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 Cash-Burning Stocks Walking a Fine Line

NMRK Cover Image

Companies that burn cash at a rapid pace can run into serious trouble if they fail to secure funding. Without a clear path to profitability, these businesses risk dilution, mounting debt, or even bankruptcy.

Just because a company is spending heavily doesn’t mean it’s on the right track, and StockStory is here to separate the winners from the losers. That said, here are three cash-burning companies that don’t make the cut and some better opportunities instead.

Newmark (NMRK)

Trailing 12-Month Free Cash Flow Margin: -5.3%

Founded in 1929, Newmark (NASDAQ: NMRK) provides commercial real estate services, including leasing advisory, global corporate services, investment sales and capital markets, property and facilities management, valuation and advisory, and consulting.

Why Should You Sell NMRK?

  1. 4.9% annual revenue growth over the last five years was slower than its consumer discretionary peers
  2. Negative free cash flow raises questions about the return timeline for its investments
  3. ROIC of 3.1% reflects management’s challenges in identifying attractive investment opportunities

Newmark’s stock price of $12.25 implies a valuation ratio of 8.8x forward P/E. If you’re considering NMRK for your portfolio, see our FREE research report to learn more.

Fluence Energy (FLNC)

Trailing 12-Month Free Cash Flow Margin: -12.5%

Pioneering the use of lithium-ion batteries for grid storage, Fluence (NASDAQ: FLNC) helps store renewable energy sources with battery systems.

Why Does FLNC Worry Us?

  1. Competitive supply chain dynamics and steep production costs are reflected in its low gross margin of 6.4%
  2. Investments to defend its competitive moat have ramped up over the last five years as its free cash flow margin decreased by 12 percentage points
  3. Short cash runway increases the probability of a capital raise that dilutes existing shareholders

Fluence Energy is trading at $7.95 per share, or 19.5x forward P/E. Check out our free in-depth research report to learn more about why FLNC doesn’t pass our bar.

Vertex Pharmaceuticals (VRTX)

Trailing 12-Month Free Cash Flow Margin: -11.3%

Founded in 1989 with a mission to create medicines that treat the underlying causes of disease rather than just symptoms, Vertex Pharmaceuticals (NASDAQ: VRTX) develops and markets transformative medicines for serious diseases, with a focus on cystic fibrosis, sickle cell disease, and pain management.

Why Are We Hesitant About VRTX?

  1. Performance over the past five years shows its incremental sales were much less profitable, as its earnings per share fell by 15.6% annually
  2. Capital intensity has ramped up over the last five years as its free cash flow margin decreased by 58.8 percentage points
  3. Diminishing returns on capital suggest its earlier profit pools are drying up

At $475.27 per share, Vertex Pharmaceuticals trades at 25.5x forward P/E. To fully understand why you should be careful with VRTX, 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 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 Tecnoglass (+1,754% 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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