NEURACAP
Sector ReportSep 28, 2026 · 22 pages · Free to read

Optoelectronics and Photonics Components Sector Outlook — September 2026

NeuraCap's Optoelectronics and Photonics Components sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

16.1x
Sector median EV/EBITDA
43.1x
Premium end EV/EBITDA vs 11.0x at the discount end
19
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › OPTOELECTRONICS AND PHOTONICS COMPONENTS

Photonics Components: Value Is Associated with Earnings Delivery

This report shows where public pricing sits, how business models differ and what the transaction record suggests buyers value.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Optoelectronics and Photonics Components span three operating models with different paths to value. Forward pricing already credits forecast earnings, so the commercial question is whether qualified programs, product mix, yield and utilization can make those earnings durable. The transaction record reinforces the relevance of technology fit, customer access, manufacturing capability and process expertise.

Key findings

  • The Valuation Ranking Already Includes Forecast Earnings
  • Product Position Matters Alongside Scale
  • Faster Growth Carries a Modest Pricing Difference
  • What Buyers Agreed to Pay Varies With the Asset

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › OPTOELECTRONICS AND PHOTONICS COMPONENTS

    INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › OPTOELECTRONICS AND PHOTONICS COMPONENTS.

    Cover — Optoelectronics and Photonics Components sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

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    INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › OPTOELECTRONICS AND PHOTONICS COMPONENTS Photonics Components: Value Is Associated with Earnings Delivery This report shows where public pricing sits, how business models differ and what the transaction record suggests buyers value. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Value Sits with Qualified Growth and Durable Earnings 02 The Landscape Business Model and Product Position Shape the Value Range 03 Valuation & Situations Forward Pricing Shows a Wide Gap Between the Two Ends 04 Precedent Transactions Buyers Back Technology Fit, Qualified Capacity and Process Expertise 05 Strategic Implications Qualified Revenue and Repeatable Production Strengthen the Story 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Optoelectronics and Photonics Components Split Across Hardware Assemblies, Photonic Devices and Network Hardware

    Optoelectronics and Photonics Components Split Across Hardware Assemblies, Photonic Devices and Network Hardware.

    Optoelectronics and Photonics Components Split Across Hardware Assemblies, Photonic Devices and Network Hardware The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Optoelectronics and Photonics Components Split Across Hardware Assemblies, Photonic Devices and Network Hardware The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Valuation Ranking Already Includes Forecast Earnings EV / EBITDA is the lead lens, with meaningful forward EBITDA reported for 9 of 9 companies that carry it. Among the 9 of 13 companies with a forward estimate, the middle of the range is 16.1x. 2 Product Position Matters Alongside Scale Photonics hardware and precision assemblies represent 46% of the set, compound-semiconductor photonic devices represent 38%, and adjacent network communications hardware represents 15%. Qualified programs, manufacturing yield and switching friction help distinguish durable positions from development activity. 3 Faster Growth Carries a Modest Pricing Difference On the 8 companies with growth estimates, the four above the 20% split carry 17.2x versus 16.0x for the four below it. The observed gap is modest, keeping attention on revenue quality, customer concentration and production execution. 4 What Buyers Agreed to Pay Varies with the Asset II-VI Incorporated completed its acquisition of Coherent, Inc. at $6.5B and 8.8x EV / EBITDA. Blackstone Inc. announced its acquisition of Beadlight Ltd. at $4.2B and 7.6x EV / Revenue. 16.1x Sector median EV/EBITDA CY2027E consensus · 9 rated of 13 companies 43.1x Premium end EV/EBITDA vs 11.0x at the discount end top quartile (n=2) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 19 Transactions with disclosed terms 46 recorded in this tier · 3 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

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    Section 02 of 06 — Business Model and Product Position Shape the Value Range. Hardware assemblies, compound-semiconductor devices and network communications hardware bring different operating profiles. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Business Model and Product Position Shape the Value Range Hardware assemblies, compound-semiconductor devices and network communications hardware bring different operating profiles. 02 of 06 Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    The Sector Spans Three Distinct Routes to Customer Value

    The Sector Spans Three Distinct Routes to Customer Value.

