# Lumentum Holdings Inc. (LITE)

> Source: Nexqual · https://nexqual.com/LITE · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Lumentum Holdings Inc. (LITE), nexqual.com/LITE" · informational, not investment advice.

**Price:** USD 756.17 (+0.48% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 752.54 · day 736.01–788.9 · 52w 173.73–1,143 · market cap $68.5B · NMS

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $3.01B, net income -$6.94B (-230.1% margin), free cash flow $300M (SEC filings).
- 2 of 80 tracked superinvestors hold LITE (13F, Q2 2026): 1 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (27 analysts), mean target USD 1,165.03 (range 750–1,500).
- Total return with dividends: 1Y +321.7% vs S&P 500 +13.4%; 5Y +815.7% vs S&P 500 +76.9%.
- Next earnings: 2026-11-05, EPS estimate USD 4.22, revenue estimate $1.25B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.71B | $1.77B | $1.36B | $1.65B | $3.01B | $3.01B |
| Gross profit | $789M | $569M | $252M | $460M | $1.26B | — |
| Operating income | $303M | -$116M | -$434M | -$180M | $525M | $525M |
| Net income | $199M | -$132M | -$547M | $25.9M | -$6.94B | -$6.94B |
| EPS (diluted) | $2.68 | -$1.93 | -$8.12 | $0.37 | -$92.96 | — |
| Free cash flow | $368M | $51.3M | -$108M | -$105M | $300M | $300M |
| Gross margin | 46.0% | 32.2% | 18.5% | 28.0% | 41.7% | — |
| Operating margin | 17.7% | -6.5% | -31.9% | -10.9% | 17.4% | 17.4% |
| Net margin | 11.6% | -7.4% | -40.2% | 1.6% | -230.1% | -230.1% |
| Revenue growth | -1.7% | +3.2% | -23.1% | +21.0% | +83.2% | — |
| Cash + short-term investments | $2.55B | $2.01B | $887M | $877M | $2.74B | — |
| Total debt | $2.41B | $2.50B | $2.50B | $2.57B | $1.64B | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/S 22.7x · EV/EBITDA 103.1x · EV/Sales 22.4x · P/FCF 228.2x · P/B 14.8x · FCF yield 0.44% · Earnings yield -10.12% · Net cash $1.10B · EV $67.4B
P/E at fiscal year-ends: Jun 2025 255.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold LITE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 0.01% | $886K | Reduced -52.5% |
| Polen Capital | Polen Capital Management | <0.01% | $209K | New position |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 27 analysts; mean target USD 1,165.03 (low 750, high 1,500).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Jefferies | Target raised | Buy | $1200 → $1250 |
| 2026-10-05 | Rosenblatt | Maintained | Buy | $1300 |
| 2026-10-05 | Stifel | Target raised | Buy | $1100 → $1232 |
| 2026-09-30 | Bernstein | Initiated | Outperform | $1220 |
| 2026-09-28 | Citigroup | Target raised | Buy | $1200 → $1400 |
| 2026-09-23 | Rosenblatt | Maintained | Buy | $1300 |
| 2026-09-01 | Deutsche Bank | Initiated | Buy | $1200 |
| 2026-08-31 | Evercore ISI Group | Initiated | Outperform | $1100 |
| 2026-08-12 | Morgan Stanley | Target raised | Equal-Weight | $900 → $1000 |
| 2026-08-12 | TD Cowen | Target raised | Hold | $800 → $820 |
| 2026-08-12 | JP Morgan | Target raised | Overweight | $1165 → $1280 |
| 2026-08-12 | Mizuho | Target raised | Outperform | $1100 → $1140 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +321.7% | +815.7% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +323.8% | +55.8% |
| Volatility (annualized) | 98.6% | 57.6% |
| Max drawdown | -42.8% (May 2026→Jul 2026) | -66.1% (Jan 2022→Oct 2023) |

