Lumentum Holdings Inc. (LITE) 10-Year Financial Performance & Capital Metrics

LITE • • Industrial / General

TechnologyCommunication EquipmentFiber & Cable ConnectivityFiber Access & FTTH

AboutLumentum Holdings Inc. manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates in two segments, Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables. It offers tunable transponders, transceivers, and transmitter modules; tunable lasers, receivers, and modulators; transport products, such as reconfigurable optical add/drop multiplexers, amplifiers, and optical channel monitors, as well as components, including 980nm, multi-mode, and Raman pumps; and switches, attenuators, photodetectors, gain flattening filters, isolators, wavelength-division multiplexing filters, arrayed waveguide gratings, multiplex/de-multiplexers, and integrated passive modules. This segment also provides Super Transport Blade, which integrates optical transport functions into a single-slot blade; vertical-cavity surface-emitting lasers; directly modulated and electro-absorption modulated lasers; and laser illumination sources for 3D sensing systems. It serves customers in telecommunications, data communications, and consumer and industrial markets. The Commercial Lasers segment offers diode-pumped solid-state, fiber, diode, direct-diode, and gas lasers for use in original equipment manufacturer applications. It serves customers in markets and applications, such as sheet metal processing, general manufacturing, biotechnology, graphics and imaging, remote sensing, and precision machining. Lumentum Holdings Inc. was incorporated in 2015 and is headquartered in San Jose, California.Show more

Revenue $1.65B +21.0%
EBITDA $77M +153.3%
Net Income $26M +104.7%
EPS (Diluted) 0.37 +104.6%
Gross Margin 27.96% +51.1%
EBITDA Margin 4.66% +144.0%
Operating Margin -10.95% +65.7%
Net Margin 1.57% +103.9%
ROE 2.48% +105.2%
ROIC -4.29% +57.5%
Debt/Equity 2.30 -14.0%
Interest Coverage -8.11 +36.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 97 (top 3%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗High debt to equity ratio of 2.3x
✗Profits declining 28.2% over 5 years
✗Negative free cash flow
✗Expensive at 21.1x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.99%

5Y-0.4%

3Y-1.33%

TTM34.32%

Profit (Net Income) CAGR

10Y-

5Y-28.18%

3Y-49.31%

TTM109.58%

EPS CAGR

10Y-

5Y-26.71%

3Y-48.32%

TTM108.11%

ROCE

10Y Avg2.48%

5Y Avg0.12%

3Y Avg-6.42%

Latest-4.81%

Peer Comparison

Fiber Access & FTTH

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LITELumentum Holdings Inc.	24.34B	343.27	927.76	21.03%	3.7%	8.22%		2.30
CIENCiena Corporation	34.34B	243.79	420.33	-8.47%	3.1%	5.05%	1.1%	0.58
ADTNADTRAN Holdings, Inc.	728.25M	9.09	-1.60	-19.7%	-8.5%	-16.18%	5.27%	0.39
UTSIUTStarcom Holdings Corp.	23.68M	2.50	-5.21	-30.95%	-62.02%	-14.39%		0.04
CLFDClearfield, Inc.	447.56M	32.34	-55.76	-9.94%	-5.36%	-3.14%	5.52%	0.03

