— Know what they know.
/
Not Investment Advice

LITE

NASDAQ · USD
Lumentum Holdings Inc.
Technology · Communication Equipment
CEO Michael E. Hurlston Employees 13,757 R&D / revenue 11.8%
Last price
$824.13−5.22%last session
Market cap
$74.7B
P/E (TTM)
n/m
From 52w high
−27.9%
From 52w low
+440.3%
1-year return
+404.9%
RSI 14 · vs SMA200
37.4 · +6.0%
IS score
44.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

LITE   SPY   XLK (sector ETF) · weekly closes
50100150200250300350400450500550600650Jan 26Apr 26Jul 26Oct 26LITE 505XLK 129SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
30
Profitability
52
Growth
19
Value
50
Momentum
100
Risk (safety)
46
Quality
0
Balance sheet
25
Earnings quality

Flags

Strengths
✓ Net cash✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Narrow, Efficient ScalePiotroski 5 / 9Altman Z 9.7Beta 1.543 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
113 open-market sales, $129.4M
Form 144 notices (12m): 59, $161.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-05-22
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+233
380 new holders, 136 closed
1,320 filers hold 111.6% · 525 added, 324 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+484
1,525 funds adding shares
1,041 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
44.8%
20-day avg 57.5%, 50-day avg 50.5%
Latest 12.7 pp under its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$3.0B
Revenue growth YoY+83.2%
Gross margin41.7%
Operating income$524.8M
Operating margin17.4%
Net income−$6.9B
Net margin-230.1%
EPS (diluted)$-92.96
Cash flow
Operating cash flow$751.4M
Capital expenditure$451.3M
Free cash flow$300.1M
FCF conversion (FCF / OCF)39.9%
Stock-based compensation$170.2M
FCF less SBC$129.9M
Buybacks$102.0M
Dividends$0
Balance sheet & returns
Cash & short-term investments$2.7B
Total debt$1.6B
Net cash$1.1B
Shareholders' equity$4.6B
Goodwill & intangibles$1.4B
Debt / equity0.36
ROE (TTM)-300.1%
ROIC (TTM)7.9%
Operating margin by fiscal year
17.6%FY2022-5.7%FY2023-33.8%FY2024-10.9%FY202517.4%FY2026
Revenue $1.7B (FY2022) to $3.0B (FY2026), a 15.2% CAGR.

Valuation

P/E (TTM)n/m
EV / EBITDAn/m
Price / sales24.77x
Price / FCF135.6x
FCF yield0.74%
Buyback yield0.14%
SBC / revenue5.6%
Price / book13.24x
Forward P/E FY202738.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $1,087.56 across 9 analysts last quarter is theirs, not ours.

LITE vs industry median

164 companies in Communication Equipment
Gross margin 41.7% 42.0% Operating margin 17.4% -1.1% Net margin -230.1% -3.5% ROIC 7.9% 1.4%
LITE (TTM)Industry median Asset turnover 0.41 vs industry 0.71 · financial leverage 1.57

Earnings delivery

Next report 2026-11-05 · consensus EPS $4.21
100%
beat rate, 12 of 12 quarters
+12.8%
median EPS surprise
12
longest beat streak
+30+3+12+86+48+24+14+8+7+18+4+9
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-08 to 2026-08-11. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
LITE Lumentum Holdings Inc. $74.7Bn/m-300.1%-230.1%+83.2% +404.9%
MSI Motorola Solutions, Inc. $76.6B36.1x92.0%17.8%+10.3% +6.3%
CIEN Ciena Corporation $47.2B72.0x22.4%15.9%+32.6% +95.0%
UI Ubiquiti Inc. $36.4B37.9x91.1%30.4%+27.2% −20.1%
ZBRA Zebra Technologies Corporati $17.5B34.5x15.3%15.0%+12.7% +25.5%
CSCO Cisco Systems, Inc. $423.4B32.0x27.3%22.4%+11.8% —
VIAV Viavi Solutions Inc. $8.2Bn/m-2.7%7.4%+40.0% —
VSAT Viasat, Inc. $8.1Bn/m-0.6%-4.5%+1.3% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-08-11Earnings Release; Exhibits
2026-07-30Officer/Director Change
2026-06-01Unregistered Equity Sales
2026-05-05Earnings Release; Exhibits
2026-04-08Unregistered Equity Sales
2026-03-02Unregistered Sales of Equity Securities; Amendments to Articles of Incorporation or Bylaws; Regulation FD Disclosure; Financial Statements and Exhibits