    The Sector Spans Three Distinct Routes to Customer Value 13 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP The Sector Spans Three Distinct Routes to Customer Value 13 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 PHOTONICS HARDWARE AND PRECISION ASSEMBLIES 6 cos median 16.0x Corning (GLW) Coherent (COHR) Fabrinet (FN) Daktronics (DAKT) LightPath (LPTH) Syntec Optics (OPTX) This group connects optical performance with precision manufacturing, making yield, utilization and program durability central. COMPOUND-SEMICONDUCTOR PHOTONIC DEVICES 5 cos median 25.1x IPG Photonics (IPGP) nLIGHT (LASR) Photronics (PLAB) POET Technologies (POET) Aeluma (ALMU) This group sits closest to differentiated materials and device performance, where qualification and process know-how matter. ADJACENT: NETWORK COMMUNICATIONS HARDWARE 2 cos median 17.3x Lumentum Holdings (LITE) Applied (AAOI) This group links component capability to optical connectivity demand and changing transceiver architecture.

  6. 06
    02 · LANDSCAPE

    Compound-Semiconductor Devices Carry the Highest Observed Segment Pricing

    Compound-Semiconductor Devices Carry the Highest Observed Segment Pricing.

    Compound-Semiconductor Devices Carry the Highest Observed Segment Pricing Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Compound-Semiconductor Devices Carry the Highest Observed Segment Pricing Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Photonics hardware and precision assemblies 6 46% 16.0x Corning Inc (GLW) · Coherent, Inc. (COHR) · +4 more Execution turns designs into value. Six companies make this the largest group. Five carry forward estimates, with segment pricing at 16.0x; yield improvement, capacity utilization and backlog conversion remain central operating tests. Compound-semiconductor photonic devices 5 38% 25.1x IPG Photonics Corporation (IPGP) · nLIGHT, Inc. (LASR) · +3 more Differentiation starts in the process. Five companies span compound-semiconductor devices and related capabilities. On the two companies with forward estimates, segment pricing is 25.1x, so the valuation read remains sensitive to a small base. Adjacent: network communications hardware 2 15% 17.3x Lumentum Holdings Inc. (LITE) · Applied Optoelectronics, Inc. (AAOI) Connectivity exposure supports relevance. Two companies connect photonic components with network communications hardware. Both carry forward estimates, with segment pricing at 17.3x and exposure to evolving optical engine and transceiver architecture requirements.

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    SECTION 03

    03

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    Section 03 of 06 — Forward Pricing Shows a Wide Gap Between the Two Ends. The ranking already credits forecast earnings, placing more weight on the durability of the expected ramp. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS Forward Pricing Shows a Wide Gap Between the Two Ends The ranking already credits forecast earnings, placing more weight on the durability of the expected ramp. 03 of 06 Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    Premium and Discount Ends Are Associated with Different Earnings Delivery Expectations

    Premium and Discount Ends Are Associated with Different Earnings Delivery Expectations.

    Premium and Discount Ends Are Associated with Different Earnings Delivery Expectations EV / EBITDA (CY2027E) · all 9 rated companies, sorted descending · sector median 16.1x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION Premium and Discount Ends Are Associated with Different Earnings Delivery Expectations EV / EBITDA (CY2027E) · all 9 rated companies, sorted descending · sector median 16.1x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 43.1x CORE · median 17.3x DISCOUNT · median 11.0x Sector median 16.1x WHAT SEPARATES THE TWO ENDS The premium end carries optionality. The two companies at the premium end carry a 43.1x tier midpoint. Because the measure is forward, that level already credits forecast earnings and places weight on durability beyond the projection period. The discount end needs proof. The three companies at the discount end carry an 11.0x tier midpoint. The observed position points owners toward revenue quality, product mix, utilization and the repeatability of earnings. Execution separates the narratives. Design wins become more credible when customer qualification, production ramps and yield improvement support durable revenue under qualified programs.

