Lumentum key statistics and ratios

In fiscal 2026, Lumentum had an operating margin of 17.4%, debt equal to 35.3% of equity and a current ratio of 1.68. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Lumentum: financial ratios, annual
Fiscal year	2013Jun 2013	2014Jun 2014	2015Jun 2015	2016Jul 2016	2017Jul 2017	2018Jun 2018	2019Jun 2019	2020Jun 2020	2021Jul 2021	2022Jul 2022	2023Jul 2023	2024Jun 2024	2025Jun 2025	2026Jun 2026
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%
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%
Return on equity	2.3%	3.5%	−0.9%	2.1%	−18.4%	32.1%	−3.0%	8.3%	21.3%	10.3%	−8.1%	−47.3%	2.5%	—
Return on assets	—	2.2%	−0.7%	1.5%	−10.5%	17.6%	−1.7%	4.5%	11.6%	5.2%	−3.0%	−12.8%	0.6%	−120.3%
Asset turnover	—	1.66	1.67	1.46	1.02	0.89	0.73	0.56	0.51	0.44	0.40	0.32	0.40	0.52
Current ratio	—	2.09	2.54	2.82	5.05	5.27	4.53	7.24	3.67	4.38	4.38	5.90	4.37	1.68
Debt to equity	0.0%	0.0%	0.0%	0.0%	73.9%	49.3%	32.3%	88.0%	77.7%	121.9%	207.4%	261.5%	227.7%	35.3%
Interest cover (operating income ÷ interest)	3.9x	43.5x	n/m	115.0x	8.7x	7.7x	n/m	3.3x	7.9x	3.8x	n/m	n/m	n/m	24.1x
Effective tax rate	—	−9.2%	—	4.1%	—	—	—	—	—	—	—	—	—	—
R&D as % of revenue	14.8%	16.5%	16.8%	15.6%	14.8%	12.6%	11.8%	11.8%	12.3%	12.9%	17.4%	22.2%	18.5%	11.8%
SG&A as % of revenue	13.3%	13.2%	15.4%	13.0%	11.0%	10.3%	12.8%	14.0%	13.9%	15.5%	19.7%	22.9%	21.2%	12.1%
Capital spending as % of revenue	4.1%	7.8%	6.4%	9.1%	13.8%	7.5%	10.6%	5.1%	4.9%	5.3%	7.3%	9.8%	14.0%	15.0%
Free cash flow ÷ net income	353.8%	−13.1%	—	49.5%	—	62.2%	—	323.5%	164.6%	185.1%	—	—	−404.2%	—
Dividends ÷ net income	—	0.0%	—	5.4%	—	0.3%	—	0.0%	0.0%	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	—	10.9%	—	0.5%	0.4%	45.6%	36.1%	147.8%	342.3%	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Lumentum: financial ratios, quarterly
Quarter	2025 Q1Sept 2024	2025 Q2Dec 2024	2025 Q3Mar 2025	2025 Q4Jun 2025	2026 Q1Sept 2025	2026 Q2Dec 2025	2026 Q3Mar 2026	2026 Q4Jun 2026
Gross margin	23.1%	24.8%	28.8%	33.3%	34.0%	36.1%	44.2%	47.4%
Operating margin	−24.5%	−12.8%	−8.9%	−1.7%	1.3%	9.7%	21.6%	27.8%
Net margin	−24.5%	−15.1%	−10.4%	44.4%	0.8%	11.8%	17.8%	−711.7%
Free-cash-flow margin	−10.2%	−4.0%	−15.1%	2.1%	−3.4%	6.5%	9.8%	19.5%
Current ratio	5.36	4.76	4.72	4.37	1.37	0.61	1.14	1.68
Debt to equity	288.0%	294.7%	292.5%	226.8%	415.4%	388.3%	110.4%	35.3%
R&D as % of revenue	22.1%	18.4%	17.9%	16.5%	15.2%	12.0%	11.2%	10.4%
SG&A as % of revenue	22.6%	19.0%	26.3%	17.4%	15.9%	14.4%	11.2%	9.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Lumentum's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Lumentum.