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	903M	1B	1.25B	1.57B	1.68B	1.71B	1.71B	1.77B	1.36B	1.65B
Revenue Growth %	0.08%	0.11%	0.25%	0.25%	0.07%	0.02%	0%	0.03%	-0.23%	0.21%
Cost of Goods Sold+	625.7M	683.5M	815.6M	1.14B	1.03B	924M	924M	1.2B	1.11B	1.19B
COGS % of Revenue	0.69%	0.68%	0.65%	0.73%	0.61%	0.54%	0.54%	0.68%	0.81%	0.72%
Gross Profit+	277.3M	318.1M	435.3M	425.9M	650.2M	788.6M	788.6M	569M	251.5M	459.9M
Gross Margin %	0.31%	0.32%	0.35%	0.27%	0.39%	0.46%	0.46%	0.32%	0.19%	0.28%
Gross Profit Growth %	0.08%	0.15%	0.37%	-0.02%	0.53%	0.21%	0%	-0.28%	-0.56%	0.83%
Operating Expenses+	258.4M	270.5M	285M	384.9M	446.1M	485.3M	485.3M	684.7M	685.5M	640M
OpEx % of Revenue	0.29%	0.27%	0.23%	0.25%	0.27%	0.28%	0.28%	0.39%	0.5%	0.39%
Selling, General & Admin	117.3M	110.2M	128.2M	200.3M	235.2M	265.7M	265.7M	348.8M	310.7M	348.2M
SG&A % of Revenue	0.13%	0.11%	0.1%	0.13%	0.14%	0.16%	0.16%	0.2%	0.23%	0.21%
Research & Development	141.1M	148.3M	156.8M	184.6M	198.6M	220.7M	220.7M	307.8M	302.2M	303.9M
R&D % of Revenue	0.16%	0.15%	0.13%	0.12%	0.12%	0.13%	0.13%	0.17%	0.22%	0.18%
Other Operating Expenses	0	12M	0	0	12.3M	-1.1M	-1.1M	28.1M	72.6M	-12.1M
Operating Income+	11.5M	47.6M	139.9M	-62.7M	204.1M	303.3M	303.3M	-115.7M	-434M	-180.1M
Operating Margin %	0.01%	0.05%	0.11%	-0.04%	0.12%	0.18%	0.18%	-0.07%	-0.32%	-0.11%
Operating Income Growth %	1.49%	3.14%	1.94%	-1.45%	4.26%	0.49%	0%	-1.38%	-2.75%	0.59%
EBITDA+	66.1M	108.6M	217.1M	94.8M	396M	470.4M	470.4M	139.9M	-143.7M	76.6M
EBITDA Margin %	0.07%	0.11%	0.17%	0.06%	0.24%	0.27%	0.27%	0.08%	-0.11%	0.05%
EBITDA Growth %	1.39%	0.64%	1%	-0.56%	3.18%	0.19%	0%	-0.7%	-2.03%	1.53%
D&A (Non-Cash Add-back)	54.6M	61M	77.2M	157.5M	191.9M	167.1M	167.1M	255.6M	290.3M	256.7M
EBIT	9.8M	-54.3M	147.6M	3M	235.5M	315.3M	315.3M	-66.9M	-371.9M	-149.9M
Net Interest Income+	-100K	-4.4M	-9.7M	-22.4M	-45.4M	-74.1M	-74.1M	5.3M	27.5M	12.2M
Interest Income	0	1.1M	8.5M	13.9M	15.8M	6.1M	6.1M	40.8M	61.3M	34.4M
Interest Expense	100K	5.5M	18.2M	36.3M	61.2M	80.2M	80.2M	35.5M	33.8M	22.2M
Other Income/Expense	-1.8M	-107.4M	-10.5M	-11.7M	-29.8M	-68.2M	-68.2M	13.3M	28.3M	8M
Pretax Income+	9.7M	-59.8M	129.4M	-33.3M	174.3M	235.1M	235.1M	-102.4M	-405.7M	-172.1M
Pretax Margin %	0.01%	-0.06%	0.1%	-0.02%	0.1%	0.14%	0.14%	-0.06%	-0.3%	-0.1%
Income Tax+	400K	42.7M	-118.7M	3.1M	38.8M	36.2M	36.2M	29.2M	140.8M	-198M
Effective Tax Rate %	0.96%	1.71%	1.92%	1.09%	0.78%	0.85%	0.85%	1.29%	1.35%	-0.15%
Net Income+	9.3M	-102.5M	248.1M	-36.4M	135.5M	198.9M	198.9M	-131.6M	-546.5M	25.9M
Net Margin %	0.01%	-0.1%	0.2%	-0.02%	0.08%	0.12%	0.12%	-0.07%	-0.4%	0.02%
Net Income Growth %	3.74%	-12.02%	3.42%	-1.15%	4.72%	0.47%	0%	-1.66%	-3.15%	1.05%
Net Income (Continuing)	9.3M	-102.5M	248.1M	-36.4M	135.5M	198.9M	198.9M	-131.6M	-546.5M	25.9M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.05	-1.69	3.92	-0.51	1.75	2.68	2.68	-1.93	-8.12	0.37
EPS Growth %	0.14%	-32.8%	3.32%	-1.13%	4.43%	0.53%	0%	-1.72%	-3.21%	1.05%
EPS (Basic)	-0.05	-1.70	3.98	-0.51	1.79	2.79	2.79	-1.93	-8.12	0.38
Diluted Shares Outstanding	61.2M	60.6M	63.3M	70.7M	77.6M	74.2M	74.2M	68.3M	67.3M	69.6M
Basic Shares Outstanding	59.1M	60.47M	62.3M	70.7M	75.9M	71.2M	71.2M	68.3M	67.3M	69M
Dividend Payout Ratio	0.05%	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	489.5M	930.3M	1.13B	1.33B	2.05B	2.44B	3.14B	2.78B	1.59B	1.72B
Cash & Short-Term Investments	157.1M	555.3M	711.5M	768.5M	1.55B	1.95B	2.55B	2.01B	887M	877.1M
Cash Only	157.1M	272.9M	397.3M	432.6M	298M	774.3M	1.29B	859M	436.7M	520.7M
Short-Term Investments	0	282.4M	314.2M	335.9M	1.26B	1.17B	1.26B	1.15B	450.3M	356.4M
Accounts Receivable	170.5M	166.3M	197.1M	238M	233.5M	212.8M	262M	246.1M	194.7M	250M
Days Sales Outstanding	68.92	60.6	57.66	55.5	50.77	45.35	55.84	50.84	52.28	55.47
Inventory	100.6M	145.2M	153.6M	228.8M	188.9M	196.4M	250.1M	408.6M	398.4M	470.1M
