Nlight vs Transcat
Transcat is the larger business, with $332m of revenue in fiscal 2026 against $261m for Nlight (1.3 times as much). Nlight grew faster (31.6% against 19.2%). Transcat kept more of each dollar of sales as profit: a net margin of 1.6% against -9.0%. Nlight carries less debt relative to equity (17.6% against 33.2%).
| Latest fiscal year | NlightLASR, 2025 | TranscatTRNS, 2026 |
|---|---|---|
| Revenue | $261m | $332m |
| Revenue growth | 31.6% | 19.2% |
| Net income | −$23.5m | $5.4m |
| Operating margin | -10.2% | 4.0% |
| Net margin | -9.0% | 1.6% |
| Return on equity | -10.6% | 1.8% |
| Free cash flow | $12.3m | $19.6m |
| Cash | $98.7m | $4.9m |
| Total debt | $40.0m | $99.9m |
| Debt to equity | 17.6% | 33.2% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $469,000 |
| Employees | 800 | 1,413 |
| Market value | $2.11bn | $848m |
| Price vs our value range | — | Within our value range |
| Moat score | 16 (Weak) | 39 (Weak) |
| Insider trades, 12 months | 0 buys, 96 sales | 1 buys, 2 sales |