Emagin's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Emagin (EMAN) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Emagin vs Its Competitors
- TTM: Trailing 12-month revenue of 27M vs 433,255M combined for tracked competitors (0.0% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-33.7% annualized vs trailing 12 months), vs decelerating (-4.6%) for its tracked peer group.
- Growth: Emagin generated -37.2% revenue growth year over year in Q2 2023, vs 20.5% for its tracked competitors combined.
- Profitability: Its -248.6% net margin compares with 35.7% for the peer group.
- Peer revenue share: Emagin accounted for 0.0% of combined revenue among its tracked peer group, down from 0.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.62M compares with $0.83M for the peer group (0.7x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
EMAN Sales vs. its Competitors, Q2 2023
Emagin reported revenue contraction of 37.24 % year on year in Q2 2023, below its competitors' combined revenue growth of 20.48 %.
With a net margin of -248.61 %, Emagin reported lower profitability than its competitors (35.72 %).
Emagin generated 0.00 % of the combined sales of its peer group, down from 0.01 % a year earlier.
Emagin vs. its Competitors, Q2 2023
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Emagin and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Emagin Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (1) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Emagin's competitor groups requires a Commercial License.
For context: the Semiconductors industry grew revenue 10.5% year over year, combined, vs -37.2% for Emagin. Emagin's share of combined industry revenue moved from 0.00% to 0.00%, a gain of 0.00 percentage points.
Emagin's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Emagin Corporation | No | No | No | No |
| Competitors combined (15) | ||||
| High-Confidence Competitors (2) | ||||
| Similar Growth & Profitability (8) | 0.00 % (0 of 8) | 25.00 % (2 of 8) | 12.50 % (1 of 8) | 37.50 % (3 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
EMAN Stock Performance relative to its Competitors
EMAN Stock Performance relative to High-Confidence Competitors
EMAN Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Orion Energy Systems Inc | 282.9% | Outperformed |
| 2 | Rubicon Technology Inc | 282.9% | Outperformed |
| 3 | Kopin Corporation | 282.9% | Outperformed |
| 4 | Modine Manufacturing Co | 282.9% | Outperformed |
| 5 | Borgwarner Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Emagin's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Emagin's Comment on Competition and Industry Peers
There are a few manufacturers of high resolution OLED microdisplays that produce microdisplays that compete with our microdisplay products. They are Yunnan OLiGHTECK Opto-Electronic Technology Co., Ltd. in China and MicroOLED in France. Both are shipping OLED microdisplays into the market. Sony Mobile Display Corp., in Japan, produces OLED microdisplays for integration into Sony’s own higher-level systems such as digital cameras and HMDs and is now selling microdisplays to some commercial customers. In addition, in early 2017, Kopin Corporation announced a 2K × 2K microdisplay which includes OLEDs sourced from an existing manufacturer.
If other new OLED-based companies enter our markets with directly relevant display designs and without manufacturing and reliability issues, we will face additional competition, although we believe that our progress to date in this area gives us a significant advantage.
We believe that competition will come from liquid crystal on silicon displays, small transmissive liquid crystal displays, and OLED microdisplays manufactured by competitors. While we believe our OLED technology is technically superior by providing higher quality images, greater environmental ruggedness, reduced electronics cost and complexity, and improved power efficiency microdisplays, there is no assurance that we will continue to be the dominant OLED microdisplay supplier. Competition can also come from inorganic micro LEDs, a technology still in the development stage but which could become a major competitor if all the technological hurdles are overcome.
Our consumer night vision products may face competition from a variety of electronics manufacturers that primarily offer thermal imaging cameras and monoculars. These include manufacturers of thermal imaging video cameras and monoculars. These devices are traditionally more expensive, heavier and larger than our BlazeSpark and BlazeTorch night vision products and are primarily designed for commercial users.
Our BlazeSpark and BlazeTorch products rely on a less expensive digital CMOS sensor and software image processing to produce viewable images though either smart phone displays or our proprietary OLED display and prism technology. While we believe our digital process technology, compact size, appealing designs, and streaming platforms offer advantages for serving consumer markets, it is possible that existing manufacturers of military and tactical night vision systems may offer consumer products, or other manufacturers may develop innovative technologies, that create increased competition.
