nLIGHT, Inc. (LASR) · 10+ Years of Financial Ratios

Profitability	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	2.03	7.74	-5.15	-7.85	-9.03	-15.53	-13.1
Return on Capital (%)	- -	-1.47	-13.55	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	4.18	9.13	- -	- -	- -	- -	- -
Gross Margin (%)	22.86	31.95	34.99	29.63	26.65	28.62	21	21.97
EBITDA Margin (%)	-1.22	12.79	13.25	-0.2	-3.3	-5.61	-14.67	-14.25
Operating Margin (%)	-9.22	7.07	8.92	-5.61	-9.45	-11.19	-21.16	-21.89
Incremental Operating Margin (%)	- -	51.36	13.76	- -	- -	- -	- -	- -
Pretax Margin (%)	-12.16	4.83	9.16	-3.83	-9.24	-11.12	-22.41	-20.32
Profit Margin (%)	-14.02	1.33	7.28	-7.29	-9.4	-10.98	-22.55	-19.85
Net Income to Common Margin (%)	-14.02	- -	4.98	-7.29	-9.4	-10.98	-22.55	-19.85
Effective Tax Rate (%)	- -	72.56	20.53	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	-46.36	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -

Credit	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	20	17	- -	- -	13	18	16	14
ST Debt	1	2	- -	- -	2	3	3	3
LT Debt	18	15	- -	- -	11	15	13	11
Total Debt/EBITDA	-15.87	0.99	- -	-0.15	-1.77	-1.17	-0.44	-0.47
Net Debt/EBITDA	-4.98	-1.08	-5.89	339.71	13.84	9.67	1.63	1.78
Total Debt/EBIT	-2.11	1.78	0.01	-0.01	-0.62	-0.59	-0.3	-0.31
Net Debt/EBIT	-0.66	-1.96	-8.75	11.83	4.84	4.85	1.13	1.16
EBITDA to Interest Expense	0.56	-13.96	- -	- -	- -	-92.99	- -	- -
EBITDA-CapEx/Interest Expense	2.38	-9.64	- -	- -	- -	-225.28	- -	- -
EBIT to Interest Expense	4.19	-7.72	- -	- -	- -	-185.38	- -	- -
Interest Expense	-2	-1	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-169.58	-107.73	-41.86	-46.98	-48.78	-44.98	-67.62	-86.14
Long-Term Debt/Equity (%)	61.9	24.65	0.01	- -	4.82	4.84	4.75	4.31
Long-Term Debt/Capital (%)	-18.23	-14.93	-0.02	- -	-8.45	-9.72	-6.21	-4.39
Long-Term Debt/Total Assets (%)	25.87	13.72	0.01	- -	3.73	3.91	3.9	3.58
Total Debt/Equity (%)	66.24	28.51	0.05	0.02	5.93	5.85	5.76	5.57
Total Debt/Capital (%)	-19.51	-17.27	-0.1	-0.04	-10.41	-11.76	-7.54	-5.66
Total Debt/Total Assets (%)	27.68	15.86	0.04	0.02	4.6	4.73	4.74	4.62
Net Debt to Equity	20.77	-31.36	-68.59	-54.11	-46.33	-48.5	-21.35	-20.91
Net Debt/Capital (%)	-5.39	13.94	58.79	49.95	44.76	49.36	21.83	17.54
EBITDA	-1	18	25	- -	-7	-15	-36	-30
EBITDA-CapEx	-5	12	14	-14	-32	-37	-57	-35
Operating Income (Loss)	-9	10	17	-10	-21	-30	-51	-46

Liquidity	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.7	1.27	6.34	4.68	2.47	3.2	3.14	3.45
Current Ratio	2.4	2.93	9.27	7.93	4.85	6.06	6.69	6.73
Quick Ratio	1.26	1.78	7.53	5.88	3.38	4.32	4.24	4.66
CFO/Avg Current Liab	- -	0.14	0.13	-0.17	0.39	-0.17	-0.36	0.3
Common Equity/Total Assets	-169.58	-107.73	-41.86	-46.98	-48.78	-44.98	-67.62	-86.14
Long-Term Debt/Equity (%)	61.9	24.65	0.01	- -	4.82	4.84	4.75	4.31
Long-Term Debt/Capital (%)	-18.23	-14.93	-0.02	- -	-8.45	-9.72	-6.21	-4.39
Long-Term Debt/Total Assets (%)	25.87	13.72	0.01	- -	3.73	3.91	3.9	3.58
Total Debt/Equity (%)	66.24	28.51	0.05	0.02	5.93	5.85	5.76	5.57
Total Debt/Capital (%)	-19.51	-17.27	-0.1	-0.04	-10.41	-11.76	-7.54	-5.66
Total Debt/Total Assets (%)	27.68	15.86	0.04	0.02	4.6	4.73	4.74	4.62
CFO/Total Liabilities	14.4	6.98	10.44	-12.71	20.46	-10.41	-24.91	19.26
CFO/CapEx	1.47	0.62	0.29	-0.31	0.54	-0.35	-0.67	1.89
Altman's Z-Score	-0.97	0.67	13.48	14.47	13.12	9.61	4.57	7.12

