MeritValue

LIGHTPATH TECHNOLOGIES INC

LPTHdata completeness 100%16 fiscal years on file
The thesis, from the filings

LIGHTPATH TECHNOLOGIES INC earns about -22% on invested capital, but has diluted owners by 55% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$38.5M1$35.6M2$32.9M3$31.7M4$37.2M4
Net income−$3.19M5−$3.54M6−$4.05M7−$8.01M8−$14.9M8
Operating cash flow$4.73M9$1.46M10−$2.81M11$521,03712−$8.33M12
Capital expenditure$3.16M13$1.63M14$3.08M15$2.18M16$1.26M16
Free cash flow (derived)$1.57M9−$162,48610−$5.89M11−$1.66M12−$9.59M12
Total debt$8.75M17$3.22M18$4.12M19$860,93020$4.8M21
Cash & equivalents$6.77M22$5.51M23$4.69M23$3.48M24$4.88M24
Diluted shares26.3M27.0M31.6M37.9M40.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$3.83
your share of equity
Profit it earned you last year
−$3.64
Free cash flow it threw off
−$2.35
Debt you’d be carrying
$1.18

10 shares is a claim on $3.83 of net worth that earned you −$3.64 and generated −$2.35 of cash last year, against $1.18 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-22% avg · 5y
FY21 -5%FY22 -7%FY23 -8%FY24 -22%FY25 -70%

It earned an average -22% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+55% shares · 5y

Share count is up 55% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 45% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001654954-22-012585 (Revenues)
  2. 10-K · period ending 2022-06-30 · accession 0001654954-23-011893 (Revenues)
  3. 10-K · period ending 2023-06-30 · accession 0001654954-24-012103 (Revenues)
  4. 10-K · period ending 2024-06-30 · accession 0001654954-25-011130 (Revenues)
  5. 10-K · period ending 2021-06-30 · accession 0001654954-22-012585 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001654954-23-011893 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001654954-24-012103 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001654954-25-011130 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001654954-22-012585 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001654954-23-011893 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001654954-24-012103 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001654954-25-011130 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0001654954-22-012585 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-06-30 · accession 0001654954-23-011893 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-06-30 · accession 0001654954-24-012103 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-06-30 · accession 0001654954-25-011130 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-06-30 · accession 0001654954-21-010019 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-06-30 · accession 0001654954-22-012585 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-06-30 · accession 0001654954-23-011893 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-06-30 · accession 0001654954-24-012103 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2025-06-30 · accession 0001654954-25-011130 (LongTermDebtNoncurrent)
  22. 10-K · period ending 2021-06-30 · accession 0001654954-22-012585 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2022-06-30 · accession 0001654954-23-011893 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-06-30 · accession 0001654954-25-011130 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)