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Lumentum Holdings Inc.
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NASDAQ: LITE Technology Communication Equipment 🔎 Screen
S&P 500 Nasdaq 100
🏹 Trader: | BRS 71 Forming View all →
$59.8B
Market Cap
256.1
P/E
0.38
PEG
1.0%
ROCE
2.5%
ROE
2.28
D/E
-11.0%
OPM
-21.2%
% from 52W High
98
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for LITE including FX impact
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📈 Price History
Ratio Health
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— Average
— Poor
By Category
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About

Lumentum Holdings Inc. manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding LITE
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 202.8K $142.5M 0.22% Mar 2026
Tiger Global Management Tiger Global Management LLC 136.8K $96.1M 0.42% Mar 2026
Steve Cohen Point72 Asset Management 92.1K $64.7M 0.08% Mar 2026
Stan Druckenmiller Duquesne Family Office 7.0K $4.9M 0.14% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q4 2026
Revenue
$1.0B
+109% YoY
Operating Income
$368.8M
+411% YoY
Operating Margin
36.6%
+2160bps YoY
Net Income
$326.3M
+415% YoY
What Went Right
  • Revenue surged 109% YoY to $1.01B, the 8th consecutive quarter of top-line growth, with 3rd straight quarter of >20% sequential growth.
  • Non-GAAP gross margin crossed 50% (50.4%) much earlier than the $2B quarterly run-rate target, up 1,260bps YoY.
  • 1.6T transceivers began shipping and OCS entered a triple-digit revenue quarter in guidance, while first ELS module order was received.
  • Pump laser shipments grew >80% YoY and are effectively sold out; EML shipments hit another record with 200G-per-lane EMLs now >25% of EML revenue.
What to Watch
  • Supply chain constraints for OCS components capped shipments below demand, though execution is now back on track.
  • Ultra-high-power laser demand has accelerated faster than expected, leaving Lumentum 'way behind' on shipments despite capacity expansion.
  • Emerging Chinese indium phosphide fabs pose a potential future competitive threat, though no impact has been seen yet.
  • Convertible debt equitization caused a one-time non-cash GAAP charge of $7.8B, resulting in a GAAP net loss.
Management Guidance
  • Q1 FY27 revenue guidance: $1.225B - $1.275B (midpoint $1.25B, >130% YoY growth).
  • Q1 FY27 non-GAAP operating margin guidance: 39.5% - 40.5%.
  • Q1 FY27 non-GAAP diluted EPS guidance: $4.05 - $4.35.
Investor Lens
This call strengthens the bull thesis materially: Lumentum hit a $1.25B revenue target a quarter early and is already operating at the midpoint of its $2B operating margin model. The NPO/CPO/ELS expansions plus record 800G and early 1.6T ramps dramatically increase the optical TAM. The main risk is supply—management admits it is significantly behind demand for high-power lasers and pump lasers, which could limit near-term upside. Overall, execution is ahead of plan and the leverage story is playing out even faster than guided.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Stellar quarter: revenue +109% YoY to $1.01B, operating margin up 2,160bps
Revenue
Q4 FY26 revenue came in at $1.006B, up 109% YoY and 24.5% sequentially from $808.4M. Components were $649.4M (64.5% of revenue) up 103% YoY; Systems were $356.9M (35.5%) up 123% YoY.
Profitability
Non-GAAP net income was $326.3M, or $3.23 per share, up from $63.3M / $0.88 per share in Q4 FY25. GAAP net loss of $7.2B includes a $7.8B non-cash loss on convertible debt equitization.
Margins
Non-GAAP gross margin rose to 50.4%, up 250bps sequentially and 1,260bps YoY, driven by mix, utilization, and pricing. Non-GAAP operating margin expanded to 36.6%, up 440bps QoQ and 2,160bps YoY.
Balance Sheet
Cash and short-term investments were $2.74B, down $433.9M sequentially due to convertible note conversions that reduced debt by $1.1B. Q4 CapEx was $167M, and inventory rose $59M sequentially to support AI/cloud growth.
Key Risks
Management flagged ongoing supply chain tightness that limited OCS shipments, and stated that high-power laser and pump laser supply is significantly behind accelerating demand. Analysts also probed Chinese InP fab competition, which management downplayed but acknowledged as a longer-term watch item.
Outlook
Q1 FY27 revenue is guided to $1.225B - $1.275B, with non-GAAP operating margin of 39.5%-40.5% and EPS of $4.05-$4.35. Management expects 1.6T transceiver ramp to accelerate from Q1 through calendar 2027.
Generated by AI · Q4 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q4 2026 Q4 2026 2026-08-11
Q4 revenue grew 109% YoY to $1.01B, with non-GAAP gross margin surpassing 50% and operating margin up over 2,150 bps YoY. Demand for AI and cloud products remains strong, driving record shipments and continued supply-demand imbalances in key laser components.
Q3 2026 Q3 2026 2026-05-05
Record Q3 revenue and margins driven by strong transceiver and laser chip demand, though supply constraints persist, especially for EMLs and pump lasers. Strategic investments and long-term agreements aim to address capacity, with guidance for another record Q4 and continued margin expansion.
Q2 2026 Q2 2026 2026-02-03
Q2 revenue grew 65% year-over-year to a record $665.5M, with strong margins and accelerating demand in AI, cloud, and optical components. OCS backlog exceeds $400M, and Q3 guidance points to another record, driven by robust growth in both components and systems.
Q1 2026 Q1 2026 2025-11-04
Record quarterly revenue and margins were driven by surging AI and cloud demand, with both components and systems segments showing strong growth. Supply-demand imbalances in key laser products are intensifying, supporting higher pricing and margin expansion.
Q4 2025 Q4 2025 2025-08-12
Q4 and FY25 results exceeded guidance, driven by strong cloud and networking demand, with revenue up 21% YoY and margins expanding. Outlook remains robust, targeting $600M+ quarterly revenue by June 2026, supported by capacity expansion and new product ramps.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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