Working Capital	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	12.02	9.6	6.58	7.56	7.36	6.09	5.42
Days Sales Outstanding	- -	30.36	38.03	55.44	48.29	49.58	59.93	67.37
Inventory Turnover	- -	3.9	3.83	3.05	3.24	3	2.71	2.74
Days Inventory Outstanding	- -	93.61	95.21	119.62	112.61	121.57	134.89	133.43
Accounts Payable Turnover	- -	9.42	10.42	10.91	10.19	8.94	8.44	10
Accounts Payable Turnover Days	- -	38.73	35.04	33.46	35.82	40.83	43.24	36.5
Cash Conversion Cycle	- -	85.24	98.21	141.6	125.08	130.32	151.58	164.3
Inventory to Cash Days	- -	-63.26	-57.18	-64.18	-64.32	-71.98	-74.96	-66.05
Inventories	19	30	35	46	55	74	68	52
Raw Materials	8	11	14	17	21	32	33	23
Work In Process	4	6	13	18	21	25	19	20
Finished Goods	7	12	8	12	12	17	16	9
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	653	759	1,333	1,074	446	648
- Cash & Cash Equivalents	14	37	149	117	102	147	58	53
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	20	17	- -	- -	13	18	16	14
Enterprise Value	6	-19	504	642	1,244	945	353	549
Total Capital	-101	-101	-105	-117	-125	-150	-207	-250
Total Debt/Capital (%)	-19.51	-17.27	-0.1	-0.04	-10.41	-11.76	-7.54	-5.66
Total Debt / EV	3.18	-0.91	- -	7.95	0.01	0.02	0.04	0.03
EV/Sales	0.06	- -	2.63	3.63	5.58	3.5	1.46	2.61
EV/EBITDA	- -	- -	19.88	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	29.54	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	1.82	- -	149.28	- -	95.38	- -	- -	54.39
EV/Free Cash Flow to Firm	0.83	- -	33.4	68.34	33.27	66.18	49.2	35.57
Diluted Market Cap	- -	- -	533	740	1,285	1,023	434	631
Diluted Enterprise Value	6	-19	384	623	1,196	894	392	592
EV per Share	0.21	- -	13.73	16.85	31.26	21.36	7.74	11.61
TTM Sales	101	139	191	177	223	270	242	210
TTM EBITDA	-1	18	25	- -	-7	-15	-36	-30
TTM Operating Income	-9	10	17	-10	-21	-30	-51	-46
TTM Cash Flow to Firm	3	3	3	-4	13	-7	-15	10
TTM Free Cash Flow to Firm	7	9	15	9	37	14	7	15

