LENSAR, Inc.
LNSRAbout the company
LENSAR, Inc., a commercial-stage medical device company, focuses on designing, developing, and marketing laser systems for the treatment of cataracts and the management of pre-existing or surgically induced corneal astigmatism in the United System, Europe, Asia, South Korea, and internationally. The company offers the LENSAR Laser System, which incorporates a range of proprietary technologies designed to assist the surgeon in obtaining visual outcomes by providing imaging, procedure planning, design, and precision.
Investment snapshot
Positive
1
BUY / PASS
Neutral / negative
1 / 14
NEUTRAL / FAIL
Median fair value
—
No comparable estimates
Models with upside
0 / 17
Positive margin of safety
Strongest signal
7 of 12 pass — Graham, Buffett, Lynch +2 more object
Key risk
No clean pass — all 13 investors flag at least one valuation criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | Not ranked | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | PASS | FAIL | FAIL | FAIL | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-31 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 |
Where It Passes
- Debt & Leverage58% pass✓ 10✗ 5▾
7 of 12 pass — Graham, Buffett, Lynch +2 more object
LT Debt vs Net Current Assets✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest Coverage✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.17✓Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change0.00% -> 0.00%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities2.25✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0.17✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0.17✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDA✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.17✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.1694; #1565/4210 (top 37.2%)✗AsnessTop 30% of eligible cross-section
Where It Falls Short
- Valuation0% pass✓ 3✗ 25▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value-50.7%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-50.7%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xPrice / Book Value per ShareN/A (negative BVPS)✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation Reasonableness✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=-24.3%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical Average✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per ShareN/A (negative FCF)✗Ackman<= 25Price vs. Trailing Low100% of trailing low ($5.00)✓Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization+54.80%; #129/6340 (top 2.0%)✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.1800; #4292/6449 (top 66.6%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per ShareN/A (non-positive TBVPS)✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change-114.8%✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.9774; #1787/5247 (top 34.1%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization-24.26%; #3591/4519 (top 79.5%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-12.28%; #3559/6202 (top 57.4%)✗OshaughnessyTop 10% of eligible cross-section - Cash Flow0% pass✓ 1✗ 11▾
No clean pass — all 10 investors flag at least one cash flow criterion
Free Cash Flow Proxy✗BuffettPositive and growingFCF Positive and Growing$-14.9M✗LynchPositive and growingOperating Cash Flow$-14.8M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-20.76%, ROA=-47.99%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/E or FCF YieldFCF Yield=-24.3%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive0/7 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap-24.7%✗Ackman>= 4%Price / FCF per ShareN/A (negative FCF)✗Ackman<= 25Positive Operating Cash Flow frequency0/7 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$-14.9M✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization-24.26%; #3591/4519 (top 79.5%)✗OshaughnessyTop 10% of eligible cross-section - Profitability6% pass✓ 9✗ 26▾
15 of 16 flag LNSR's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)0/8 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthNet Income Positive (10+ years)0/8 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-160.3%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-42.1% (latest)✓BuffettStable or rising over 10 yearsFree Cash Flow Proxy✗BuffettPositive and growingEarnings Variance (10-yr CoV)N/A (negative mean EPS)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE304.4%✓Lynch> 15%EBIT / Enterprise Value-50.7%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-50.7%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-47.99%✗PiotroskiROA > 0ROA Change YoY-47.37% -> -47.99% (delta: -0.62%)✗PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-20.76%, ROA=-47.99%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY48.3% -> 46.4%✗PiotroskiImproved YoYPre-Tax Income / Revenue-58.7%✗Dreman>= 8%Net Income / Shareholders' Equity304.4%✓Dreman> 12%Margin of Safety✗PabraiP/B < 1.5 or P/E < 15Return on Equity-245.5% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency0/7 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue-3.3%✗Ackman>= 15%Net Income / Shareholders Equity304.4%✓Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-29.0% (2023) -> -42.1% (2025)✗TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 50.1% -> 46.4%, operating margin -29.0% -> -42.1%✗SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization+54.80%; #129/6340 (top 2.0%)✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+37.97%; #1030/3702 (top 27.8%)✓AsnessTop 30% of eligible cross-sectionNet income / positive book equity+304.38%; #25/5226 (top 0.5%)✓AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.1049; #3534/5884 (top 60.1%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years0/7 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Verdicts7% pass✓ 1✗ 14▾
Split decision: 14 FAIL · 1 PASS · 1 NEUTRAL
Overall verdict✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (2/7)•GreenblattNot ranked✗PiotroskiFAIL (F-Score 3)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (0/5)✓AckmanPASS (5/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #819/2370 (Top 34.6%))✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked) - Growth13% pass✓ 3✗ 10▾
7 of 8 flag LNSR's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: 22.1% vs Rev: 1.6%✗LynchInventory growth < Revenue growthEPS Growth Direction$-13.70 (2019) -> $-2.87 (2025)✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency0/7 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth19.2%✓Ackman>= 5%Positive EPS Growth Frequency3/5 years with positive EPS growth✓AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 50.1% -> 46.4%, operating margin -29.0% -> -42.1%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR17.2%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag LNSR's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio2.25✓Graham>= 2.0ROIC (3-5 yr avg)✗Buffett> 10%ROIC - WACC✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)✗Greenblatt> 25%Current Ratio Change YoY2.80 -> 1.15✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.81x -> 0.82x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities2.25✓Dreman> 1.5Return on Invested Capital-12.1%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROIC✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)✗SleepROIC > 12% in a majority of years
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 2.6% of shares last year, 6.1% issued over two.