## Peers (Communication Equipment)
HPE (Hewlett Packard Enterprise Comp) USD 56.69 +2.20% · MSI (Motorola Solutions, Inc.) USD 481.83 +0.84% · NOK (Nokia Corporation Sponsored) USD 8.14 +3.30% · CIEN (Ciena Corporation) USD 320.26 -0.74% · UI (Ubiquiti Inc.) USD 587.42 -1.38% · ERIC (Ericsson) USD 10.66 +2.70%

## More
Full page: https://nexqual.com/LITE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LITE's own 10-K filed 2026-08-17 (https://www.sec.gov/Archives/edgar/data/1633978/000162828026057358/lite-20260627.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Huawei | "As a result, we stopped all of our product shipments to Huawei, historically our largest networking customer in China, in the beginning of calendar year 2024." |

Other companies that name LITE in their own reports (relationship from LITE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | APPLIED OPTOELECTRONICS, INC. (AAOI) | 10-K 2026-02-26 | "Our major competitors in one or more of our markets include Coherent Corporation, Eoptolink Technology Inc., Ltd., Foxconn Interconnect Technology Ltd., InnoLight Technology (Suzhou) Ltd., Intel Corpo…" |
| competitor | NVIDIA CORP (NVDA) | 10-K 2026-02-25 | "•networking products consisting of switches, network adapters (including DPUs), and cable solutions (including optical modules) include such as AMD, Arista Networks, Broadcom, Cisco Systems, Inc., Hew…" |
| competitor | MKS INC (MKSI) | 10-K 2026-02-24 | "In PSD, Trumpf Group, Lumentum Holdings Inc., IPG Photonics Corporation, EdgeWave GmbH and Amplitude Laser Group offer products that compete with our laser products." |
| competitor | IPG PHOTONICS CORP (IPGP) | 10-K 2026-02-23 | "In the materials processing market, we compete with makers of fiber lasers and other lasers, such as Coherent, Inc., JPT Opto-Electronics Co. Ltd., Laserline GmbH, Lumentum Holdings Inc., Maxphotonics…" |

## Revenue by region (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asia-Pacific: | $589.5M | 58.6% | +105.3% |
| — Thailand (part of Asia-Pacific:) | $217.7M | 21.6% | +154.6% |
| — Hong Kong (part of Asia-Pacific:) | $171.5M | 17.0% | +51.9% |
| — China (part of Asia-Pacific:) | $110.7M | 11.0% | +252.5% |
| — Other Asia-Pacific (part of Asia-Pacific:) | $59.0M | 5.9% | +68.1% |
| — Japan (part of Asia-Pacific:) | $30.6M | 3.0% | +37.8% |
| Americas: | $368.7M | 36.6% | +156.4% |
| — United States (part of Americas:) | $203.6M | 20.2% | +106.1% |
| — Mexico (part of Americas:) | $164.1M | 16.3% | +327.3% |
| — Other Americas (part of Americas:) | $1.0M | 0.1% | -84.8% |
| EMEA | $48.1M | 4.8% | -3.4% |
| Total revenue | $1.01B | 100% | — |

## Customer concentration

Period ended 2026-06-27: 26.6%, 15% of revenue from unnamed direct customers (10-K, filed 2026-08-17).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.22 | $3.63 | +16.1% | $1.25B | 22 |
| Next quarter (ends 2026-12-31) | $5.06 | $4.38 | +15.5% | $1.48B | 22 |
| Current fiscal year (ends 2027-06-30) | $21.79 | $18.35 | +18.7% | $6.38B | 26 |
| Next fiscal year (ends 2028-06-30) | $35.92 | $28.81 | +24.7% | $10.03B | 21 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±15.3%; earnings reaction alone ±9.7%; last 8 reports averaged ±7.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 6 | 80.1% | ±8.9% |
| 2026-11-06 | 13 | 97.7% | ±15.3% |
| 2026-11-13 | 20 | 87.1% | ±16.8% |
| 2026-11-20 | 27 | 82.3% | ±18.2% |
| 2026-11-27 | 34 | 77.4% | ±19.1% |
| 2026-12-04 | 41 | 77.1% | ±20.9% |
| 2026-12-18 | 55 | 73.5% | ±23.0% |
| 2027-01-15 | 83 | 70.5% | ±27.0% |