One-glance verdict
Overvalued
$23.03 our estimate vs market $50.10
118% above our estimate, beyond the bull case
Fundamentals snapshot
Lasertec Corporation
LSRCY · PNK · Technology · Semiconductor Equipment & Materials
Current price
$50.10
52-week range
$27.34 - $72.89
Market cap
$22.47B
Balance sheet
Healthy
10,236.92x Strong cushion
Net cash $579.46M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 17.8% last year.
- Reward Returns 33.9% on equity, ahead of 50% of its peers.
- Risk Stock trades 15454.7% above its 5-year average P/E.
- Risk Insider ownership is only 0.0% (peer median: 0.3%).
What this company does
Lasertec Corporation
Lasertec builds highly specialized inspection machines that act like super-powered magnifying glasses to find microscopic flaws in the stencils used to make computer chips. The company is the sole provider of inspection tools for the newest generation of chip-making technology (known as EUV), making it a critical supplier for the world's largest chip manufacturers. This unique position means that as companies race to build smaller and more powerful electronics, they rely on Lasertec's equipment.
How the company got here
Founded in Japan in 1960 as a developer of X-ray cameras for medical use, the company shifted its focus to the semiconductor industry in the 1970s. A key turning point came in 2017 when it launched the world's first inspection system for EUV (extreme ultraviolet lithography) masks, which are essential for making the most advanced computer chips. This innovation gave Lasertec a dominant position in a critical niche of the semiconductor manufacturing process. The company has a long history of creating industry-first products, starting with an LSI photomask inspection system in 1976.
What it actually does
Lasertec makes highly specialized inspection and measurement machines used to produce computer chips and flat-panel displays (like the screen on your phone or TV). Think of it as a quality control expert for the microscopic world; its machines scan for tiny defects on components that are used to print circuits onto silicon wafers (the raw material for chips). By catching these errors, Lasertec helps chipmakers avoid costly mistakes and produce more powerful and reliable electronics. Its customers are the major global companies that manufacture semiconductors.
Semiconductor-Related Systems
This is Lasertec's largest and most important business, making up the majority of its sales. This segment creates machines that inspect photomasks and mask blanks, which are like stencils used to create the intricate patterns on a computer chip. It is the sole global supplier of inspection systems for the most advanced chip-making technology, known as EUV (extreme ultraviolet lithography). The world's biggest chip manufacturers, such as Intel, TSMC, and Samsung, pay Lasertec for these systems to ensure their most advanced chips are made without flaws.
FPD-Related Systems
This part of the company makes inspection equipment for the manufacturing of flat-panel displays (FPDs), which are used in everything from smartphones to large-screen TVs. Similar to its semiconductor business, these machines inspect the photomasks used to create the patterns of pixels and circuits on glass panels. This business is a smaller and more cyclical (meaning its sales can go up and down with consumer demand) part of Lasertec's overall revenue.
Laser Microscopes
This segment sells advanced laser microscopes used for research and development in various industrial and scientific fields. This business reflects the company's original roots in optical technology and precision measurement. While it represents a small portion of the company's total business, it showcases the core technical expertise that powers its larger semiconductor and display inspection systems.
What management is betting on now
Management is focused on expanding its capacity to meet the strong demand for its semiconductor inspection equipment, particularly for the most advanced chips. The company is betting heavily on the continued advancement of semiconductor technology, especially the broader adoption of EUV lithography, which makes its specialized inspection tools indispensable. They aim to maintain their dominant market share by investing heavily in research and development (R&D) to create the next generation of inspection solutions. This strategy involves working closely with the world's leading chipmakers to understand their future needs and develop unique products to meet them.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $23.03 vs current price $50.10
Our most-likely fair value is $23.03 a share — about 54.0% below today's price of $50.10, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $579.5M - more cash than debt. Interest coverage 10236.9x.
Net debt
$-579.46M
Interest coverage
10,236.92x
Lasertec Corporation's profit covers its interest bill about 10236.9 times over. which is stronger than every peer shown here.
Healthy
Worse cushion
Baseline
Better cushion
LSRCY
BASELINE
Lasertec Corporation
Total debt $0.00 Interest coverage 10,236.92x This is the baseline the peer rows are being compared against.
Total debt $6.15B Interest coverage 19.90x -100% vs LSRCY Carries about 514.4x less debt cushion than LSRCY.
Total debt $7.35B Interest coverage 31.49x -100% vs LSRCY Carries about 325.1x less debt cushion than LSRCY.
Total debt $1.47B Interest coverage 4.33x -100% vs LSRCY Carries about 2365.3x less debt cushion than LSRCY.
Total debt $803.50M Interest coverage 197.40x -98% vs LSRCY Carries about 51.9x less debt cushion than LSRCY.
Total debt $487.81M Interest coverage 77.42x -99% vs LSRCY Carries about 132.2x less debt cushion than LSRCY.
What you should know
The case for and against LSRCY
3 Rewards
2 Risks
Rewards
-
Revenue grew 17.8% last year.
-
Returns 33.9% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 3/10 years.
Risks
-
Stock trades 15454.7% above its 5-year average P/E.
-
Insider ownership is only 0.0% (peer median: 0.3%).
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)
44.73x
Forward P/E
—
P/B
14.37x
P/S
0.10x
EV/EBITDA
-0.63x
PEG ratio
2.34x
Profitability
How much profit each dollar creates
Gross margin
59.2%
Operating margin
44.4%
Net margin
33.6%
ROE
33.9%
ROA
19.7%
Health
Liquidity and balance-sheet strength
Debt / equity
—
Current ratio
3.42x
Quick ratio
1.37x
Total debt
$0.00
Total cash
$579.46M
Growth
How the business has been compounding
Revenue TTM
$1.46B
Revenue 5Y CAGR
40.7%
EPS TTM
1.12
EPS 5Y CAGR
19.0%
Cash flow
How much cash the business throws off
Operating CF TTM
$493.15M
Free CF TTM
$478.44M
FCF margin
32.8%
Dividend
Shareholder payout
Yield
0.8%
Payout ratio
37.8%
Last ex-div date
2026-06-30