Context

Shares outstanding90,582,856
Free float98.3%
Institutional ownership111.6%
Beta1.54
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$931.93 / $775.21
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where LITE sits among 22 scored companies in Communication Equipment (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureLITEIndustry medianIndustry percentileSector median
P/E (TTM) —
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 24.8x 3.0x
100th		 3.9x
Price / book 16.1x 3.9x
86th		 4.4x
Price / tangible book 18.8x 7.3x
71st		 8.8x
Price / free cash flow 135.6x 26.9x
94th		 20.3x
Price / operating cash flow 99.4x 23.3x
94th		 17.9x
Enterprise value $73.6B $2.8B
90th		 $5.5B
EV / sales 24.4x 3.2x
100th		 4.1x
EV / EBITDA —
EV / EBIT —
EV / free cash flow 133.7x 24.8x
94th		 21.9x
Earnings yield -9.3% 1.4%
5th		 2.0%
FCF yield 0.7% 2.9%
29th		 3.3%
Operating cash flow yield 1.0% 3.6%
19th		 4.4%
Graham number (per share) —

Profitability (TTM)

MeasureLITEIndustry medianIndustry percentileSector median
Gross margin 41.7% 43.9%
43rd		 55.7%
EBITDA margin -228.4% 12.4%
0th		 13.7%
Operating margin 17.4% 5.4%
86th		 8.2%
EBIT margin -237.3% 6.7%
0th		 8.6%
Net margin -230.1% 4.1%
0th		 5.7%
NOPAT margin 13.8% 4.3%
81st		 7.0%
FCF margin 18.3% 9.3%
76th		 15.0%
Operating cash flow margin 24.9% 12.8%
86th		 18.4%
R&D / revenue 11.8% 13.3%
43rd		 12.9%
SG&A / revenue 12.1% 21.8%
5th		 25.6%
Stock comp / revenue 5.6% 3.6%
65th		 4.4%
Effective tax rate 21.0% 21.0%
50th		 21.0%

Returns on capital

MeasureLITEIndustry medianIndustry percentileSector median
ROE (on average equity) -240.0% 7.0%
0th		 9.4%
ROA -120.3% 4.1%
0th		 4.1%
ROIC 11.6% 9.1%
62nd		 9.0%
ROCE -148.1% 6.8%
0th		 8.6%
Return on tangible assets -124.1% 5.1%
0th		 5.9%
Cash ROIC (OCF / invested capital) 21.0% 17.0%
62nd		 20.7%
Gross profitability (GP / assets) 17.2% 32.1%
24th		 30.0%
ROIC, 3-yr average —
ROIC, 5-yr average 56.1% 11.4%
89th		 7.9%
ROE, 5-yr average -42.9% 4.4%
11th		 6.9%
Incremental ROIC 15.3% 6.0%
55th		 15.3%

Growth

MeasureLITEIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 83.2% 15.6%
95th		 14.3%
Revenue growth (QoQ) 24.5% 8.3%
81st		 6.6%
Revenue CAGR, 3 yr 19.5% 7.5%
85th		 9.6%
Revenue CAGR, 5 yr 11.6% 9.2%
70th		 11.5%
Gross profit CAGR, 3 yr 32.8% 9.8%
90th		 10.9%
Operating income CAGR, 3 yr —
Net income growth (TTM YoY) —
Net income CAGR, 3 yr —
EPS growth (TTM YoY) —
EPS CAGR, 3 yr —
EPS CAGR, 5 yr —
FCF growth (TTM YoY) —
FCF CAGR, 3 yr 120.6% 38.9%
91st		 19.3%
Operating cash flow CAGR, 3 yr 61.1% 41.8%
79th		 17.9%
Book value CAGR, 3 yr 46.4% 6.1%
84th		 6.8%
Dividend CAGR, 3 yr —
Sustainable growth rate —

