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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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  • 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
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3 Cash-Producing Stocks with Mounting Challenges

By: StockStory

QLYS Cover Image

A company that generates cash isn’t automatically a winner. Some businesses stockpile cash but fail to reinvest wisely, limiting their ability to expand.

Cash flow is valuable, but it’s not everything - StockStory helps you identify the companies that truly put it to work. Keeping that in mind, here are three cash-producing companies to avoid and some better opportunities instead.

Qualys (QLYS)

Trailing 12-Month Free Cash Flow Margin: 41.2%

Founded in 1999 as one of the first subscription security companies, Qualys (NASDAQ: QLYS) provides organizations with software to assess their exposure to cyber-attacks.

Why Are We Hesitant About QLYS?

  1. Average billings growth of 5.2% over the last year was subpar, suggesting it struggled to push its software and might have to lower prices to stimulate demand
  2. Estimated sales growth of 6.6% for the next 12 months implies demand will slow from its three-year trend
  3. Capital intensity will likely ramp up in the next year as its free cash flow margin is expected to contract by 6.9 percentage points

Qualys’s stock price of $136.10 implies a valuation ratio of 7.5x forward price-to-sales. If you’re considering QLYS for your portfolio, see our FREE research report to learn more.

Gap (GAP)

Trailing 12-Month Free Cash Flow Margin: 5.8%

Operating under the Gap, Old Navy, Banana Republic, and Athleta brands, Gap (NYSE: GAP) is an apparel and accessories retailer selling casual clothing to men, women, and children.

Why Does GAP Fall Short?

  1. Disappointing same-store sales over the past two years show customers aren’t responding well to its product selection and store experience
  2. Anticipated sales growth of 1.3% for the next year implies demand will be shaky
  3. Low returns on capital reflect management’s struggle to allocate funds effectively

Gap is trading at $22.81 per share, or 9.7x forward P/E. Check out our free in-depth research report to learn more about why GAP doesn’t pass our bar.

EPAM (EPAM)

Trailing 12-Month Free Cash Flow Margin: 8.6%

Founded in 1993 during the early days of offshore software development, EPAM Systems (NYSE: EPAM) provides digital engineering, cloud, and AI transformation services to help global enterprises and startups modernize their technology systems and create digital products.

Why Are We Cautious About EPAM?

  1. Constant currency revenue growth has disappointed over the past two years and shows demand was soft
  2. Capital intensity has ramped up over the last five years as its free cash flow margin decreased by 7.3 percentage points
  3. Waning returns on capital imply its previous profit engines are losing steam

At $170.56 per share, EPAM trades at 15.6x forward P/E. To fully understand why you should be careful with EPAM, check out our full research report (it’s free).

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 9 Market-Beating Stocks. 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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