olivLaw · US equity research
Syntec Optics Holdings, Inc. OPTX
Optical Instruments & Lenses · SIC 3827 · Vertical: Optical Instruments & Lenses (SIC 3827)
Syntec Optics Holdings produces optical and photonic components and subassemblies from polymers, glass and metal, mainly for defense, biomedical and consumer OEMs, with integrated manufacturing in the United States. In fiscal 2025 net sales were 28.1 million USD, slightly below the prior year, and the company remains under pressure from operating losses, while expanding its visibility through Russell 3000 inclusion and new defense and space communications products.
At the close of 05 Nov 2026, Syntec Optics Holdings, Inc. (OPTX) stock was 3.77 USD (−17.43% on the day), with market capitalisation 151.7 m USD, beta 2.55, 52-week range 1.25–14.11 USD. Latest reported quarter (Q2 2026): revenue of 8.3 m USD (+26.1% YoY), net income of 256.2 k USD, diluted EPS 0.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 24.4
- oversold (≤ 30)
- Bollinger (20, 2)
- 4.41 – 8.71
- below the lower band · %B -0.15 · band width 65.6%
- SMA 50 / 200
- 7.27 / 8.19
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.77 / -0.45
- MACD below 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
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −61.7% | −1.1% | −60.6 pp | — |
| 3 months | −49.1% | −0.5% | −48.7 pp | — |
| 6 months | −46.6% | +4.4% | −51.0 pp | — |
| Year to date | +31.6% | +12.3% | +19.3 pp | — |
| 1 year | +58.9% | +13.5% | +45.3 pp | −11.6% |
| 3 years | −52.6% | +76.4% | −129.0 pp | +103.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 28.4 m | 7.1 m | 6.6 m | 7.0 m | 7.5 m | 6.5 m | 8.3 m |
| Cost of revenue | 6.0 m | 6.3 m | 4.8 m | 5.0 m | 6.1 m | 5.7 m | 5.6 m | 6.1 m |
| Gross profit | 1.8 m | 986.8 k | 2.3 m | 1.6 m | 854.4 k | 1.8 m | 960.8 k | 2.1 m |
| Operating income | 106.2 k | -1.4 m | 528.5 k | -146.3 k | -1.2 m | 318.8 k | -776.0 k | 321.4 k |
| Depreciation & amortisation | 737.4 k ≈ | 642.7 k | 710.8 k | 676.6 k ≈ | 646.5 k ≈ | 579.3 k | — | — |
| Pre-tax income | -91.3 k | -1.7 m | 333.3 k | -343.9 k | -1.4 m | 86.5 k | -897.9 k | 256.2 k |
| Income tax | -78.0 k | -127.5 k | 9.6 k | 0 ≈ | 0 ≈ | 430.4 k | — | — |
| Net income | -13.3 k | -1.5 m | 323.7 k | -343.9 k | -1.4 m | -343.8 k | -897.9 k | 256.2 k |
| Diluted EPS | 0.00 | -0.04 ≈ | 0.01 | -0.01 | -0.04 | -0.01 ≈ | -0.02 | 0.01 |
| Operating cash flow | 417.3 k ≈ | 623.8 k | 299.3 k | -158.0 k ≈ | 535.3 k ≈ | -3.9 k | 469.6 k | -299.0 k ≈ |
| Capex | 373.5 k ≈ | 611.6 k | 214.7 k | 390.0 k ≈ | 39.0 k ≈ | 484 | 294.3 k | 776.2 k ≈ |
≈ 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 year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 27.8 m | 29.4 m | 28.4 m | 28.1 m |
| Revenue YoY | unavailable | +5.8% | −3.4% | −1.3% |
| Net income | -434.6 k | 2.0 m | -2.5 m | -1.8 m |
| Net income YoY | unavailable | unavailable | −225.5% | unavailable |
| Diluted EPS | -0.01 | 0.06 | -0.07 | -0.05 |
| Diluted EPS YoY | unavailable | unavailable | −216.7% | unavailable |
| net % | -1.6% | 6.7% | -8.7% | -6.4% |
| Free cash flow | 687.1 k | 871.0 k | -2.2 m | 28.3 k |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable USD
- Financial debt
- 2.6 m USD
- Net debt
- unavailable USD
- Equity
- 9.5 m USD
- Total assets
- 24.3 m USD
- Debt / equity
- 0.28x
- Current ratio
- 1.35x
- ROE
- -17.4%
- ROA
- -7.1%
- FCF margin
- 0.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 27.8 m | 29.4 m | 28.4 m | 28.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 21.7 m | 21.5 m | 22.7 m | 21.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 6.1 m | 7.9 m | 5.7 m | 6.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Research & development | — | — | 1.0 m | 600.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -528.2 k | 1.5 m | -2.6 m | -517.6 k | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 3.1 m | 2.8 m | 2.8 m | 2.6 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | 2.6 m ≈ | 4.3 m ≈ | 189.3 k ≈ | 2.1 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Pre-tax income | -589.4 k | 1.3 m | -3.0 m | -1.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | -154.8 k | -719.2 k | -514.8 k | 439.9 k | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -434.6 k | 2.0 m | -2.5 m | -1.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -0.01 | 0.06 | -0.07 | -0.05 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 31.6 m | 32.4 m | 36.7 m | 36.9 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 117.5 k | — | — | — | SEC (XBRL)· 30 Jan 2023verified |
| Receivables | 3.9 m | 4.5 m | 3.2 m | 6.2 m | SEC (XBRL)· 10 Aug 2026verified |
| Inventories | 3.6 m | 5.8 m | 7.0 m | 7.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 10.8 m | 15.2 m | 13.9 m | 15.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 11.6 m | 11.1 m | 11.7 m | 9.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 295.0 k | — | — | SEC (XBRL)· 23 May 2024verified |
