One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Kopin Corporation
KOPN · NCM · Technology · Electronic Components
Current price
$4.87
52-week range
$1.81 - $6.61
Market cap
$905.20M
Balance sheet
Healthy
-13.30x Concerning
Net cash $23.71M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
1 Risk
2 rewards · 1 risks
- Reward Revenue grew 56.2% last year.
- Reward Returns 18.7% on equity, ahead of 80% of its peers.
- Risk Insider ownership is only 6.1% (peer median: 12.5%).
What this company does
Kopin Corporation
Kopin Corporation makes tiny, high-resolution screens and lenses that go into specialized equipment like pilot helmets and virtual reality headsets. The company primarily sells to defense customers for use in things like weapon sights, which means its success is closely tied to government spending and the adoption of new consumer technologies. This focus on critical components for both military and emerging tech markets is central to its business.
How the company got here
Kopin was founded in 1984 by Dr. John C.C. Fan and originated from research at MIT. The company went public in the early 1990s, which provided the capital (money used to fund a business) to grow its research and commercialize its advanced display technology. Over the years, Kopin has focused on developing and manufacturing very small, high-resolution displays. A key turning point was the decision to supply these specialized components to other manufacturers rather than creating its own consumer products. This strategy has established Kopin as a critical supplier for complex systems in the defense and industrial sectors.
What it actually does
Kopin creates tiny, high-performance video screens, called microdisplays, along with the lenses and electronic parts that make them work. Think of the small, high-resolution screen inside a camera's viewfinder or the display in a virtual reality (VR) headset—that's the kind of technology Kopin builds. The company doesn't sell finished products like headsets or sights directly to consumers. Instead, it sells these critical visual components to other companies, who then build them into their own products, such as pilot helmets, thermal imaging scopes for soldiers, and advanced headsets for surgeons or factory workers.
Product Revenues
This is the company's primary way of making money, where it sells its physical microdisplays and optical components. Customers are typically large organizations, including defense contractors and manufacturers of industrial equipment. They pay Kopin for the tiny, specialized screens and lens assemblies that become essential parts of their larger products, like thermal weapon sights, pilot helmets, and 3D inspection systems. This segment represents a significant portion of the company's sales.
Funded Research and Development
A growing part of Kopin's business involves getting paid to invent and develop new technologies, often for government agencies. For example, the U.S. Army might pay Kopin to create a next-generation, full-color microdisplay for soldiers' augmented reality (AR) glasses. In this arrangement, the customer funds the research and development (R&D) expenses (the costs of creating and testing new products), which helps Kopin create new technologies without bearing all the cost. This revenue stream can be significant and leads to future product sales.
What management is betting on now
Kopin's leadership is heavily focused on expanding its role in the defense industry, particularly by developing advanced microdisplays for U.S. military programs. They are also making a major bet on a new technology for AI data centers through a partnership to create optical interconnects, which are designed to replace copper wires and help computer chips communicate much faster. Additionally, the company is investing in establishing a U.S.-based manufacturing capability for its most advanced displays to meet growing demand for American-made components in defense and other critical applications.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-6.47M
FY2024 Q4
$-14.69M
FY2025 Q1
$-3.91M
FY2025 Q2
$-4.89M
FY2025 Q3
$-1.45M
FY2025 Q4
$-8.06M
FY2026 Q1
$-2.11M
FY2026 Q2
$-8.14M
Revenue
$1.27M
Net income
$830.87K
Diluted EPS
0.00
Operating cash flow
$-4.33M
Free cash flow
$-8.14M
Fetching…
Sources
Revenue
$411.38K
Net income
$-3.75M
Diluted EPS
-0.02
Operating cash flow
$-810.75K
Free cash flow
$-2.11M
Fetching…
Sources
Revenue
$640.14K
Net income
$6.81M
Diluted EPS
0.04
Operating cash flow
$-7.86M
Free cash flow
$-8.06M
Fetching…
Sources
Revenue
$70.12K
Net income
$4.08M
Diluted EPS
0.02
Operating cash flow
$-110.43K
Free cash flow
$-1.45M
Fetching…
Sources
Revenue
$300.20K
Net income
$-5.17M
Diluted EPS
-0.03
Operating cash flow
$-4.16M
Free cash flow
$-4.89M
Fetching…
Sources
Revenue
$519.85K
Net income
$-3.11M
Diluted EPS
-0.02
Operating cash flow
$-3.41M
Free cash flow
$-3.91M
Fetching…
Sources
Revenue
$396.72K
Net income
$-43.90M
Diluted EPS
0.02
Operating cash flow
$-14.20M
Free cash flow
$-14.69M
Fetching…
Sources
Revenue
$205.98K
Net income
$-3.46M
Diluted EPS
-0.03
Operating cash flow
$-6.46M
Free cash flow
$-6.47M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $4.87
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $23.7M - more cash than debt. Interest coverage -13.3x.
Net debt
$-23.71M
Interest coverage
-13.30x
Kopin Corporation's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
KOPN
BASELINE
Kopin Corporation
Total debt $1.16M Interest coverage -13.30x This is the baseline the peer rows are being compared against.
Total debt $593.70M Interest coverage 12.64x This peer still has a real interest-payment cushion, while KOPN does not.
Total debt $45.45M Interest coverage -3.74x Neither company has much profit cushion over interest right now.
Total debt $21.69M Interest coverage 6.26x This peer still has a real interest-payment cushion, while KOPN does not.
What you should know
The case for and against KOPN
2 Rewards
1 Risk
Rewards
-
Revenue grew 56.2% last year.
-
Returns 18.7% on equity, ahead of 80% of its peers.
Risks
-
Insider ownership is only 6.1% (peer median: 12.5%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
121.75x
Forward P/E
—
P/B
12.72x
P/S
20.75x
EV/EBITDA
-59.65x
PEG ratio
27.83x
Profitability
How much profit each dollar creates
Gross margin
20.0%
Operating margin
-27.5%
Net margin
18.3%
ROE
18.7%
ROA
-11.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.02x
Current ratio
2.18x
Quick ratio
1.25x
Total debt
$1.16M
Total cash
$24.88M
Growth
How the business has been compounding
Revenue TTM
$2.39M
Revenue 5Y CAGR
-23.3%
EPS TTM
0.04
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-13.11M
Free CF TTM
$-16.98M
FCF margin
-710.2%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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