LITE Technology

Lumentum Holdings Inc.

$680.16-0.62%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Technology
Industry: Communication Equipment
Country: United States
Market cap: 61.6B USD
Enterprise value: 74.4B USD
Full-time employees: 13,757

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.54 vs a peer median of 0.87) and more debt relative to equity (0.70× vs a peer median of 0.25×)higher risk: bigger price swings (beta 1.54 vs peers 0.87) and more debt vs equity (0.70× vs peers 0.25×)

Ranks #1,196 of 1,612 technology companies (bottom 26%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 35% from July 2023 to August 2026.
Lumentum had 35% more shares at August 2026 than at July 2023, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Lumentum had 35% more shares at August 2026 than at July 2023, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Earnings slid into a loss. Loss per share this year after a profit last year.
Lumentum made a loss per share in its latest year after a profit the year before.
Investment surge. Capital spending 15% of revenue, up from 7.3% in FY Jun 2023.
Lumentum is spending 15% of revenue on facilities and equipment, up from 7.3% in FY Jun 2023. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Lumentum reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

38/ 100▲ 1 since Oct 27 close

Oct 5 37 → Nov 4 38 (+1)

Valuation

Is the price right?

21/100

Weak▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 15.3% (existing holders diluted)

Valuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 20 → 21

Share price -21.5%+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-11.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield1.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.82Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield0.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.82Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield7.6%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

83/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 21.1%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a profit to a loss33% base weight · Z-score -1.83Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth19.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.85Sector median: 0.0483 · MAD: 0.0793

Revenue growth83.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.89Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

27/100

Weak

3/3 inputs reported · High confidence

Since last quarter: Mixed

Turned to a loss over the last 12 months
Operating margin rose 7.9 points to 17.4%

Why

Weaker than most peers on:

▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin17.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.56Sector median: 0.0631 · MAD: 0.0710

Return on assets-94.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.92Sector median: 0.0293 · MAD: 0.0362

Return on invested capital7.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.04Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin41.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-149.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Debt down 50%

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.54

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.80Sector median: 0.8710 · MAD: 0.3700

Current ratio1.68×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.22Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.70×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.97Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Lumentum

Is Lumentum getting weaker?: Its latest SEC filing (Oct 6, 2026) was mixed: some things better, some worse: turned to a loss over the last 12 months; operating margin rose 7.9 points to 17.4%. Its overall score is 38/100, up 1 since Oct 28, 2026.
How is Lumentum valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 21/100 against 1,711 technology peers. Earnings yield -11.4% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -11.4% vs peers 2.2% (weaker than 100% of peers).
Is Lumentum growing?: Yes, faster than most of its peers. Growth scores 83/100 against 1,711 technology peers. Revenue growth 83.2% vs a peer median of 8.5% (stronger than 95% of peers).Revenue growth 83.2% vs peers 8.5% (stronger than 95% of peers).
How profitable is Lumentum?: Less profitable than most of its peers. Profitability scores 27/100 against 1,711 technology peers. Operating margin 17.4% vs a peer median of 6.3% (stronger than 81% of peers).Operating margin 17.4% vs peers 6.3% (stronger than 81% of peers). Return on assets -94.9% vs a peer median of 2.9% (weaker than 100% of peers).Return on assets -94.9% vs peers 2.9% (weaker than 100% of peers).
How risky is Lumentum?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 1.54 vs a peer median of 0.87 (weaker than 84% of peers).Beta 1.54 vs peers 0.87 (weaker than 84% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 27, 2026 · filed Oct 6, 2026 · compared with the quarter ended Mar 28, 2026

Mixed: some things better, some worse

Turned to a loss over the last 12 months
Operating margin rose 7.9 points to 17.4%
Share count up 15.3% (existing holders diluted)
Debt down 50%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	2.5B USD	3.0B USD	+21.1%
Net income (12 months)	439.9M USD	−6.9B USD	turned negative
Operating margin	9.5%	17.4%	+7.9 pts
Free cash flow (12 months)	114.0M USD	300.1M USD	+163.2%
Debt	6.5B USD	3.2B USD	−50.4%
Cash	2.6B USD	2.0B USD	−21.9%
Shares outstanding	77.8M	89.7M	+15.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Technology · 320 companies

Valuations in Technology are above their usual range since 2016.

70% of months since 2016 were valued lower than now.
37% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +5% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +68% vs the whole market, against a usual +58%.

