Kopin Corp. (KOPN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-97.2%

$0.10

vs $3.44 price

Levered DCF

-$0.01

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

6.14

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	159.73×	-4.21×	-11.28×	-5.9×	-28.93×	-51.49×	-1.14×	-2.34×
P/B	5.69×	7.93×	7.5×	4.69×	9.69×	7.99×	1.18×	1.68×
P/S	10.6×	3.67×	5.48×	2.39×	8.45×	5.66×	1.14×	3.29×
EV / EBITDA	95.34×	-9.77×	-11.48×	-5.88×	-28.64×	-51.55×	-1.21×	-1.94×
Gross margin	27.6%	20.6%	38.2%	9.6%	23.3%	27.4%	14.9%	15.3%
Operating margin	-38.9%	-85.6%	-42.5%	-46.0%	-30.2%	-11.9%	-89.4%	-147.2%
Net margin	6.8%	-87.2%	-48.9%	-40.8%	-29.4%	-11.0%	-100.0%	-141.2%
Current ratio	2.7×	1.43×	2.51×	2.13×	2.98×	2.34×	2.99×	4.77×
Debt / equity	0.02×	0.09×	0.08×	0.14×	0.1×	0.06×	0.1×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.6%	-188.5%	-66.9%	-80.0%	-33.8%	-15.5%	-103.1%	-72.2%
Return on invested capital	-18.5%	-157.0%	-50.4%	-72.4%	-29.8%	-15.1%	-79.2%	-72.8%
Return on assets	2.4%	-62.0%	-40.0%	-44.2%	-21.3%	-9.3%	-68.5%	-57.7%
Free cash flow yield	-4.2%	-8.1%	-7.3%	-16.3%	-3.1%	-2.2%	-62.9%	-36.5%
Earnings yield	0.6%	-23.8%	-8.9%	-17.0%	-3.5%	-1.9%	-87.5%	-42.9%
Enterprise value	$347.4M	$172.7M	$218M	$108.5M	$362.9M	$212M	$30.5M	$66.1M
Net debt / EBITDA	-16.51×	0.68×	0.17×	0.27×	1.81×	3.72×	0.13×	0.42×
Cash conversion cycle (days)	210	139	157	90	127	102	83	108