LITELumentum

Technology · Communications Equipment · Nasdaq

Lumentum Holdings Inc. (“we,” “us,” “our”, “Lumentum” or the “Company”) is a global leader in optical and photonic technologies and an industry-leading provider of optical and photonic products based on revenue and market share. 10-K, Item 1

Employees: 13,757
Headquarters: San Jose, CA
CEO: Michael E. Hurlston
Next results: around Feb 2, 2027

Compare with peers → Embed

All key numbers (36, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	-89.47	Sales (ttm)	3.7B	Net income (ttm)	-6.6B	Sales growth	+83.2%	EPS growth	n/m	Sales Q/Q	+137%
Free cash flow	356.3M	Gross margin	45.9%	Oper. margin	23.5%	Net margin	-175.8%	FCF margin	9.5%	ROE	-143.9%
ROA	-90.4%	R&D / sales	11.8%	Dividend	-	Debt/Eq	0.60	Curr. ratio	1.61	Cash	1.3B
Op. cash flow (ttm)	961.2M	EBITDA	653.6M	EBITDA margin	21.7%	Net debt	1.5B	Quick ratio	1.32	Interest cover	24.07
Stock pay / sales	5.6%	Shares out.	90.7M	Shares Y/Y	+7.2%	Book / share	50.41	Cash / share	14.03	Sales / share	41.27
Asset turnover	0.51	Days sales out.	0	Sales 3Y CAGR	+19.6%	Sales 5Y CAGR	+11.6%	Employees	13,757	Sales / employee	272K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025

Debt rose 25%$2.6B → $3.2B · Short-term + long-term debt at year end
Free cash flow turned positive−$104.7M → $300.1M · Cash from operations − capital expenditure · 10-K ↗
Revenue growth sped up to +83.2%+21.0% → +83.2% · Revenue FY2026 / revenue FY2025 − 1, against the same a year earlier · 10-K ↗
Operating margin widened to 17.4%-10.9% → 17.4% · Operating income / revenue · 10-K ↗
Net income turned to a loss$25.9M → −$6.9B · Net income attributable to the company · 10-K ↗

What management wrote about it → · Every company →

LITE against Technology peers

Ten years, side by side → · All 75 →

LITEPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth

+83.2%3rd of 75 · median +14.1%

Net margin

-175.8%75th of 75 · median 19.1%

Return on equity

-143.9%69th of 69 · median 23.9%

Free cash flow margin

9.5%60th of 71 · median 22.3%

Debt / equity (less is better)

0.6041st of 61 · median 0.46

LITE and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
LITE Lumentum	$3.7B	+83.2%	45.9%	-175.8%	-143.9%	9.5%	0.60
P Everpure	$4.3B	+15.6%	69.7%	5.9%	16.4%	3.0%	-
SWKS Skyworks Solutions	$4.0B	-2.2%	40.7%	7.2%	5.1%	10.8%	0.09
TRMB Trimble Inc.	$3.8B	-2.6%	69.6%	-4.1%	-3.2%	20.7%	0.31
MPWR Monolithic Power Systems	$3.7B	+26.4%	55.3%	23.9%	23.9%	16.3%	-
FFIV F5, Inc.	$3.3B	+9.7%	81.9%	22.0%	18.8%	29.3%	-

FY2022FY2025

From $1.7B of sales to $198.9M of profit

FY2022, from the 10-K income statement

Swipe sideways for the whole flow →

From $1.6B of sales to $25.9M of profit

FY2025, from the 10-K income statement

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022

$54$13$15$12

FY2025

$72$26

Cost of revenue
R&D
Costs, tax, other
Tax & other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 4

!
Net margin below the peer median-175.8% vs 19.1%
!
Gross margin down over 5 years44.9% → 41.7%
!
Return on equity below 15%-143.9%
!
A profit in 5 of 10 years

Net margin, FY2017 to FY2026: -10.2% → -230.1%

Balance sheet

4 of 4

✓
Interest covered more than 5 timesOperating income is 24.1× interest expense
✓
Debt smaller than equityDebt / equity 0.60 on the latest balance sheet (peer median 0.46)
✓
Current assets cover current liabilitiesCurrent ratio 1.61
✓
Net debt under 3 years of free cash flow$792.8M net debt, 2.2 years

Debt / equity at each year end, FY2017 to FY2026: 0.74 → 0.70

What the debt is made of ↓

Cash and shareholders

1 of 2

!
Free cash flow positive in 7 of 10 years$300.1M last year
✓
Share count down over 5 years−4.8%

Free cash flow, FY2017 to FY2026: -53.1M → 300.1M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 26, 2026

