A Business at a Glance
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Lumentum Holdings Inc.
LITE
$53.4B
Mkt Cap
$762.99
-8.47%
Lumentum Holdings Inc. (LITE) has a current P/E ratio of 221.2, compared to its historical median P/E of 23.3. The stock is currently considered Expensive based on its historical valuation range.
Lumentum Holdings Inc. (LITE) has a 5-year average return on invested capital (ROIC) of 4.1%. This is below average and may indicate limited pricing power.
Lumentum Holdings Inc. (LITE) has a market capitalization of $54.7B. It is classified as a large-cap stock.
Lumentum Holdings Inc. (LITE) does not currently pay a regular dividend.
Based on historical P/E analysis, Lumentum Holdings Inc. (LITE) appears expensive. The current P/E of 221.2 is 851% above its historical median of 23.3. The estimated fair value CAGR (P/E method) is -0.5%.
Lumentum Holdings Inc. (LITE) operates in the Communications Equipment, Nec industry, within the Industrials sector.
Lumentum Holdings Inc. (LITE) reported annual revenue of $1.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Lumentum Holdings Inc. is a leading provider of optical and photonic products serving cloud, artificial intelligence and machine learning, telecommunications, consumer, and industrial end-markets through two reportable segments: Cloud & Networking and Industrial Tech. The Cloud & Networking segment supplies optical and photonic chips, components, modules, and subsystems to cloud data center operators, AI/ML infrastructure providers, and network equipment manufacturers, enabling high-capacity optical links for cloud computing, AI/ML workloads, data center interconnect, and communications service provider networks across access, metro, long-haul, and submarine infrastructure, as well as enterprise network applications including storage area networks, local area networks, and wide area networks. The Industrial Tech segment manufactures short-pulse solid-state lasers, kilowatt-class fiber lasers, diode lasers, and gas lasers for consumer applications such as 3D sensing in mobile devices and industrial manufacturing applications including semiconductor fabrication, electric vehicle and battery production, metal cutting and welding, and advanced manufacturing. The company operates with a global footprint including manufacturing capabilities in North America, Asia-Pacific, and Europe, with headquarters in San Jose, California and approximately 10,562 employees worldwide as of June 28, 2025. Lumentum's business model is driven by sustained demand for optical and photonic solutions across cloud infrastructure expansion, AI/ML processing, and industrial manufacturing precision, with revenue growth fueled by the adoption of advanced technologies and the company's ability to scale complex manufacturing at pace.
【Cloud and AI infrastructure acceleration】 Management expects 2026 to be a breakout year for laser chip sales, with sustained growth driven by rapid adoption of AI and cloud infrastructure expansion. The company anticipates meaningful revenue contributions from three major growth drivers—cloud transceivers, optical circuit switches, and co-packaged optics—with optical circuit switches already exceeding internal expectations and order backlog surging well past $400 million. Supply-demand imbalance is expected to persist through 2027, supporting pricing power and margin expansion, while the company is scaling manufacturing capacity significantly to meet customer demand that continues to outpace supply. Management is targeting operating margins above 20% and expects gross margins to continue improving as higher-margin products such as 200 Gb EML lasers become a larger proportion of the overall unit mix and new growth drivers come into play in calendar 2026.
| Metric | Target | Period |
|---|---|---|
| Net Revenue | $960 million–$1.01 billion | Q4 FY2026 |
| Non-GAAP EPS | <UNKNOWN> | Q4 FY2026 |
Net Revenue (Q4 FY2026): “We anticipate net revenue for the fourth quarter of fiscal year 2026 to be in the range of $960 million- $1.01 billion.”
