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Lumentum (LITE) stock

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NASDAQ: LITE Nasdaq Communications Equipment Next results ~February 2, 2027

C+ Fundamentals grade

Lumentum is a US-listed company in the communications equipment industry. Its financial year ends in June.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$300

Valuation models combined (4)

Base case. Range ~$140–$570. Weighted average of 4 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Lumentum valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Lumentum files

Where Lumentum stands after its latest 10-K

Revenue for the twelve months to June 2026 was $3.01bn, up 83.2% on a year earlier, faster than 69.0% a quarter earlier. Free-cash-flow margin rose to 10.0% from -6.4% a year earlier. Operating margin widened to 17.4% from -10.9%. The diluted share count is up 21.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 7 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $231 a share, against a share price of $827.

Source: 10-K filed August 17, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 2, 2027 (estimated)

Lumentum's trailing-twelve-month revenue grew 83.2% year on year, with a free-cash-flow margin of 10.0%. Where it stands out: revenue growth of 83.2% ranks 2 of 40 communications equipment companies we cover. Where it lags: net margin of -230.1% ranks 39 of 40 communications equipment companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 83.2% (+14.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 83.2% over the last 12 months, against a median of 11.3% for communications equipment companies we cover.
  • Growth speeding up. The growth rate is 14.2 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 28.4 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $2.0bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Share dilution. Diluted shares rose 21.8% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 101% and a beta of 3.1 against the S&P 500.
  • Insiders selling. 12 insiders sold $176M of stock over the past 365 days and none bought (89% under pre-set trading plans).
  • Below peers: net margin. Net margin of -230.1% ranks 39 of 40 communications equipment companies we cover (median 0.6%).
  • Short interest rising. Shares sold short rose 19% in a month to 8.6% of tradable shares.

Latest results: FY2026 Q4

Filed August 17, 2026
Earnings per share
$4.57 against an average estimate of $4.22: beat by 8.2%
Revenue
$1.01bn, up 109.3% on a year earlier
Share reaction
+14.6% in the first session after the results on August 11, 2026, against -0.1% for the S&P 500
Guidance given
net revenue $1.23bn to $1.28bn (first quarter of fiscal year 2027); non-GAAP operating margin 39.5% to 40.5% (first quarter of fiscal year 2027)
Next report
November 2, 2026; average EPS estimate $5.76

Lumentum's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-18.6%
  • 1 week-16.3%
  • 1 month-36.9%
  • This year+85.7%
  • 1 year+239.6%
  • 5 years+688.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3B
Operating margin
17.4%
Net margin
-230.1%
EPS (TTM, diluted)
$-83.01

Growth

Revenue growth
+83.2%
Change in growth rate
+14.2 pts
Share count change
+21.8%

Cash

Free cash flow (TTM)
$300M
FCF margin
10.0%
Stock pay % of revenue
5.4%

Earnings

Last results
November 2, 2026
Next results (est.)
February 2, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Deal
  3. Results
  4. Leadership
  5. Announcement
  6. Results
  7. Announcement
  8. Insider trade
  9. Announcement
  10. Announcement
  11. Announcement
  12. Announcement
  13. Results
  14. Guidance
  15. Leadership
  16. Announcement
  17. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Lumentum valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Lumentum as an operating company, with every model that fits that kind of business. Cost of equity 12.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.64 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$280 ~$170–$370 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$570 ~$450–$800 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$150 ~$110–$530 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$140 ~$120–$170 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$300 ~$140–$570 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lumentum with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026
Share price$23.65$57.05$57.90$53.41$76.13$83.47$77.82$56.73$50.92$94.75$816.98
Market value$1.4bn$3.5bn$3.7bn$3.8bn$5.9bn$6.5bn$5.8bn$3.9bn$3.4bn$6.6bn$60.9bn
+ Net debt (− = net cash)−$157m$184m$59m$51m$1.2bn$758m$996m$2.0bn$2.1bn$2.1bn−$406m
Enterprise value$1.2bn$3.6bn$3.7bn$3.8bn$7.1bn$7.3bn$6.8bn$5.8bn$5.5bn$8.7bn$60.5bn
Multiples
Price / sales 1.5x3.5x2.9x2.4x3.5x3.8x3.4x2.2x2.5x4.0x20.2x
Price / earnings 150.3x—14.8x—43.6x16.5x29.0x——n/m—
Price / free cash flow n/m—23.8x23.0x13.5x10.0x15.7x75.5x——n/m
EV / EBITDA 21.1x35.8x17.4x47.1x22.5x11.8x17.6x———92.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

24 /100

Weak moat

How hard Lumentum's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -0.4% of total assets over 10 years.

