RAY vs VIAV vs LITE vs COHR

For growth investors, Coherent, Inc.

(COHR) is the stronger pick with 23. 4% revenue growth year-over-year, versus 8. 4% for Viavi Solutions Inc. (VIAV). Raytech Holding Limited Ordinary Shares (RAY) offers the better valuation at 53. 4x trailing P/E, making it the more compelling value choice. Analysts rate Viavi Solutions Inc. (VIAV) a "Buy" — based on 19 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Raytech Holding Limited Ordinary Shares (RAY) is the cheapest at 53.

4x versus Lumentum Holdings Inc. at 2412. 9x. On forward P/E, Viavi Solutions Inc. is actually cheaper at 55. 2x — notably different from the trailing picture, reflecting expected earnings growth.

Over the past 5 years, Lumentum Holdings Inc.

(LITE) delivered a total return of +976. 6%, compared to -95. 2% for Raytech Holding Limited Ordinary Shares (RAY). Over 10 years, the gap is even starker: LITE returned +36. 4% versus RAY's -95. 2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Raytech Holding Limited Ordinary Shares (RAY) is the lower-risk stock at 0.

67β versus Coherent, Inc. 's 2. 79β — meaning COHR is approximately 318% more volatile than RAY relative to the S&P 500. On balance sheet safety, Coherent, Inc. (COHR) carries a lower debt/equity ratio of 46% versus 2% for Lumentum Holdings Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Coherent, Inc.

(COHR) is pulling ahead at 23. 4% versus 8. 4% for Viavi Solutions Inc. (VIAV). On earnings-per-share growth, the picture is similar: Viavi Solutions Inc. grew EPS 225. 0% year-over-year, compared to -22. 6% for Raytech Holding Limited Ordinary Shares. Over a 3-year CAGR, COHR leads at 20. 5% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Raytech Holding Limited Ordinary Shares (RAY) is the more profitable company, earning 10.

5% net margin versus 0. 8% for Coherent, Inc. — meaning it keeps 10. 5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: RAY leads at 9. 7% versus -10. 9% for LITE. At the gross margin level — before operating expenses — VIAV leads at 56. 8%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

On forward earnings alone, Viavi Solutions Inc.

(VIAV) trades at 55. 2x forward P/E versus 114. 4x for Lumentum Holdings Inc. — 59. 2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for COHR: -20. 9% to $252. 50.

None of the stocks in this comparison currently pay a material dividend.

All are effectively zero-yield and should be held for capital appreciation rather than income.

For long-horizon retirement investors, Raytech Holding Limited Ordinary Shares (RAY) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.

67)). Lumentum Holdings Inc. (LITE) carries a higher beta of 2. 69 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (RAY: -95. 2%, LITE: +36. 4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

These companies operate in different sectors (RAY (Consumer Defensive) and VIAV (Technology) and LITE (Technology) and COHR (Technology)), which means they face different economic cycles, regulatory environments, and macro sensitivities — making direct comparison nuanced.

In terms of investment character: RAY is a small-cap high-growth stock; VIAV is a mid-cap quality compounder stock; LITE is a mid-cap high-growth stock; COHR is a mid-cap high-growth stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.