Margin history & stability

MeasureLITEIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 30.0% 40.6%
10th		 53.2%
Operating margin, 3-yr average -9.1% 5.3%
15th		 6.6%
Net margin, 3-yr average -93.4% 0.6%
5th		 5.2%
FCF margin, 3-yr average 1.1% 8.4%
10th		 12.7%
Revenue stability (0-1) 0.26 0.65
20th		 0.87
Earnings stability (0-1) 0.50 0.29
85th		 0.45
Margin stability (0-1) 0.70 0.93
10th		 0.95

Liquidity (latest quarter)

MeasureLITEIndustry medianIndustry percentileSector median
Cash & short-term investments $2.7B $249.9M
95th		 $494.1M
Net cash (− = net debt) $1.1B $82.6M
90th		 $49.8M
Working capital $1.7B $381.5M
95th		 $391.0M
Current ratio 1.68 2.05
33rd		 1.92
Quick ratio 1.40 1.63
33rd		 1.67
Cash ratio (cash + ST investments / current liabilities) 1.10 0.93
71st		 0.95
Defensive interval (days) 1,627 days 530 days
95th		 521 days

Leverage & solvency (latest quarter)

MeasureLITEIndustry medianIndustry percentileSector median
Total debt $1.7B $162.3M
81st		 $349.3M
Debt / equity 0.36 0.17
57th		 0.29
Net debt / equity −0.23 −0.21
48th		 −0.13
Debt / assets 22.9% 11.9%
76th		 16.9%
Debt / capital 26.5% 14.2%
57th		 22.3%
Debt / EBITDA —
Net debt / EBITDA —
Interest coverage (EBIT / interest) −328.0x 9.1x
0th		 5.8x
Cash interest coverage 34.5x 6.7x
88th		 12.8x
Debt payback (years of OCF) 2.2 yrs 2.1 yrs
61st		 1.6 yrs
Liabilities / assets 36.5% 44.8%
38th		 48.7%
IS credit model rating BBB+ — —
Implied credit spread (bps) 225 150
62nd		 175

Efficiency

MeasureLITEIndustry medianIndustry percentileSector median
Asset turnover 0.52 0.69
29th		 0.62
Fixed asset turnover 2.54 10.93
10th		 9.25
Inventory turnover 3.0 3.7
29th		 3.8
Receivables turnover 7.8 6.1
62nd		 6.2
Days sales outstanding 47 days 60 days
38th		 59 days
Days inventory outstanding 121 days 99 days
71st		 94 days
Days payables outstanding 82 days 61 days
86th		 46 days
Cash conversion cycle (days) 85 days 99 days
38th		 50 days
Capex / revenue 6.7% 2.5%
90th		 2.3%
Capex / depreciation 0.75 0.63
52nd		 0.56
Operating expense ratio 20.6% 35.1%
5th		 44.3%

Cash flow & earnings quality

MeasureLITEIndustry medianIndustry percentileSector median
Operating cash flow / net income —
FCF / net income —
FCF / operating cash flow 73.3% 78.0%
44th		 88.0%
Capex / operating cash flow 26.7% 22.0%
56th		 12.0%
Accruals ratio -133.4% -6.0%
0th		 -6.3%
Sloan accruals ratio 1.6% -0.4%
57th		 -1.8%
Earnings quality score (0-1) —

Dividends & buybacks

MeasureLITEIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) —
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield -1.1% 1.3%
0th		 1.2%
Shareholder yield (dividends + buybacks) -1.1% 1.2%
0th		 1.7%
Share count change (YoY) 3.6% 1.1%
80th		 0.1%
Buybacks, last 5 years $609.1M $120.2M
76th		 $215.3M