  9. 09
    03 · VALUATION DRIVERS

    Profitability Separates the Two Ends: Names Above the 16% Margin Line Carry 16.1x Against 27.5x Below It

    Profitability Separates the Two Ends: Names Above the 16% Margin Line Carry 16.1x Against 27.5x Below It.

    Profitability Separates the Two Ends: Names Above the 16% Margin Line Carry 16.1x Against 27.5x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=4; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 16% Margin Line Carry 16.1x Against 27.5x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=4; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 20% · EBITDA-margin split at 16% Growth Above the Split Carries Higher Observed Pricing On the 8 companies with growth estimates, the four above 20% carry 17.2x, compared with 16.0x for the four below the split. Qualified Revenue Matters More than an Unconverted Pipeline The commercial test is whether design wins progress through customer qualification into durable production, without creating outsized customer or program concentration. Yield and Utilization Protect Earnings Quality A production ramp carries more weight when manufacturing yield, scrap, rework and capacity utilization support repeatable economics.

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    03 · SITUATION MAP

    Four Positions Separate High and Low Growth from High and Low Valuation

    Four Positions Separate High and Low Growth from High and Low Valuation.

    Four Positions Separate High and Low Growth from High and Low Valuation Cut on EV / EBITDA vs the sector median (16.1x) (rows) and revenue growth vs the covered median (20%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP Four Positions Separate High and Low Growth from High and Low Valuation Cut on EV / EBITDA vs the sector median (16.1x) (rows) and revenue growth vs the covered median (20%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth and Pricing Aligned Above-median multiple · above-median revenue growth 2 names Lumentum Holdings Inc. (LITE) · LightPath Technologies, Inc. (LPTH) Lumentum Holdings Inc. (LITE) and LightPath Technologies, Inc. (LPTH) sit above the set on both growth and forward pricing. The priority is to sustain qualified revenue and protect production economics as volume scales. Pricing Ahead of Growth Above-median multiple · below-median revenue growth 2 names Corning Inc (GLW) · nLIGHT, Inc. (LASR) Corning Inc (GLW) and nLIGHT, Inc. (LASR) carry above-set pricing with below-set growth. Their position places emphasis on forecast durability, product mix and the path from current programs to future earnings. Growth Ahead of Pricing Below-median multiple · above-median revenue growth 2 names Coherent, Inc. (COHR) · Fabrinet (FN) Coherent, Inc. (COHR) and Fabrinet (FN) show above-set growth with below-set pricing. Better mix, margin conversion and lower concentration could strengthen how that growth is valued. Execution Case to Rebuild Below-median multiple · below-median revenue growth 2 names IPG Photonics Corporation (IPGP) · Daktronics, Inc. (DAKT) IPG Photonics Corporation (IPGP) and Daktronics, Inc. (DAKT) sit below the set on both measures. The operating agenda centers on demand quality, utilization, cost structure and disciplined capital allocation.

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    03 · GROWTH VS PROFITABILITY

    High Growth Alone Does Not Define the Top of the Range

    High Growth Alone Does Not Define the Top of the Range.

    High Growth Alone Does Not Define the Top of the Range Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 8 companies with both estimates · cuts at the covered medians (20% growth, 16% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=2; margin-only n=2; growth-only n=2; neither n=2). 11

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    03 · GROWTH VS PROFITABILITY High Growth Alone Does Not Define the Top of the Range Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 8 companies with both estimates · cuts at the covered medians (20% growth, 16% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=2; margin-only n=2; growth-only n=2; neither n=2). Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 20% 40% 60% 10% 20% 30% 40% MARGIN ONLY median 16.0x BALANCED median 17.2x NEITHER median 22.9x GROWTH ONLY median 31.2x DAKT IPGP LASR GLW FN COHR LPTH LITE x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The chart compares revenue growth with EBITDA margin on the 8 companies carrying both measures. Two companies clear both the 20% growth bar and the 16% margin bar. The growth-only group carries 31.2x, while the neither group carries 22.9x, showing that the forward ranking reflects more than the two operating measures shown. Coherent, Inc. (COHR) and Lumentum Holdings Inc. (LITE) sit in the balanced group. The growth-only median rests on 2 names and is lifted by LPTH at 46.8x. The neither median rests on 2 names and is lifted by LASR at 39.3x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 4 of 8 names clear it (LPTH, GLW, LITE, COHR).

  12. 12
    03 · THE AGENDA

    Earnings Durability Varies Across Operating Paths

    Earnings Durability Varies Across Operating Paths.

    Earnings Durability Varies Across Operating Paths NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 12

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    03 · THE AGENDA Earnings Durability Varies Across Operating Paths NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Concentrate on Qualified Growth Direct commercial and engineering resources toward programs with clear customer qualification, durable platform positions and attractive product economics. What changes the answer: The answer changes when design wins convert into repeatable revenue under qualified programs. Improve the Production Engine Prioritize yield improvement, scrap reduction and capacity utilization where production economics are holding back margin conversion. What changes the answer: The answer changes when higher output produces stable gross margin without disproportionate capital needs. Move Toward Harder-to-Replace Functions Shift product and development resources toward differentiated wavelength, power, sensing, packaging or photonics integration capabilities. What changes the answer: The answer changes when customer qualification and switching friction support durable program positions. Use Build-Versus-Buy Discipline Compare internal investment with targeted capability additions in materials, packaging, process expertise or customer access. What changes the answer: The answer changes when an external capability shortens qualification time or improves manufacturing economics.

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    SECTION 04

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    Section 04 of 06 — Buyers Back Technology Fit, Qualified Capacity and Process Expertise. The transaction record spans strategic combinations and sponsor-backed acquisitions. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Back Technology Fit, Qualified Capacity and Process Expertise The transaction record spans strategic combinations and sponsor-backed acquisitions. 04 of 06 Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    Precedent Transactions Suggest Strategic Fit and Sponsor Conviction

    Precedent Transactions Suggest Strategic Fit and Sponsor Conviction.

    Precedent Transactions Suggest Strategic Fit and Sponsor Conviction 3 of 19 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 39 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 27 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Precedent Transactions Suggest Strategic Fit and Sponsor Conviction 3 of 19 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 39 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 27 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Mar-2021 $24.3B Lumentum Holdings Inc. Lumentum Holdings Inc. announced a $24.3B acquisition of Coherent, Inc. The proposal paired two scaled… EV / LTM revenue 8.4x EV / LTM EBITDA 44.9x WHY THE DEAL HAPPENED The transaction suggests a strategic case around broader photonics capability, customer access and manufacturing expertise. The pairing also points to the value of combining differentiated components with wider commercial reach. HOW THE TARGET WAS VALUED The announced value equated to 8.4x EV / Revenue and 44.9x EV / EBITDA. The spread between the revenue and earnings measures highlights the importance of normalized profitability. Feb-2021 $6.5B II-VI Incorporated II-VI Incorporated completed its acquisition of Coherent, Inc. EV / LTM revenue 0.7x EV / LTM EBITDA 8.8x WHY THE DEAL HAPPENED The transaction suggests a strategic case built around vertical integration, process expertise and a broader product portfolio. It also indicates buyer interest in qualified manufacturing capability and customer access. HOW THE TARGET WAS VALUED The completed acquisition was valued at $6.5B, 0.7x EV / Revenue and 8.8x EV / EBITDA. The earnings measure provides the more direct benchmark for the sector’s current lead lens. Aug-2025 $4.2B Blackstone Inc. Blackstone Inc. announced a $4.2B acquisition of Beadlight Ltd. EV / LTM revenue 7.6x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a sponsor case around a defensible niche and a path to scaled profitability. Its fit depends on the durability of customer programs, production economics and capital requirements. HOW THE TARGET WAS VALUED The announced value equated to 7.6x EV / Revenue. That revenue-based measure is most useful where qualification-driven growth or a production ramp makes current profitability less representative.