  • Pricing power 6 / 20

    Gross margin has been a median 33.4%, moving by 8.2 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 7.5%; its worst year was -31.9%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 7 of 10 years, at a median 10.2% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 7.5% over five years; stock-based pay has been a median 5.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (29 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $24.73 +185% $6.8bn +125%
Next $37.03 +50% $10.0bn +47%

Next year's EPS estimate has moved +24.0% in 90 days, across 21 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +32.0% on 90 days ago. In the last 30 days, 1 analyst raised Lumentum's forecast and 0 cut it.

Consensus EPS forecast Lumentum, last 90 days
$15.00 $20.00 $25.00 $30.00 $35.00 $40.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $18.73 Current fiscal year, 60 days ago: $21.64 Current fiscal year, 30 days ago: $21.74 Current fiscal year, 7 days ago: $21.80 Current fiscal year, Now: $24.73 $24.73 Next fiscal year, 90 days ago: $29.85 Next fiscal year, 60 days ago: $33.30 Next fiscal year, 30 days ago: $35.10 Next fiscal year, 7 days ago: $36.01 Next fiscal year, Now: $37.03 $37.03

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $18.73$29.85
60 days ago $21.64$33.30
30 days ago $21.74$35.10
7 days ago $21.80$36.01
Now $24.73$37.03

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.22 $4.57 +8.2%
Jun 2026 $2.97 $3.23 +8.8%
Mar 2026 $2.27 $2.37 +4.6%
Dec 2025 $1.41 $1.67 +18.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 11, 2026
  • Net revenue first quarter of fiscal year 2027 $1.225bn to $1.275bn
    “Net revenue in the range of $1.225 billion to $1.275 billion” source
  • Non-GAAP diluted net income per share first quarter of fiscal year 2027 $4.05 to $4.35 Non-GAAP
    “Non-GAAP diluted net income per share of $4.05 to $4.35” source
  • Non-GAAP operating margin first quarter of fiscal year 2027 39.5% to 40.5% Non-GAAP
    “Non-GAAP operating margin of 39.5% - 40.5%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

26 analysts, Nov 2026
Buy2077%
Hold623%
Sell00%

Monthly trend

  1. Nov 2026317626
  2. Oct 2026518528
  3. Sep 2026518427
  4. Aug 2026517426

Counts of recommendations published by analysts covering Lumentum, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.6%
of tradable shares
Days to cover
1.55
at average volume
Short interest, 1 month
+19%
to October 15, 2026
Held by institutions
95%
of shares
Held by insiders
0.3%
of shares
Employees
13,757
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +239.6%

$201.56 on October 31, 2025 to $684.40

ThenNowEffect
Revenue (last 12 months) $1.6bn $3.0bn +83.2%
P/S multiple 8.5x 19.0x +122.5%
Share count 70m 84m −16.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +1500.6%

$42.76 on November 3, 2023 to $684.40

ThenNowEffect
Revenue (last 12 months) $1.8bn $3.0bn +70.6%
P/S multiple 1.7x 19.0x +1047.9%
Share count 68m 84m −18.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LITE+12%−51%+1%+60%+339%+86%
Industry peers (median)+18%−18%−12%+23%+1%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LITE50%25%58%58%75%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LITE−38%−54%−42%−32%−51%−43%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 67% from January 12, 2021 to October 27, 2023. Getting back needed a 202% gain, reached on July 29, 2025, 641 days after the low.

Price behaviour

52-week range
$188.36 – $1133.40
From 52-week high
−39.6%
vs 50-day average
−25.5%
vs 200-day average
−14.8%
Volatility (1 year)
101%
Beta vs S&P 500
3.12