Scores & forensic checks

MeasureLITEIndustry medianIndustry percentileSector median
IS score 45 51
43rd		 56
IS profitability 30 38
38th		 40
IS growth 52 68
25th		 65
IS value 19 38
0th		 39
IS momentum 50 77
20th		 78
IS risk (safety) 100 85
57th		 100
IS quality 46 59
29th		 67
IS balance sheet 0 76
0th		 72
IS earnings quality 25 55
10th		 61
IS cash flow 51 53
48th		 66
Piotroski F-score (0-9) 5 6
24th		 6
Altman Z-score 9.7 3.6
81st		 4.0
Beneish M-score −6.51 −2.52
0th		 −2.58
Ohlson O-score −6.40 −7.42
90th		 −8.00
IS credit score 64 73
38th		 69

Per share

MeasureLITEIndustry medianIndustry percentileSector median
EPS, diluted (TTM) −$92.96 $0.30
0th		 $0.84
Book value per share $62.25 $14.30
95th		 $9.77
Tangible book per share $43.53 $3.49
100th		 $3.22
Revenue per share $40.40 $13.56
76th		 $13.00
FCF per share $7.38 $1.00
81st		 $1.78
Operating cash flow per share $10.07 $1.31
81st		 $2.40
Cash per share $36.71 $3.55
100th		 $4.50

Size (TTM)

MeasureLITEIndustry medianIndustry percentileSector median
Market cap $74.7B $3.2B
90th		 $4.7B
Revenue $3.0B $1.1B
71st		 $1.2B
EBITDA −$6.9B $90.8M
0th		 $185.8M
Net income −$6.9B $30.4M
0th		 $84.9M
Free cash flow $550.5M $74.8M
71st		 $170.6M
Total assets $7.3B $2.2B
76th		 $2.4B
Shareholders' equity $4.6B $1.4B
95th		 $1.1B
Employees 13,757 3,082
90th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Ali Wajid
EVP & CHIEF FINANCIAL OFFICER
 Open-market sale 24,542$1,048.50$25.7M75,074
2026-09-29Wupen Yuen
PRESIDENT, GLOBAL BUS. UNITS
 Open-market sale 307$945.00$290,115108,320
2026-09-28Wupen Yuen
PRESIDENT, GLOBAL BUS. UNITS
 Open-market sale 500$948.50$474,250108,627
2026-09-25Wupen Yuen
PRESIDENT, GLOBAL BUS. UNITS
 Open-market sale 500$935.75$467,875109,127
2026-09-24Wupen Yuen
PRESIDENT, GLOBAL BUS. UNITS
 Open-market sale 500$921.07$460,535109,627
2026-09-23Wupen Yuen
PRESIDENT, GLOBAL BUS. UNITS
 Open-market sale 500$946.56$473,280110,127
2026-09-22Wupen Yuen
PRESIDENT, GLOBAL BUS. UNITS
 Open-market sale 500$935.55$467,775110,627
2026-09-21Wupen Yuen
PRESIDENT, GLOBAL BUS. UNITS
 Open-market sale 500$959.27$479,635111,127
2026-09-18Wupen Yuen
PRESIDENT, GLOBAL BUS. UNITS
 Open-market sale 500$920.00$460,000111,627
2026-09-17Wupen Yuen
PRESIDENT, GLOBAL BUS. UNITS
 Open-market sale 500$933.45$466,725112,127
2026-09-16Wupen Yuen
PRESIDENT, GLOBAL BUS. UNITS
 Open-market sale 500$856.83$428,415112,627
2026-09-15Wupen Yuen
PRESIDENT, GLOBAL BUS. UNITS
 Open-market sale 500$841.51$420,755113,127

