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US maker of optical components and lasers for telecom/data-center networks and industrial/consumer laser applications.
US maker of optical components and lasers for telecom/data-center networks and industrial/consumer laser applications.
Sells lasers and optical parts on a design-in basis: a customer qualifies a part for a product, then buys it for years. The mix has shifted from telecom carriers and Apple's phone-sensing lasers toward cloud data centers, whose transceiver makers use its lasers. It was spun out of JDSU in 2015 and grew by buying Oclaro in 2018.
Moat: narrow (process know-how, customer qualification, IP / patents). Deep photonics manufacturing know-how and long customer qualification cycles, in a competitive, cyclical optical-components market.
Headquarters: San Jose, California, US · Founded: 2015 · Employees: 13,757
Size Lumentum (LITE) is a United States Information Technology company (Electrical Products) with a market value of $48.9B, the 259th largest of 3,117 United States companies the cockpit tracks. Shares closed at $538.59 on 6 Nov 2026.
Performance Over six months the shares fell 40.4%, against -32.9% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 9 in its peer set.
Growth Revenue grew 103.2% over the last twelve months (peer median +51.7%); the operating margin is 23.4% (peer median 12.2%).
Valuation It trades at 18.8× forward earnings against a peer median of 15.8× (3rd most expensive of 6).
Price implies For today's price to make sense, revenue must grow about 42% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +30 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.4 points above its cost of capital (12.9% WACC).
Short interest Short interest is 8.5% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $3.74B | $3.01B | $1.65B | $1.36B | $1.77B |
| Revenue growth | — | +83% | +21% | -23% | — |
| Gross profit | $1.66B | $1.20B | $392M | $196M | $560M |
| EBITDA | $1.16B | $810M | $75.6M | -$79.4M | $210M |
| Net income | -$6.58B | -$6.94B | $25.9M | -$546M | -$132M |
| Free cash flow | $356M | $300M | -$105M | -$108M | $51.3M |
| Capital expenditure | $605M | $451M | $231M | $137M | $128M |
| Total debt | $1.43B | $1.67B | $2.61B | $2.56B | $2.87B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lumentum LITE | $48.9B | -40% | +103% | 23% | 18.8× | 41.7% |
| Coherent COHR | $38.0B | -42% | +23% | 14% | 16.6× | n/a |
| Zhongji Innolight 3308.HK | $80.7B | n/a | +177% | 41% | 16.7× | 27.6% |
| Eoptolink Technology 300502.SZ | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% |
| Ciena CIEN | $34.5B | -56% | +33% | 14% | 23.4× | 29.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LITE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -48.6% | -28.0% | 2nd lowest of 10 |
| 6-month return | -40.4% | -32.9% | 4th lowest of 9 |
| Distance from 52-week high | -52.9% | -64.3% | 4th highest of 10 |
| Revenue growth (TTM) | +103.2% | +51.7% | 3rd highest of 9 |
| Operating margin | 23.4% | 12.2% | 3rd highest of 9 |
| Forward P/E | 18.8× | 15.8× | 3rd most expensive of 6 |
| Growth the price implies (Req g, 7 yrs) | 41.7% | 10.3% | most demanding of 6 |
| Growth delivered (Del g) | +11.6% | +10.8% | 3rd highest of 6 |
| Hurdle (Req g minus delivered) | +30.1 pp | +2.5 pp | most demanding of 6 |
| ROIC minus cost of capital | +4.4 pp | -3.6 pp | 3rd highest of 10 |
| EV / EBITDA | 41.8× | 13.4× | most expensive of 5 |
| Net debt / EBITDA | -0.5× | 1.0× | 2nd least indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lumentum LITE | United States | $48.9B | -40% | +103% | 23% | 18.8× | 41.7% | +11.6% |
| Elite Material 2383.TW | Taiwan | $41.4B | -19% | +89% | 26% | 15.8× | n/a | n/a |
| Yangtze Optical Fibre and Cable Joint Stock 6869.HK | Hong Kong | $17.6B | -63% | +77% | 34% | 7.4× | -8.4% | +10.8% |
| Belden BDC | United States | $3.83B | -13% | +18% | 12% | 10.2× | 10.3% | +7.8% |
| Enphase Energy ENPH | United States | $3.77B | -22% | -20% | 13% | 27.0× | 18.7% | +13.7% |
| Xinyi Solar 0968.HK | Hong Kong | $2.48B | -32% | -25% | 13% | 62.7× | 0.7% | +12.9% |
| SolarEdge Technologies SEDG | United States | $1.69B | -33% | +26% | -6% | n/a | 11.4% | -4.1% |
| POET Technologies POET | United States | $877M | -54% | +266% | -3,625% | n/a | n/a | n/a |
| TE TE | United States | $707M | -62% | +427% | -17% | n/a | n/a | n/a |
| General Fusion GFUZ | United States | $332M | n/a | n/a | n/a | n/a | n/a | n/a |