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.

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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

1 Cash-Producing Stock with Exciting Potential and 2 Facing Challenges

ZM Cover Image

While strong cash flow is a key indicator of stability, it doesn’t always translate to superior returns. Some cash-heavy businesses struggle with inefficient spending, slowing demand, or weak competitive positioning.

Cash flow is valuable, but it’s not everything - StockStory helps you identify the companies that truly put it to work. That said, here is one cash-producing company that leverages its financial strength to beat its competitors and two that may struggle to keep up.

Two Stocks to Sell:

Zoom (ZM)

Trailing 12-Month Free Cash Flow Margin: 38.8%

Once the verb that defined remote work during the pandemic ("let's Zoom later"), Zoom (NASDAQ: ZM) provides a cloud-based platform for video meetings, phone calls, team chat, and collaboration tools that helps businesses and individuals connect virtually.

Why Do We Think ZM Will Underperform?

  1. Average billings growth of 4.4% over the last year was subpar, suggesting it struggled to push its software and might have to lower prices to stimulate demand
  2. Competitive market dynamics make it difficult to retain customers, leading to a weak 98% net revenue retention rate
  3. Anticipated sales growth of 3.2% for the next year implies demand will be shaky

Zoom is trading at $81.00 per share, or 5.2x forward price-to-sales. To fully understand why you should be careful with ZM, check out our full research report (it’s free).

Amtech (ASYS)

Trailing 12-Month Free Cash Flow Margin: 8.9%

Focusing on the silicon carbide and power semiconductor sectors, Amtech Systems (NASDAQ: ASYS) produces the machinery and related chemicals needed for manufacturing semiconductors.

Why Do We Avoid ASYS?

  1. Customers postponed purchases of its products and services this cycle as its revenue declined by 15.8% annually over the last two years
  2. Persistent operating margin losses suggest the business manages its expenses poorly
  3. Issuance of new shares over the last five years caused its earnings per share to fall by 17.8% annually while its revenue grew

Amtech’s stock price of $9.09 implies a valuation ratio of 80.7x forward P/E. If you’re considering ASYS for your portfolio, see our FREE research report to learn more.

One Stock to Watch:

IMAX (IMAX)

Trailing 12-Month Free Cash Flow Margin: 8.1%

Originally developed for World Expo '67 in Montreal as an innovative projection system, IMAX (NYSE: IMAX) provides proprietary large-format cinema technology and systems that deliver immersive movie experiences with enhanced image quality and sound.

Why Do We Like IMAX?

  1. Additional sales over the last two years increased its profitability as the 34.3% annual growth in its earnings per share outpaced its revenue
  2. Free cash flow margin grew by 26.4 percentage points over the last five years, giving the company more chips to play with
  3. Improving returns on capital suggest its past investments are beginning to deliver value

At $32.73 per share, IMAX trades at 25.7x forward P/E. Is now the right time to buy? Find out in our full research report, it’s free.

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-small-cap company Exlservice (+354% 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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