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired22368,725—
Open-market saleDisposed113140,756$129.4M
Tax withholdingDisposed25184,709$173.1M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 59 notices · 225,664 shares · $161.8M
FiledFilerShares proposedEst. proceeds
2026-10-01Wajid Ali24,542$25.7M
2026-09-29Wupen Yuen307$290,115
2026-09-28Wupen Yuen500$474,250
2026-09-25Wupen Yuen500$467,875
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 8 trades (5 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-07-17Gilbert CisnerosHouseSale$1,001 - $15,0002026-09-07
2026-07-17Gilbert CisnerosHouseSale (Full)$1,001 - $15,0002026-09-07
2026-07-16Gilbert Ray CisnerosHouseSale (Full)$1,001 - $15,0002026-09-07
2026-05-22Josh GottheimerHousePurchase$1,001 - $15,0002026-06-04
2021-11-26Thomas R. CarperSenatePurchase$1,001 - $15,0002021-12-04
2021-11-26Thomas R. CarperSenatePurchase$1,001 - $15,0002021-12-03
2021-11-26Thomas Richard CarperSenatePurchase$1,001 - $15,0002021-12-03
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.9,179,958$7.9B10.13%
VANGUARD CAPITAL MANAGEMENT LLC5,078,410$4.4B5.61%
VANGUARD PORTFOLIO MANAGEMENT LLC4,092,283$3.5B4.52%
FMR LLC3,519,154$3.0B3.89%
STATE STREET CORP3,453,717$3.0B3.81%
Invesco Ltd.3,176,260$2.7B3.51%
JPMORGAN CHASE & CO2,925,770$2.5B3.23%
GEODE CAPITAL MANAGEMENT, LLC2,245,102$1.9B2.48%
Jupiter Topco LLC1,889,608$1.6B2.09%
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP1,370,571$1.2B1.51%
NORGES BANK1,168,079$1.0B1.29%
GOLDMAN SACHS GROUP INC1,107,958$950.7M1.22%
MORGAN STANLEY1,021,618$876.6M1.13%
PRICE T ROWE ASSOCIATES INC /MD/940,170$806.7M1.04%
Value Aligned Research Advisors, LLC734,687$630.4M0.81%

Institutional ownership by quarter

2023-092026-06111.6%
% of shares held by 13F filers
2023-092026-061,320
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,320111.6%380525324136
2026-03-311,087103.5%42928032381
2025-12-31754107.3%23818026860
2025-09-30587106.5%15915518852
2025-06-30484113.2%11117013341
2025-03-31420109.2%7215012594
2024-12-31449100.2%11114112239
2024-09-3038299.0%7010413359
2024-06-30375101.9%5311712338
2024-03-31365101.4%641209850
2023-12-3135696.1%588014262
2023-09-3036493.7%589813266

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-07-08SCHEDULE 13G/AAbigail P. Johnson4.6%3,611,652
2026-05-14SCHEDULE 13G/ACapital World Investors1.8%1,315,977
2026-05-06SCHEDULE 13G/AAbigail P. Johnson10.4%7,457,683
2026-04-30SCHEDULE 13GVanguard Capital Management7.3%5,252,142
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.12%$2.8B
VTI0.12%$2.8B
VTSAX0.12%$2.8B
VSMPX0.12%$2.8B
VFINX0.13%$2.3B
VFFSX0.13%$2.3B

Share structure

Shares outstanding90,582,856
Float89,072,997
Free float98.3%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$1.7B$1.8B$1.4B$1.6B$3.0B
Cost of revenue$924.0M$1.2B$1.1B$1.2B$1.8B
Gross profit$788.6M$569.0M$251.5M$459.9M$1.3B
R&D$220.7M$307.8M$302.2M$303.9M$356.5M
SG&A$265.7M$348.8M$310.7M$348.2M$363.2M
Operating income$303.3M−$115.7M−$434.0M−$180.1M$524.8M
EBITDA$482.4M$188.7M−$81.6M$106.8M−$6.9B
Pretax income$235.1M−$102.4M−$405.7M−$172.1M−$7.2B
Income tax$36.2M$29.2M$140.8M−$198.0M−$237.7M
Net income$198.9M−$131.6M−$546.5M$25.9M−$6.9B
EPS, diluted$2.68$-1.93$-8.12$0.37$-92.96
Diluted shares74.2M68.3M67.3M69.6M74.6M