Days Inventory Outstanding	58.68	77.54	68.74	73.29	67.04	77.58	98.79	124.49	131.28	144.79
Other Current Assets	42.6M	40.7M	2.7M	0	0	0	0	0	110M	120.1M
Total Non-Current Assets+	236.8M	302.6M	454.3M	1.38B	1.24B	1.11B	1.02B	1.85B	2.34B	2.5B
Property, Plant & Equipment	183.4M	273.5M	306.9M	433.3M	471.7M	428.5M	434.1M	566.8M	645.3M	754.3M
Fixed Asset Turnover	4.92x	3.66x	4.07x	3.61x	3.56x	4.00x	3.95x	3.12x	2.11x	2.18x
Goodwill	5.4M	11.4M	11.3M	368.9M	368.9M	368.9M	368.9M	695.1M	1.06B	1.06B
Intangible Assets	14.5M	10.1M	7M	395.4M	316.8M	241.2M	155.7M	459.2M	617.5M	465.1M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.6M	3.7M	3.5M	16.6M	4M	3.3M	37.3M	16.8M	12.5M	10.8M
Total Assets+	726.3M	1.23B	1.58B	2.72B	3.29B	3.55B	4.16B	4.63B	3.93B	4.22B
Asset Turnover	1.24x	0.81x	0.79x	0.58x	0.51x	0.48x	0.41x	0.38x	0.35x	0.39x
Asset Growth %	0.42%	0.7%	0.28%	0.72%	0.21%	0.08%	0.17%	0.11%	-0.15%	0.07%
Total Current Liabilities+	173.7M	184.2M	214M	294M	283M	664.6M	716.5M	633.8M	269.3M	392.8M
Accounts Payable	118.3M	114.8M	126.5M	160.8M	150.8M	116.9M	156.7M	169.4M	126.3M	225.2M
Days Payables Outstanding	69.01	61.3	56.61	51.51	53.52	46.18	61.9	51.61	41.62	69.36
Short-Term Debt	0	0	0	5M	0	390.7M	409.9M	311.6M	0	10.6M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	600K	0	1000K	600K	700K
Other Current Liabilities	1.1M	2.2M	2.8M	5.1M	7.8M	8M	13.4M	12.7M	16.2M	20.8M
Current Ratio	2.82x	5.05x	5.27x	4.53x	7.24x	3.67x	4.38x	4.38x	5.90x	4.37x
Quick Ratio	2.24x	4.26x	4.55x	3.76x	6.58x	3.37x	4.03x	3.74x	4.43x	3.18x
Cash Conversion Cycle	58.59	76.84	69.79	77.28	64.3	76.76	92.73	123.71	141.94	130.9
Total Non-Current Liabilities+	19.4M	394.1M	405.6M	925.5M	1.26B	914.2M	1.57B	2.64B	2.71B	2.69B
Long-Term Debt	0	317.5M	334.2M	835.9M	1.12B	789.8M	1.47B	2.5B	2.5B	2.56B
Capital Lease Obligations	0	0	400K	0	57.6M	47.6M	48.8M	47.7M	43M	23.6M
Deferred Tax Liabilities	0	0	300K	55.9M	46.5M	35.9M	12.9M	3.4M	55.7M	7.2M
Other Non-Current Liabilities	17.8M	73.3M	68.1M	31.5M	36M	40.9M	42.9M	91.4M	103.4M	97.8M
Total Liabilities	193.1M	578.3M	619.6M	1.22B	1.54B	1.58B	2.29B	3.28B	2.97B	3.08B
Total Debt+	0	317.5M	341.9M	841.3M	1.19B	1.24B	1.94B	2.87B	2.56B	2.61B
Net Debt	-157.1M	44.6M	-55.4M	408.7M	891.3M	465.6M	645.8M	2.01B	2.12B	2.09B
Debt / Equity	-	0.49x	0.36x	0.56x	0.68x	0.63x	1.03x	2.12x	2.67x	2.30x
Debt / EBITDA	-	2.92x	1.57x	8.87x	3.00x	2.64x	4.12x	20.54x	-	34.05x
Net Debt / EBITDA	-2.38x	0.41x	-0.26x	4.31x	2.25x	0.99x	1.37x	14.40x	-	27.25x
Interest Coverage	115.00x	8.65x	7.69x	-1.73x	3.33x	3.78x	3.78x	-3.26x	-12.84x	-8.11x
Total Equity+	533.2M	654.6M	961.9M	1.5B	1.75B	1.97B	1.88B	1.36B	957.3M	1.13B
Equity Growth %	0.4%	0.23%	0.47%	0.56%	0.17%	0.13%	-0.05%	-0.28%	-0.29%	0.19%
Book Value per Share	8.71	10.80	15.20	21.18	22.54	26.59	25.27	19.85	14.22	16.30
Total Shareholders' Equity	533.2M	654.6M	961.9M	1.5B	1.75B	1.97B	1.88B	1.36B	957.3M	1.13B
Common Stock	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K
Retained Earnings	20.2M	-83.2M	166.4M	129.1M	64.6M	220.9M	-129.1M	-340.6M	-887.1M	-861.2M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	9.4M	7.4M	6.4M	7.1M	7.9M	8.2M	400K	4.1M	9.3M	9M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	86.6M	85M	247.5M	330.1M	524.3M	738.7M	459.3M	179.8M	24.7M	126.3M
Operating CF Margin %	0.1%	0.08%	0.2%	0.21%	0.31%	0.43%	0.27%	0.1%	0.02%	0.08%
Operating CF Growth %	8.31%	-0.02%	1.91%	0.33%	0.59%	0.41%	-0.38%	-0.61%	-0.86%	4.11%
Net Income	9.3M	-102.5M	248.1M	-36.4M	135.5M	397.3M	198.9M	-131.6M	-546.5M	25.9M
Depreciation & Amortization	54.6M	61M	77.2M	157.5M	191.9M	237.3M	167.1M	255.6M	290.3M	256.7M
Stock-Based Compensation	24.9M	32.7M	46.8M	60.7M	73.2M	92.9M	103.1M	148.4M	128.8M	177.2M
Deferred Taxes	-1.7M	26.8M	-122.6M	24.1M	15.3M	0	0	29.2M	0	0
Other Non-Cash Items	2.9M	78.9M	17.1M	72.1M	43M	-8.3M	80.8M	14.8M	13.3M	-19M