2016Shaded: most expensive fifth of its range2026

Shown for Technology: too few Communication Equipment companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Jun 2022	FY Jun 2023	FY Jun 2024	FY Jun 2025	FY Jun 2026	Change
Gross margin	46.0%	32.2%	18.5%	28.0%	41.7%	▲ 14 pts
Operating margin	17.7%	-6.5%	-31.9%	-10.9%	17.4%	▲ 28 pts
Net margin	11.6%	-7.4%	-40.2%	1.6%	-230.1%	▼ 232 pts
Return on assets (ROA)	4.8%	-2.8%	-13.9%	0.6%	-94.9%	▼ 96 pts
Return on equity (ROE)	10.6%	-9.7%	-57.1%	2.3%	-149.3%	▼ 152 pts
Free cash flow margin	21.5%	2.9%	-8.0%	-6.4%	10.0%	▲ 16 pts
Current ratio	4.38×	4.38×	5.90×	4.37×	1.68×	▼ 62%
Quick ratio	4.03×	3.74×	4.43×	3.18×	1.40×	▼ 56%
Debt to equity	1.29×	—	2.61×	2.28×	0.70×	▼ 69%
Interest coverage	3.78×	-3.26×	-12.84×	-8.11×	24.07×	▲ 397%

LITE price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.54 vs a peer median of 0.87) and more debt relative to equity (0.70× vs a peer median of 0.25×)higher risk: bigger price swings (beta 1.54 vs peers 0.87) and more debt vs equity (0.70× vs peers 0.25×)

Ranks #1,196 of 1,612 technology companies (bottom 26%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 35% from July 2023 to August 2026.

Lumentum had 35% more shares at August 2026 than at July 2023, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Lumentum had 35% more shares at August 2026 than at July 2023, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Earnings slid into a loss. Loss per share this year after a profit last year.

Lumentum made a loss per share in its latest year after a profit the year before.

Investment surge. Capital spending 15% of revenue, up from 7.3% in FY Jun 2023.

Lumentum is spending 15% of revenue on facilities and equipment, up from 7.3% in FY Jun 2023. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Lumentum reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about Lumentum

Is Lumentum getting weaker?

Its latest SEC filing (Oct 6, 2026) was mixed: some things better, some worse: turned to a loss over the last 12 months; operating margin rose 7.9 points to 17.4%. Its overall score is 38/100, up 1 since Oct 28, 2026.

How is Lumentum valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 21/100 against 1,711 technology peers. Earnings yield -11.4% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -11.4% vs peers 2.2% (weaker than 100% of peers).

Is Lumentum growing?

Yes, faster than most of its peers. Growth scores 83/100 against 1,711 technology peers. Revenue growth 83.2% vs a peer median of 8.5% (stronger than 95% of peers).Revenue growth 83.2% vs peers 8.5% (stronger than 95% of peers).

How profitable is Lumentum?

Less profitable than most of its peers. Profitability scores 27/100 against 1,711 technology peers. Operating margin 17.4% vs a peer median of 6.3% (stronger than 81% of peers).Operating margin 17.4% vs peers 6.3% (stronger than 81% of peers). Return on assets -94.9% vs a peer median of 2.9% (weaker than 100% of peers).Return on assets -94.9% vs peers 2.9% (weaker than 100% of peers).

How risky is Lumentum?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 1.54 vs a peer median of 0.87 (weaker than 84% of peers).Beta 1.54 vs peers 0.87 (weaker than 84% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

2.5B USD

3.0B USD

+21.1%

Net income (12 months)

439.9M USD

−6.9B USD

turned negative

Operating margin

9.5%

17.4%

+7.9 pts

Free cash flow (12 months)

114.0M USD

300.1M USD

+163.2%

Debt

6.5B USD

3.2B USD

−50.4%

Cash

2.6B USD

2.0B USD

−21.9%

Shares outstanding

77.8M

89.7M

+15.3%

Key ratios

FY Jun 2022

FY Jun 2023

FY Jun 2024

FY Jun 2025

FY Jun 2026

Change

Gross margin

46.0%

32.2%

18.5%

28.0%

41.7%

▲ 14 pts

Operating margin

17.7%

-6.5%

-31.9%

-10.9%

17.4%

▲ 28 pts

Net margin

11.6%

-7.4%

-40.2%

1.6%

-230.1%

▼ 232 pts

Return on assets (ROA)

4.8%

-2.8%

-13.9%

0.6%

-94.9%

▼ 96 pts

Return on equity (ROE)

10.6%

-9.7%

-57.1%

2.3%

-149.3%

▼ 152 pts

Free cash flow margin

21.5%

2.9%

-8.0%

-6.4%

10.0%

▲ 16 pts

Current ratio

4.38×

5.90×

4.37×

1.68×

▼ 62%

Quick ratio

4.03×

3.74×

4.43×

3.18×

1.40×

▼ 56%

Debt to equity

1.29×

—

2.61×

2.28×

0.70×

▼ 69%

Interest coverage

3.78×

-3.26×

-12.84×

-8.11×

24.07×

▲ 397%