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$2.5B$2.0B$887.0M$877.1M$2.7B
Receivables$262.0M$246.1M$194.7M$250.0M$520.3M
Inventory$250.1M$408.6M$398.4M$470.1M$691.6M
Total current assets$3.1B$2.8B$1.6B$1.7B$4.2B
PP&E, net$434.1M$566.8M$645.3M$754.3M$1.2B
Goodwill & intangibles$524.6M$1.2B$1.7B$1.5B$1.4B
Total assets$4.2B$4.6B$3.9B$4.2B$7.3B
Accounts payable$156.7M$169.4M$126.3M$225.2M$567.4M
Total current liabilities$716.5M$633.8M$269.3M$392.8M$2.5B
Long-term debt$1.5B$2.5B$2.5B$2.6B$40.5M
Total liabilities$2.3B$3.3B$3.0B$3.1B$2.7B
Shareholders' equity$1.9B$1.4B$957.3M$1.1B$4.6B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$198.9M−$131.6M−$546.5M$25.9M−$6.9B
Depreciation & amortization$167.1M$255.6M$290.3M$256.7M$267.0M
Stock-based compensation$103.1M$148.4M$128.8M$177.2M$170.2M
Change in working capital−$90.6M−$136.6M$138.8M−$314.5M−$292.0M
Operating cash flow$459.3M$179.8M$24.7M$126.3M$751.4M
Capital expenditure−$91.2M−$128.5M−$136.0M−$231.0M−$451.3M
Free cash flow$368.1M$51.3M−$111.3M−$104.7M$300.1M
Investing cash flow−$226.3M−$874.0M−$114.3M−$84.1M−$785.5M
Net debt issued / repaid$852.3M$460.7M−$323.1M$68.4M−$74.5M
Buybacks−$543.9M−$175.6M$0−$41.7M−$102.0M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin45.7%30.4%20.2%28.0%41.7%
Operating margin17.6%-5.7%-33.8%-10.9%17.4%
Net margin11.6%-7.4%-51.6%1.6%-230.1%
FCF margin21.5%2.9%-8.5%-6.4%18.3%
ROE10.3%-8.1%-56.7%2.5%-240.0%
ROIC20.3%-3.6%-12.9%-5.0%11.6%
ROA5.2%-3.0%-15.3%0.6%-120.3%
Debt / equity1.032.122.672.300.36
Interest coverage3.9xn/mn/mn/mn/m
Current ratio4.384.385.904.371.68
Revenue growth−1.7%+3.2%−28.1%+29.4%+83.2%
EPS growth−45.7%−169.3%−401.6%+103.7%−25,943.2%
P/E at year end28.5xn/mn/m263.4xn/m
EV / EBITDA at year end10.5x25.1xn/m80.1xn/m
FCF yield at year end6.48%1.32%-3.14%-1.53%0.90%
Dividend payout0.0%——0.0%—

Revenue by segment

FY2021FY2022FY2023FY2026
Systems———$2.0B
Optical Communications Segment$1.6B$1.5B——
Components———$1.0B
Lasers Segment$122.1M$194.1M$209.2M—

Revenue by region · FY2026

Asia Pacific$1.8B · 30%
Americas$1.1B · 19%
UNITED STATES$627.9M · 11%
THAILAND$626.6M · 11%
HONG KONG$519.3M · 9%
MEXICO$443.7M · 8%
CHINA$284.8M · 5%
Other Asia Pacific Not Individually Identified$216.9M · 4%
EMEA$177.0M · 3%
JAPAN$104.6M · 2%
Americas Excluding United States And Mexico$13.2M · 0%

