LPTHLightPath Technologies, Inc.
Is the business good?
Margins compressing. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is LPTH?
LightPath Technologies, Inc. keeps −27% of every revenue dollar as operating profit, against 7.9% for the median Electronic Components name.
Operating margin · Electronic Components median 7.9% · 12 months to Q4 2026
- R&D as % of revenue
- 5.3%
R&D as % of revenue
- Gross margin
- 36%
Gross margin
| Year | Operating margin |
|---|---|
| FY2021 | −4.8% |
| FY2022 | −7.4% |
| FY2023 | −11% |
| FY2024 | −25% |
| FY2025 | −32% |
| FY2026 | −27% |
Details›
- Gross margin12 months to Q4 2026
- 36%
- Operating margin12 months to Q4 2026
- −27%
- Net margin12 months to Q4 2026
- −29%
- Free cash flow margin
- −23%
- R&D as % of revenue
- 5.3%
- Revenue, trailing twelve months
- $72M
- Free cash flow, trailing twelve months
- −$16M
- Net income, trailing twelve months
- −$21M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from LPTH and who it buys from, as the companies report it.
- Customer one24%
Share of revenue · FY2026 10-K
- Customer two7.0%
Share of revenue · FY2026 10-K
- Customer three6.0%
Share of revenue · FY2026 10-K
- Three customers37%
Combined share of revenue · FY2026 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; LPTH’s own figures are from its FY2026 10-K. Smaller customers and suppliers go unreported.
Electronic Components
Ranks #24 of 25 by RyuScore