LPKF Laser & Electronics AG

LPK.DE

Industrial - Machinery · Industrials

Also trades as: LPKFF · 0ND2.L

Price

€16.45

+0.85 (+5.45%)

Market Cap

€403.0M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 12, 2026 · filings through Jun 30, 2026

LPKF Laser & Electronics AG is a German company that makes specialized laser machines used in manufacturing. Its main products are laser systems that cut, drill, and process materials like circuit boards, plastics, and glass. Its customers include electronics manufacturers, solar cell producers, and companies that make medical devices or automotive parts.

LPKF earns money by selling laser equipment and related software, spare parts, and services to industrial customers. The company is headquartered in Garbsen, Germany, and sells globally, with a significant portion of revenue coming from Asia, particularly China. Its competitive edge comes from deep technical expertise in laser processing for niche applications, but the negative operating and return margins show the company is currently spending more than it earns, which is a real concern. The key risk is that weak demand from the electronics and solar industries, combined with high operating costs, could continue to pressure profitability until a meaningful recovery in customer spending takes hold.

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

-42.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-583.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$18M/ year

↑ Rising (+19% vs prior year)

15.7% of revenue

3.9x the sector average (4%)

Investing heavily in future products and technology

Insider Activity

9.5%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~3 months

$4M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Heavy R&D investment

LPKF Laser & Electronics AG is putting 16% of revenue into R&D and that number is rising. That's 3.9x the sector average.

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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 24.5M (2021) → 24.5M (2025)

Score breakdown

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Quality

Gross Margin

70.4%

Premium pricing power — 70.4% gross margin

Operating Margin

-37.1%

Losing money on operations — -37.1%

ROCE

-9.6%

Weak — -9.6% return on capital

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

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Growth

Sales YoY

-27.0%

Shrinking sales (-27.0% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

11.7%

Modest free cash flow (11.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.17

Conservative — low debt load (0.17)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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