Non-GAAP EPS (Q4 FY2026): “Our non-GAAP EPS guidance is based on a non-GAAP annual effective tax rate of 16.5%. These projections also assume shares used for non-GAAP diluted earnings of approximately 102 million shares.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.5B | 1.6B | 1.4B | 1.8B | 1.7B | 1.7B |
| Net Income | 439M | 26M | -547M | -132M | 199M | 397M |
| EPS | $6.21 | $0.37 | $-8.12 | $-1.93 | $2.68 | $5.07 |
| Free Cash Flow | 114M | -105M | -108M | 51M | 368M | 654M |
| ROIC | 6.0% | 0.7% | -14.9% | -3.2% | 10.5% | 27.3% |
| Gross Margin | 37.7% | 28.0% | 18.5% | 32.2% | 46.0% | 44.9% |
| Debt/Equity | 2.19 | 2.28 | 2.61 | 2.07 | 1.50 | 0.83 |
| Dividends/Share | $0.00 | - | - | - | - | $0.00 |
| Operating Income | 237M | -180M | -434M | -116M | 303M | 527M |
| Operating Margin | 9.5% | -10.9% | -31.9% | -6.5% | 17.7% | 30.2% |
| ROE | 14.8% | 2.5% | -47.3% | -8.1% | 10.3% | 20.1% |
| Shares Outstanding | 72M | 70M | 67M | 68M | 74M | 78M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 818M | 837M | 903M | 1.0B | 1.2B | 1.6B | 1.7B | 1.7B | 1.7B | 1.8B | 1.4B | 1.6B | 2.5B |
| Gross Margin | 31.4% | 30.8% | 30.7% | 31.8% | 34.6% | 27.2% | 38.7% | 44.9% | 46.0% | 32.2% | 18.5% | 28.0% | 37.7% |
| R&D | 135M | 141M | 141M | 148M | 157M | 185M | 199M | 215M | 221M | 308M | 302M | 304M | 332M |
| SG&A | 108M | 129M | 117M | 110M | 128M | 200M | 235M | 241M | 266M | 349M | 311M | 348M | 356M |
| EBIT | 8.7M | -23M | 12M | 48M | 140M | -22M | 204M | 527M | 303M | -116M | -434M | -180M | 237M |
| Op. Margin | 1.1% | -2.8% | 1.3% | 4.8% | 11.2% | -1.4% | 12.2% | 30.2% | 17.7% | -6.5% | -31.9% | -10.9% | 9.5% |
| Net Income | 11M | -3.4M | -3.2M | -103M | 242M | -38M | 136M | 397M | 199M | -132M | -547M | 26M | 439M |
| Net Margin | 1.3% | -0.4% | -0.4% | -10.3% | 19.4% | -2.4% | 8.1% | 22.8% | 11.6% | -7.4% | -40.2% | 1.6% | 17.6% |
| Non-Recurring | 4.7M | 13M | 7.1M | 12M | 6.6M | 63M | 12M | 7.7M | 1.1M | 37M | 73M | 72M | 14M |
| Returns on Capital | |||||||||||||
| ROIC | 3.0% | -0.9% | 3.1% | 11.1% | 19.0% | -1.9% | 11.5% | 27.3% | 10.5% | -3.2% | -14.9% | 0.7% | 6.0% |
| ROE | 3.5% | -0.9% | -0.7% | -18.5% | 31.3% | -2.5% | 7.7% | 20.1% | 10.3% | -8.1% | -47.3% | 2.5% | 14.8% |
| ROA | 4.2% | -0.7% | -0.5% | -10.6% | 17.2% | -1.4% | 4.1% | 11.2% | 5.2% | -3.0% | -12.8% | 0.6% | 6.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 63M | 9.4M | 87M | 85M | 248M | 330M | 524M | 739M | 459M | 180M | 25M | 126M | 452M |
| Free Cash Flow | -1.4M | -44M | 4.6M | -53M | 154M | 164M | 438M | 654M | 368M | 51M | -108M | -105M | 114M |
| Owner Earnings | -500K | -60M | 7.1M | -8.7M | 123M | 112M | 259M | 469M | 189M | -203M | -365M | -305M | -1.2B |
| CapEx | 64M | 54M | 82M | 138M | 93M | 166M | 86M | 85M | 91M | 129M | 133M | 231M | 338M |
| Maint. CapEx | 45M | 51M | 55M | 61M | 77M | 158M | 192M | 177M | 167M | 234M | 261M | 254M | 1.5B |
| Growth CapEx | 19M | 2.7M | 27M | 77M | 16M | 8.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 45M | 51M | 55M | 61M | 77M | 158M | 192M | 177M | 167M | 234M | 261M | 254M | 1.5B |
