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Kopin

KOPN
28
Semiconductors · Technology
Also trades as: 0JRR.L GBP 0.03 (+2.41%)
Price
$3.38
+0.03 (+0.90%)
Market Cap
$628.3M
Exchange
NASDAQ
Winston Score
28
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Oct 24, 2026 · filings through Jun 27, 2026

§How the score breaks down

Quality
Weak
6/30
Growth
Mixed
7/20
Cash Flow
Weak
0/10
Stability
Good
5/10
Valuation
Weak
1/10
Ownership
Good
8/15
Dividends
Not counted
n/a

27 of 95 counted points = Winston Score 28. Pillars marked n/a do not apply to this company and are left out of the total.

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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)

§Winston Score History

The full picture

Kopin Corporation makes tiny display screens and electronics used inside wearable devices like military headsets, smart glasses, and augmented reality (AR) goggles. Its core products include microdisplays — very small, high-resolution screens — along with specialized chips and optical systems. Its main customers are defense contractors and companies building AR or virtual reality (VR) hardware.

Kopin earns money by selling its display components and systems to manufacturers, with a mix of product sales and development contracts, including funded research from the U.S. government. The company operates primarily in the United States and is relatively small, with a market cap around $700 million. Its moat comes from deep expertise in microdisplay technology and long-standing relationships with defense customers, which are hard to replace quickly. However, Kopin has been consistently unprofitable, with a significant operating loss, so its key risk is whether growing demand for AR headsets and military wearables can scale revenue fast enough to reach profitability.

Growth Profile

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

Revenue Growth

+50.6% YoY

YoY Growth Rate

Revenue accelerating

Reported EPS Growth

+114.1% YoY

Quarterly reporting periods ended:

28 Jun 2025: $-0.0311

27 Jun 2026: $0.0044

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

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

8.2%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~16 months

$43M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Kopin grew revenue 51% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

Profit per sale
Gross Margin
48.3%
Healthy — 48.3% gross margin
Profit after running costs
Operating Margin
-27.5%
Losing money on operations — -27.5%
Return on the money invested
ROCE
-21.4%
Weak — -21.4% return on capital

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

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Growth

Sales growth
Sales YoY
-7.1%
Shrinking sales (-7.1% YoY)
Profit growth
EPS YoY
N/A
—
Data not available
How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
-166%
Weak — only -166% of profit becomes cash
Spare cash per sale
FCF Margin
-42.2%
Burning cash (-42.2%)

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

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Stability

What it owes vs what it owns
Debt / Equity
0.02
Conservative — low debt load (0.02)
Covers its interest
Interest Cover
N/A
—
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
76.5x
Expensive — P/E 76.5

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

Cheaper or dearer next year
P/E vs Forward
-261.4
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.
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