Rankings Tech hardware & optics Modulight

Modulight

Tech hardware & optics · FinlandRank 329 of 829Prices 3 Nov 2026Model 1.4

15070100

A good business with a real question mark: the price, a crack, or both.

Biggest deductions

Margin−10
Multiples vs own history−8
Quality of growth−6

Strengths

Net cash and financing+2
New customer validation+1

How the score is built

From 100 to 66, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

66Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 1.01 EUR
Median analyst target: 1.58 EUR
Upside to median: +55.7%
Analysts: 2
Target range: 1.15 – 2.00 EUR
52-week change: −17%
P/E (trailing): n/a
Forward P/E: n/a
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 4 findings−23 of −30

Margin
EBIT margin is −44% (TTM −EUR 4.4m on revenue of 9.95m) and EBITDA −1.2m; in H1 2026 EBIT was −EUR 2.4m (−78%). The company has had an operating loss every year since the IPO in 2021.
stockanalysis.com
−10
Quality of growth
Revenue is broadly flat over five years (EUR 10.65m in 2021, 7.4-7.6 in 2022-2024, 10.5 in 2025, 9.95 TTM) and fell 13% in H1 2026 to EUR 3.1m; order intake disappointed because follow-on phases in several projects were postponed.
placera.se
−6
Capital allocation
The price has fallen from EUR 11.35 (end of 2021) to 1.03, and ROIC has been negative every year (-12% now). Capex of about EUR 4m per year (40% of revenue) and inventory that turns ever more slowly (inventory turnover 0.38 vs 1.61 in 2021) have not delivered growth.
stockanalysis.com
−5
Scale and moat
In-house semiconductor production and lasers in several phase 3 studies (including photodynamic and photoimmunotherapy) is a real niche moat, but the company is very small (62 employees, about EUR 10m revenue) relative to laser groups like Coherent and Lumentum.
mfn.se
−2

Price

Today's multiples against the company's own history and its peers. · 1 finding−8 of −35

Multiples vs own history
P/S is 4.4 vs 4.5 (2025), 5.4 (2024) and 6.8 (2023), and EV/Sales 3.8 vs 3.4-4.7 in 2022-2025, i.e. mid-range of its own history. In absolute terms 3.8x sales is high for a loss-making hardware company with no growth; P/B is 1.04.
stockanalysis.com
−8

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−11 of −35

Project dependence and order intake
Revenue depends on the development projects of a few large customers (36 projects in the pipeline), and in H1 2026 follow-on phases in several projects were postponed, so order intake did not live up to expectations.
placera.se
−4
Guidance risk
The company guides rising revenue and earnings in 2026 vs 2025 (EUR 10.5m), which requires over EUR 7.4m in H2 after 3.1 in H1; the analysts' average is EUR 7.6m for the full year 2026 (−28%).
stockanalysis.com
−4
Control and liquidity
Insiders own 64% (CEO Seppo Orsila and Petteri Uusimaa approx. 14.6% each), free float is approx. 15m shares, and average volume is approx. 20,000 shares a day (approx. EUR 20,000).
inderes.fi
−3

Plus

Only documented strengths. · 2 findings+3 of +15

Net cash and financing
Cash of EUR 7.8m and debt of 2.0m (net cash EUR 5.8m) at 30/6-2026; EBITDA was positive in H1 (+0.37m), and operating cash flow was +EUR 0.84m, so there is approx. two years of runway without an issue.
placera.se
+2
New customer validation
Approved as a supplier to a large global semiconductor company, deliveries to quantum computer firms and PPT orders of USD 1.5m in March 2026 spread the customer base beyond medicine.
mfn.se
+1

Caveats

What the score does not capture, or where the data is weak.

Stockanalysis' gross margin (91%) is misleading because inventory increases are included; use EBITDA and EBIT. Quarterly burn (about EUR 0.9m) is the company's net cash flow in H1 2026 (−EUR 1.76m incl. repayments), and operating cash flow was positive (+0.84m) due to working capital. The customer in the phase 3 project approaching commercialisation is not named, and the revenue potential is not disclosed. Analysts' 2026 revenue estimate (EUR 7.6m, −28%) contradicts the company's guidance of growth; only two analysts. The share count fell 4.7% over a year due to treasury shares/cancelled options, not buybacks; dilution set to 0. Short share not found. Largest owners are from end-2025.