Lumentum Holdings Inc

Lumentum Holdings Inc

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Market Cap$66.52B
Close$

Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Lumentum Holdings IncLumentum Holdings Inc139-22%27.61.1

Earnings Call Q3 2026

May 5, 2026 - AI Summary

Record growth & strong profitability (Q3 FY26) - Revenue $808.4M, up +90% YoY and above guidance midpoint. - Non-GAAP EPS $2.37 above prior expectations. - Non-GAAP operating margin 32.2%: up +700 bps sequentially and +2,140 bps YoY (major beat driven by components mix and strong operating leverage). - GAAP results also strong: GAAP gross margin 44.2%, GAAP operating margin 21.6%; GAAP net income $144.2M.
What’s driving results: Components strength + “scale-across” as margin engine (good / somewhat surprising) - Components revenue $533.3M (+20% sequential, +77% YoY). Effectively sold out near-term. - EML lasers: ninth consecutive quarter of growth; >120% YoY narrow linewidth laser assembly shipments; pump laser shipments +80% YoY. - Management highlighted scale-across architectures (distributed compute across geographies) as a major margin contributor: needs high-density optical interconnects and multi-fiber amplification. - Scale-across enablement portfolio: pump lasers, narrow linewidth precision, and WSS optical switching. - Surprise / emphasis: scale-across (and especially constrained supply of key lasers) is described as both a growth driver and a margin lever.
Supply constraints remain the core challenge (bad) - Despite demand being “not a concern,” Lumentum is still undersupplying customers. - CEO stated imbalance is greater than ~30% (previously ~25–30%): supply is increasing but still behind demand. - Constraints include substrates (though long-term agreements help) and more importantly laser/pump supply (described as “somewhat unanticipated” and tight). - They are forced to make allocation choices about which requests to prioritize due to limited pump laser capacity.

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$790.95

Target Price by Analysts

15.7% downsideLumentum Holdings Target Price DetailsTarget Price
$-6.39

Current Fair Value

100.7% downside

Overvalued by 100.7% based on the discounted cash flow analysis.

Share Statistics

Market cap$66.52 Billion
Enterprise Value$67.23 Billion
Dividend Yield$- (-)
Earnings per Share$0.38
Beta1.53
Outstanding Shares71,500,000

Return

Return on Equity21.83%ROE
Return on Assets9.23%
Return on Invested Capital7.66%

Valuation & Multiples

P/E Ratio138.96P/E Ratio
PEG-32.55PEG
Price to Sales27.59Price to Sales
Price to Book Ratio22.88Price to Book Ratio
Enterprise Value to Revenue27.61
Enterprise Value to EBIT277.36
Enterprise Value to Net Income103
Total Debt to Enterprise0.05
Debt to Equity1.12Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
May 12, 2026
EPS Estimate
$2.24
Average shareholder expectation
Revenue Estimate
$802.20 M
Average shareholder expectation

Next Earnings Call

Expected Date
August 11, 2026
EPS Estimate
$2.96
Average shareholder expectation
Revenue Estimate
$984.58 M
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.8102▲ 11.41%
Total Calls9,105,638▲ 59.06%
Total Puts7,377,680▲ 85.11%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %108.51%▼ 4.67%
Total Invested$54.79B▲ 85.79%
Investors Holding1,148▲ 347.00%

ESG Score

No data

About Lumentum Holdings Inc

CEO: Alan Lowe

Relevant Senate Committees

Joint Committee on Taxation

This committee's role in developing and analyzing tax legislation, including providing revenue estimates, directly influences corporate tax structures and capital investment credits, significantly impacting Lumentum's profitability.

Finance

As the primary committee for taxation and trade, it directly impacts Lumentum's corporate valuations through tax policy and influences its global supply chain and market access through tariffs and trade agreements.

Appropriations

This committee directly allocates federal spending. Funding for defense programs, scientific research, and infrastructure projects could create demand for Lumentum's products or those of its key customers.

Commerce, Science, and Transportation

This committee has vast jurisdiction over interstate commerce, telecommunications (FCC), and technology (FTC). Lumentum, as a communications equipment manufacturer, is directly impacted by regulations concerning its customers (telcos, 'Big Tech') and market standards.

Foreign Relations

As a global manufacturer, Lumentum is heavily exposed to international trade policies, sanctions, and geopolitical stability, all directly influenced by the Foreign Relations committee.