Forensic Analysis · Semiconductors · as of Aug 10, 2026
Kopin Corp (KOPN)
A forensic read on Kopin Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
3.5
Distress distance
Watch
Earnings quality
5
Forensic signals
402.5
P / E (ttm)
4.1%
ROE
$781M
Market cap
51.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Kopin Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.5, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+117.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +117.8% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by PP&E up +25% against revenue +52% and payables paid down 11% on the year. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 82% of net operating assets.
+24.2%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +92% over the last 3 years to FY2025 (+24.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~24.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~48%.
198% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 198% of revenue in FY2025 — about $0.02 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 24.3% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
FCF ($29M)
FY2017
Shareholder returns.Returned $791,737 to shareholders (buybacks + dividends) in FY2017, but free cash flow was ($29M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
Key fundamentals
Latest Revenue$1.5M
Revenue Growth YoY+51.5%
Revenue CAGR (3yr)-2.8%
Net Margin170.3%
Free Cash Flow-$17.0M
Return on Equity4.1%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Kopin Corp's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.
$331,344
FY2019–FY2019
Goodwill impairments.Took $331,344 of goodwill writedowns across 1 year (FY2019 ($331,344)). Writedowns mean past acquisitions underperformed what was paid for them.