Working Capital Changes	-3.4M	-11.9M	-19.1M	52.1M	65.4M	19.5M	-90.6M	-136.6M	138.8M	-314.5M
Change in Receivables	-21.8M	4.2M	-30.8M	27.7M	5M	20.2M	-49.2M	83.2M	72.3M	-58.7M
Change in Inventory	-3.1M	-41.7M	-7.7M	40.6M	32.7M	-6.6M	-51.8M	-81.5M	73.8M	-71.3M
Change in Payables	28.9M	-16.9M	4.8M	-10.6M	-11.7M	0	47M	-74M	-89.7M	69.2M
Cash from Investing+	-82M	-425.7M	-127M	-779.7M	-987.7M	1M	-226.3M	-874M	-114.3M	-84.1M
Capital Expenditures	-82M	-138.1M	-93.2M	-167.3M	-90M	-94.8M	-91.2M	-128.5M	-137M	-231M
CapEx % of Revenue	0.09%	0.14%	0.07%	0.11%	0.05%	0.06%	0.05%	0.07%	0.1%	0.14%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	95.8M	-30M	0	0	0
Cash from Financing+	136.4M	456.7M	3.8M	485.1M	328.8M	-263.4M	282.9M	263M	-332.7M	41.8M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-500K	-900K	-700K	-700K	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	131.9M	3.8M	9.2M	5.9M	-4.1M	12.8M	-25.5M	-22.1M	-9.6M	15.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	4.6M	-53.1M	154.3M	164.1M	438.3M	643.9M	368.1M	51.3M	-111.3M	-104.7M
FCF Margin %	0.01%	-0.05%	0.12%	0.1%	0.26%	0.38%	0.21%	0.03%	-0.08%	-0.06%
FCF Growth %	1.1%	-12.54%	3.91%	0.06%	1.67%	0.47%	-0.43%	-0.86%	-3.17%	0.06%
FCF per Share	0.08	-0.88	2.44	2.32	5.65	8.68	4.96	0.75	-1.65	-1.50
FCF Conversion (FCF/Net Income)	9.31x	-0.83x	1.00x	-9.07x	3.87x	3.71x	2.31x	-1.37x	-0.05x	4.88x
Interest Paid	0	0	1.3M	15.1M	13.4M	6.4M	7.5M	10.8M	19.7M	19.1M
Taxes Paid	2.7M	9.5M	12.7M	8.7M	7.6M	0	57M	67.3M	61.2M	20.6M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	2.04%	-17.26%	30.7%	-2.96%	8.35%	10.69%	10.34%	-8.15%	-47.25%	2.48%
Return on Invested Capital (ROIC)	2.32%	6.64%	13.07%	-3.34%	6.73%	8.96%	9.17%	-2.95%	-10.09%	-4.29%
Gross Margin	30.71%	31.76%	34.89%	27.21%	38.73%	46.05%	46.05%	32.2%	18.5%	27.96%
Net Margin	1.03%	-10.23%	19.88%	-2.33%	8.07%	11.61%	11.61%	-7.45%	-40.21%	1.57%
Debt / Equity	-	0.49x	0.36x	0.56x	0.68x	0.63x	1.03x	2.12x	2.67x	2.30x
Interest Coverage	115.00x	8.65x	7.69x	-1.73x	3.33x	3.78x	3.78x	-3.26x	-12.84x	-8.11x
FCF Conversion	9.31x	-0.83x	1.00x	-9.07x	3.87x	3.71x	2.31x	-1.37x	-0.05x	4.88x
Revenue Growth	7.87%	10.92%	24.57%	25.45%	7.24%	2.03%	0%	3.18%	-23.08%	21.03%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Lasers	141.7M	143.8M	188.5M	195.1M	163.5M	122.1M	194.1M	209.2M	-	-
Lasers Growth	-	1.48%	31.08%	3.50%	-16.20%	-25.32%	58.97%	7.78%	-	-
Optical Communications	761.3M	857.8M	1.06B	786.5M	1.52B	1.62B	1.52B	-	-	-
Optical Communications Growth	-	12.68%	23.48%	-25.75%	92.64%	6.97%	-6.31%	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Asia Pacific	484.7M	551.3M	878M	1.08B	1.28B	-	-	1.14B	779.8M	1B
Asia Pacific Growth	-	13.74%	59.26%	23.28%	17.96%	-	-	-	-31.70%	28.31%
Americas	294.8M	342.2M	267.9M	320.1M	278.1M	-	-	430.6M	451.2M	480.9M
Americas Growth	-	16.08%	-21.71%	19.48%	-13.12%	-	-	-	4.78%	6.58%
HONG KONG	-	-	-	-	-	-	-	-	261.9M	398.6M
HONG KONG Growth	-	-	-	-	-	-	-	-	-	52.20%
UNITED STATES	-	-	-	-	-	-	-	-	356.1M	312.3M
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-12.30%
THAILAND	-	-	-	-	-	-	-	-	-	291.8M
THAILAND Growth	-	-	-	-	-	-	-	-	-	-
Other Asia Pacific Not Individually Identified	-	-	-	-	-	-	-	-	174.3M	199.5M
Other Asia Pacific Not Individually Identified Growth	-	-	-	-	-	-	-	-	-	14.46%
EMEA	123.5M	108.1M	101.8M	162.8M	123.7M	-	-	194.7M	128.2M	163.5M
EMEA Growth	-	-12.47%	-5.83%	59.92%	-24.02%	-	-	-	-34.16%	27.54%
MEXICO	-	-	-	-	-	-	-	-	-	148.5M
MEXICO Growth	-	-	-	-	-	-	-	-	-	-
JAPAN	-	-	-	-	-	-	-	-	84.6M	78.3M
JAPAN Growth	-	-	-	-	-	-	-	-	-	-7.45%
KOREA, REPUBLIC OF	-	-	-	-	-	-	-	-	75.2M	32.4M
KOREA, REPUBLIC OF Growth	-	-	-	-	-	-	-	-	-	-56.91%
Americas Excluding United States And Mexico	-	-	-	-	-	-	-	-	3.4M	20.1M
Americas Excluding United States And Mexico Growth	-	-	-	-	-	-	-	-	-	491.18%