| Total assets | 22.5 m | 26.5 m | 26.0 m | 24.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 412.1 k | 3.0 m | 2.7 m | 2.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | 1.6 m | 363.0 k | 467.7 k | 499.9 k | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 1.9 m | 2.0 m | 2.6 m | 2.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 9.4 m | 11.4 m | 10.6 m | 11.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 13.0 m | 13.5 m | 15.0 m | 14.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 9.5 m † | 13.1 m † | 11.0 m | 9.5 m | SEC (XBRL)· 15 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 1.9 m | 2.8 m | -942.8 k | 672.6 k | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 1.2 m | 1.9 m | 1.2 m | 644.3 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | 687.1 k ≈ | 871.0 k ≈ | -2.2 m ≈ | 28.3 k ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -685.4 k | -1.9 m | -930.9 k | -644.3 k | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | -3.0 m | 761.0 k | 314.2 k | -268.3 k | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 151.7 m USD
Key indicators
Coverage and freshness
Score by group
27% · 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 · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -8.3% | 17 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 0.3% | 2 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 6.0x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.3% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial2/100 · 1/2 factors with a value
- Quality· partial17/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
SYNTEC OPTICS HOLDINGS, INC. (OPTX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 28.1 m USD in 2025; YoY growth -1.3%; net margin -8.3%; ROE -11.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% 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: 6.0x
What contradicts it
- Net margin: -8.3%
- Revenue CAGR 3Y: 0.3%
- FCF yield: -0.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Optical Instruments & Lenses (SIC 3827) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| KLACKla Corporation | 195.2 bn | 7.8 | 91.4% | 36.2% | +11.7% | +27% / +175% |
| COHRCoherent Corp. | 38.4 bn | 40.5 | 11.2% | 12.2% | +22.5% | +19% / +430% |
| NVMINova Ltd. | 8.2 bn | 35.2 | 23.1% | 29.4% | +31.0% | −10% / +118% |
| CAMTCamtek Ltd. | 4.2 bn | 88.4 | 8.7% | 10.2% | +15.6% | −13% / +45% |
| OPTXSyntec Optics Holdings, Inc. | 151.7 m | — | -11.6% | -8.3% | −1.3% | +59% / −53% |
| OPXSOptex Systems Holdings, Inc. | 56.2 m | 14.8 | 15.3% | 9.8% | +21.6% | −44% / +90% |
| MSAIMultiSensor AI Holdings, Inc. | 6.7 m | — | -46.5% | -141.7% | −25.0% | −88% / −99% |
1- and 3-year price returns: for OPTX 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 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 |
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
Syntec Optics Holdings produces optical and photonic components and subassemblies from polymers, glass and metal, mainly for defense, biomedical and consumer OEMs, with integrated manufacturing in the United States. In fiscal 2025 net sales were 28.1 million USD, slightly below the prior year, and the company remains under pressure from operating losses, while expanding its visibility through Russell 3000 inclusion and new defense and space communications products.
SWOT
Strengths
- Vertical integration from design and tooling through to optical module assembly, with tolerances at the sub-micron level.
- Expertise in polymer optics that are lighter and cheaper than glass, supported by a patent portfolio.
- Fully US-based manufacturing, which can be attractive to defense customers.
Weaknesses
- Dependence on a small number of large customers that account for a significant share of revenue.
- Net and operating losses in recent years, which limit the capacity to self-finance.
- Small scale compared with larger competitors that have more resources for research and acquisitions.
Opportunities
- Expansion into satellite communications and sensing, where the company already has first-generation products.
- Bolt-on acquisitions in a fragmented sector, which could accelerate growth.
- Inclusion in the Russell 3000 index, which could increase visibility among institutional investors.
Threats
- Competition from producers with lower costs and greater resources.
- Cybersecurity and intellectual property risks that could affect operations and reputation.
- Changes in defense budgets and trade policy that could shift demand.
Risks
- Customer concentrationhigh
A small number of customers generate a significant share of revenue, and losing one of them could sharply affect sales.
