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 · Industrials · Aerospace & Defense
Current price
$3.04
52-week range
$1.81 - $6.61
Market cap
$548.18M
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: 12.1%).
What this company does
Kopin Corporation
Kopin Corporation makes tiny screens, called microdisplays, and other parts for things like soldier headsets and virtual reality goggles. Their money mainly comes from selling these special components to companies that build those advanced products. This matters because Kopin is a key supplier for these high-tech devices, so their success depends on the demand for these specialized screens.
How the company got here
Kopin Corporation was founded in 1984 by Dr. John C. C. Fan and his colleagues, who were raised in post-World War II Hong Kong. The company has a history of innovation, including developing a key component for wireless devices in 1995 called a heterojunction bipolar transistor (HBT). Kopin has since focused on microdisplay technology, which are tiny screens used in various electronic devices. They acquired Forth Dimension Displays in 2007, expanding their capabilities. In recent years, Kopin has increasingly focused on higher-value defense and enterprise applications, aiming for more strategic market positions rather than high-volume consumer products.
What it actually does
Kopin Corporation designs and manufactures microdisplays, which are extremely small screens, and related optical components. These are not typically finished products you'd buy off the shelf, but rather specialized parts that go inside other devices. Think of them as the high-tech "eyes" for equipment used in demanding situations. Kopin's technology is crucial for creating compact, high-performance visual systems for various industries.
Microdisplays and Optical Solutions
This is Kopin's primary business, where they create the tiny, high-resolution screens (microdisplays) and the lenses and other optical components that work with them. These are used in a variety of head-worn devices. For example, they are found in thermal weapon sights for soldiers, pilot helmets for aircraft, and training simulators. Kopin offers various types of microdisplay technologies, including LCD, OLED, and MicroLED, allowing them to tailor solutions for specific needs like brightness, power efficiency, and size.
Defense and Industrial Applications
A significant portion of Kopin's business involves supplying its microdisplays and optical systems to the defense and industrial sectors. These components are integrated into critical equipment such as soldier-worn systems for targeting and situational awareness, avionic displays for pilots, and industrial headsets for complex tasks. The company has received substantial awards from the U.S. Army for developing advanced microLED solutions for these applications, highlighting the strategic importance of this segment.
Enterprise and Consumer Wearables
Kopin also provides its advanced display and optical technologies for enterprise and consumer wearable devices, such as augmented reality (AR) and virtual reality (VR) headsets. While Kopin's focus has shifted towards defense and industrial markets, their technology is still relevant for next-generation AR/VR systems that require high-quality, compact, and power-efficient displays. They collaborate with other companies to integrate their components into these advanced wearable products.
What management is betting on now
Kopin's management is strategically focusing on expanding its presence in the defense and AI data center markets. They are investing in developing advanced microLED technologies for defense applications, including a significant partnership with the U.S. Army. Additionally, Kopin is exploring new frontiers by developing optical interconnect technology for AI data centers, aiming to replace traditional copper wiring with high-speed optical solutions. This dual focus on defense and emerging AI technologies represents a key part of their future growth strategy.
Price history
How the share price has moved
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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 $3.04
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 $636.83M Interest coverage 12.64x This peer still has a real interest-payment cushion, while KOPN does not.
Total debt $42.55M Interest coverage -3.74x Neither company has much profit cushion over interest right now.
Total debt $21.39M 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: 12.1%).
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)
75.88x
Forward P/E
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P/B
7.92x
P/S
12.57x
EV/EBITDA
-36.55x
PEG ratio
17.31x
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
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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
0.0%
Payout ratio
0.0%
Last ex-div date
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