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 3 down
typical move ±8.7%
After a week
8 up, 3 down
typical move ±13.3%
After a month
8 up, 3 down
typical move ±28.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 11, 2026 +14.6% −0.1% +7.4% +15.0%
May 5, 2026 −3.3% +2.2% +1.7% −3.2%
February 3, 2026 +9.9% −1.3% +32.5% +53.7%
November 4, 2025 +16.6% −0.8% +26.5% +64.3%
August 12, 2025 +4.5% +1.4% +2.5% +43.3%
May 6, 2025 +4.9% −0.4% +18.0% +29.2%
February 6, 2025 −3.7% −0.6% −12.4% −35.6%
February 3, 2025 +1.5% 0.0% −3.7% −20.8%
November 7, 2024 +16.5% +1.2% +18.3% +24.8%
August 14, 2024 +13.0% +2.0% +22.0% +20.6%
May 6, 2024 −7.5% +1.1% −1.7% +1.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Lumentum in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Lumentum
$1B $1.5B $2B $2.5B $3B $3.5B FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue (TTM), FY24 Q1: $1.6B Revenue (TTM), FY24 Q2: $1.4B Revenue (TTM), FY24 Q3: $1.4B Revenue (TTM), FY24 Q4: $1.4B Revenue (TTM), FY25 Q1: $1.4B Revenue (TTM), FY25 Q2: $1.4B Revenue (TTM), FY25 Q3: $1.5B Revenue (TTM), FY25 Q4: $1.6B Revenue (TTM), FY26 Q1: $1.8B Revenue (TTM), FY26 Q2: $2.1B Revenue (TTM), FY26 Q3: $2.5B Revenue (TTM), FY26 Q4: $3B $3B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $1.6B
FY24 Q2 $1.4B
FY24 Q3 $1.4B
FY24 Q4 $1.4B
FY25 Q1 $1.4B
FY25 Q2 $1.4B
FY25 Q3 $1.5B
FY25 Q4 $1.6B
FY26 Q1 $1.8B
FY26 Q2 $2.1B
FY26 Q3 $2.5B
FY26 Q4 $3B
Revenue growth, TTM YoY Lumentum
-50% 0% 50% 100% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue growth, TTM YoY, FY24 Q1: -10.9% Revenue growth, TTM YoY, FY24 Q2: -21.4% Revenue growth, TTM YoY, FY24 Q3: -21.8% Revenue growth, TTM YoY, FY24 Q4: -23.1% Revenue growth, TTM YoY, FY25 Q1: -12.6% Revenue growth, TTM YoY, FY25 Q2: -1.7% Revenue growth, TTM YoY, FY25 Q3: 3.6% Revenue growth, TTM YoY, FY25 Q4: 21.0% Revenue growth, TTM YoY, FY26 Q1: 33.6% Revenue growth, TTM YoY, FY26 Q2: 48.9% Revenue growth, TTM YoY, FY26 Q3: 69.0% Revenue growth, TTM YoY, FY26 Q4: 83.2% 83.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 -10.9%
FY24 Q2 -21.4%
FY24 Q3 -21.8%
FY24 Q4 -23.1%
FY25 Q1 -12.6%
FY25 Q2 -1.7%
FY25 Q3 3.6%
FY25 Q4 21.0%
FY26 Q1 33.6%
FY26 Q2 48.9%
FY26 Q3 69.0%
FY26 Q4 83.2%
Operating margin (TTM) Lumentum
-40% -20% 0% 20% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Operating margin (TTM), FY24 Q1: -13.3% Operating margin (TTM), FY24 Q2: -20.4% Operating margin (TTM), FY24 Q3: -25.1% Operating margin (TTM), FY24 Q4: -31.9% Operating margin (TTM), FY25 Q1: -31.6% Operating margin (TTM), FY25 Q2: -27.0% Operating margin (TTM), FY25 Q3: -20.7% Operating margin (TTM), FY25 Q4: -10.9% Operating margin (TTM), FY26 Q1: -4.9% Operating margin (TTM), FY26 Q2: 1.2% Operating margin (TTM), FY26 Q3: 9.5% Operating margin (TTM), FY26 Q4: 17.4% 17.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q1 -13.3%
FY24 Q2 -20.4%
FY24 Q3 -25.1%
FY24 Q4 -31.9%
FY25 Q1 -31.6%
FY25 Q2 -27.0%
FY25 Q3 -20.7%
FY25 Q4 -10.9%
FY26 Q1 -4.9%
FY26 Q2 1.2%
FY26 Q3 9.5%
FY26 Q4 17.4%
FCF margin (TTM) Lumentum
-10% -5% 0% 5% 10% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 FCF margin (TTM), FY24 Q1: -0.4% FCF margin (TTM), FY24 Q2: -6.5% FCF margin (TTM), FY24 Q3: -7.5% FCF margin (TTM), FY24 Q4: -8.0% FCF margin (TTM), FY25 Q1: -6.0% FCF margin (TTM), FY25 Q2: -4.7% FCF margin (TTM), FY25 Q3: -7.1% FCF margin (TTM), FY25 Q4: -6.4% FCF margin (TTM), FY26 Q1: -4.8% FCF margin (TTM), FY26 Q2: -1.4% FCF margin (TTM), FY26 Q3: 4.6% FCF margin (TTM), FY26 Q4: 10.0% 10.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q1 -0.4%
FY24 Q2 -6.5%
FY24 Q3 -7.5%
FY24 Q4 -8.0%
FY25 Q1 -6.0%
FY25 Q2 -4.7%
FY25 Q3 -7.1%
FY25 Q4 -6.4%
FY26 Q1 -4.8%
FY26 Q2 -1.4%
FY26 Q3 4.6%
FY26 Q4 10.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Jun 2013 2014 Jun 2014 2015 Jun 2015 2016 Jul 2016 2017 Jul 2017 2018 Jun 2018 2019 Jun 2019 2020 Jun 2020 2021 Jul 2021 2022 Jul 2022 2023 Jul 2023 2024 Jun 2024 2025 Jun 2025 2026 Jun 2026
Income
Revenue 770 818 837 903 1,002 1,248 1,565 1,679 1,743 1,713 1,767 1,359 1,645 3,014
Gross profit 223 257 258 277 318 432 426 650 783 789 569 252 460 1,256
EBITDA 38 44 20 59 102 214 81 317 618 385 −9 −323 −76 654
Operating income 4 9 −23 12 48 140 −22 204 527 303 −116 −434 −180 525
Net income 7 11 −3 9 −103 248 −36 136 397 199 −132 −547 26 −6,935
Diluted EPS $0.11 $0.18 −$0.06 −$0.05 −$1.71 $3.82 −$0.54 $1.75 $5.07 $2.68 −$1.93 −$8.12 $0.37 −$92.96
Growth (year on year)
Revenue — +6.2% +2.3% +7.9% +10.9% +24.6% +25.5% +7.2% +3.8% −1.7% +3.2% −23.1% +21.0% +83.2%
EBITDA — +17.9% −55.7% +200.5% +72.8% +110.1% −62.0% +290.4% +94.8% −37.8% −102.4% — — —
Operating income — — — — — +193.9% −115.4% — +158.2% −42.4% −138.1% — — —
Net income — — — — — — −114.7% — +193.2% −49.9% −166.2% — — —
Diluted EPS — — — — — — −114.1% — +189.7% −47.1% −172.0% — — —
Margins
Gross margin 28.9% 31.4% 30.8% 30.7% 31.8% 34.6% 27.2% 38.7% 44.9% 46.0% 32.2% 18.5% 28.0% 41.7%
EBITDA margin 4.9% 5.4% 2.3% 6.5% 10.2% 17.1% 5.2% 18.9% 35.5% 22.5% −0.5% −23.8% −4.6% 21.7%
Operating margin 0.5% 1.1% −2.8% 1.3% 4.8% 11.2% −1.4% 12.2% 30.2% 17.7% −6.5% −31.9% −10.9% 17.4%
Net margin 0.8% 1.3% −0.4% 1.0% −10.2% 19.9% −2.3% 8.1% 22.8% 11.6% −7.4% −40.2% 1.6% −230.1%
Free-cash-flow margin 3.0% −0.2% −5.3% 0.5% −5.3% 12.4% 10.5% 26.1% 37.5% 21.5% 2.9% −8.0% −6.4% 10.0%
Cash flow
Cash from operations 55 63 9 87 85 248 330 524 739 459 180 25 126 751
Capital spending 32 64 54 82 138 93 166 86 85 91 129 133 231 451
Free cash flow 23 −1 −44 5 −53 154 164 438 654 368 51 −108 −105 300
Stock-based pay 16 19 18 25 33 47 61 73 93 103 148 129 177 170
Free cash flow after stock pay 7 −20 −63 −20 −86 108 103 365 561 265 −97 −237 −282 130
Balance sheet
Cash 8 20 15 157 273 397 433 298 774 1,290 859 437 521 2,044
Total debt 0 0 0 0 457 457 484 1,539 1,532 2,286 2,812 2,503 2,584 1,637
Net debt (negative = net cash) −8 −20 −15 −157 184 59 51 1,241 758 996 1,953 2,067 2,063 −406
Diluted shares 59m 59m 59m 59m 61m 63m 71m 78m 78m 74m 68m 67m 70m 75m
Returned to shareholders
Dividends — 0 0 1 1 1 1 0 0 — — — — —
Buybacks — — — — — 0 0 200 236 544 176 0 0 —
Total returned — 0 0 1 1 1 1 200 236 544 176 0 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · June 27, 2026
What it owns · $7.3bn
Short-term assets $4.2bnLonger-term assets $3.1bn
What it owes, and who funded it · $7.3bn
Short-term liabilities $2.5bnLonger-term liabilities $183mShareholders' equity $4.6bn
  • Short-term assets cover short-term liabilities $4.2bn of assets due within a year against $2.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.2bn short-term assets against $183m of longer-dated liabilities.
  • More cash than debt $2.0bn of cash against $1.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 35% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 76% to 35% over five years.
  • A year's operating cash flow covers at least 20% of debt $751m of operating cash flow against $1.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $525m against $22m of interest.