Street estimates by fiscal year

Next report 2026-11-05 · consensus EPS $4.21 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$3.0B$3.0B – $3.0B$8.23$7.63 – $8.5514100.2x
2026$3.0B$3.0B – $3.0B$8.23$7.63 – $8.5513100.2x
2027$6.3B$5.7B – $6.7B$21.70$19.32 – $23.071438.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-11$2.97$3.23+8.8%$987.7M$1.0B+1.9%
2026-05-05$2.27$2.37+4.4%$810.2M$808.4M−0.2%
2026-02-03$1.41$1.67+18.4%$652.1M$665.5M+2.1%
2025-11-04$1.03$1.10+6.8%$526.5M$533.8M+1.4%
2025-08-12$0.81$0.88+8.1%$470.5M$425.2M−9.6%
2025-05-06$0.50$0.57+14.0%$456.6M$425.2M−6.9%
2025-02-06$0.34$0.42+23.5%$390.1M$402.2M+3.1%
2024-11-07$0.12$0.18+48.1%$325.0M$336.9M+3.6%
2024-08-14$0.03$0.06+85.8%$301.0M$308.3M+2.4%
2024-05-06$0.26$0.29+11.5%$365.1M$366.5M+0.4%
2024-02-08$0.31$0.32+3.2%$363.3M$366.8M+1.0%
2023-11-08$0.27$0.35+29.6%$312.6M$317.6M+1.6%
2023-08-17$0.56$0.59+5.4%$366.5M$370.8M+1.2%
2023-05-09$0.83$0.75−9.6%$382.2M$383.4M+0.3%
2023-02-09$1.33$1.52+14.3%$507.1M$506.0M−0.2%
2022-11-08$1.56$1.69+8.3%$503.6M$506.8M+0.6%
2022-08-16$1.35$1.47+8.9%$418.0M$422.1M+1.0%
2022-05-04$1.13$1.19+5.3%$390.2M$395.4M+1.3%
2022-02-03$1.59$1.60+0.6%$445.6M$446.7M+0.3%
2021-11-04$1.56$1.79+14.7%$438.8M$448.4M+2.2%
2021-08-18$1.07$1.15+7.5%$438.8M$392.1M−10.6%
2021-05-12$1.42$1.40−1.4%$434.5M$419.5M−3.5%
2021-02-02$1.85$1.99+7.6%$479.6M$478.8M−0.2%
2020-11-02$1.47$1.78+21.1%$373.3M$452.4M+21.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
3.706-154.706-223.206-293.407-063.807-133.307-203.807-273.908-035.408-104.008-173.208-242.508-31
Week ofNotionalSharesTrades
2026-08-31$2.5B2,898,423130,335
2026-08-24$3.2B3,585,726157,257
2026-08-17$4.0B4,544,975195,388
2026-08-10$5.4B6,136,246240,548
2026-08-03$3.9B4,669,591173,802
2026-07-27$3.8B5,698,357196,068

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1544.8%
DateShort shareShort volumeTotal volume
2026-10-1544.8%1,679,4353,746,714
2026-10-1442.5%1,311,4473,087,376
2026-10-1339.0%731,3981,875,717
2026-10-1250.2%1,669,6923,326,903
2026-10-0960.2%1,600,1922,658,137
2026-10-0845.0%1,090,0542,424,903
2026-10-0757.6%856,8471,486,462
2026-10-0665.1%1,530,7702,351,072
2026-10-0558.5%875,8531,496,286
2026-10-0264.0%1,321,4402,064,985
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.1Jan+7.5Feb-0.1Mar-6.2Apr+2.9May+6.9Jun+8.1Jul+4.8Aug-1.4Sep+1.0Oct+10.3Nov+5.6Dec
MonthAvg returnUp yearsYears
Jan+0.1%45%11
Feb+7.5%45%11
Mar−0.1%64%11
Apr−6.2%20%10
May+2.9%50%10
Jun+6.9%60%10
Jul+8.1%82%11
Aug+4.8%55%11
Sep−1.4%27%11
Oct+1.0%55%11
Nov+10.3%73%11
Dec+5.6%64%11
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1437.4
MFI51.2
ADX19.5
Stochastic %K / %D11.0 / 21.1
Williams %R-93.0
CCI-145
TSI / signal0.3 / 11.8
Chaikin money flow-0.01
ATR$70.87
Bollinger width34.1%
Volume vs 20-day avg0.87x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$988.33 (−16.6%)
SMA 50$931.65 (−11.5%)
SMA 200$777.47 (+6.0%)
EMA 21$966.88 (−14.8%)
EMA 50$933.16 (−11.7%)
EMA 200$757.78 (+8.8%)
Bollinger upper$1,157.01 (−28.8%)
Bollinger lower$819.65 (+0.5%)
Parabolic SAR$1,092.50 (−24.6%)
Open the live chart, 110+ indicators

