Forensic Analysis · Technology / Software · as of Jun 27, 2026
LIGHTPATH TECHNOLOGIES INC (LPTH)
A forensic read on LIGHTPATH TECHNOLOGIES INC built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-8.8
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-28.4%
ROE
$824M
Market cap
LIGHTPATH TECHNOLOGIES INC earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -8.8, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+56.7%Accruals ratio.Net operating assets grew +56.7% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -15% of net operating assets.
93d DSOReceivables vs revenue.Days sales outstanding moved from 57 to 93 days FY2024→FY2025 (receivables +92% vs revenue +17%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
173dInventory days.Days inventory outstanding moved from 104 to 173 FY2024→FY2025 (against cost of goods sold; inventory +96% vs +17% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-15%Return on invested capital.Return on invested capital is -15% and slipping from -6% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+17.1%/yrShare-count dilution.Diluted share count changed +51% over the last 3 years to FY2025 (+17.1%/yr). The count is GROWING — existing holders are being diluted. That's ~17.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~51%.
Key fundamentals
Net Margin-40.0%
Debt / Equity0.31x
Free Cash Flow$-9.6M
Latest Revenue$37.2M
Return on Equity-95.1%
Revenue Growth YoY+17.3%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on LIGHTPATH TECHNOLOGIES INC:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about LPTH's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown