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olivLaw · US equity research

The LGL Group, Inc. LGL

Electronic Components, NEC · SIC 3679 · Vertical: Electronic Components, NEC (SIC 3679)

6.71USD+1.36% · 1 dayClose 04 Nov 2026

The LGL Group is a holding company whose Precise Time and Frequency unit makes timing and frequency instruments for synchronization in satellite communications, defense and utilities, alongside a merchant investment activity. In 2026 the company reported rising orders and backlog, and a rights offering completed in July brought gross proceeds of 41.8 million USD, which could reshape its capital strategy.

At the close of 04 Nov 2026, The LGL Group, Inc. (LGL) stock was 6.71 USD (+1.36% on the day), with market capitalisation 84.6 m USD, dividend yield 0.00%, beta 0.39, 52-week range 5.65–7.74 USD. Latest reported quarter (Q2 2026): revenue of 1.2 m USD (+24.8% YoY), net income of -353.0 k USD, diluted EPS -0.06 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
84.6 m USD
shares as of 31 Jul 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.02 · TTM to 30 Jun 2026
E/P (TTM)
-0.30%
TTM to 30 Jun 2026
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
0.39
Volatility (1y) 35%
52-week range
5.657.74

Price history

Loading chart…

Technical reading

RSI (14)
47.4
neutral
Bollinger (20, 2)
6.54 – 6.89
in the lower half of the band · %B 0.48 · band width 5.2%
SMA 50 / 200
6.92 / 7.03
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.05 / -0.06
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−2.8%−1.1%−1.7 pp—
3 months−8.1%−0.5%−7.6 pp—
6 months−3.7%+4.4%−8.1 pp—
Year to date+16.7%+12.3%+4.4 pp—
1 year+13.0%+13.5%−0.6 pp+9.6%
3 years+48.8%+76.4%−27.6 pp+55.4%
5 years+48.8%+63.7%−14.9 pp—
Max drawdown (1y)
−14.7%
25 Aug 2026 → 12 Oct 2026
Max drawdown (5y)
−30.3%
15 Aug 2022 → 29 Dec 2022
Compound annual growth (5y)
+8.3%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
1.2 m USD
+24.8% YoY
Net income
-353.0 k USD
unavailable YoY
Diluted EPS
-0.06
unavailable YoY
net / operating
-30.6% / -38.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue1.2 m1.2 m918.0 k924.0 k1.1 m1.2 m1.1 m1.2 m
Operating income138.0 k245.0 k41.0 k-31.0 k120.0 k119.0 k-785.0 k-447.0 k
Pre-tax income138.0 k245.0 k41.0 k-31.0 k120.0 k119.0 k-785.0 k-447.0 k
Income tax48.0 k17.0 k28.0 k14.0 k-674.0 k126.0 k-180.0 k-95.0 k
Net income72.0 k202.0 k-6.0 k-51.0 k772.0 k-27.0 k-622.0 k-353.0 k
Diluted EPS0.010.040.00-0.010.140.00-0.10-0.06
Operating cash flow528.0 k ≈-17.0 k340.0 k-190.0 k ≈275.0 k ≈-355.0 k501.0 k-393.0 k ≈
Share repurchases—0———0——

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year201820192020⚠ 20212022202320242025
Revenue24.9 m31.9 m31.2 m1.4 m-2.7 m3.7 m4.3 m4.2 m
Revenue YoY+11.0%+28.3%−2.3%—−285.3%unavailable+16.7%−2.9%
Net income1.4 m7.0 m968.0 k14.6 m-3.0 m269.0 k432.0 k688.0 k
Net income YoY+1,100.9%+399.4%−86.2%—−120.4%unavailable+60.6%+59.3%
Diluted EPS0.291.410.192.74-0.560.050.080.11
Diluted EPS YoY+625.0%+386.2%−86.5%—−120.4%unavailable+60.0%+37.5%
net %5.6%22.0%3.1%1,012.3%111.7%7.3%10.1%16.5%
Free cash flow1.3 m1.5 m2.8 m253.0 k-1.5 m385.0 kunavailableunavailable

The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
41.5 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
45.6 m USD
Total assets
46.8 m USD
Debt / equity
unavailable
Current ratio
50.63x
ROE
1.6%
ROA
1.5%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
3.7 m
2024
4.3 m
2025
4.2 m

SEC (XBRL)· 30 Mar 2026verified

Research & development
2023
—
2024
—
2025
—

SEC (XBRL)· 28 Mar 2022verified

Operating income
2023
646.0 k
2024
699.0 k
2025
249.0 k

SEC (XBRL)· 30 Mar 2026verified

Pre-tax income
2023
646.0 k
2024
699.0 k
2025
249.0 k

SEC (XBRL)· 30 Mar 2026verified

Income tax
2023
301.0 k
2024
177.0 k
2025
-506.0 k

SEC (XBRL)· 30 Mar 2026verified

Net income
2023
269.0 k
2024
432.0 k
2025
688.0 k

SEC (XBRL)· 30 Mar 2026verified

Diluted EPS
2023
0.05
2024
0.08
2025
0.11

SEC (XBRL)· 30 Mar 2026verified

Weighted average diluted shares
2023
5.4 m
2024
5.6 m
2025
6.4 m

SEC (XBRL)· 30 Mar 2026verified

Balance sheet · USD

Cash
2023
40.7 m
2024
41.6 m
2025
41.5 m

SEC (XBRL)· 30 Mar 2026verified

Receivables
2023
356.0 k
2024
493.0 k
2025
572.0 k

SEC (XBRL)· 30 Mar 2026verified

Inventories
2023
204.0 k
2024
267.0 k
2025
297.0 k

SEC (XBRL)· 30 Mar 2026verified

Current assets
2023
41.6 m
2024
42.6 m
2025
46.3 m

SEC (XBRL)· 30 Mar 2026verified

Property, plant & equipment, net
2023
75.0 k
2024
308.0 k
2025
—

SEC (XBRL)· 15 May 2025verified

Goodwill
2023
—
2024
—
2025
—

SEC (XBRL)· 28 Mar 2022verified

Intangibles (excl. goodwill)
2023
57.0 k
2024
36.0 k
2025
15.0 k

SEC (XBRL)· 30 Mar 2026verified

Total assets
2023
41.9 m
2024
43.1 m
2025
46.8 m

SEC (XBRL)· 30 Mar 2026verified

Accounts payable
2023
93.0 k
2024
333.0 k
2025
366.0 k

SEC (XBRL)· 30 Mar 2026verified

Current liabilities
2023
474.0 k
2024
904.0 k
2025
915.0 k

SEC (XBRL)· 30 Mar 2026verified

Total liabilities
2023
1.2 m
2024
1.9 m
2025
1.2 m

SEC (XBRL)· 30 Mar 2026verified

Equity
2023
40.7 m
2024
41.2 m
2025
45.6 m

SEC (XBRL)· 30 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
385.0 k
2024
874.0 k
2025
70.0 k

SEC (XBRL)· 30 Mar 2026verified

Capex
2023
0
2024
—
2025
—

SEC (XBRL)· 01 Apr 2024verified

Free cash flow
2023
385.0 k ≈
2024
—
2025
—

SEC (XBRL)· 01 Apr 2024derived

Investing cash flow
2023
18.8 m
2024
0
2025
—

SEC (XBRL)· 31 Mar 2025verified

Financing cash flow
2023
0
2024
0
2025
-141.0 k

SEC (XBRL)· 30 Mar 2026verified

Share repurchases
2023
—
2024
0
2025
366.0 k

SEC (XBRL)· 30 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-2.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
the base of the ratio is not positive
Revenue CAGR 5Y
-33.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-64.4%
computed by olivLawFY 2025
Net income growth (YoY)
59.3%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
-6.6%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
37.5%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
-10.4%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
-21.8%
computed by olivLawTTM to 30 Jun 2026
Net margin
-5.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
-0.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-0.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-2.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
26.0x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
24.9x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
28.0 k USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
32 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
84.6 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-0.3%
computed by olivLawTTM to 30 Jun 2026
P/B
1.9x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
18.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
0.0%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
0.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.7% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

6.71 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 84.6 m USD

Key indicators

Market capitalisation
84.6 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.9x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-0.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-5.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-2.9%
computed by olivLawFY 2025
Dividend yield
0.0%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

26/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 14 Aug 2026
verified 2028derived 133

Score by group

28% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Electronic Components, NEC (SIC 3679)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.7% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Qualityunavailableunavailable—
EBIT margin · Quality-21.8%18 (vs peers)31%
FCF margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
Revenue growth (YoY) · Growth-2.9%17 (vs peers)31%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet26.0x100 (on a fixed band)23%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns0.4%41 (on a fixed band)15%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth· partial17/100 · 1/2 factors with a value
  • Quality· partial18/100 · 1/3 factors with a value
  • Returns41/100 · 1/1 factors with a value
  • Valuation· partialunavailable · 0/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

LGL GROUP INC (LGL). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 4.2 m USD in 2025; YoY growth -2.9%; net margin -5.0%; ROE -0.6%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.7% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 26.0x

What contradicts it

  • EBIT margin: -21.8%
  • Revenue growth (YoY): -2.9%

Not assessed (insufficient data or a ratio without meaning): Gross margin, FCF margin, Revenue CAGR 3Y, Net debt / EBITDA, EV/Sales, FCF yield.

Versus the vertical median

Electronic Components, NEC (SIC 3679) · same industry (4-digit SIC) · compared with 12 companies

Multiples and returns vs the median

P/E
—
vertical median 29.9x
EV/EBITDA
—
vertical median 25.7x
P/S
18.5x
vertical median 3.8x
above median (+391.6%)
P/B
1.9x
vertical median 2.3x
below median (−18.4%)
ROE
-0.6%
vertical median 8.5%
below median (−106.5%)
Net margin
-5.0%
vertical median 7.6%
below median (−166.0%)
EBIT margin
-21.8%
vertical median 16.0%
below median (−236.0%)
Revenue YoY
-2.9%
vertical median 16.2%
below median (−117.7%)
Net debt/EBITDA
—
vertical median -0.2x
Dividend yield
0.0%
vertical median 0.1%
below median (−100.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
VRTVertiv Holdings Co79.1 bn38.446.6%16.0%+27.7%+14% / +371%
AEISAdvanced Energy Industries, Inc.8.6 bn30.419.9%12.7%+21.4%+0% / +123%
PIImpinj, Inc.5.6 bn—-3.8%-2.5%−1.4%+5% / +116%
VICRVicor Corporation1.9 bn41.723.5%32.2%+26.1%+78% / +335%
VREXVarex Imaging Corp779.3 m35.44.6%2.6%+4.1%+60% / −2%
MPTIM-tron Industries, Inc.277.8 m23.512.4%16.3%+11.0%+24% / +85%
ESPEspey Mfg. & Electronics Corp.152.7 m12.920.1%24.2%+4.9%+29% / +197%
LGLLgl Group Inc84.6 m—-0.6%-5.0%−2.9%+13% / +49%
MVISMicroVision, Inc.42.2 m—-197.8%-2,230.6%−74.3%−91% / −97%
NSYSNortech Systems Incorporated31.2 m29.43.0%0.6%+723.6%+59% / +26%
OSTOstin Technology Group Co., Ltd.23.7 m—-169.1%-26.0%+22.2%−97% / −99%
NEONNeonode Inc.10.5 m1.348.6%397.8%−33.7%−72% / −52%
LPLLG Display Co., Ltd.——-37.2%-9.6%+24.8%−39% / −45%

1- and 3-year price returns: for LGL from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    The LGL Group is a holding company whose Precise Time and Frequency unit makes timing and frequency instruments for synchronization in satellite communications, defense and utilities, alongside a merchant investment activity. In 2026 the company reported rising orders and backlog, and a rights offering completed in July brought gross proceeds of 3 41.8 million USD, which could reshape its capital strategy.

    SWOT

    Strengths

    • High liquidity and a solid balance sheet that allow investment and acquisitions without reliance on external financing 13.
    • Niche timing and frequency products with historically high gross margin 1.
    • Growing backlog and significant orders from a satellite communications customer 3.

    Weaknesses

    • Small and volatile industrial revenues that do not cover the holding company's administrative costs 1.
    • Gross margin fell in 2026, following a shift in product and pricing mix for a single customer 3.
    • Net loss in the first half of 2026, driven by stock compensation and professional fees 3.

    Opportunities

    • Demand for resilient synchronization systems in defense and space could support production growth 2.
    • Funds from the rights offering could enable new acquisitions or investments 3.
    • If merchant investments succeed, they could generate gains and management fees 1.

    Threats

    • Trade tariffs and retaliation could raise imported component costs 2.
    • Falling interest rates reduce income from invested cash 12.
    • Concentration of orders in one customer could affect pricing and margins 3.

    Risks

    • Risk of becoming an investment companyhigh

      The company could inadvertently become an investment company if significant assets exceed legal thresholds. If that happens, it could face substantial restrictions 1.

    • Dependence on subsidiariesmedium

      As a holding company it depends on cash flows from subsidiaries, which may be restricted by law or contract 1.

    • Investments with negative performancehigh

      If merchant investments and securities perform poorly, asset values could fall, affecting results and cash flows 1.

    • Shareholder dilutionmedium

      The rights offering and warrant programs increased the share count, reducing book value per share 3.

    • Tariffs and supply chainmedium

      Tariff changes could raise component costs and delay production, affecting margins 2.

    Investment thesis

    What would need to be true (bull case)

    • Growing backlog and orders from the space and defense sectors could support sustained growth in industrial sales 23.
    • High liquidity after the rights offering gives flexibility for new investments and acquisitions 3.
    • If the merchant segment identifies undervalued assets successfully, it could generate significant gains 1.

    What would break the thesis

    • Industrial revenues remain small relative to administrative costs, and losses in 2026 could continue if expenses keep rising 3.
    • Gross margin has declined, and concentration on a single customer could further pressure pricing 3.
    • Dilution from the rights offering and warrants may reduce book value per share 3.

    What to watch

    • Conversion of backlog into revenue and gross margin trendQ3 2026
    • Use of proceeds from the rights offeringnext 10-K
    • Effect of tariffs on component costs2026
    • Performance of the Merchant Investment segmentnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    LGL Group, listed on NYSE American under the symbol LGL, is a holding company operating in services, merchant investment and manufacturing. Its main segment, Electronic Instruments, is made up of PTF, which designs and manufactures frequency and time standards, distribution amplifiers and NTP servers used in satellites, networks and metrology. The Merchant Investment segment invests the company's capital in investment vehicles and may earn management fees. According to the annual report, total revenues in 2025 were 4,169 thousand USD 1, with net sales, which grew, coming almost entirely from Electronic Instruments 1.

    The strategy aims at growth through expanding existing operations and new acquisitions, focused on undervalued assets in a Graham and Dodd approach. After the October 2022 spin-off of MtronPTI, LGL holds no interest in that business, and its industrial activity centers on PTF. The company has not paid cash dividends since 1989 and does not expect to pay them for the foreseeable future 1.

    The holding structure and high liquidity mean results depend on two different sources: small industrial sales and investment returns, mainly from U.S. Treasury funds. In 2026 the focus has shifted toward production, as customer orders from space and defense customers have grown 3.

    Segments

    Electronic Instruments

    The segment produces frequency and time instruments for synchronization in satellite communications, broadcasting, computer networks and electric utilities. Net sales reached 2,453 thousand USD in 2025 1, and in the second quarter of 2026 revenues rose 24.8% year over year 3.

    Merchant Investment

    The segment invests the company's capital in vehicles where LGL is a shareholder or partner, including SPAC and SPV structures. Net investment income was 1,042 thousand USD in 2025 1, in a setting of lower yields on U.S. Treasury money market funds. The segment could generate gains if investments succeed, but losses are possible.

    Market context

    The market for timing and frequency instruments is tied to demand for resilient navigation and synchronization in environments where GPS is disrupted, driven by defense modernization, space systems and advanced communications 2. The company reports growing demand reflected in orders and backlog 2, but converting that into revenue depends on customer buying decisions and component availability. On tariffs, changes can affect import costs, and uncertainty about trade policy remains high 2.

    On the investment side, returns depend on Federal Reserve policy; after three cuts in 2025 the federal funds rate stayed between 3.50% and 3.75% 2. If rates keep falling, returns on U.S. Treasury holdings could decline.

    Trends

    • Demand for defense and space timingtailwind

      Growth in defense and space systems that rely on precise timing raises the strategic importance of frequency technologies, especially where GPS is disrupted 2. The company has reported rising orders and backlog, but the timing of conversion into revenue remains uncertain 2.

    • Pressure from trade tariffsheadwind

      Imposed tariffs and foreign retaliation could raise the cost of imported components and raw materials. The company says price adjustments are not assured to offset these costs 12.

    • Lower returns on Treasury holdingsheadwind

      Rate cuts reduced investment income, which fell 18.1% in 2025 1. If rates keep declining, returns on government securities could be further affected.

    • Capital needs of rising ordersmixed

      Higher order volume may require expanding capacity and buying materials ahead of shipment, raising working capital needs 2. This could be offset by the rights offering and existing liquidity 3.

    Competitive position

    The source materials do not name direct competitors of PTF, so this analysis is limited to official company information. The company operates in a market for timing and frequency components for communications, networks and defense, where performance, reliability and integration into larger systems matter 1.

    In the investment segment LGL competes through its ability to identify undervalued assets and manage complex legal and regulatory issues 2. The absence of named competitors in the sources limits direct comparisons.

    • Competitors not named in the source texts

      Official sources do not name competitors, so no name-based comparison can be made.

    • Other timing and synchronization suppliers for defense and space

      Generic category, not a name from the sources; competitor identity is not confirmed.

    • Merchant banking investors

      Generic category for the investment segment; no names from the sources.

    • U.S. money market funds

      An alternative place for capital, not a direct competitor of the products.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report05 Oct 2026
      Departure or appointment of officers
    • Current report01 Sept 2026
      Item 3.03 · Amendments to articles or bylaws · Other events · Financial statements and exhibits
    • Current report19 Aug 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Quarterly report14 Aug 2026
    • Current report14 Aug 2026
      Results of operations · Financial statements and exhibits
    • Current report24 Jul 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Current report16 Jul 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Current report26 Jun 2026
      Other events · Financial statements and exhibits
    • Current report26 Jun 2026
      Other events · Financial statements and exhibits
    • Current report17 Jun 2026
      Regulation FD disclosure · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / The LGL Group, Inc. · 30 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / The LGL Group, Inc. · 14 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / The LGL Group, Inc. · 14 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.