- Buybacks
- —
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, ebit, operating cash flow, capex. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $61.5Mcurrent | -- | -- | -- | $154.0Mest. | $130.9Mest. | $40.5Mest. | $33.4Mest. | $65.7Mest. |
| Revenue | $60.1M↑2% | $14.1M↓1% | $16.5M↑18% | $13.4M↓5% | $58.4M↑9% | $53.5M↑27% | $42.2M↑19% | $35.4M↑3% | $34.5M |
| Operating Income | -$2.0M↑91% | -$1.4M↑81% | $2.1M↑134% | $2.2M↑139% | -$24.6M↓130% | -$10.7M↑13% | -$12.2M↑39% | -$20.2M↓3% | -$19.7M |
| Net Income | $33.7M↑165% | -$4.7M↓27% | $3.5M↑300% | $36.3M↑233% | -$34.3M↓9% | -$31.4M↓118% | -$14.4M↑28% | -$19.9M↓2% | -$19.6M |
| EPS (Diluted) | -- | $-0.38↓23% | $0.10↑167% | $0.00↑100% | $-2.87↓5% | $-2.73↓108% | $-1.31↑33% | $-1.96↑6% | $-2.09 |
| Gross Margin | — | — | — | — | 46.4%↓4% | 48.3%↓3% | 50.1%↓11% | 56.4%↑9% | 51.8% |
| Operating Margin | -3.3%↑91% | -10.1%↑81% | 12.9%↑129% | 16.7%↑141% | -42.1%↓111% | -19.9%↑31% | -29.0%↑49% | -57.1% | -57.0% |
| ROE | 304.4%↑53% | — | — | — | 131.7%↑120% | -645.9%↓1401% | -43.0%↑9% | -47.4%↓33% | -35.7% |
| Total Debt | $1.9M | $1.9M | $3.8M | $5.0M | -- | -- | -- | -- | -- |
| Shareholders' Equity | $11.1M↑143% | $11.1M↑143% | $14.9M↑165% | $10.8M↑149% | -$26.0M↓635% | $4.9M↓85% | $33.4M↓20% | $42.0M↓23% | $54.9M |
| Current Ratio | 2.25↑81% | 2.25↑81% | 2.39↑57% | 2.38↑32% | 1.15↓59% | 2.80↓30% | 3.99↑35% | 2.95↓43% | 5.14 |
| Debt / Equity | 0.17 | 0.17 | 0.25 | 0.46 | — | — | — | — | — |
| Operating Cash Flow | -$4.6M↑61% | -$866.0K↑75% | -$127.0K↑97% | -$4.3M↑38% | -$14.8M↓552% | -$2.3M↑76% | -$9.7M↑35% | -$14.9M↓66% | -$9.0M |
| Free Cash Flow | -- | -$978.0K↑72% | -- | -- | -$14.9M↓513% | -$2.4M↑75% | -$9.9M↑34% | -$15.0M↓61% | -$9.3M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Medical Equipment
LNSR vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ALCON INCALC | $35.6B | $74.12 | $10.4B | $980.0M | 4.4% | 0.21 | 13.1% | 2.12 | 2/9 | 1/9 | 3/7 | 0/3 | F-Score 6 | 4/11 |
| KONINKLIJKE PHILIPS NVPHG | $29.7B | $30.34 | $21.0B | $1.1B | 8.2% | 0.64 | 8.0% | 1.32 | 1/9 | 1/9 | 1/7 | 0/3 | F-Score 5 | 3/11 |
| WEST PHARMACEUTICAL SERVICES INCWST | $29.0B | $416.42 | $3.1B | $493.7M | 15.5% | 0.06 | 19.0% | 3.02 | 4/9 | 6/9 | 6/7 | 1/3 | F-Score 7 | 5/11 |
| SMITH & NEPHEW PLCSNN | $13.1B | $31.28 | $6.2B | $625.0M | 11.8% | 0.59 | 12.9% | 2.57 | 2/9 | 0/9 | 1/7 | 0/3 | F-Score 6 | 4/11 |
| MSA Safety IncMSA | $6.7B | $174.17 | $1.9B | $278.9M | 20.4% | 0.42 | 19.8% | 3.01 | 5/9 | 5/9 | 4/7 | 1/3 | F-Score 5 | 7/11 |
| STAAR SURGICAL COSTAA | $1.3B | $26.39 | $239.4M | $80.4M | -23.4% | — | -38.3% | 4.55 | 2/9 | 2/9 | 2/7 | 0/3 | F-Score 3 | 3/11 |
| ARTIVION, INC.AORT | $931.9M | $19.10 | $441.3M | $9.8M | 2.2% | 0.48 | 7.6% | 3.53 | 2/9 | 0/9 | 0/7 | 0/3 | F-Score 7 | 1/11 |
| InMode Ltd.INMD | $763.6M | $13.27 | $370.5M | $93.8M | 13.7% | — | 23.0% | 9.88 | 5/9 | 3/9 | 0/7 | 3/3 | F-Score 4 | 4/11 |