Lumentum Holdings

LITE

Communication Equipment · Technology

Also trades as: 0JVV.L

Price

$866.71

-12.57 (-1.43%)

Market Cap

$67.43B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 27, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Mixed

Stability

Exceptional

Valuation

Data not available

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Winston Score History

The full picture

Lumentum Holdings makes lasers and optical components used in fiber-optic networks, data centers, and consumer electronics. Its products include optical transceivers, 3D sensing lasers, and components that help move data through the internet at high speeds. The company sells mainly to large telecom equipment makers, cloud computing companies, and consumer device manufacturers like Apple, which uses Lumentum's lasers for Face ID technology.

Lumentum earns revenue by selling hardware — physical laser and optical components — rather than through subscriptions or software. It operates globally, with manufacturing in North America and Asia, and generates roughly $1–2 billion in annual revenue. Its competitive edge comes from deep engineering expertise in photonics, a field with high technical barriers to entry. The biggest growth driver right now is surging demand for optical components inside AI data centers, but the company faces real risk from customer concentration, since a small number of large buyers account for a significant share of its sales.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+109.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$357M/ year

↑ Rising (+17% vs prior year)

11.8% of revenue

Below sector average (15%)

Investing heavily in future products and technology

Insider Activity

8.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$2.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Lumentum Holdings grew revenue 109% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.5% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 74.2M (2022) → 74.6M (2026)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

47.4%

Healthy — 47.4% gross margin

Profit after running costs

Operating Margin

26.9%

Excellent — 26.9% operating margin

Return on the money invested

ROCE

8.4%

Below par — 8.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+83.2%

Fast-growing sales (+83.2% YoY)

Profit growth

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

13.2%

Converts sales into free cash efficiently (13.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.35

Conservative — low debt load (0.35)

Covers its interest

Interest Cover

24.07x

Comfortably covers interest (24.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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