Lumentum Holdings Inc
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+ FollowMarket Cap$46.76B
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Earnings Call Q4 2026
August 11, 2026 - AI Summary
Blowout quarter + strong momentum (good/surprising): Q4 revenue $1.01B, +109% YoY (and +8th consecutive quarter of growth). Sequential revenue growth also strong with 3rd straight quarter of >20% QoQ. Non-GAAP gross margin crossed 50% (earlier than the company had targeted—initially expected at a ~$2B quarterly run-rate). Non-GAAP operating margin +2,150 bps YoY; Q4 non-GAAP operating margin 36.6%.
Upside guidance: hits revenue target early + margin strength (good): Company expects Q1 FY27 revenue $1.225B–$1.275B (midpoint $1.25B), which reaches a stated $1.25B quarterly target more than a quarter early. Q1 non-GAAP operating margin 39.5%–40.5% (midpoint >2,100 bps YoY expansion). Q1 diluted non-GAAP EPS $4.05–$4.35 (assumes 16.5% effective tax rate, ~102M shares). CFO/CEO framed this as operating leverage + better mix + execution.
Product/category highlights + key growth drivers (opportunities):
- Components revenue $649M (+22% QoQ, +103% YoY) driven by laser momentum.
- Pump lasers +80% YoY, effectively sold out, and company expects ~4x pump laser shipment increase over coming quarters.
- EMLs record quarter, especially 100G-per-lane (+130%+ YoY assemblies) and 200G-per-lane now >25% of EML revenue.
- Systems revenue $357M (+30% QoQ, +123% YoY) driven by cloud transceivers and OCS.
- Cloud transceivers: bulk at 800G, and began shipping 1.6T transceivers as planned; profitability improving via yield + utilization + higher ASP 1.6T rollout.
- Company expects 1.6T uptake to intensify in fiscal Q1 through calendar 2027 (customers transitioning from 800G → 1.6T).
- OCS: internal manufacturing ramp led to first triple-digit OCS revenue quarter expected in Q1; demand for 2027 described as “incredibly strong.”
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$40.26
93.6% downside
Current Fair Value
93.6% downsideOvervalued by 93.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $46.76 Billion |
|---|---|
| Enterprise Value | $46.38 Billion |
| Earnings per Share | $-92.96 |
| Beta | 1.54 |
| Outstanding Shares | 74,600,000 |
Return
| Return on Equity | -144.84% |
|---|---|
| Return on Assets | -92.04% |
| Return on Invested Capital | -149.29% |
Valuation & Multiples
| P/E Ratio | -9.04 |
|---|---|
| PEG | 0.26 |
| Price to Sales | 16.07 |
| Price to Book Ratio | 10.11 |
| Enterprise Value to Revenue | 15.67 |
| Enterprise Value to EBIT | -6.44 |
| Enterprise Value to Net Income | -7 |
| Total Debt to Enterprise | 0.04 |
| Debt to Equity | 0.36 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 3, 2026
EPS Estimate
$4.22
Consensus analyst estimateRevenue Estimate
$1.25 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 2, 2027
EPS Estimate
$5.01
Consensus analyst estimateRevenue Estimate
$1.57 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.72, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.7229▼ 19.93% |
|---|---|
| Total Calls | 66,400▼ 99.40% |
| Total Puts | 48,000▼ 99.53% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.59%▼ 106.04% |
|---|---|
| Total Invested | $4.05B▼ 94.32% |
| Investors Holding | 488▼ 920.00% |
About Lumentum Holdings Inc
13,757 employees
CEO: Alan Lowe
Lumentum Holdings Inc. operates as a global provider specializing in the manufacture and sale of advanced optical and photonic products. Its extensive operations span across the Americas, Asia-Pacific, Europe, the Middle East, and Africa...