	-4.54B
Debt / Equity	0.03x	0.05x	0.05x	0.02x	0.13x	0.23x	0.27x	0.26x	0.18x	0.08x
Debt / EBITDA	2.07x	0.55x	0.17x	0.07x	0.58x	-	1.72x	1.25x	0.64x	0.26x
Net Debt / EBITDA	-15.64x	-2.55x	-0.46x	-0.23x	-0.92x	-	1.24x	0.86x	0.45x	-0.64x
Interest Coverage	-5.56x	10.74x	74.30x	139.00x	151.74x	-44.91x	-	50.67x	102.57x	-
Total Equity+	10.36M	5.95M	6.34M	12.21M	13.98M	15.71M	12.41M	14.86M	18.81M	24.29B
Equity Growth %	0.27%	-0.43%	0.07%	0.92%	0.14%	0.12%	-0.21%	0.2%	0.27%	1290.52%
Book Value per Share	6.70	0.74	0.72	1.44	1.63	1.89	1.51	2.23	2.73	3508.23
Total Shareholders' Equity	7.24M	5.95M	6.34M	12.21M	13.98M	15.71M	12.41M	14.86M	18.81M	24.29B
Common Stock	8K	8K	8K	8K	9K	9K	7K	7K	7K	7M
Retained Earnings	-19.65M	-20.47M	-19.6M	-13.93M	-12.11M	-9.98M	-8.7M	-6.43M	-2.66M	2.48B
Treasury Stock	0	0	0	0	-200K	-69K	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Oct 2016	Oct 2017	Sep 2018	Sep 2019	Sep 2020	Oct 2021	Oct 2022	Oct 2023	Sep 2024	Sep 2025
Cash from Operations+	-539K	16K	1.04M	160K	3.91M	481K	2.04M	-296K	1.78M	6.93B
Operating CF Margin %	-0.03%	0%	0.05%	0.01%	0.15%	0.03%	0.09%	-0.01%	0.05%	0.17%
Operating CF Growth %	0.56%	1.03%	63.94%	-0.85%	23.44%	-0.88%	3.25%	-1.14%	7.02%	3890.63%
Net Income	-208K	-304K	1.39M	5.67M	1.82M	2.13M	1.28M	2.26M	3.77M	5.15B
Depreciation & Amortization	345K	337K	327K	340K	248K	263K	307K	345K	487K	515M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	383M
Deferred Taxes	0	0	0	-1.41M	187K	-60K	346K	20K	-25K	-252M
Other Non-Cash Items	-499K	637K	108K	-1.24M	705K	-2.31M	183K	247K	435K	1.14B
Working Capital Changes	-177K	-654K	-790K	-3.2M	946K	454K	-77K	-3.17M	-2.88M	0
Change in Receivables	771K	-1.19M	666K	-608K	113K	-230K	254K	-1.05M	-32K	-810M
Change in Inventory	-562K	-1.37M	-75K	-2.9M	1.74M	1.21M	-1.63M	-2.94M	-2.71M	541M
Change in Payables	130K	1.3M	-700K	903K	-1.06M	-510K	551K	365K	359K	725M
Cash from Investing+	-30K	-108K	-167K	-135K	-152K	-274K	-257K	-376K	-1.73M	-504M
Capital Expenditures	-34K	-149K	-167K	-143K	-152K	-274K	-257K	-376K	-1.73M	-494M
CapEx % of Revenue	0%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.05%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	-10M
Cash from Financing+	2.45M	-794K	-1.42M	-90K	-127K	-1.01M	-4.75M	942K	-245K	-1.05B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-261K	-784K	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-45K	-15K	63K	-112K	-54K	-44K	-19K	-58K	-245K	-1.05B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-573K	-133K	872K	17K	3.76M	207K	1.78M	-672K	1.1M	6.44B
FCF Margin %	-0.03%	-0.01%	0.04%	0%	0.15%	0.01%	0.08%	-0.03%	0.03%	0.16%
FCF Growth %	0.83%	0.77%	7.56%	-0.98%	220.12%	-0.94%	7.62%	-1.38%	2.64%	5850.82%
FCF per Share	-0.37	-0.02	0.10	0.00	0.44	0.02	0.22	-0.10	0.16	929.66
FCF Conversion (FCF/Net Income)	2.28x	-0.05x	0.75x	0.03x	2.14x	0.23x	1.59x	-0.13x	0.47x	1.35x
Interest Paid	0	0	20K	23K	19K	11K	0	55K	47K	0
Taxes Paid	0	0	144K	360K	289K	48K	0	534K	1.2M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-2.55%	-3.73%	22.69%	61.1%	13.94%	14.36%	9.12%	16.6%	22.38%	42.34%
Return on Invested Capital (ROIC)	-1.83%	2.42%	22.12%	28.37%	19.22%	-2.79%	8.15%	12.9%	18.66%	54.1%
Gross Margin	17.66%	18.41%	21.65%	25.49%	23.51%	13.83%	21.88%	25.8%	28.03%	29.17%
Net Margin	-1.37%	-1.64%	6.68%	23.11%	7.05%	11.69%	5.73%	8.82%	11.08%	12.45%
Debt / Equity	0.03x	0.05x	0.05x	0.02x	0.13x	0.23x	0.27x	0.26x	0.18x	0.08x
Interest Coverage	-5.56x	10.74x	74.30x	139.00x	151.74x	-44.91x	-	50.67x	102.57x	-
FCF Conversion	2.28x	-0.05x	0.75x	0.03x	2.14x	0.23x	1.59x	-0.13x	0.47x	1.35x
Revenue Growth	32.88%	7.34%	12.43%	17.63%	5.54%	-29.62%	22.84%	14.64%	32.49%	121497.29%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Optex Systems (OPX) - Richardson, Texas	11.05M	11.26M	12.74M	16.22M	17.23M	11.83M	9.53M	12.12M	18.17M	23.76M
Optex Systems (OPX) - Richardson, Texas Growth	-	1.85%	13.18%	27.32%	6.25%	-31.37%	-19.40%	27.14%	49.93%	30.76%
Applied Optics Center (AOC) - Dallas	8.12M	8.98M	9.67M	10.02M	10.35M	7.45M	13.73M	14.43M	16.87M	18.73M
Applied Optics Center (AOC) - Dallas Growth	-	10.67%	7.62%	3.65%	3.22%	-27.98%	84.26%	5.12%	16.87%	11.07%
Other	-	-	-	-	-	-	-	-	-	-1.16M
Other Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Other	-	-	-	-	-	-	-	-	-	-1.16M
Other Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Optex Systems Holdings, Inc (OPXS) has a price-to-earnings (P/E) ratio of 20.4x. This is roughly in line with market averages.

Growth & Financials

Optex Systems Holdings, Inc (OPXS) reported $41.34B in revenue for fiscal year 2025. This represents a 289903% increase from $14.3M in 2012.

Optex Systems Holdings, Inc (OPXS) grew revenue by 121497.3% over the past year. This is strong growth.

Yes, Optex Systems Holdings, Inc (OPXS) is profitable, generating $5.15B in net income for fiscal year 2025 (12.5% net margin).

Dividend & Returns

Optex Systems Holdings, Inc (OPXS) has a return on equity (ROE) of 42.3%. This is excellent, indicating efficient use of shareholder capital.

Optex Systems Holdings, Inc (OPXS) generated $6.44B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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