- Operating losseshigh
The company has recorded operating and net losses in recent years, and continuing this trend could require additional financing.
- Intellectual property protectionmedium
Patent and trade secret protection may be contested or circumvented, especially outside the United States.
- Cybersecuritymedium
Cyberattacks and system disruptions could affect production and the company's reputation.
- Supply chainlow
Inflation and delivery delays can raise raw material costs and require advance payments to suppliers.
Investment thesis
What would need to be true (bull case)
- If demand from defense and satellite communications grows, the company's lightweight optics could become a cost and performance advantage over traditional glass.
- Vertical integration and US manufacturing could attract customers seeking trusted domestic suppliers.
- Bolt-on acquisitions could accelerate growth in a fragmented sector if executed with discipline.
What would break the thesis
- If operating losses persist, the company could need additional financing, which could dilute or burden shareholders.
- Customer concentration means that a reduction in orders from a few large customers could quickly hit revenue.
- Competitors with greater resources could cut prices or develop comparable technologies, eroding the company's edge.
What to watch
- Trend in net sales and gross margin versus fiscal 2025Q3 2026
- Status of satellite communications contracts2026
- Share of revenue from the largest customers in the next annual reportnext 10-K
- Any bolt-on acquisitions and how they are financed2027
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
Syntec Optics, based in Rochester, New York, designs and manufactures optical and photonic systems for original equipment manufacturers (OEMs) and Tier 1 suppliers. Its edge rests on polymer optics, which are lighter, cheaper and easier to produce than glass, and on vertical integration from tooling and nanomachining to imaging module assembly. The roughly 90,000 square foot facility, expanded in 2016, brings optical assembly, polymer and glass molding, thin film coating and nanomachining under one roof 1.
The company says its research and development focuses on polymer and glass-polymer components, with the aim of reducing weight and increasing durability for its target markets. Most sales come from OEM deliveries, and customer concentration is high: three customers accounted for 48% of revenues in 2025 1.
Management describes a strategy that includes bolt-on acquisitions for inorganic growth in a fragmented sector, aimed at expanding the communications and sensing markets. Meanwhile the company relies on US-based material suppliers and raw material stockpiles to limit the effects of inflation and delivery delays 1.
Segments
Defense
Defense is one of the four main end markets. The company has launched lightweight night vision optics, lightweight magnifiers and thermal clips, and more recently entered AI-driven military augmented reality wearables 2.
Biomedical
The medical end market includes biomedical mirrors for sensing. The company stresses that biocompatible polymer optics are considered safer for medical applications 1.
Market context
The SPIE Optics and Photonics 2024 report, cited by the company, estimates that optics and photonics enable about 15% of the global economy, and photonics-enabled product revenue exceeded 2.3 trillion USD in 2023. The company positions itself in the niche of lightweight, customized optics for OEMs, competing with traditional glass optics makers and electro-optic manufacturers 1.
Demand depends on macroeconomic conditions, geopolitical conflicts and defense budgets, which can affect order volumes. The company considers its end markets acyclical, but that view rests on its own cash flow history rather than independent evidence 1.
Trends
- Defense modernization and demand for lightweight opticstailwind
Rising military spending and the need for lighter wearable equipment could support demand for the company's polymer optics, if procurement programs are sustained.
- Reshoring of US manufacturingtailwind
A shift toward advanced manufacturing in the United States may favor a domestic supplier that makes its products entirely in the US.
- Inflation and supply chain pressureheadwind
Raw material costs and delivery delays can compress margins, and safety stock requires upfront deposits to suppliers.
- Satellite communications networksmixed
Growth in low earth orbit satellite constellations could open new orders for lightweight optics, but it also brings competition from larger suppliers.
Competitive position
The company competes with traditional glass optics makers and electro-optic manufacturers, who often import products or make them under private label. As it enters new markets it faces larger companies that may have greater resources and lower material and component costs 1.
The declared competitive advantage rests on polymer optics technology, patents and vertical integration. The company asserts that it holds the largest share in its markets, a claim that is not independently verified and should be read with caution.
- Traditional glass optics manufacturers
Suppliers of glass optical components, the main alternative to polymer optics.
- Private label electro-optic manufacturers
Companies that import or make electro-optic products under private label.
- Larger companies with extensive resources
Competitors that can devote more resources to technology development and obtain materials at lower cost.
- Low earth orbit satellite optics suppliers
Potential competitors in the satellite communications segment as that market expands.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report25 Aug 2026Item 4.01 · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Quarterly report15 May 2026
- Current report30 Apr 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Annual report31 Mar 2026
- Current report23 Jan 2026Shareholder vote · Financial statements and exhibits
- Proxy statement08 Dec 2025
- Quarterly report14 Nov 2025
- Current report17 Oct 2025Other events · Financial statements and exhibits
- Current report14 Oct 2025Item 4.01 · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Syntec Optics Holdings, Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Syntec Optics Holdings, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Syntec Optics Holdings, Inc. · 06 Oct 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.