Optex Systems Holdings Inc
OPXS · Optical Instruments & Lenses · 7.0M shares · -6%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $4M (gross $5M, SBC $425K)
Reference price $13.62 · est. market cap ~$95M — last insider sale, 2026-03-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74Tiny defense-optics maker, very profitable on capital with strong growth and a cash-rich balance sheet.
Strengths
- Strong margins and returns — operating margin 17.3% (78th), ROA 17.1% (91st), ROE 21.2% (75th)
- Growth and positive FCF — revenue +21.6%, net income +36.6%, FCF $6.4M
- Cash-rich — current ratio 5.64 (88th)
Risks
- Micro-cap scale and program lumpiness — per 10-K
- Defense-budget dependence — per 10-K
- Customer concentration — per 10-K
Notable findings
- No interest coverageInterest coverage -310.09 (cannot cover interest)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Exec changeRecent 8-K item 5.02 8-K ↗
- Buying back stockNet buyback — share count -6%/yr over 4y
- New fund positionNotable fund(s) opened this quarter: CITADEL ADVISORS LLC
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 8 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
29.2%
Operating margin
17.3%
Net margin
12.5%
Return on equity
21.2%
Return on assets
17.1%
Revenue growth (QoQ)
5.3%
Net-income growth
36.6%
Interest coverage
-310.1×
Current ratio
5.6×
Free cash flow
$6M
EBITDA
$8M
Tangible book value
$24M
Cash & investments
$6M
Stock comp / revenue
0.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-11 | George Chad Michael | Sell | 7.0K | $13.62 |
| 2026-01-08 | SCHOENING DANNY ROBERT | Sell | 2.8K | $13.55 |
| 2026-01-08 | SCHOENING DANNY ROBERT | Sell | 26K | $14.11 |
| 2026-01-07 | SCHOENING DANNY ROBERT | Sell | 28K | $13.44 |
| 2026-01-06 | SCHOENING DANNY ROBERT | Sell | 14K | $13.02 |
| 2026-01-05 | SCHOENING DANNY ROBERT | Sell | 5.5K | $13.08 |
| 2026-01-02 | SCHOENING DANNY ROBERT | Sell | 4.5K | $13.09 |
| 2026-01-02 | SCHOENING DANNY ROBERT | Sell | 30K | $13.99 |
| 2025-12-05 | SCHOENING DANNY ROBERT | Grant | 4.7K | $14.33 |
| 2025-11-04 | Lehmann Dale E | Grant | 4.0K | $16.74 |
| 2025-11-04 | Malhotra R. Rimmy | Grant | 4.0K | $16.74 |
| 2025-11-04 | Dayton Judd | Grant | 4.0K | $16.74 |
| 2025-08-11 | George Chad Michael | Grant | 10K | — |
| 2025-08-11 | George Chad Michael | Tax withheld | 3.0K | $12.84 |
| 2025-08-11 | George Chad Michael | Grant | 10K | — |
| 2025-06-30 | Topline Capital Management, LLC | Sell | 48K | $11.68 |
| 2025-06-30 | Topline Capital Partners, LP | Sell | 48K | $11.68 |
| 2025-06-27 | Topline Capital Management, LLC | Sell | 10K | $11.26 |
| 2025-06-27 | Malhotra R. Rimmy | Sell | 15K | $11.01 |
| 2025-06-27 | Topline Capital Partners, LP | Sell | 10K | $11.26 |
| 2025-06-26 | Topline Capital Management, LLC | Sell | 31K | $11.07 |
| 2025-06-26 | Topline Capital Partners, LP | Sell | 31K | $11.07 |
| 2025-06-17 | Dayton Judd | Sell | 1.8K | $8.95 |
| 2025-06-16 | Dayton Judd | Sell | 14K | $9.28 |
| 2025-06-13 | Dayton Judd | Sell | 2.5K | $9.45 |
| 2025-06-09 | Malhotra R. Rimmy | Sell | 5.0K | $9.37 |
| 2025-06-06 | Lehmann Dale E | Sell | 18K | $9.20 |
| 2025-06-06 | HAWKINS KAREN LEA | Sell | 12K | $9.21 |
| 2025-06-05 | Lehmann Dale E | Sell | 7.5K | $9.47 |
| 2025-06-03 | SCHOENING DANNY ROBERT | Sell | 14K | $8.78 |
| 2025-06-02 | SCHOENING DANNY ROBERT | Sell | 6.0K | $8.60 |
| 2025-05-23 | SCHOENING DANNY ROBERT | Sell | 2.2K | $8.07 |
| 2025-05-22 | SCHOENING DANNY ROBERT | Sell | 9.8K | $8.05 |
| 2025-05-21 | SCHOENING DANNY ROBERT | Sell | 10K | $8.01 |
| 2025-03-07 | Lehmann Dale E | Sell | 30K | $5.65 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-17 | Exec/director change | filing ↗ |
| 2026-05-12 | ResultsExhibits | filing ↗ |
| 2026-03-09 | Shareholder vote | filing ↗ |
| 2026-02-11 | ResultsReg FDExhibits | filing ↗ |
| 2025-12-23 | Exec/director change | filing ↗ |
| 2025-12-17 | ResultsExhibits | filing ↗ |
| 2025-12-08 | Exec/director changeExhibits | filing ↗ |
| 2025-08-20 | Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-17 | 2026-06-12 | 0001493152-26-029080 ↗ |
| 8-K | 2026-05-12 | 2026-05-11 | 0001493152-26-022360 ↗ |
| 10-Q | 2026-05-11 | 2026-03-29 | 0001493152-26-022219 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001493152-26-009373 ↗ |
| 8-K | 2026-02-11 | 2026-02-09 | 0001493152-26-006129 ↗ |
| 10-Q | 2026-02-11 | 2025-12-28 | 0001493152-26-006128 ↗ |
| 8-K | 2025-12-23 | 2025-12-18 | 0001493152-25-029014 ↗ |
| 8-K | 2025-12-17 | 2025-12-17 | 0001493152-25-028132 ↗ |
| 10-K | 2025-12-17 | 2025-09-28 | 0001493152-25-028071 ↗ |
| 8-K | 2025-12-08 | 2025-12-04 | 0001493152-25-026630 ↗ |
| 8-K | 2025-08-20 | 2025-08-20 | 0001493152-25-012192 ↗ |
| 10-Q | 2025-08-12 | 2025-06-29 | 0001641172-25-023102 ↗ |