Business Description
Lumentum Holdings Inc., established in 2015 and headquartered in San Jose, California, is a global leader in optical and photonic product manufacturing. The company's reach extends across the Americas, Asia-Pacific, Europe, the Middle East, and Africa. Lumentum operates through two principal business units: Optical Communications (OpComms) and Commercial Lasers. The OpComms segment develops and supplies components, modules, and subsystems essential for transmitting video, audio, and data across high-capacity fiber optic networks. Its offerings encompass a wide range of products, including tunable transponders, transceivers, and transmitter modules, alongside various tunable lasers, receivers, and modulators. Furthermore, this segment provides critical transport products such as reconfigurable optical add/drop multiplexers (ROADMs), optical amplifiers, and optical channel monitors. A comprehensive suite of components is also available, featuring 980nm, multi-mode, and Raman pumps; switches; attenuators; photodetectors; gain flattening filters; isolators; wavelength-division multiplexing (WDM) filters; arrayed waveguide gratings (AWGs); multiplex/de-multiplexers; and integrated passive modules. Distinctive innovations from this segment include the Super Transport Blade, which integrates multiple optical transport functions into a single unit; vertical-cavity surface-emitting lasers (VCSELs); directly modulated and electro-absorption modulated lasers; and advanced laser illumination sources for 3D sensing systems. OpComms serves key clientele in the telecommunications, data communications, consumer, and industrial markets. Conversely, the Commercial Lasers segment produces an array of laser technologies, such as diode-pumped solid-state, fiber, diode, direct-diode, and gas lasers. These are primarily utilized in original equipment manufacturer (OEM) applications. This segment's laser solutions cater to a broad spectrum of markets and uses, including sheet metal processing, general manufacturing, biotechnology, graphics and imaging, remote sensing, and precision machining.
Business History
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 0.38
Total Equity: $1.13B
Shares: 69,600,000
Total Debt: $2.57B
Cash: $520.70M
EBITDA: $106.80M
Total Debt: $2.57B
Cash: $520.70M
Revenue: $1.65B
Revenue: $1.65B
Revenue: $1.65B
Total Equity: $1.13B
Tax Rate: 115.0%
Equity: $1.13B
Total Debt: $2.57B
Cash: $520.70M
Current Liabilities: $392.80M
Long-Term Debt: $2.56B
Total Debt: $2.57B
Total Equity: $1.13B
Shares: 69,600,000
Shares: 69,600,000
CapEx: -$231.00M
Shares: 69,600,000
Stock Price: $816.98
Net Income: $25.90M
Industry Benchmarks
Deep Analysis
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Income Statement (Annual)
Last updated: Jun 27, 2026 3:14am (6h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.7B | $1.7B | $1.8B | $1.4B | $1.6B |
| Cost of Revenue | $924.0M | $924.0M | $1.2B | $1.1B | $1.2B |
| Gross Profit | $788.6M | $788.6M | $569.0M | $251.5M | $459.9M |
| Operating Expenses | $485.3M | $485.3M | $684.7M | $685.5M | $640.0M |
| Operating Income | $303.3M | $303.3M | -$115.7M | -$434.0M | -$180.1M |
| Net Income | $198.9M | $198.9M | -$131.6M | -$546.5M | $25.9M |
| EBITDA | $482.4M | $482.4M | $188.7M | -$81.6M | $106.8M |
| EPS | $2.79 | $2.79 | $-1.93 | $-8.12 | $0.38 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 27, 2026 3:14am (6h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $774.3M | $1.3B | $859.0M | $436.7M | $520.7M |
| Total Current Assets | $2.4B | $3.1B | $2.8B | $1.6B | $1.7B |
| Total Assets | $3.6B | $4.2B | $4.6B | $3.9B | $4.2B |
| Current Liabilities | $664.6M | $716.5M | $633.8M | $269.3M | $392.8M |
| Long-Term Debt | $789.8M | $1.5B | $2.5B | $2.5B | $2.6B |
| Total Liabilities | $1.6B | $2.3B | $3.3B | $3.0B | $3.1B |
| Total Equity | $2.0B | $1.9B | $1.4B | $957.3M | $1.1B |
| Retained Earnings | $220.9M | -$129.1M | -$340.6M | -$887.1M | -$861.2M |
Cash Flow (Annual)
Last updated: Jun 27, 2026 3:14am (6h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $738.7M | $459.3M | $179.8M | $24.7M | $126.3M |
| Capital Expenditure | -$94.8M | -$91.2M | -$128.5M | -$136.0M | -$231.0M |
| Free Cash Flow | $643.9M | $368.1M | $51.3M | -$111.3M | -$104.7M |
| Acquisitions (net) | $24.6M | $6.4M | -$861.3M | -$700.1M | $48.1M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$275.7M | -$543.9M | -$175.6M | $0 | -$41.7M |
| Net Change in Cash | $476.3M | $515.9M | -$431.2M | -$422.3M | $84.0M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 10:29pm (11h ago)| Metric | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| Revenue |
$3.0B $3.0B – $3.0B
|
$5.7B $5.0B – $6.1B
|
$8.6B $8.5B – $8.7B
|
$12.8B $10.5B – $14.2B
|
| EBITDA |
$404.3M $402.9M – $407.0M
|
$765.3M $678.9M – $827.0M
|
$1.2B $1.1B – $1.2B
|
$1.7B $1.4B – $1.9B
|
| Net Income |
$564.4M $532.9M – $596.0M
|
$1.2B $1.1B – $1.4B
|
$2.0B $1.8B – $2.2B
|
$3.1B $2.4B – $3.5B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 27, 2026 3:14am (6h ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +0.0% | +3.2% | -23.1% | +21.0% |
| Gross Profit Growth | +0.0% | -27.8% | -55.8% | +82.9% |
| Operating Income Growth | +0.0% | -138.1% | -275.1% | +58.5% |
| Net Income Growth | +0.0% | -166.2% | -315.3% | +104.7% |
| EBITDA Growth | +0.0% | -60.9% | -143.2% | +230.9% |
Narrative Economics
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