About Lumentum Holdings Inc.

Lumentum Holdings Inc., established in 2015 and headquartered in San Jose, California, is a global leader in optical and photonic product manufacturing. The company's reach extends across the Americas, Asia-Pacific, Europe, the Middle East, and Africa. Lumentum operates through two principal business units: Optical Communications (OpComms) and Commercial Lasers. The OpComms segment develops and supplies components, modules, and subsystems essential for transmitting video, audio, and data across high-capacity fiber optic networks. Its offerings encompass a wide range of products, including tunable transponders, transceivers, and transmitter modules, alongside various tunable lasers, receivers, and modulators. Furthermore, this segment provides critical transport products such as reconfigurable optical add/drop multiplexers (ROADMs), optical amplifiers, and optical channel monitors. A comprehensive suite of components is also available, featuring 980nm, multi-mode, and Raman pumps; switches; attenuators; photodetectors; gain flattening filters; isolators; wavelength-division multiplexing (WDM) filters; arrayed waveguide gratings (AWGs); multiplex/de-multiplexers; and integrated passive modules. Distinctive innovations from this segment include the Super Transport Blade, which integrates multiple optical transport functions into a single unit; vertical-cavity surface-emitting lasers (VCSELs); directly modulated and electro-absorption modulated lasers; and advanced laser illumination sources for 3D sensing systems. OpComms serves key clientele in the telecommunications, data communications, consumer, and industrial markets. Conversely, the Commercial Lasers segment produces an array of laser technologies, such as diode-pumped solid-state, fiber, diode, direct-diode, and gas lasers. These are primarily utilized in original equipment manufacturer (OEM) applications. This segment's laser solutions cater to a broad spectrum of markets and uses, including sheet metal processing, general manufacturing, biotechnology, graphics and imaging, remote sensing, and precision machining.

https://www.lumentum.com

Key executives

NameTitlePayBorn
Michael E. HurlstonPresident, Chief Executive Officer & Director$3.1M1967
Wajid AliExecutive Vice President & Chief Financial Officer$1.6M1973
Wupen YuenPresident of Global Business Units$1.5M1970
Jae KimSenior Vice President, General Counsel & Secretary$1.1M1971
Vincent RetortExecutive Vice President of Global Reliability & Quality$759,3811954
Heather PaschallExecutive Vice President & Chief Human Resources Officer——
John BagatelosSenior Vice President of Worldwide Sales——
Kathryn TaVice President of Investor Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Michael Hurlston President and Chief Executive Officer2026$900,000$12.3M$2.2M$15.4M
Wajid Ali Executive Vice President and Chief Financial Officer2026$556,000$7.3M$1.0M$8.9M
Wupen Yuen President, Global Business Units2026$504,000$7.5M$938,952$8.9M
Vincent Retort Executive Vice President, Global Reliability & Quality2026$556,000$5.9M$1.0M$7.5M
Jae Kim Senior Vice President, General Counsel and Secretary2026$450,000$3.8M$628,763$4.9M

Employees

5k20195k20206k20217k20228k20237k202411k202514k2026

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Narrow · Efficient Scale · 2026-06-27
Cost advantage60
Intangibles36
Switching costs60
Network effect80
Efficient scale95
Our component scores (0-100) and overall 62.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms