Detailed financial statements for Syntec Optics Holdings, Inc. (OPTX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Syntec Optics Holdings, Inc. is a prominent manufacturer and supplier of advanced integrated optical solutions, catering to a diverse array of sectors including biomedical, defense, military, and consumer markets. The company offers a comprehensive suite of services and products, starting with sophisticated design and engineering capabilities that encompass optical and opto-mechanical design, tool design, design for manufacturing (DFM), and moldflow analysis.
Analysis Summary
Trailing-twelve-month margins: gross margin 19.6%, operating margin -4.6%, net margin -8.3%.
At the current price of $6.37, OPTX has negative trailing earnings (P/E not meaningful) and an ROE of -16.50%. Market capitalisation stands at $257M.
Balance sheet quality for OPTX: current ratio of 1.3, net debt of $10.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $26.6M | $27.8M | $29.4M | $28.4M | $28.1M |
| Cost of Revenue | $20.0M | $21.7M | $21.5M | $22.7M | $21.6M |
| Gross Profit | $6.6M | $6.1M | $7.9M | $5.7M | $6.5M |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $5.2M | $6.7M | $6.4M | $8.3M | $7.0M |
| Operating Expenses | $5.2M | $6.7M | $6.4M | $8.3M | $7.0M |
| Operating Income | $1.4M | -$528234 | $1.5M | -$2.6M | -$517600 |
| EBITDA | $6.8M | $2.9M | $4.7M | $536154 | $2.1M |
| Interest Expense | $194828 | $335974 | $654765 | $764934 | $795810 |
| Pre-tax Income | $3.4M | -$589398 | $1.3M | -$3.0M | -$1.4M |
| Income Tax | $124996 | -$154829 | -$719172 | -$514832 | $439942 |
| Net Income | $3.3M | -$434569 | $2.0M | -$2.5M | -$1.8M |
| EPS | $0.17 | $-0.01 | $0.06 | $-0.07 | $-0.05 |
| EPS (Diluted) | $0.17 | $-0.01 | $0.06 | $-0.07 | $-0.05 |
| Shares Outstanding (Diluted) | $19.2M | $31.6M | $32.4M | $36.7M | $36.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $7.0M | $7.5M | $6.5M | $8.3M |
| Gross Profit | $854359 | $1.8M | $960792 | $2.1M |
| Operating Income | -$1.2M | $318801 | -$776047 | $321388 |
| EBITDA | -$568202 | $837330 | -$167065 | $932070 |
| Net Income | -$1.4M | -$343838 | -$897857 | $256237 |
| EPS | $-0.04 | $-0.01 | $-0.02 | $0.01 |
| EPS (Diluted) | $-0.04 | $-0.01 | $-0.02 | $0.01 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $494599 | $526182 | $2.2M | $598787 | $358867 |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $5.9M | $6.8M | $5.7M | $6.2M |
| Inventory | 0 | $3.6M | $5.8M | $7.0M | $7.9M |
| Total Current Assets | $666507 | $10.8M | $15.2M | $13.9M | $15.1M |
| Property, Plant & Equipment | 0 | $11.7M | $11.1M | $11.7M | $9.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | $295000 | 0 | 0 |
| Total Assets | $147.4M | $23.0M | $28.3M | $28.0M | $24.3M |
| Accounts Payable | 0 | $412058 | $3.0M | $2.7M | $2.7M |
| Short-term Debt | 0 | $8.0M | $6.9M | $7.0M | $7.3M |
| Total Current Liabilities | $204095 | $9.4M | $11.4M | $10.6M | $11.2M |
| Long-term Debt | 0 | $1.9M | $2.0M | $2.6M | $2.1M |
| Total Liabilities | $5.2M | $13.6M | $15.2M | $16.9M | $14.8M |
| Retained Earnings | -$4.4M | $9.2M | $11.1M | $8.7M | $6.9M |
| Total Equity | $142.2M | $9.5M | $13.1M | $11.0M | $9.5M |
| Total Debt | 0 | $10.0M | $8.9M | $11.4M | $11.2M |
| Net Debt | -$494599 | $9.5M | $6.8M | $10.8M | $10.8M |
| Working Capital | $462412 | $1.3M | $3.8M | $3.3M | $3.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $577924 | $358867 | $617007 | $14.0M |
| Total Assets | $24.6M | $24.3M | $23.5M | $38.1M |
| Total Liabilities | $14.8M | $14.8M | $14.8M | $7.5M |
| Total Equity | $9.8M | $9.5M | $8.7M | $30.5M |
| Total Debt | $11.4M | $11.2M | $11.2M | $4.3M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$169488 | -$434569 | $2.0M | -$2.5M | -$1.8M |
| Depreciation & Amortization | 0 | $3.1M | $2.8M | $2.8M | $2.6M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $300000 |
| Change in Working Capital | -$102850 | $51630 | -$565823 | -$934625 | -$999346 |
| Operating Cash Flow | -$274017 | $1.9M | $2.8M | -$942830 | $672635 |
| Capital Expenditure | -$3 | -$1.2M | -$1.9M | -$1.2M | -$644292 |
| Acquisitions | 0 | $515372 | 0 | $309000 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -$280770 | -$62065 | 0 | 0 |
| Free Cash Flow | -$274020 | $687080 | $871040 | -$2.2M | $28343 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $535288 | -$3894 | $469611 | -$107355 |
| Capital Expenditure | -$39038 | -$1.5M | -$294325 | -$1.1M |
| Free Cash Flow | $496250 | -$1.5M | $175286 | -$1.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $300000 | $75000 | $150000 |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +4.6% | +5.8% | -3.4% | -1.3% |
| Net Income Growth (YoY) | | -113.4% | +554.8% | -225.5% | +27.7% |
| EPS Growth (YoY) | | -108.1% | +542.8% | -214.6% | +28.6% |
| Shares Change (YoY) | | +64.9% | +2.4% | +13.4% | +0.6% |
| FCF Growth (YoY) | | +350.7% | +26.8% | -350.6% | +101.3% |
| Gross Margin | 24.8% | 22.0% | 26.9% | 20.0% | 23.3% |
| Operating Margin | 5.4% | -1.9% | 5.2% | -9.1% | -1.8% |
| EBITDA Margin | 25.5% | 10.4% | 15.9% | 1.9% | 7.3% |
| Net Margin | 12.2% | -1.6% | 6.7% | -8.7% | -6.4% |
| FCF Margin | -1.0% | 2.5% | 3.0% | -7.7% | 0.1% |
| Effective Tax Rate | 3.7% | 26.3% | -57.2% | 17.2% | -32.5% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.01 | $0.02 | $0.03 | $-0.06 | $0.00 |
| Dividends Per Share | $0.00 | $0.01 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $19.2M | $31.6M | $32.4M | $35.4M | $36.9M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -16.50% |
| Return on Invested Capital | -3.88% |
| Return on Assets | -6.34% |
| Gross Margin | 19.58% |
| Operating Margin | -4.63% |
| Net Margin | -8.26% |
Financial Health
| Debt / Equity | 0.14 |
| Current Ratio | 6.96 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 57.88 | -724.64 | 74.96 | -36.00 | -57.20 |
| P/B | 1.33 | 33.41 | 11.35 | 8.09 | 11.07 |
| P/S | 7.09 | 11.35 | 5.04 | 3.14 | 3.76 |
| Gross Margin | 24.8% | 22.0% | 26.9% | 20.0% | 23.3% |
| Operating Margin | 5.4% | -1.9% | 5.2% | -9.1% | -1.8% |
| Net Margin | 12.2% | -1.6% | 6.7% | -8.7% | -6.4% |