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

1 Small-Cap Stock with Exciting Potential and 2 We Ignore

TTEK Cover Image

Small-cap stocks can be incredibly lucrative investments because their lack of analyst coverage leads to frequent mispricings. However, these businesses (and their stock prices) often stay small because their subscale operations make it harder to expand their competitive moats.

These trade-offs can cause headaches for even the most seasoned professionals, which is why we started StockStory - to help you separate the good companies from the bad. That said, here is one small-cap stock that could amplify your portfolio’s returns and two that may have trouble.

Two Small-Cap Stocks to Sell:

RXO (RXO)

Market Cap: $2.68 billion

With access to millions of trucks, RXO (NYSE: RXO) offers full-truckload, less-than-truckload, and last-mile deliveries.

Why Does RXO Give Us Pause?

  1. Efficiency has decreased over the last five years as its operating margin fell by 5.4 percentage points
  2. Earnings per share fell by 61.7% annually over the last two years while its revenue grew, showing its incremental sales were much less profitable
  3. Below-average returns on capital indicate management struggled to find compelling investment opportunities

RXO is trading at $16.33 per share, or 60.5x forward P/E. Read our free research report to see why you should think twice about including RXO in your portfolio.

Oaktree Specialty Lending (OCSL)

Market Cap: $1.23 billion

Managed by Oaktree Capital Management, one of the world's premier alternative investment firms, Oaktree Specialty Lending (NASDAQ: OCSL) is a business development company that provides customized financing solutions to mid-market companies across various industries.

Why Should You Dump OCSL?

  1. Products and services are facing significant end-market challenges during this cycle as sales have declined by 1.9% annually over the last two years
  2. Earnings per share decreased by more than its revenue over the last two years, showing each sale was less profitable
  3. Tangible book value per share tumbled by 1.7% annually over the last five years, showing financials sector trends are working against its favor during this cycle

At $14 per share, Oaktree Specialty Lending trades at 8.5x forward P/E. Check out our free in-depth research report to learn more about why OCSL doesn’t pass our bar.

One Small-Cap Stock to Watch:

Tetra Tech (TTEK)

Market Cap: $9.57 billion

With a 50-year legacy of "Leading with Science" and operations on all seven continents, Tetra Tech (NASDAQ: TTEK) provides high-end consulting and engineering services focused on water management, environmental solutions, and sustainable infrastructure for government and commercial clients worldwide.

Why Do We Like TTEK?

  1. Annual revenue growth of 15.8% over the past two years was outstanding, reflecting market share gains this cycle
  2. Backlog has averaged 10.2% growth over the past two years, showing it has a pipeline of unfulfilled orders that will support revenue in the future
  3. TTEK is a free cash flow machine with the flexibility to invest in growth initiatives or return capital to shareholders

Tetra Tech’s stock price of $36.50 implies a valuation ratio of 24.8x forward P/E. Is now a good time to buy? See for yourself in our comprehensive research report, it’s free.

High-Quality Stocks for All Market Conditions

Trump’s April 2025 tariff bombshell triggered a massive market selloff, but stocks have since staged an impressive recovery, leaving those who panic sold on the sidelines.

Take advantage of the rebound by checking 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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