Frequently Asked Questions

Growth & Financials

Lumentum Holdings Inc. (LITE) reported $1.73B in revenue for fiscal year 2025. This represents a 125% increase from $769.9M in 2013.

Lumentum Holdings Inc. (LITE) grew revenue by 21.0% over the past year. This is strong growth.

Yes, Lumentum Holdings Inc. (LITE) is profitable, generating $64.2M in net income for fiscal year 2025 (1.6% net margin).

Dividend & Returns

Lumentum Holdings Inc. (LITE) has a return on equity (ROE) of 2.5%. This is below average, suggesting room for improvement.

Lumentum Holdings Inc. (LITE) had negative free cash flow of $88.5M in fiscal year 2025, likely due to heavy capital investments.

US Stock Screener

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Lumentum Holdings Inc. (LITE) 10-Year Financial Performance & Capital Metrics

LITE • • Industrial / General

TechnologyCommunication EquipmentFiber & Cable ConnectivityFiber Access & FTTH

Revenue $1.65B +21.0%
EBITDA $77M +153.3%
Net Income $26M +104.7%
EPS (Diluted) 0.37 +104.6%
Gross Margin 27.96% +51.1%
EBITDA Margin 4.66% +144.0%
Operating Margin -10.95% +65.7%
Net Margin 1.57% +103.9%
ROE 2.48% +105.2%
ROIC -4.29% +57.5%
Debt/Equity 2.30 -14.0%
Interest Coverage -8.11 +36.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 97 (top 3%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗High debt to equity ratio of 2.3x
✗Profits declining 28.2% over 5 years
✗Negative free cash flow
✗Expensive at 21.1x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.99%

5Y-0.4%

3Y-1.33%

TTM34.32%

Profit (Net Income) CAGR

10Y-

5Y-28.18%

3Y-49.31%

TTM109.58%

EPS CAGR

10Y-

5Y-26.71%

3Y-48.32%

TTM108.11%

ROCE

10Y Avg2.48%

5Y Avg0.12%

3Y Avg-6.42%

Latest-4.81%

Peer Comparison

Fiber Access & FTTH

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LITELumentum Holdings Inc.	24.34B	343.27	927.76	21.03%	3.7%	8.22%		2.30
CIENCiena Corporation	34.34B	243.79	420.33	-8.47%	3.1%	5.05%	1.1%	0.58
ADTNADTRAN Holdings, Inc.	728.25M	9.09	-1.60	-19.7%	-8.5%	-16.18%	5.27%	0.39
UTSIUTStarcom Holdings Corp.	23.68M	2.50	-5.21	-30.95%	-62.02%	-14.39%		0.04
CLFDClearfield, Inc.	447.56M	32.34	-55.76	-9.94%	-5.36%	-3.14%	5.52%	0.03