From Lumentum's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$176M
Diluted share count
+21.8%
year over year
R&D spending
11.8%
of revenue
Sales & admin spending
12.1%
of revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated LITE UI FFIV VSAT CIEN EXTR Median
Revenue, last 12 months $3.0bn $3.3bn $3.3bn $4.6bn $6.0bn $1.3bn $324m
Revenue growth, last 12 months 83.2% 27.2% 9.4% 1.3% 32.6% 11.3% 11.0%
Revenue growth, 3-year average 19.5% 19.0% 5.7% 18.8% 12.5% −1.3% 4.1%
Revenue growth, latest quarter 109.3% 23.5% 10.9% −1.2% 37.0% 9.9% 12.9%
Gross margin 41.7% 46.2% 81.9% — 44.1% 61.9% 43.7%
Operating margin 17.4% 36.2% 24.5% 2.4% 12.3% 5.7% 2.2%
Operating margin, 3-year average −8.5% 31.5% 24.1% −5.7% 7.5% −0.6% −1.4%
Net margin −230.1% 29.3% 22.0% −0.6% 10.9% 4.0% −0.0%
Cash from operations / revenue 24.9% 28.4% 31.7% 34.4% 17.5% 13.9% 9.9%
Free-cash-flow margin 10.0% 27.8% 29.3% 12.5% 13.5% 11.8% 7.7%
Free-cash-flow margin, 3-year average −1.5% 26.5% 28.6% 2.2% 11.3% 5.9% 2.2%
Stock pay / revenue 5.4% 0.2% 7.6% 2.1% 3.5% 6.7% 3.9%
Change in share count 21.8% 0.1% −1.7% 4.9% 0.1% 1.2% 1.5%

