Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

Our 80,000 qualified print subscribers—and 130,000 12-month engaged online audience—trust us to dive in and provide original journalism you won’t find elsewhere covering key emerging areas such as laser-driven inertial confinement fusion, lasers in space, integrated photonics, chipscale lasers, LiDAR, metasurfaces, high-energy laser weaponry, photonic crystals, and quantum computing/sensors/communications. We cover the innovations driving these markets.

Laser Focus World is part of Endeavor Business Media, a division of EndeavorB2B.

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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

3 Small-Cap Stocks Walking a Fine Line

FIVE Cover Image

Small-cap stocks can be incredibly lucrative investments because their lack of analyst coverage leads to frequent mispricings. However, these businesses (and their stock prices) often stay small because their subscale operations make it harder to expand their competitive moats.

These trade-offs can cause headaches for even the most seasoned professionals, which is why we started StockStory - to help you separate the good companies from the bad. That said, here are three small-cap stocks to avoid and some other investments you should consider instead.

Five Below (FIVE)

Market Cap: $8.38 billion

Often facilitating a treasure hunt shopping experience, Five Below (NASDAQ: FIVE) is an American discount retailer that sells a variety of products from mobile phone cases to candy to sports equipment for largely $5 or less.

Why Is FIVE Not Exciting?

  1. Disappointing same-store sales over the past two years show customers aren’t responding well to its product selection and store experience
  2. Subscale operations are evident in its revenue base of $4.23 billion, meaning it has fewer distribution channels than its larger rivals
  3. Underwhelming 10.8% return on capital reflects management’s difficulties in finding profitable growth opportunities, and its decreasing returns suggest its historical profit centers are aging

Five Below’s stock price of $153.04 implies a valuation ratio of 30.4x forward P/E. Check out our free in-depth research report to learn more about why FIVE doesn’t pass our bar.

Nature's Sunshine (NATR)

Market Cap: $252.2 million

Started on a kitchen table in Utah, Nature’s Sunshine (NASDAQ: NATR) manufactures and sells nutritional and personal care products.

Why Are We Wary of NATR?

  1. Sales stagnated over the last three years and signal the need for new growth strategies
  2. Revenue base of $460.8 million puts it at a disadvantage compared to larger competitors exhibiting economies of scale
  3. Earnings per share were flat over the last three years and fell short of the peer group average

Nature's Sunshine is trading at $14.39 per share, or 19.1x forward P/E. If you’re considering NATR for your portfolio, see our FREE research report to learn more.

Carriage Services (CSV)

Market Cap: $692.8 million

Established in 1991, Carriage Services (NYSE: CSV) is a provider of funeral and cemetery services in the United States.

Why Are We Cautious About CSV?

  1. Muted 4.3% annual revenue growth over the last two years shows its demand lagged behind its consumer discretionary peers
  2. Projected sales growth of 3.9% for the next 12 months suggests sluggish demand
  3. Capital intensity will likely ramp up in the next year as its free cash flow margin is expected to contract by 2.3 percentage points

At $44.53 per share, Carriage Services trades at 13.4x forward P/E. To fully understand why you should be careful with CSV, check out our full research report (it’s free for active Edge members).

High-Quality Stocks for All Market Conditions

When Trump unveiled his aggressive tariff plan in April 2025, markets tanked as investors feared a full-blown trade war. But those who panicked and sold missed the subsequent rebound that’s already erased most losses.

Don’t let fear keep you from great opportunities and take a look at Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today for free. Find your next big winner with StockStory today. Find your next big winner with StockStory today

StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.

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