Laser Photonics / Lasertec (LSRCY)
ConvictionContext
Fabless design-and-integrate: Lasertec designs proprietary optical/actinic inspection and measurement systems and outsources hardware manufacturing, keeping capex low and margins high. Revenue is system sales (leading-edge, high-ASP, lumpy) plus a growing recurring service/parts stream on the installed base.
Revenue
FY2025ended 2025-06-30) net sales JPY 251.5B (~$1.57B USDRev growth
+17.8% YoYin FY2025; FY2026 guided DOWN ~12.5% to JPY 220B (cyclical order digestionGross margin
not disclosedOp margin
48.8%FY2025); ~49% -- extraordinary for a hardware maker, up from ~37% in FY2021; FY2026 guided ~45.5%Capex intensity
low -- fabless modelmanufacturing is outsourced so capex/sales is a fraction of an in-house semicap peerMarket cap
~$30B USDapprox. JPY 4.77 trillion at ~160/USD), Tokyo Stock Exchange Prime ticker 6920; US ADR: LSRCY (OTC/Pink, unsponsoredThe read
Where our coverage leans
Coverage leans bearish
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Full financial intelligence for Laser Photonics / Lasertec (LSRCY)
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (FY2025 ended 2025-06-30 actuals; 9M-FY2026 through 2026-03-31; price/mktcap as of late June 2026)· sign in (free) for the analyst summary; Pro unlocks full intelligence