Kopin

KOPN

Consumer Electronics · Technology

Price

$3.81

+0.12 (+3.25%)

Market Cap

$706.0M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+97.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 88.9M (2021) → 175.1M (2025)

Kopin Corporation, together with its subsidiaries, invents, develops, manufactures, and sells microdisplays, subassemblies, head-mounted and hand-held systems, and related components for defense, enterprise, industrial, and consumer products in the United States, the Asia-Pacific, Europe, and internationally. It offers miniature active-matrix liquid crystal displays, liquid crystal on silicon displays/spatial light modulators, organic light emitting diode displays, application specific integrate

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-7.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$10M/ year

↑ Rising (+5% vs prior year)

26.4% of revenue

1.8x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

17.2%ownership

Insiders own a meaningful stake in the company

Cash Runway

~7 years

$59M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$59M cash & investments at current burn rate

Heavy R&D investment

Kopin is putting 26% of revenue into R&D and that number is rising. That's 1.8x the sector average. With 7+ years of cash runway, they have time to let it pay off.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

46.8%

Healthy — 46.8% gross margin

Operating Margin

-56.7%

Losing money on operations — -56.7%

ROCE

-8.7%

Weak — -8.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-22.6%

Shrinking sales (-22.6% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

-677%

Weak — only -677% of profit becomes cash

FCF Margin

-38.6%

Burning cash (-38.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

437.9x

Expensive — P/E 437.9

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+383.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (437.9 → 54.8)

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Dividends

Not applicable for this business.

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