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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Following the Photons: A Photonics Podcast dives deep into the fascinating world of photonics. Our weekly episodes feature interviews and discussions with industry and research experts, providing valuable perspectives on the issues, technologies, and trends shaping the photonics community.

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 Profitable Stocks Playing with Fire

FORM Cover Image

A company with profits isn’t always a great investment. Some struggle to maintain growth, face looming threats, or fail to reinvest wisely, limiting their future potential.

A business making money today isn’t necessarily a winner, which is why we analyze companies across multiple dimensions at StockStory. Keeping that in mind, here are three profitable companies to steer clear of and a few better alternatives.

FormFactor (FORM)

Trailing 12-Month GAAP Operating Margin: 6.1%

With customers across the foundry and fabless markets, FormFactor (NASDAQ: FORM) is a US-based provider of test and measurement technologies for semiconductors.

Why Are We Out on FORM?

  1. 4.4% annual revenue growth over the last five years was slower than its semiconductor peers
  2. Demand will likely be soft over the next 12 months as Wall Street’s estimates imply tepid growth of 2.4%
  3. Expenses have increased as a percentage of revenue over the last five years as its operating margin fell by 6.1 percentage points

FormFactor’s stock price of $30.35 implies a valuation ratio of 20.5x forward P/E. Read our free research report to see why you should think twice about including FORM in your portfolio.

Orion (ORN)

Trailing 12-Month GAAP Operating Margin: 1.5%

Established in 1994, Orion (NYSE: ORN) provides construction services for marine infrastructure and industrial projects.

Why Do We Avoid ORN?

  1. Sales trends were unexciting over the last five years as its 2.4% annual growth was below the typical industrials company
  2. Earnings per share fell by 10.1% annually over the last five years while its revenue grew, showing its incremental sales were much less profitable
  3. Low free cash flow margin of -0.2% for the last five years gives it little breathing room, constraining its ability to self-fund growth or return capital to shareholders

At $8.10 per share, Orion trades at 49.9x forward P/E. Dive into our free research report to see why there are better opportunities than ORN.

Kennametal (KMT)

Trailing 12-Month GAAP Operating Margin: 8.7%

Involved in manufacturing hard tips of anti-tank projectiles in World War II, Kennametal (NYSE: KMT) is a provider of industrial materials and tools for various sectors.

Why Do We Steer Clear of KMT?

  1. Organic sales performance over the past two years indicates the company may need to make strategic adjustments or rely on M&A to catalyze faster growth
  2. Estimated sales for the next 12 months are flat and imply a softer demand environment
  3. Earnings per share have dipped by 1.8% annually over the past five years, which is concerning because stock prices follow EPS over the long term

Kennametal is trading at $21 per share, or 17.5x forward P/E. Check out our free in-depth research report to learn more about why KMT doesn’t pass our bar.

High-Quality Stocks for All Market Conditions

Donald Trump’s victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs.

While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 6 Stocks for this week. 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.

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