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    SECTION 05

    05

    05.

    Section 05 of 06 — Qualified Revenue and Repeatable Production Strengthen the Story. Owners can improve their standing through product mix, yield, utilization and disciplined capital allocation. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

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    SECTION 05 05 STRATEGIC IMPLICATIONS Qualified Revenue and Repeatable Production Strengthen the Story Owners can improve their standing through product mix, yield, utilization and disciplined capital allocation. 05 of 06 Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Durable Earnings Are Associated with Design-Win Conversion

    Durable Earnings Are Associated with Design-Win Conversion.

    Durable Earnings Are Associated with Design-Win Conversion NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 16

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    05 · STRATEGIC IMPLICATIONS Durable Earnings Are Associated with Design-Win Conversion NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Back Programs That Can Scale Cleanly Allocate capital and management attention toward qualified programs with attractive mix, manageable concentration and credible production economics. FOR MANAGEMENT Connect Commercial Progress to Factory Performance Manage customer qualification, production ramps, yield and utilization as one operating system rather than separate workstreams. FOR BOARDS Test Portfolio Relevance Against Customer Roadmaps Challenge whether current investment supports durable platform positions, differentiated functions and disciplined build-versus-buy choices.

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    SECTION 06

    06

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    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

  18. 18
    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (16.1x); amber marks below · 9 rated companies; 4 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 9 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 18

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (16.1x); amber marks below · 9 rated companies; 4 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 9 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥21.0x · median 43.1x · 2 companies LightPath Technologies, Inc. LPTH Photonics hardware and precision assemblies $597M 46.8x 48% 10% 58 nLIGHT, Inc. LASR Compound-semiconductor photonic devices $1.9B 39.3x 13% 14% 28 CORE — 15.6x–21.0x · median 17.3x · 4 companies Corning Inc GLW Photonics hardware and precision assemblies $143B 21.0x 19% 30% 49 Lumentum Holdings Inc. LITE Adjacent: network communications hardware $66.2B 18.5x 73% 45% 118 Applied Optoelectronics, Inc. AAOI Adjacent: network communications hardware $7.6B 16.1x n/a 16% 198 Coherent, Inc. COHR Photonics hardware and precision assemblies $56.6B 16.0x 44% 28% 72 DISCOUNT — <15.6x · median 11.0x · 3 companies Fabrinet FN Photonics hardware and precision assemblies $13.7B 15.6x 21% 13% 35 IPG Photonics Corporation IPGP Compound-semiconductor photonic devices $2.5B 11.0x 11% 18% 29 Daktronics, Inc. DAKT Photonics hardware and precision assemblies $710M 6.5x 10% 12% 22

