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-Producing Stocks That Concern Us

FAST Cover Image

Generating cash is essential for any business, but not all cash-rich companies are great investments. Some produce plenty of cash but fail to allocate it effectively, leading to missed opportunities.

Luckily for you, we built StockStory to help you separate the good from the bad. That said, here are three cash-producing companies to steer clear of and a few better alternatives.

Fastenal (FAST)

Trailing 12-Month Free Cash Flow Margin: 11.3%

Founded in 1967, Fastenal (NASDAQ: FAST) provides industrial and construction supplies, including fasteners, tools, safety products, and many other product categories to businesses globally.

Why Are We Cautious About FAST?

  1. 3.6% annual revenue growth over the last two years was slower than its industrials peers
  2. Earnings growth underperformed the sector average over the last two years as its EPS grew by just 2.8% annually
  3. Capital intensity has ramped up over the last five years as its free cash flow margin decreased by 4.8 percentage points

Fastenal is trading at $47.54 per share, or 44.2x forward P/E. If you’re considering FAST for your portfolio, see our FREE research report to learn more.

AECOM (ACM)

Trailing 12-Month Free Cash Flow Margin: 5.1%

Founded in 1990 when a group of engineers from five companies decided to merge, AECOM (NYSE: ACM) provides various infrastructure consulting services.

Why Does ACM Worry Us?

  1. Product roadmap and go-to-market strategy need to be reconsidered as its backlog has averaged 2% declines over the past two years
  2. Gross margin of 6.6% reflects its high production costs
  3. Responsiveness to unforeseen market trends is restricted due to its substandard operating margin profitability

At $129 per share, AECOM trades at 24.1x forward P/E. To fully understand why you should be careful with ACM, check out our full research report (it’s free).

Albany (AIN)

Trailing 12-Month Free Cash Flow Margin: 8.2%

Founded in 1895, Albany (NYSE: AIN) is a global textiles and materials processing company, specializing in machine clothing for paper mills and engineered composite structures for aerospace and other industries.

Why Should You Dump AIN?

  1. Sales trends were unexciting over the last five years as its 3.7% annual growth was below the typical industrials company
  2. Earnings per share fell by 7.7% annually over the last five years while its revenue grew, showing its incremental sales were much less profitable
  3. 8.5 percentage point decline in its free cash flow margin over the last five years reflects the company’s increased investments to defend its market position

Albany’s stock price of $54.54 implies a valuation ratio of 12.4x forward EV-to-EBITDA. Read our free research report to see why you should think twice about including AIN in your portfolio.

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 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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