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	903M	1B	1.25B	1.57B	1.68B	1.71B	1.71B	1.77B	1.36B	1.65B
Revenue Growth %	0.08%	0.11%	0.25%	0.25%	0.07%	0.02%	0%	0.03%	-0.23%	0.21%
Cost of Goods Sold+	625.7M	683.5M	815.6M	1.14B	1.03B	924M	924M	1.2B	1.11B	1.19B
COGS % of Revenue	0.69%	0.68%	0.65%	0.73%	0.61%	0.54%	0.54%	0.68%	0.81%	0.72%
Gross Profit+	277.3M	318.1M	435.3M	425.9M	650.2M	788.6M	788.6M	569M	251.5M	459.9M
Gross Margin %	0.31%	0.32%	0.35%	0.27%	0.39%	0.46%	0.46%	0.32%	0.19%	0.28%
Gross Profit Growth %	0.08%	0.15%	0.37%	-0.02%	0.53%	0.21%	0%	-0.28%	-0.56%	0.83%
Operating Expenses+	258.4M	270.5M	285M	384.9M	446.1M	485.3M	485.3M	684.7M	685.5M	640M
OpEx % of Revenue	0.29%	0.27%	0.23%	0.25%	0.27%	0.28%	0.28%	0.39%	0.5%	0.39%
Selling, General & Admin	117.3M	110.2M	128.2M	200.3M	235.2M	265.7M	265.7M	348.8M	310.7M	348.2M
SG&A % of Revenue	0.13%	0.11%	0.1%	0.13%	0.14%	0.16%	0.16%	0.2%	0.23%	0.21%
Research & Development	141.1M	148.3M	156.8M	184.6M	198.6M	220.7M	220.7M	307.8M	302.2M	303.9M
R&D % of Revenue	0.16%	0.15%	0.13%	0.12%	0.12%	0.13%	0.13%	0.17%	0.22%	0.18%
Other Operating Expenses	0	12M	0	0	12.3M	-1.1M	-1.1M	28.1M	72.6M	-12.1M
Operating Income+	11.5M	47.6M	139.9M	-62.7M	204.1M	303.3M	303.3M	-115.7M	-434M	-180.1M
Operating Margin %	0.01%	0.05%	0.11%	-0.04%	0.12%	0.18%	0.18%	-0.07%	-0.32%	-0.11%
Operating Income Growth %	1.49%	3.14%	1.94%	-1.45%	4.26%	0.49%	0%	-1.38%	-2.75%	0.59%
EBITDA+	66.1M	108.6M	217.1M	94.8M	396M	470.4M	470.4M	139.9M	-143.7M	76.6M
EBITDA Margin %	0.07%	0.11%	0.17%	0.06%	0.24%	0.27%	0.27%	0.08%	-0.11%	0.05%
EBITDA Growth %	1.39%	0.64%	1%	-0.56%	3.18%	0.19%	0%	-0.7%	-2.03%	1.53%
D&A (Non-Cash Add-back)	54.6M	61M	77.2M	157.5M	191.9M	167.1M	167.1M	255.6M	290.3M	256.7M
EBIT	9.8M	-54.3M	147.6M	3M	235.5M	315.3M	315.3M	-66.9M	-371.9M	-149.9M
Net Interest Income+	-100K	-4.4M	-9.7M	-22.4M	-45.4M	-74.1M	-74.1M	5.3M	27.5M	12.2M
Interest Income	0	1.1M	8.5M	13.9M	15.8M	6.1M	6.1M	40.8M	61.3M	34.4M
Interest Expense	100K	5.5M	18.2M	36.3M	61.2M	80.2M	80.2M	35.5M	33.8M	22.2M
Other Income/Expense	-1.8M	-107.4M	-10.5M	-11.7M	-29.8M	-68.2M	-68.2M	13.3M	28.3M	8M
Pretax Income+	9.7M	-59.8M	129.4M	-33.3M	174.3M	235.1M	235.1M	-102.4M	-405.7M	-172.1M
Pretax Margin %	0.01%	-0.06%	0.1%	-0.02%	0.1%	0.14%	0.14%	-0.06%	-0.3%	-0.1%
Income Tax+	400K	42.7M	-118.7M	3.1M	38.8M	36.2M	36.2M	29.2M	140.8M	-198M
Effective Tax Rate %	0.96%	1.71%	1.92%	1.09%	0.78%	0.85%	0.85%	1.29%	1.35%	-0.15%
Net Income+	9.3M	-102.5M	248.1M	-36.4M	135.5M	198.9M	198.9M	-131.6M	-546.5M	25.9M
Net Margin %	0.01%	-0.1%	0.2%	-0.02%	0.08%	0.12%	0.12%	-0.07%	-0.4%	0.02%
Net Income Growth %	3.74%	-12.02%	3.42%	-1.15%	4.72%	0.47%	0%	-1.66%	-3.15%	1.05%
Net Income (Continuing)	9.3M	-102.5M	248.1M	-36.4M	135.5M	198.9M	198.9M	-131.6M	-546.5M	25.9M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.05	-1.69	3.92	-0.51	1.75	2.68	2.68	-1.93	-8.12	0.37
EPS Growth %	0.14%	-32.8%	3.32%	-1.13%	4.43%	0.53%	0%	-1.72%	-3.21%	1.05%
EPS (Basic)	-0.05	-1.70	3.98	-0.51	1.79	2.79	2.79	-1.93	-8.12	0.38
Diluted Shares Outstanding	61.2M	60.6M	63.3M	70.7M	77.6M	74.2M	74.2M	68.3M	67.3M	69.6M
Basic Shares Outstanding	59.1M	60.47M	62.3M	70.7M	75.9M	71.2M	71.2M	68.3M	67.3M	69M
Dividend Payout Ratio	0.05%	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	489.5M	930.3M	1.13B	1.33B	2.05B	2.44B	3.14B	2.78B	1.59B	1.72B
Cash & Short-Term Investments	157.1M	555.3M	711.5M	768.5M	1.55B	1.95B	2.55B	2.01B	887M	877.1M
Cash Only	157.1M	272.9M	397.3M	432.6M	298M	774.3M	1.29B	859M	436.7M	520.7M
Short-Term Investments	0	282.4M	314.2M	335.9M	1.26B	1.17B	1.26B	1.15B	450.3M	356.4M
Accounts Receivable	170.5M	166.3M	197.1M	238M	233.5M	212.8M	262M	246.1M	194.7M	250M
Days Sales Outstanding	68.92	60.6	57.66	55.5	50.77	45.35	55.84	50.84	52.28	55.47
Inventory	100.6M	145.2M	153.6M	228.8M	188.9M	196.4M	250.1M	408.6M	398.4M	470.1M
Days Inventory Outstanding	58.68	77.54	68.74	73.29	67.04	77.58	98.79	124.49	131.28	144.79
Other Current Assets	42.6M	40.7M	2.7M	0	0	0	0	0	110M	120.1M
Total Non-Current Assets+	236.8M	302.6M	454.3M	1.38B	1.24B	1.11B	1.02B	1.85B	2.34B	2.5B
