Lantronix, Inc.
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Lantronix's turnaround is accelerating into FY2027, with Q4 FY2026 revenue growing 8% YoY to $31.2M, the operating loss narrowing to $3.7M for the full year from $11.0M, and FCF expanding to $9.3M.
The stock has pulled back to $5.76, below both the 50-day ($6.08) and 200-day ($6.12) moving averages with an RSI of 38.7, offering a better entry than when it traded near $7. CEO Saleel Awsare's open-market purchase of 15,000 shares at $5.18 on September 9, 2026 reinforces confidence, and the Blue UAS listing plus the new Spotter robotics platform provide tangible defense/drone catalysts heading into FY2027, where guidance points to annualized EPS of $0.20.
What could go wrong
- Still unprofitable. FY2026 net loss of $4.2M and EPS of -$0.11 mean the profitability inflection is guided but not yet realized; any miss on the FY2027 EPS trajectory would pressure the stock.
- Full-year revenue still declining. FY2026 revenue of $120.9M was down 1.7% YoY despite the Q4 inflection; if quarterly growth does not sustain, the turnaround narrative weakens.
- Minimal institutional support. Smart money score of 0.00 with 31 funds as of 30 Jun indicates very low institutional ownership, limiting upside catalysts from flows.
- Small-cap liquidity and valuation risk. P/S of 2.23 with negative earnings leaves the stock vulnerable to multiple compression if growth disappoints; limited peer set makes relative valuation unreliable.
What would change my mind
Where this comes from: Q4 FY26 results · FY25 and FY26 fundamentals · insider trades · technicals, 19 Oct. Orin's read on LTRX; not advice.
How has the share price moved?
Up 23.8% over twelve months, from $5.04 on 27 Oct 2025 to $6.24 at the Tue 27 Oct 2026 close. Its highest close in that time was $8.45 on 28 May 2026; the last close is 26.2% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 8.1M, on 28 Jan 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All LTRX filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $13.1M | 0.0% |
| Vanguard Capital Management | $9.1M | 0.0% |
| State Street | $8.1M | 0.0% |
| AWM Investment Company | $7.3M | 0.6% |
| Geode Capital Management | $5.3M | 0.0% |
| Two Sigma Investments | $4.9M | 0.0% |
| Citadel Advisors | $4.6M | 0.0% |
| Morgan Stanley | $3.2M | 0.0% |
| Trexquant Investment | $2.9M | 0.0% |
| Balyasny Asset Management | $2.5M | 0.0% |
34 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 243 Form 4 filings; open-market trades net $432K. Of the 50 on hand, 1 was an open-market purchase and 0 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about LTRX
Orin answers questions about LTRX from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
It lost money over the last 12 months, so it has no P/E (Tue 27 Oct close). It is priced at 2.42× its yearly sales — above its usual level (1.16×).
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | lost money | — | 46.1× |
| P/S | 2.42×above usual | 1.16× | — |
| EV/EBITDA | not meaningful | — | — |
| P/B | 2.2×above usual | 2.0× | — |
- P/E: lost money — no P/E over the last 12 months.
- EV/EBITDA: not meaningful — over the last 12 months the business itself lost money before depreciation (operating income plus depreciation is below zero); a profit from one-off gains does not count.
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $10.63 (from $10 to $11) — 70% above the Tue 27 Oct close price. That is their published opinion, not Orin's.
$10.63
$10 – $11 · +70% against the last close
- 3 buy or overweight
- 0 hold
- 0 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
It lost money over the last 12 months, so it has no P/E. None of the 1 companies it is compared to have a P/E that says something, so there is no typical P/E.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| LTRXLantronix, Inc. | $293M | lost money | n/m | 42.7% | −3.5% | −5% |
| AXTIAXT, Inc. | $4B | n/m | 238× | 32.2% | 3.2% | 1% |
- AXTI: P/E is not meaningful (n/m) — its profit over the last 12 months is so small against its price that the ratio says little.
- LTRX: EV/EBITDA is not meaningful (n/m) — its cash exceeds its market value plus debt, or the business lost money before depreciation.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
It has lost money and has no full fiscal year on file since its history starts, so it has no P/E history.
- Nowlost money
- Now: no P/E — it lost money over the last 12 months.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Technology companies on the NASDAQ were priced at a typical 46.1× their yearly profit (Tue 27 Oct close).
- Now46.1×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A standard cash-flow model puts it at $1 a share — 86% below the $6.21 price it was computed against (27 Oct).
| Model | Value a share | Against the price then |
|---|---|---|
| Standard | $1 | 86% below $6.21 |
| Levered | $2 | 69% below $6.21 |
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.
Standard / levered: two versions of the cash-flow model: the standard one counts the cash before the company pays its lenders, the levered one after.