Publicly Traded Peers of Emagin Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Emagin Corporation | 171.87 | 27.10 |
| Emcor Group Inc | 34,248.70 | 18,598.34 |
| Hubbell Inc | 24,845.58 | 5,995.20 |
| Borgwarner Inc | 12,598.74 | 14,344.00 |
| Modine Manufacturing Co | 10,578.87 | 3,372.80 |
| Acuity Inc | 9,469.14 | 4,606.20 |
| SUBTOTAL | 93,929.51 | 433,285.68 |
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Sources: Emagin Corporation's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Emagin Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Emagin's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Kopin Corporation | Named by the company | 85% |
| Yunnan OLiGHTECK Opto-Electronic Technology Co | Named by the company | 85% |
| Sony Mobile Display Corp | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Emagin's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Emagin's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Emagin Corporation | 172 | 615,955 | -302,659 |
| Emcor Group Inc | 34,249 | 422,690 | 32,708 |
| Hubbell Inc | 24,846 | 333,067 | 50,578 |
| Borgwarner Inc | 12,599 | 382,507 | 12,747 |
| Modine Manufacturing Co | 10,579 | 295,860 | 12,798 |
| Acuity Inc | 9,469 | 333,783 | 34,225 |
| PEERS TOTAL | 93,758 | 831,870 | 172,043 |
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Emagin's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Emagin Corporation | EMEA 65.06 % |
| Borgwarner Inc | Europe 37.96 % |
| Modine Manufacturing Co | US 52.71 % |
| Kopin Corporation | Americas 95.07 % |
| China Automotive Systems Inc | Other foreign countries 37.52 % |
| Rubicon Technology Inc | North America 81.96 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Emagin's Business Segment Mix vs Peers
Revenue by operating segment, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Hubbell Inc | Utility Solutions 63.03 % |
| Borgwarner Inc | Turbos & Thermal Technologies 40.56 % |
| Modine Manufacturing Co | Climate Solutions 64.83 % |
| Acuity Inc | Acuity Brands Lighting 75.56 % |
| Lsi Industries Inc | Display Solutions Segment 60.32 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Emagin's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Semiconductors industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (151 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 26.69 % | 34.40 % (avg) | -7.7 pp |
| Operating Margin | -50.47 % | industry median | -54.3 pp |
| EBITDA Margin | -41.39 % | 7.07 % (avg) | -48.5 pp |
| Capital Intensity (Capex / Revenue) | 8.68 % | 9.39 % (avg) | -0.7 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Emagin's Valuation vs Competitive Position
Valuation multiples vs the Semiconductors industry average (151 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 43.3x | - |
| EV / EBITDA | - | 22.7x | - |
| P/B | 8.2x | 6.6x | +1.6x |
| Return on Equity | -67.84 % | industry aggregate | -80.20 % |
| Return on Invested Capital | -16.65 % | -0.16 % (avg) | -16.49 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Emagin's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | -2.23 % | -14.90 % | 2.96 % | 19.08 % | 1.87 % | 10.10 % | -11.48 % | 17.22 % |
| Operating Margin | -16.16 % | -38.94 % | -39.64 % | -44.47 % | -20.84 % | -23.51 % | -38.25 % | -9.61 % |
| Return on Invested Capital | -9.36 % | -18.64 % | -22.33 % | -27.99 % | -14.56 % | -15.85 % | -18.76 % | -3.91 % |
| P/E | - | - | - | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Emagin's Strategic Group Map
Every company in Emagin's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Emagin is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Emagin's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Barriers to Entry | Moderate, in line with the industry | Capital intensity (capex / revenue) of 8.68 % vs industry average 9.39 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Emagin's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Emagin's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Emagin's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Emagin falls in the Low attractiveness / Low strength cell: Harvest / Divest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Emagin's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) — not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Operating margin 54.3 points below the industry median.
- Return on equity 80.2 points below the industry aggregate.
- Latest-quarter revenue run-rate is decelerating (-33.7% annualized vs trailing 12 months).
Opportunities
- Industry revenue growing at a healthy 10.3% median pace.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-4.6% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Emagin's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Emagin Corporation | 0.57 | 2.97 | 0.09 |
| Emcor Group Inc | 0.19 | 1.24 | - |
| Hubbell Inc | 0.28 | 1.47 | 0.59 |
| Borgwarner Inc | - | 2.09 | 0.84 |
| Modine Manufacturing Co | 0.12 | 1.95 | 0.55 |
| Acuity Inc | 0.47 | 2.03 | 0.28 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Emagin's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Emagin Corporation | Q2 2023 | -37.2 % | - |
| Emcor Group Inc | Q2 2026 | +19.8 % | +33.6 % |
| Hubbell Inc | Q1 2026 | +11.1 % | +12.1 % |
| Borgwarner Inc | Q2 2026 | +0.3 % | +25.4 % |
| Modine Manufacturing Co | Q2 2026 | +28.1 % | +43.7 % |
| Acuity Inc | Q2 2026 | +1.7 % | +43.3 % |
| PEERS TOTAL | +10.2 % | +101.7 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Emagin's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Emagin Corporation | Q2 2023 | -10.6 % | -52.3 % |
| Emcor Group Inc | Q2 2026 | +19.1 % | +11.1 % |
| Hubbell Inc | Q1 2026 | +10.6 % | +56.2 % |
| Borgwarner Inc | Q2 2026 | -2.4 % | +24.7 % |
| Modine Manufacturing Co | Q2 2026 | +33.9 % | +68.7 % |
| Acuity Inc | Q2 2026 | -2.7 % | +11.3 % |
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Emagin's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Emagin Corporation | - | - | - |
| Emcor Group Inc | 15.31% | 21.54% | 38.48% |
| Hubbell Inc | 11.63% | 15.10% | 24.56% |
| Borgwarner Inc | 3.42% | 4.10% | 8.24% |
| Modine Manufacturing Co | 5.97% | 7.94% | 13.29% |
| Acuity Inc | 10.16% | 12.10% | 16.85% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Emagin's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Emagin Corporation | - | 6.34 |
| Emcor Group Inc | 23.95 | 1.84 |
| Hubbell Inc | 27.53 | 4.14 |
| Borgwarner Inc | 30.23 | 0.88 |
| Modine Manufacturing Co | 73.58 | 3.14 |
| Acuity Inc | 20.30 | 2.06 |
| PEERS AVERAGE | 1.05 | 0.22 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.