Property, Plant & Equipment	183.4M	273.5M	306.9M	433.3M	471.7M	428.5M	434.1M	566.8M	645.3M	754.3M
Fixed Asset Turnover	4.92x	3.66x	4.07x	3.61x	3.56x	4.00x	3.95x	3.12x	2.11x	2.18x
Goodwill	5.4M	11.4M	11.3M	368.9M	368.9M	368.9M	368.9M	695.1M	1.06B	1.06B
Intangible Assets	14.5M	10.1M	7M	395.4M	316.8M	241.2M	155.7M	459.2M	617.5M	465.1M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.6M	3.7M	3.5M	16.6M	4M	3.3M	37.3M	16.8M	12.5M	10.8M
Total Assets+	726.3M	1.23B	1.58B	2.72B	3.29B	3.55B	4.16B	4.63B	3.93B	4.22B
Asset Turnover	1.24x	0.81x	0.79x	0.58x	0.51x	0.48x	0.41x	0.38x	0.35x	0.39x
Asset Growth %	0.42%	0.7%	0.28%	0.72%	0.21%	0.08%	0.17%	0.11%	-0.15%	0.07%
Total Current Liabilities+	173.7M	184.2M	214M	294M	283M	664.6M	716.5M	633.8M	269.3M	392.8M
Accounts Payable	118.3M	114.8M	126.5M	160.8M	150.8M	116.9M	156.7M	169.4M	126.3M	225.2M
Days Payables Outstanding	69.01	61.3	56.61	51.51	53.52	46.18	61.9	51.61	41.62	69.36
Short-Term Debt	0	0	0	5M	0	390.7M	409.9M	311.6M	0	10.6M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	600K	0	1000K	600K	700K
Other Current Liabilities	1.1M	2.2M	2.8M	5.1M	7.8M	8M	13.4M	12.7M	16.2M	20.8M
Current Ratio	2.82x	5.05x	5.27x	4.53x	7.24x	3.67x	4.38x	4.38x	5.90x	4.37x
Quick Ratio	2.24x	4.26x	4.55x	3.76x	6.58x	3.37x	4.03x	3.74x	4.43x	3.18x
Cash Conversion Cycle	58.59	76.84	69.79	77.28	64.3	76.76	92.73	123.71	141.94	130.9
Total Non-Current Liabilities+	19.4M	394.1M	405.6M	925.5M	1.26B	914.2M	1.57B	2.64B	2.71B	2.69B
Long-Term Debt	0	317.5M	334.2M	835.9M	1.12B	789.8M	1.47B	2.5B	2.5B	2.56B
Capital Lease Obligations	0	0	400K	0	57.6M	47.6M	48.8M	47.7M	43M	23.6M
Deferred Tax Liabilities	0	0	300K	55.9M	46.5M	35.9M	12.9M	3.4M	55.7M	7.2M
Other Non-Current Liabilities	17.8M	73.3M	68.1M	31.5M	36M	40.9M	42.9M	91.4M	103.4M	97.8M
Total Liabilities	193.1M	578.3M	619.6M	1.22B	1.54B	1.58B	2.29B	3.28B	2.97B	3.08B
Total Debt+	0	317.5M	341.9M	841.3M	1.19B	1.24B	1.94B	2.87B	2.56B	2.61B
Net Debt	-157.1M	44.6M	-55.4M	408.7M	891.3M	465.6M	645.8M	2.01B	2.12B	2.09B
Debt / Equity	-	0.49x	0.36x	0.56x	0.68x	0.63x	1.03x	2.12x	2.67x	2.30x
Debt / EBITDA	-	2.92x	1.57x	8.87x	3.00x	2.64x	4.12x	20.54x	-	34.05x
Net Debt / EBITDA	-2.38x	0.41x	-0.26x	4.31x	2.25x	0.99x	1.37x	14.40x	-	27.25x
Interest Coverage	115.00x	8.65x	7.69x	-1.73x	3.33x	3.78x	3.78x	-3.26x	-12.84x	-8.11x
Total Equity+	533.2M	654.6M	961.9M	1.5B	1.75B	1.97B	1.88B	1.36B	957.3M	1.13B
Equity Growth %	0.4%	0.23%	0.47%	0.56%	0.17%	0.13%	-0.05%	-0.28%	-0.29%	0.19%
Book Value per Share	8.71	10.80	15.20	21.18	22.54	26.59	25.27	19.85	14.22	16.30
Total Shareholders' Equity	533.2M	654.6M	961.9M	1.5B	1.75B	1.97B	1.88B	1.36B	957.3M	1.13B
Common Stock	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K
Retained Earnings	20.2M	-83.2M	166.4M	129.1M	64.6M	220.9M	-129.1M	-340.6M	-887.1M	-861.2M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	9.4M	7.4M	6.4M	7.1M	7.9M	8.2M	400K	4.1M	9.3M	9M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	86.6M	85M	247.5M	330.1M	524.3M	738.7M	459.3M	179.8M	24.7M	126.3M
Operating CF Margin %	0.1%	0.08%	0.2%	0.21%	0.31%	0.43%	0.27%	0.1%	0.02%	0.08%
Operating CF Growth %	8.31%	-0.02%	1.91%	0.33%	0.59%	0.41%	-0.38%	-0.61%	-0.86%	4.11%
Net Income	9.3M	-102.5M	248.1M	-36.4M	135.5M	397.3M	198.9M	-131.6M	-546.5M	25.9M
Depreciation & Amortization	54.6M	61M	77.2M	157.5M	191.9M	237.3M	167.1M	255.6M	290.3M	256.7M
Stock-Based Compensation	24.9M	32.7M	46.8M	60.7M	73.2M	92.9M	103.1M	148.4M	128.8M	177.2M
Deferred Taxes	-1.7M	26.8M	-122.6M	24.1M	15.3M	0	0	29.2M	0	0
Other Non-Cash Items	2.9M	78.9M	17.1M	72.1M	43M	-8.3M	80.8M	14.8M	13.3M	-19M
Working Capital Changes	-3.4M	-11.9M	-19.1M	52.1M	65.4M	19.5M	-90.6M	-136.6M	138.8M	-314.5M
Change in Receivables	-21.8M	4.2M	-30.8M	27.7M	5M	20.2M	-49.2M	83.2M	72.3M	-58.7M
Change in Inventory	-3.1M	-41.7M	-7.7M	40.6M	32.7M	-6.6M	-51.8M	-81.5M	73.8M	-71.3M
Change in Payables	28.9M	-16.9M	4.8M	-10.6M	-11.7M	0	47M	-74M	-89.7M	69.2M
Cash from Investing+	-82M	-425.7M	-127M	-779.7M	-987.7M	1M	-226.3M	-874M	-114.3M	-84.1M