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 19 transactions with disclosed terms in this tier (46 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 39 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 27 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 19 transactions with disclosed terms in this tier (46 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 39 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 27 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 19 transactions shown; the rest are in the companion workbook. Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2025 Blackstone Inc. → Beadlight Ltd. $4.2B 7.6x n/a Blackstone Inc. announced its acquisition of Beadlight Ltd., suggesting financial-buyer interest where a photonics business can support a focused underwriting case. Jun-2023 Levine Leichtman Capital Partners → SEV Laser n/a n/a 20.0x Levine Leichtman Capital Partners announced its acquisition of SEV Laser at 20.0x EV / EBITDA, placing the earnings profile at the center of the valuation read. Jan-2023 EQT → OLED Development Unit n/a n/a 13.3x EQT announced its acquisition of OLED Development Unit at 13.3x EV / EBITDA, indicating a valuation anchored in forward earnings for a focused technology operation. Nov-2021 Lumentum Holdings Inc. → NeoPhotonics Corporation $1.7B 6.0x n/a Lumentum Holdings Inc. completed its acquisition of NeoPhotonics Corporation at $1.7B and 6.0x EV / Revenue, pairing two optical communications businesses. Mar-2021 Lumentum Holdings Inc. → Coherent, Inc. $24.3B 8.4x 44.9x Lumentum Holdings Inc. announced its acquisition of Coherent, Inc., suggesting interest in combining broader photonics capability and customer reach. Feb-2021 II-VI Incorporated → Coherent, Inc. $6.5B 0.7x 8.8x II-VI Incorporated completed its acquisition of Coherent, Inc., bringing component, materials and laser capabilities into one company. Sep-2020 Leonard Green & Partners, L.P. → Alluxa, Inc. n/a n/a 8.4x Leonard Green & Partners, L.P. announced its acquisition of Alluxa, Inc., suggesting sponsor interest in a focused optical-component business. Jun-2020 Materion Corporation → Optics Balzers AG $160M n/a 12.0x Materion Corporation announced its acquisition of Optics Balzers AG at $160M and 12.0x EV / EBITDA, linking materials capability with optical coatings. Jul-2019 The Sterling Group, L.P. → Acacia Communications n/a n/a 8.4x The Sterling Group, L.P. announced its acquisition of Acacia Communications, indicating financial-buyer interest in optical communications capability.

  20. 20
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 19 transactions with disclosed terms in this tier (46 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 39 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 27 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 19 transactions with disclosed terms in this tier (46 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 39 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 27 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 19 transactions shown; the rest are in the companion workbook. Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2019 Cisco Systems, Inc. → Acacia Communications, Inc. n/a 5.6x n/a Nov-2018 II-VI Incorporated → Finisar Corporation n/a n/a 13.5x May-2018 Lumentum Holdings Inc. → Oclaro, Inc. n/a n/a 10.8x Oct-2017 AEA Investors LP → Excelitas Technologies Corp. n/a n/a 12.1x Apr-2016 Corning Incorporated → Alliance Fiber Optic Products, Inc. n/a n/a 10.6x Mar-2016 Coherent, Inc. → Rofin-Sinar Technologies, Inc. n/a n/a 10.9x Feb-2016 MKS Instruments, Inc. → Newport Corporation n/a n/a 9.7x Nov-2014 Koch Industries, Inc. → Oplink Communications, Inc. n/a n/a 11.8x Oct-2012 ASML Holding NV → Cymer, Inc. n/a n/a 22.4x

  21. 21
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 21

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Optoelectronics and Photonics Components and it clears the coverage gate with 9 of 13 companies (69%). EV / Revenue, P / E are carried as a cross-check. The set earns: 9 of the 9 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 17 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 600 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (599) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Qualified Growth and Repeatable Earnings Sit with the Higher-Value Narratives.

    Qualified Growth and Repeatable Earnings Sit with the Higher-Value Narratives..

    Closing — Qualified Growth and Repeatable Earnings Sit with the Higher-Value Narratives. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 22

