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-Heavy Stocks That Concern Us

HNST Cover Image

Companies with more cash than debt can be financially resilient, but that doesn’t mean they’re all strong investments. Some lack leverage because they struggle to grow or generate consistent profits, making them unattractive borrowers.

Just because a business has cash doesn’t mean it’s a good investment. Luckily, StockStory is here to help you separate the winners from the losers. That said, here are three companies with net cash positions to steer clear of and a few alternatives to consider.

The Honest Company (HNST)

Net Cash Position: $63.34 million (14.5% of Market Cap)

Co-founded by actress Jessica Alba, The Honest Company (NASDAQ: HNST) sells diapers and wipes, skin care products, and household cleaning products.

Why Should You Sell HNST?

  1. Subscale operations are evident in its revenue base of $389.8 million, meaning it has fewer distribution channels than its larger rivals
  2. 6.6 percentage point decline in its free cash flow margin over the last year reflects the company’s increased investments to defend its market position
  3. Push for growth has led to negative returns on capital, signaling value destruction

The Honest Company is trading at $3.99 per share, or 15x forward EV-to-EBITDA. Check out our free in-depth research report to learn more about why HNST doesn’t pass our bar.

M&T Bank (MTB)

Net Cash Position: $4.90 billion (16.8% of Market Cap)

Tracing its roots back to 1856 when it was founded as Manufacturers and Traders Bank in Buffalo, New York, M&T Bank (NYSE: MTB) is a regional bank holding company that provides retail and commercial banking, trust, wealth management, and investment services to consumers and businesses.

Why Does MTB Fall Short?

  1. Products and services are facing significant end-market challenges during this cycle as sales have declined by 1.8% annually over the last two years
  2. Estimated net interest income growth of 5.5% for the next 12 months implies demand will slow from its five-year trend
  3. 24.3 basis point (100 basis points = 1 percentage point) decline in its net interest margin over the last two years reflects the company’s willingness to accept lower yields to defend its market position

M&T Bank’s stock price of $187.17 implies a valuation ratio of 1.1x forward P/B. If you’re considering MTB for your portfolio, see our FREE research report to learn more.

Columbia Banking System (COLB)

Net Cash Position: $1.20 billion (23.6% of Market Cap)

Created through the merger of two Pacific Northwest banking institutions with deep regional roots, Columbia Banking System (NASDAQ: COLB) operates Umpqua Bank, providing commercial, consumer, and wealth management services across eight western states.

Why Does COLB Worry Us?

  1. Flat tangible book value per share over the last five years suggest it must find different ways to enhance shareholder value during this cycle
  2. Estimated tangible book value per share growth of 3.8% for the next 12 months implies profitability will slow from its two-year trend

At $24.43 per share, Columbia Banking System trades at 1x forward P/B. Dive into our free research report to see why there are better opportunities than COLB.

High-Quality Stocks for All Market Conditions

Donald Trump’s April 2025 "Liberation Day" tariffs sent markets into a tailspin, but stocks have since rebounded strongly, proving that knee-jerk reactions often create the best buying opportunities.

The smart money is already positioning for the next leg up. Don’t miss out on the recovery - check out 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-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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