Capital Expenditures	-82M	-138.1M	-93.2M	-167.3M	-90M	-94.8M	-91.2M	-128.5M	-137M	-231M
CapEx % of Revenue	0.09%	0.14%	0.07%	0.11%	0.05%	0.06%	0.05%	0.07%	0.1%	0.14%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	95.8M	-30M	0	0	0
Cash from Financing+	136.4M	456.7M	3.8M	485.1M	328.8M	-263.4M	282.9M	263M	-332.7M	41.8M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-500K	-900K	-700K	-700K	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	131.9M	3.8M	9.2M	5.9M	-4.1M	12.8M	-25.5M	-22.1M	-9.6M	15.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	4.6M	-53.1M	154.3M	164.1M	438.3M	643.9M	368.1M	51.3M	-111.3M	-104.7M
FCF Margin %	0.01%	-0.05%	0.12%	0.1%	0.26%	0.38%	0.21%	0.03%	-0.08%	-0.06%
FCF Growth %	1.1%	-12.54%	3.91%	0.06%	1.67%	0.47%	-0.43%	-0.86%	-3.17%	0.06%
FCF per Share	0.08	-0.88	2.44	2.32	5.65	8.68	4.96	0.75	-1.65	-1.50
FCF Conversion (FCF/Net Income)	9.31x	-0.83x	1.00x	-9.07x	3.87x	3.71x	2.31x	-1.37x	-0.05x	4.88x
Interest Paid	0	0	1.3M	15.1M	13.4M	6.4M	7.5M	10.8M	19.7M	19.1M
Taxes Paid	2.7M	9.5M	12.7M	8.7M	7.6M	0	57M	67.3M	61.2M	20.6M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	2.04%	-17.26%	30.7%	-2.96%	8.35%	10.69%	10.34%	-8.15%	-47.25%	2.48%
Return on Invested Capital (ROIC)	2.32%	6.64%	13.07%	-3.34%	6.73%	8.96%	9.17%	-2.95%	-10.09%	-4.29%
Gross Margin	30.71%	31.76%	34.89%	27.21%	38.73%	46.05%	46.05%	32.2%	18.5%	27.96%
Net Margin	1.03%	-10.23%	19.88%	-2.33%	8.07%	11.61%	11.61%	-7.45%	-40.21%	1.57%
Debt / Equity	-	0.49x	0.36x	0.56x	0.68x	0.63x	1.03x	2.12x	2.67x	2.30x
Interest Coverage	115.00x	8.65x	7.69x	-1.73x	3.33x	3.78x	3.78x	-3.26x	-12.84x	-8.11x
FCF Conversion	9.31x	-0.83x	1.00x	-9.07x	3.87x	3.71x	2.31x	-1.37x	-0.05x	4.88x
Revenue Growth	7.87%	10.92%	24.57%	25.45%	7.24%	2.03%	0%	3.18%	-23.08%	21.03%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Lasers	141.7M	143.8M	188.5M	195.1M	163.5M	122.1M	194.1M	209.2M	-	-
Lasers Growth	-	1.48%	31.08%	3.50%	-16.20%	-25.32%	58.97%	7.78%	-	-
Optical Communications	761.3M	857.8M	1.06B	786.5M	1.52B	1.62B	1.52B	-	-	-
Optical Communications Growth	-	12.68%	23.48%	-25.75%	92.64%	6.97%	-6.31%	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Asia Pacific	484.7M	551.3M	878M	1.08B	1.28B	-	-	1.14B	779.8M	1B
Asia Pacific Growth	-	13.74%	59.26%	23.28%	17.96%	-	-	-	-31.70%	28.31%
Americas	294.8M	342.2M	267.9M	320.1M	278.1M	-	-	430.6M	451.2M	480.9M
Americas Growth	-	16.08%	-21.71%	19.48%	-13.12%	-	-	-	4.78%	6.58%
HONG KONG	-	-	-	-	-	-	-	-	261.9M	398.6M
HONG KONG Growth	-	-	-	-	-	-	-	-	-	52.20%
UNITED STATES	-	-	-	-	-	-	-	-	356.1M	312.3M
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-12.30%
THAILAND	-	-	-	-	-	-	-	-	-	291.8M
THAILAND Growth	-	-	-	-	-	-	-	-	-	-
Other Asia Pacific Not Individually Identified	-	-	-	-	-	-	-	-	174.3M	199.5M
Other Asia Pacific Not Individually Identified Growth	-	-	-	-	-	-	-	-	-	14.46%
EMEA	123.5M	108.1M	101.8M	162.8M	123.7M	-	-	194.7M	128.2M	163.5M
EMEA Growth	-	-12.47%	-5.83%	59.92%	-24.02%	-	-	-	-34.16%	27.54%
MEXICO	-	-	-	-	-	-	-	-	-	148.5M
MEXICO Growth	-	-	-	-	-	-	-	-	-	-
JAPAN	-	-	-	-	-	-	-	-	84.6M	78.3M
JAPAN Growth	-	-	-	-	-	-	-	-	-	-7.45%
KOREA, REPUBLIC OF	-	-	-	-	-	-	-	-	75.2M	32.4M
KOREA, REPUBLIC OF Growth	-	-	-	-	-	-	-	-	-	-56.91%
Americas Excluding United States And Mexico	-	-	-	-	-	-	-	-	3.4M	20.1M
Americas Excluding United States And Mexico Growth	-	-	-	-	-	-	-	-	-	491.18%

Frequently Asked Questions

Growth & Financials

Lumentum Holdings Inc. (LITE) reported $1.73B in revenue for fiscal year 2025. This represents a 125% increase from $769.9M in 2013.

Lumentum Holdings Inc. (LITE) grew revenue by 21.0% over the past year. This is strong growth.

Yes, Lumentum Holdings Inc. (LITE) is profitable, generating $64.2M in net income for fiscal year 2025 (1.6% net margin).

Dividend & Returns

Lumentum Holdings Inc. (LITE) has a return on equity (ROE) of 2.5%. This is below average, suggesting room for improvement.

Lumentum Holdings Inc. (LITE) had negative free cash flow of $88.5M in fiscal year 2025, likely due to heavy capital investments.