    Everything on this page

    Qualified Growth and Repeatable Earnings Sit with the Higher-Value Narratives. NeuraCap AI — Optoelectronics and Photonics Components Coverage September 2026 · Prepared by NeuraCap AI · Confidential Optoelectronics and Photonics Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Optoelectronics and Photonics Components (Information Technology › Technology Hardware and Equipment › Optoelectronics and Photonics Components) with market data and consensus estimates as of September 28, 2026. The company universe is the 13 listed companies whose core business is Optoelectronics and Photonics Components according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Applied Optoelectronics, Inc. (AAOI), Aeluma, Inc. (ALMU), Coherent, Inc. (COHR), Daktronics, Inc. (DAKT), Fabrinet (FN), Corning Inc (GLW), IPG Photonics Corporation (IPGP), nLIGHT, Inc. (LASR), Lumentum Holdings Inc. (LITE), LightPath Technologies, Inc. (LPTH), Syntec Optics Holdings, Inc. (OPTX), Photronics, Inc. (PLAB), POET Technologies Inc. (POET). The market map groups them by business vertical — Photonics hardware and precision assemblies: 6 companies (GLW, COHR, FN, DAKT, LPTH, OPTX); Compound-semiconductor photonic devices: 5 companies (IPGP, LASR, PLAB, POET, ALMU); Adjacent: network communications hardware: 2 companies (LITE, AAOI). 9 of the 13 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Optoelectronics and Photonics Components (Information Technology › Technology Hardware and Equipment › Optoelectronics and Photonics Components) with market data and consensus estimates as of September 28, 2026. The company universe is the 13 listed companies whose core business is Optoelectronics and Photonics Components according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Applied Optoelectronics, Inc. (AAOI), Aeluma, Inc. (ALMU), Coherent, Inc. (COHR), Daktronics, Inc. (DAKT), Fabrinet (FN), Corning Inc (GLW), IPG Photonics Corporation (IPGP), nLIGHT, Inc. (LASR), Lumentum Holdings Inc. (LITE), LightPath Technologies, Inc. (LPTH), Syntec Optics Holdings, Inc. (OPTX), Photronics, Inc. (PLAB), POET Technologies Inc. (POET). The market map groups them by business vertical — Photonics hardware and precision assemblies: 6 companies (GLW, COHR, FN, DAKT, LPTH, OPTX); Compound-semiconductor photonic devices: 5 companies (IPGP, LASR, PLAB, POET, ALMU); Adjacent: network communications hardware: 2 companies (LITE, AAOI). 9 of the 13 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

17 records failed a validation gate and never feed a statistic in this report (17 excluded from aggregate). Each exclusion, with its reason: AAOI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AAOI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ALMU — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · ALMU — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ALMU — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ALMU — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ALMU — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LASR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LPTH — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · LPTH — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LPTH — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LPTH — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · OPTX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · POET — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · POET — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · POET — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · POET — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Optoelectronics and Photonics Components and it clears the coverage gate with 9 of 13 companies (69%). EV / Revenue, P / E are carried as a cross-check. The set earns: 9 of the 9 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 9 of 13 companies; EV / rEVenue: 11 of 13 companies; P/E: 10 of 13 companies. 2 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥21.0x, Core 15.6x–21.0x, Discount <15.6x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 16.1x = median(ev_ebitda CY2027E) (9 rated companies) · 43.1x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 17.3x = median(ev_ebitda CY2027E) within Core tier (n=4) · 11.0x = median(ev_ebitda CY2027E) within Discount tier (n=3) · 17.2x = median(ev_ebitda CY2027E) | growth ≥ 20% (n=4) · 16.0x = median(ev_ebitda CY2027E) | growth < 20% (n=4) · 16.1x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 16% (n=5) · 27.5x = median(ev_ebitda CY2027E) | EBITDA margin < 16% (n=4) · 42% = median Rule of 40 score (revenue growth + EBITDA margin) (n=8) · 17.2x = median(ev_ebitda CY2027E) within balanced quadrant (n=2) · 16.0x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=2) · 31.2x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=2) · 22.9x = median(ev_ebitda CY2027E) within neither quadrant (n=2) · 46.8x = ev_ebitda CY2027E for LPTH (quadrant outlier) · 39.3x = ev_ebitda CY2027E for LASR (quadrant outlier)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Optoelectronics and Photonics Components recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 46 transactions were recorded for this industry; 19 are shown. 27 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 17 × deal value unit unresolved; 18 × no evidence record; 2 × duplicate precedent id; 2 × divestiture roles reassigned. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 604 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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