The debt note's own lines, 2026-06-27

Fixed rate $0Floating $58.5M Not stated $4.8B

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
Convertible notes	Convertible	–	not stated	$1.6B
2032 Notes (Convertible Debt)	Convertible	–	not stated	$1.3B
2032 Notes	Notes and bonds	–	not stated	$1.3B
2028 Notes (Convertible Debt)	Convertible	–	not stated	$180.2M
2028 Notes	Notes and bonds	–	not stated	$179.6M
Sumitomo Mitsui Banking Corporation (Secured Debt)	Secured	–	not stated	$74.8M
2029 Notes (Convertible Debt)	Convertible	–	not stated	$56.4M
2029 Notes	Notes and bonds	–	not stated	$54.9M
2026 Notes (Convertible Debt)	Convertible	–	not stated	$54.8M
2026 Notes	Notes and bonds	–	not stated	$54.8M
Term loans	Bank loans	–	floating	$40.5M
Mizuho Term Loan (Secured Debt)	Secured	–	floating	$18.0M

All 12 lines

From the debt note in the 10-K's XBRL (0001628280-26-057358), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2017 to FY2026

Revenue 3.0B Net income -6.9B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

LITE's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue3.0B

Net income-6.9B

Free cash flow300.1M

EPS (diluted)-92.96

Diluted shares74.6M

The segments changed

10-K filed 2026-08-17

Compared with the 10-K of Aug 19, 2025: new segments Components, Systems; no longer reported: Cloud Networking, Industrial Technology.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Jun 27, 2026

	Revenue	Share	vs year before
Systems	2.0B	66.5%	+279%
Components	1.0B	33.5%	-9.7%

10-K 0001628280-26-057358, segment and revenue notes (XBRL).

Revenue by region

year to Jun 27, 2026

	Revenue	Share	vs year before
Asia-Pacific:	1.8B	58.1%	+75.1%
Americas:	1.1B	36.0%	+126%
United States	627.9M	20.8%	+101%
Thailand	626.6M	20.8%	+115%
Hong Kong	519.3M	17.2%	+30.3%
Mexico	443.7M	14.7%	+199%
China	284.8M	9.4%	+198%
Other Asia-Pacific	216.9M	7.2%	+59.0%
EMEA	177.0M	5.9%	+8.3%
Japan	104.6M	3.5%	+33.6%
Other Americas	13.2M	0.4%	-34.3%

10-K 0001628280-26-057358, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1.0B	1.2B	1.6B	1.7B	1.7B	1.7B	1.8B	1.4B	1.6B	3.0B
Cost of revenue	677.0M	812.4M	1.1B	-	-	-	-	-	-	-
Gross profit	318.1M	432.1M	425.9M	650.2M	783.1M	788.6M	569.0M	251.5M	459.9M	1.3B
R&D	148.3M	156.8M	184.6M	198.6M	214.5M	220.7M	307.8M	302.2M	303.9M	356.5M
SG&A	110.2M	128.2M	200.3M	235.2M	241.4M	265.7M	348.8M	310.7M	348.2M	363.2M
Operating income	47.6M	139.9M	-21.6M	204.1M	527.0M	303.3M	-115.7M	-434.0M	-180.1M	524.8M
Interest expense	5.5M	18.2M	36.3M	61.2M	66.7M	80.2M	35.5M	33.8M	22.2M	21.8M
Pretax income	-59.8M	129.4M	-33.3M	-	-	-	-	-	-	-
Income tax	42.7M	-118.7M	3.1M	38.8M	65.8M	36.2M	29.2M	140.8M	-198.0M	-237.7M
Net income	-102.5M	248.1M	-36.4M	135.5M	397.3M	198.9M	-131.6M	-546.5M	25.9M	-6.9B
EPS (diluted)	-1.71	3.82	-0.54	1.75	5.07	2.68	-1.93	-8.12	0.37	-92.96
Diluted shares	60.6M	63.3M	70.7M	77.6M	78.4M	74.2M	68.3M	67.3M	69.6M	74.6M
Depreciation & amortization	54.2M	74.0M	102.9M	113.3M	91.4M	81.6M	106.6M	110.6M	104.3M	128.8M
EBITDA	101.8M	213.9M	81.3M	317.4M	618.4M	384.9M	-9.1M	-323.4M	-75.8M	653.6M
Gross margin	31.8%	34.6%	27.2%	38.7%	44.9%	46.0%	32.2%	18.5%	28.0%	41.7%
Operating margin	4.8%	11.2%	-1.4%	12.2%	30.2%	17.7%	-6.5%	-31.9%	-10.9%	17.4%
Net margin	-10.2%	19.9%	-2.3%	8.1%	22.8%	11.6%	-7.4%	-40.2%	1.6%	-230.1%
Revenue growth	-	+24.6%	+25.5%	+7.2%	+3.8%	-1.7%	+3.2%	-23.1%	+21.0%	+83.2%
EPS growth	-	-	-114%	-	+190%	-47.1%	-172%	-	-	-25224%