| CapEx/OCF | N/A | N/A | 94.7% | 162.5% | 37.7% | 50.3% | 16.4% | 11.5% | 19.9% | 71.5% | 538.5% | 182.9% | 74.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 500K | 900K | 700K | 700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | 0.0% | 0.0% | 0.0% | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 200M | 236M | 544M | 176M | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 3.4% | 3.6% | 9.1% | 4.6% | N/A | N/A | 0.0% |
| Stock-Based Comp | 19M | 18M | 25M | 33M | 47M | 61M | 73M | 93M | 103M | 148M | 129M | 177M | 169M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.8M | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | -157M | -98M | -255M | -275M | -365M | -315M | 272M | 798M | 1.6B | 1.7B | 3.3B |
| Cash & Equiv. | 20M | 15M | 157M | 273M | 397M | 433M | 298M | 774M | 1.3B | 859M | 437M | 521M | 3.2B |
| Long-Term Debt | N/A | N/A | 0 | 457M | 457M | 484M | 1.1B | 790M | 2.4B | 2.5B | 2.5B | 2.6B | 43M |
| Debt/Equity | 0.47 | 0.35 | 0.00 | 0.74 | 0.49 | 0.33 | 0.68 | 0.83 | 1.50 | 2.07 | 2.61 | 2.28 | 2.19 |
| Interest Coverage | 43.5 | -33.4 | 115.0 | 8.7 | 7.7 | -0.6 | 3.3 | 7.9 | 3.8 | -3.3 | -12.8 | -8.1 | 10.0 |
| Equity | 336M | 381M | 497M | 619M | 926M | 1.5B | 1.7B | 2.0B | 1.9B | 1.4B | 957M | 1.1B | 3.0B |
| Total Assets | 492M | 513M | 726M | 1.2B | 1.6B | 2.7B | 3.3B | 3.6B | 4.2B | 4.6B | 3.9B | 4.2B | 7.0B |
| Total Liabilities | 157M | 132M | 193M | 578M | 620M | 1.2B | 1.5B | 1.6B | 2.3B | 3.3B | 3.0B | 3.1B | 4.1B |
| Intangibles | 30M | 22M | 15M | 10M | 7.0M | 395M | 317M | 241M | 156M | 459M | 618M | 465M | 363M |
| Retained Earnings | N/A | 0 | 20M | -83M | 166M | 129M | 65M | 221M | -129M | -341M | -887M | -861M | -635M |
| Working Capital | 149M | 189M | 316M | 746M | 913M | 1.0B | 1.8B | 1.8B | 2.4B | 2.1B | 1.3B | 1.3B | 530M |
| Current Assets | 286M | 311M | 490M | 930M | 1.1B | 1.3B | 2.0B | 2.4B | 3.1B | 2.8B | 1.6B | 1.7B | 4.4B |
| Current Liabilities | 137M | 122M | 174M | 184M | 214M | 294M | 283M | 665M | 717M | 634M | 269M | 393M | 3.9B |
| Per Share Data | |||||||||||||
| EPS | 0.18 | -0.06 | -0.05 | -1.71 | 3.82 | -0.54 | 1.75 | 5.07 | 2.68 | -1.93 | -8.12 | 0.37 | 6.21 |
| Owner EPS | -0.01 | -1.06 | 0.11 | -0.14 | 1.95 | 1.59 | 3.35 | 5.98 | 2.55 | -2.98 | -5.43 | -4.36 | -16.59 |
| Book Value | 5.65 | 6.72 | 7.77 | 10.23 | 14.65 | 21.33 | 22.59 | 25.18 | 25.26 | 19.88 | 14.22 | 16.21 | 41.47 |
| Cash Flow/Share | 1.06 | 0.17 | 1.35 | 1.41 | 3.91 | 4.70 | 6.77 | 9.43 | 6.19 | 2.64 | 0.37 | 1.80 | 26.66 |
| Dividends/Share | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 59.4M | 56.7M | 64.0M | 60.5M | 63.2M | 70.2M | 77.4M | 78.4M | 74.2M | 68.2M | 67.3M | 70.0M | 71.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 14.9 | N/A | 43.5 | 16.5 | 30.0 | N/A | N/A | 256.1 | 122.9 |
| P/FCF | N/A | N/A | 327.4 | N/A | 23.3 | 22.8 | 13.4 | 10.0 | 16.2 | 74.8 | N/A | N/A | 479.9 |
| EV/EBIT | N/A | N/A | 117.3 | 71.5 | 20.6 | N/A | 26.8 | 11.7 | 18.8 | N/A | N/A | N/A | 244.9 |