Median of all 40 companies we cover in communications equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 communications equipment companies
Measure Company Peer median Rank
Revenue growth Growth 83.2% 11.3% 2 of 40
Change in growth rate Growth +14.2pp +2.0pp 10 of 40
Gross margin Profitability 41.7% 44.1% 22 of 36
Operating margin Profitability 17.4% 2.4% 6 of 40
Net margin Profitability -230.1% 0.6% 39 of 40
Free-cash-flow margin Cash generation 10.0% 8.2% 15 of 38
Stock pay as % of revenue Cash generation 5.4% 3.9% 25 of 37
Long-term debt as % of assets Balance sheet 0.6% 10.4% 7 of 23
Change in share count Balance sheet 21.8% 1.6% 34 of 36

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to June 27, 2026
Geography
Region Revenue YoY
Asia Pacific $1.8B ▲ 75.1%
Americas $1.1B ▲ 125.6%
United States $628M ▲ 101.1%
TH $627M ▲ 114.7%
Hong Kong $519M ▲ 30.3%
Mexico $444M ▲ 198.8%
China $285M ▲ 198.2%
Other Asia Pacific Not Individually Identified $217M ▲ 59.0%
EMEA $177M ▲ 8.3%
Japan $105M ▲ 33.6%
Americas Excluding United States and Mexico $13.2M ▼ 34.3%

These categories overlap or exclude eliminations, so shares aren't shown.

From Lumentum's 10-K filed August 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$70.6B
Institutions reporting
1,310
Shares held vs prior quarter
▲ 6.6%
Positions opened / closed
354 / 135