Balance sheet

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash	272.9M	397.3M	432.6M	298.0M	774.3M	1.3B	859.0M	436.7M	520.7M	2.0B
Short-term investments	282.4M	314.2M	335.9M	1.3B	1.2B	1.3B	1.2B	450.3M	356.4M	694.9M
Receivables	166.3M	197.1M	-	-	-	-	-	-	-	0
Inventory	145.2M	174.1M	228.8M	188.9M	196.4M	250.1M	408.6M	398.4M	470.1M	691.6M
Current assets	930.3M	1.1B	1.3B	2.0B	2.4B	3.1B	2.8B	1.6B	1.7B	4.2B
Property & equipment	273.5M	306.9M	433.3M	-	-	360.5M	489.5M	-	-	-
Goodwill	11.4M	11.3M	368.9M	368.9M	368.9M	368.9M	695.1M	1.1B	1.1B	1.1B
Total assets	1.2B	1.6B	2.7B	3.3B	3.6B	4.2B	4.6B	3.9B	4.2B	7.3B
Accounts payable	114.8M	126.5M	160.8M	150.8M	116.9M	156.7M	169.4M	126.3M	225.2M	567.4M
Current liabilities	184.2M	214.0M	294.0M	283.0M	664.6M	716.5M	633.8M	269.3M	392.8M	2.5B
Total debt	457.3M	456.7M	-	1.5B	1.5B	2.8B	-	2.5B	2.6B	3.2B
Total liabilities	578.3M	619.6M	1.2B	1.5B	1.6B	2.3B	3.3B	3.0B	3.1B	2.7B
Shareholders' equity	618.8M	926.1M	1.5B	1.7B	2.0B	1.9B	1.4B	957.3M	1.1B	4.6B
Retained earnings	-83.2M	166.4M	129.1M	64.6M	220.9M	-129.1M	-340.6M	-887.1M	-861.2M	-7.8B

Cash flow

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Operating cash flow	85.0M	247.5M	330.1M	524.3M	738.7M	459.3M	179.8M	24.7M	126.3M	751.4M
Capital spending	138.1M	93.2M	166.0M	86.0M	84.8M	91.2M	128.5M	133.0M	231.0M	451.3M
Free cash flow	-53.1M	154.3M	164.1M	438.3M	653.9M	368.1M	51.3M	-108.3M	-104.7M	300.1M
Stock-based pay (added back)	32.7M	46.8M	60.7M	73.2M	92.9M	103.1M	148.4M	128.8M	177.2M	170.2M
Buybacks	-	0	0	200.0M	236.0M	543.9M	175.6M	0	0	-
Acquisitions	5.1M	0	619.8M	0	0	0	861.6M	700.9M	0	38.0M
Debt raised	-	-	-	-	-	-	0	0	76.5M	47.9M
Investing cash flow	-425.7M	-127.0M	-779.7M	-987.7M	1.0M	-226.3M	-874.0M	-114.3M	-84.1M	-785.5M
Financing cash flow	456.7M	3.8M	485.1M	328.8M	-263.4M	282.9M	263.0M	-332.7M	41.8M	1.6B

Stock-based pay and leases

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Stock-based pay (expense)	32.7M	46.8M	60.7M	73.2M	92.9M	103.1M	148.4M	128.8M	177.2M	170.2M
Stock-based pay / revenue	3.3%	3.8%	3.9%	4.4%	5.3%	6.0%	8.4%	9.5%	10.8%	5.6%
Operating lease cost	-	-	-	15.5M	14.1M	13.0M	14.4M	16.8M	13.3M	13.4M
Finance lease principal paid	-	-	8.8M	12.5M	500K	0	0	-	-	-
Right-of-use assets	-	-	91.5M	78.7M	67.4M	73.6M	77.3M	72.8M	27.9M	29.2M
Operating lease liabilities	-	-	81.5M	68.4M	59.4M	60.0M	62.1M	56.4M	35.0M	33.8M
Finance lease liabilities	-	-	12.4M	600K	-	-	-	-	-	-

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on LITE in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/LITE/export.csv") into a cell.