| Price/Book | N/A | N/A | 3.0 | 5.9 | 3.9 | 2.5 | 3.4 | 3.3 | 3.2 | 2.8 | 3.6 | 5.8 | 18.4 |
| Price/Sales | N/A | N/A | 1.5 | 2.5 | 2.9 | 2.4 | 3.2 | 3.9 | 3.9 | 2.4 | 2.4 | 3.0 | 22.0 |
| FCF Yield | N/A | N/A | 0.3% | -1.5% | 4.3% | 4.4% | 7.4% | 10.0% | 6.2% | 1.3% | -3.2% | -1.6% | 0.2% |
| Market Cap | N/A | N/A | 1.5B | 3.6B | 3.6B | 3.7B | 5.9B | 6.6B | 6.0B | 3.8B | 3.4B | 6.6B | 54.7B |
| Avg. Price | N/A | N/A | 21.29 | 42.23 | 57.73 | 52.65 | 69.00 | 86.36 | 89.50 | 62.93 | 47.68 | 69.70 | 762.99 |
| Year-End Price | N/A | N/A | 23.53 | 60.20 | 56.75 | 53.41 | 76.13 | 83.70 | 80.41 | 56.31 | 50.92 | 94.75 | 762.99 |
Lumentum Holdings Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
Lumentum Holdings Inc. trades at 221.2x trailing earnings, compared to its 15-year median P/E of 23.3x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 4.1% with a gross margin of 33.9%. At current prices, the estimated annualized return to fair value is -3.7%.
Lumentum Holdings Inc. (LITE) has a net profit margin of 1.6%. This is a modest margin.
Lumentum Holdings Inc. (LITE) generated $-105 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Lumentum Holdings Inc. (LITE) has a debt-to-equity ratio of 2.28. This indicates higher leverage, which may increase financial risk.
Lumentum Holdings Inc. (LITE) reported earnings per share (EPS) of $0.37 in its most recent fiscal year.
Lumentum Holdings Inc. (LITE) has a return on equity (ROE) of 2.5%. This indicates moderate shareholder returns.
Lumentum Holdings Inc. (LITE) has a 5-year average gross margin of 33.9%. This indicates decent pricing power.
The Ledger Terminal provides 13 years of financial data for Lumentum Holdings Inc. (LITE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Lumentum Holdings Inc. (LITE) has a book value per share of $16.21, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to be a breakout year for laser chip sales, with sustained growth driven by rapid adoption of AI and cloud infrastructure expansion. The company anticipates meaningful revenue contributions from three major growth drivers—cloud transceivers, optical circuit switches, and co-packaged optics—with optical circuit switches already exceeding internal expectations and order backlog surging well past $400 million. Supply-demand imbalance is expected to persist through 2027, supporting pricing power and margin expansion, while the company is scaling manufacturing capacity significantly to meet customer demand that continues to outpace supply. Management is targeting operating margins above 20% and expects gross margins to continue improving as higher-margin products such as 200 Gb EML lasers become a larger proportion of the overall unit mix and new growth drivers come into play in calendar 2026.
Based on recent SEC filings and earnings calls, Lumentum Holdings Inc. (LITE) has provided the following forward guidance: Net Revenue: $960 million–$1.01 billion (Q4 FY2026); Non-GAAP EPS: <UNKNOWN> (Q4 FY2026).