Top buyers and sellers, Q2 2026: 876 institutions bought and 458 sold ; the biggest buyer was Invesco Ltd (+2.0M shares) and the biggest seller FMR LLC (−3.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $7.9B 9.2M 11.2% ▲ 17.1%
Vanguard Capital Management LLC $4.4B 5.1M 6.2% ▲ 9.5%
Vanguard Portfolio Management LLC $3.5B 4.1M 5.0% ▲ 10.6%
Jpmorgan Chase & Co $3.5B 4.1M 4.9% ▲ 38.0%
FMR LLC $3B 3.5M 4.3% ▼ 51.0%
State Street Corp $3B 3.5M 4.2% ▲ 13.7%
Invesco Ltd. $2.7B 3.2M 3.9% ▲ 170.0%
Geode Capital Management, LLC $1.9B 2.2M 2.7% ▲ 5.5%
Jupiter Topco LLC $1.6B 1.9M 2.3% —
Arrowstreet Capital, Limited Partnership $1.2B 1.4M 1.7% ▲ 238.5%
Morgan Stanley $1.1B 1.3M 1.6% ▲ 27.5%
Norges Bank $1B 1.2M 1.4% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Lumentum's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $176M 185 trades by 12 insiders · 89% under pre-set plans
Net ▼ $176M net selling
Insider Date Trade Shares Price Value
Ali Wajid EVP & CHIEF FINANCIAL OFFICER October 1, 2026 Sell pre-set plan 24,542 $1048.50 $25.7M
Wupen Yuen PRESIDENT, GLOBAL BUS. UNITS September 29, 2026 Sell pre-set plan 307 $945.00 $290,115
Wupen Yuen PRESIDENT, GLOBAL BUS. UNITS September 28, 2026 Sell pre-set plan 500 $948.50 $474,250
Wupen Yuen PRESIDENT, GLOBAL BUS. UNITS September 25, 2026 Sell pre-set plan 500 $935.75 $467,875
Wupen Yuen PRESIDENT, GLOBAL BUS. UNITS September 24, 2026 Sell pre-set plan 500 $921.07 $460,535
Wupen Yuen PRESIDENT, GLOBAL BUS. UNITS September 23, 2026 Sell pre-set plan 500 $946.56 $473,280
Wupen Yuen PRESIDENT, GLOBAL BUS. UNITS September 22, 2026 Sell pre-set plan 500 $935.55 $467,775
Wupen Yuen PRESIDENT, GLOBAL BUS. UNITS September 21, 2026 Sell pre-set plan 500 $959.27 $479,635
Wupen Yuen PRESIDENT, GLOBAL BUS. UNITS September 18, 2026 Sell pre-set plan 500 $920.00 $460,000
Wupen Yuen PRESIDENT, GLOBAL BUS. UNITS September 17, 2026 Sell pre-set plan 500 $933.45 $466,725
Wupen Yuen PRESIDENT, GLOBAL BUS. UNITS September 16, 2026 Sell pre-set plan 500 $856.83 $428,415
Wupen Yuen PRESIDENT, GLOBAL BUS. UNITS September 15, 2026 Sell pre-set plan 500 $841.51 $420,755

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 7 trades and filings

In the last 12 months, 2 members of Congress disclosed 2 purchases and 1 sale of Lumentum shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded July 17, 2026, filed September 4, 2026
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded May 22, 2026, filed June 3, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded April 14, 2026, filed May 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 11, 2026
  • May 5, 2026
  • February 3, 2026
  • November 4, 2025
  • August 12, 2025

Recent SEC filings

Data status

When each part of this page on Lumentum was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Lumentum in brief

What does Lumentum do?
Lumentum is a US-listed company in the communications equipment industry. Its financial year ends in June.
What is Lumentum's stock ticker?
Lumentum trades under the ticker LITE on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lumentum's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lumentum reported revenue of $3B, 83.2% higher than a year earlier, according to its SEC filings.
What is Lumentum's free cash flow?
Lumentum's free-cash-flow margin is 10.0% of revenue over the trailing twelve months, ranking 15 of the 38 communications equipment companies we cover.
Who are Lumentum's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Lumentum's market cap?
On June 26, 2026, Lumentum's market capitalisation was about $60.9B and net debt of -$406M. Market figures come from third-party market data and may be delayed.
How much debt does Lumentum have?
Lumentum's debt-to-equity ratio is 35.3%, from its latest balance sheet (75.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Lumentum's competitors?
In our Communications Equipment peer group, the companies closest to Lumentum are Ubiquiti Inc., F5, Inc., Viasat Inc, Ciena and Extreme Networks Inc. The side-by-side comparison below sets their revenue, margins and growth against Lumentum's.
Are insiders buying or selling Lumentum stock?
Over the last 12 months, Lumentum's directors and officers reported 0 open-market purchases and 185 sales on Form 4. The insider trading page charts every trade.
When is Lumentum's next earnings date?
Around February 2, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Lumentum announces its own schedule.