Multiples	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	46.47	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	71.59	-53.81	-40.07	-43.11	-10.89	-13.01
Price/Earnings High	- -	- -	104.46	-74.47	-64.57	-61.15	-20.35	-17.04
Price/Earnings Low	- -	- -	43.39	-36.59	-17.21	-33.07	-7.54	-9.1
Price/Book Value	- -	- -	-6.24	-6.46	-9.63	-6.39	-2	-2.45
Price/Book Value Average	- -	- -	-9.61	-6.06	-6.29	-7.99	-2.74	-2.1
Price/Book Value High	- -	- -	-14.02	-8.38	-10.13	-11.34	-5.12	-2.76
Price/Book Value Low	- -	- -	-5.83	-4.12	-2.7	-6.13	-1.9	-1.47
Price/Tangible Book Value	- -	- -	3.06	3.86	6.7	3.79	1.75	2.69
Price/Tangible Book Value Average	- -	- -	4.71	3.62	4.37	4.74	2.4	2.31
Price/Tangible Book Value High	- -	- -	6.87	5	7.04	6.73	4.48	3.03
Price/Tangible Book Value Low	- -	- -	2.85	2.46	1.88	3.64	1.66	1.62
Price/Sales	- -	- -	2.31	4.19	5.77	3.79	1.79	3.01
Price/Sales Average	- -	- -	3.56	3.93	3.76	4.73	2.46	2.58
Price/Sales High	- -	- -	5.2	5.43	6.07	6.72	4.59	3.38
Price/Sales Low	- -	- -	2.16	2.67	1.62	3.63	1.7	1.81
Price/Cash Flow	- -	- -	131.09	-174.44	98.56	-137.42	-29.85	62.56
Price/Cash Flow Average	- -	- -	201.95	-163.48	64.31	-171.83	-40.87	53.71
Price/Cash Flow High	- -	- -	294.65	-226.25	103.65	-243.75	-76.39	70.37
Price/Cash Flow Low	- -	- -	122.4	-111.16	27.63	-131.81	-28.3	37.58
Price/Free Cash Flow	- -	- -	35.34	78.78	34.38	72.44	60.48	40.91
Price/Free Cash Flow Average	- -	- -	54.44	73.83	22.43	90.58	82.8	35.13
Price/Free Cash Flow High	- -	- -	79.43	102.18	36.15	128.49	154.76	46.02
Price/Free Cash Flow Low	- -	- -	33	50.2	9.64	69.49	57.32	24.58
EV/Sales	0.06	- -	2.63	3.63	5.58	3.5	1.46	2.61
EV/Sales Average	0.06	- -	4.48	3.36	3.5	4.49	2.35	2.46
EV/Sales High	0.06	- -	6.89	4.91	5.89	6.57	4.54	3.28
EV/Sales Low	0.06	- -	2.41	2.07	1.28	3.34	1.57	1.67
EV/EBITDA	- -	- -	19.88	- -	- -	- -	- -	- -
EV/EBITDA Average	-4.99	-1.08	33.81	-1,722.11	-106.03	-80.09	-16	-17.28
EV/EBITDA High	-4.99	-1.08	52.04	-2,513.83	-178.28	-117.17	-30.93	-23.04
EV/EBITDA Low	-4.99	-1.08	18.17	-1,062.22	-38.63	-59.46	-10.71	-11.7
EV/EBIT	- -	- -	29.54	- -	- -	- -	- -	- -
EV/EBIT Average	-0.66	-1.96	50.23	-59.96	-37.09	-40.18	-11.09	-11.25
EV/EBIT High	-0.66	-1.96	77.31	-87.52	-62.37	-58.78	-21.45	-15
EV/EBIT Low	-0.66	-1.96	27	-36.98	-13.51	-29.83	-7.43	-7.62
Last Price	- -	- -	17.8	19.93	33.5	24.27	9.77	13.7
High Price	- -	- -	40.01	25.85	35.23	43.05	25	15.41
Low Price	- -	- -	16.62	12.7	9.39	23.28	9.26	8.23
Enterprise Value	6	-19	504	642	1,244	945	353	549
Enterprise Value Average	6	-19	857	594	781	1,214	568	517
Enterprise Value High	6	-19	1,319	867	1,313	1,776	1,099	689
Enterprise Value Low	6	-19	461	366	284	901	380	350

Per Share Data Items	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	29	33	37	38	40	44	46	47
Diluted Weighted Avg Shares	29	29	30	37	38	42	44	46
Basic Weighted Avg Shares	26	26	25	37	38	42	44	46
Revenue per Share	3.92	5.37	7.7	4.76	5.81	6.41	5.45	4.56
EBITDA per Share	-0.05	0.69	1.02	-0.01	-0.19	-0.36	-0.8	-0.65
Operating Income per Share	-0.36	0.38	0.69	-0.27	-0.55	-0.72	-1.15	-1
Basic EPS, GAAP	-0.55	- -	0.38	-0.35	-0.55	-0.7	-1.23	-0.9
Basic EPS from Cont Ops	-0.55	0.07	0.56	-0.35	-0.55	-0.7	-1.23	-0.9
Diluted EPS, GAAP	-0.49	- -	0.32	-0.35	-0.55	-0.7	-1.23	-0.9
Diluted EPS from Cont Ops	-0.49	0.06	0.47	-0.35	-0.55	-0.7	-1.23	-0.9
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.23	0.13	0.14	-0.11	0.34	-0.18	-0.33	0.22
Free Cash Flow per Basic Share	0.07	-0.08	-0.34	-0.48	-0.29	-0.69	-0.82	0.1
Cash & Equivalents per Share	0.46	1.11	4.07	3.08	2.57	3.31	2.37	2.39
Book Value per Share	-4.14	-3.59	-2.85	-3.08	-3.48	-3.8	-4.88	-5.59
Tangible Book Value per Share	0.92	1.76	5.82	5.17	5	6.4	5.58	5.09

nLIGHT, Inc.

LASR US

12.01