At a glance
Lumentum Holdings Inc is worth $61.39B. Revenue grew 83.2% to $3.01B in fiscal 2026, at a loss; over 5 years it has grown 11.6% a year. It pays no dividend; it spent $719.5M buying back its shares over FY2022–FY2026. The stock returned +239.6% over the past year with dividends reinvested and +51.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 28.8% in the 2020 crash (S&P 500: 33.7%) and 36.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 34 months after the lows.
The business in plain English
Lumentum Holdings, based in San Jose, California, makes optical and photonic products: lasers, chips and modules that use light to move data through fiber-optic cables. Customers include cloud and network service providers, artificial intelligence (AI) infrastructure providers and network equipment makers. Its products link servers, AI chips and switches inside data centers, and carry traffic between cities, across countries and under the sea. It also sells industrial lasers for cutting, welding and precise machining, plus laser light sources for 3D sensing cameras in smartphones and other devices.
The company reports results as a single business but splits revenue by product type. Systems, complete products such as optical modules, optical circuit switches and industrial lasers, brought in $2.01 billion, or 66.5% of the $3.01 billion total for the fiscal year ended June 27, 2026. Components, building blocks such as laser chips and subsystems that customers put into their own equipment, made up the other 33.5%.
By region, the United States and Thailand each accounted for 20.8% of revenue, followed by Hong Kong at 17.2%, Mexico at 14.7% and China at 9.4%. Spun off from JDS Uniphase in 2015, Lumentum has grown through acquisitions including Oclaro, NeoPhotonics and Cloud Light. Its annual report, filed August 17, 2026, said AI and cloud demand was outpacing its supply.
Price history
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LITE +239.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Systems | $2.01B | 66.5% |
| Components | $1.01B | 33.5% |
By geography
| United States | $627.9M | 20.8% |
| Thailand | $626.6M | 20.8% |
| Hong Kong | $519.3M | 17.2% |
| Mexico | $443.7M | 14.7% |
| China | $284.8M | 9.4% |
| Other Asia-Pacific | $216.9M | 7.2% |
| EMEA | $177.0M | 5.9% |
| Japan | $104.6M | 3.5% |
| Other Americas | $13.2M | 0.4% |
Latest results
- In Q4 FY2026 (ended Jun 27, 2026), revenue was $1.01B, up 109.3% from a year earlier, and net income was $-7.16B (-3457.6%).
- For fiscal 2026, revenue was $3.01B (+83.2% year over year; +11.6% a year from FY2021 to FY2026) with a -230.1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +11.6% good |
|---|---|
| Operating margin | 17.4% good |
| Free cash flow margin | 10% good |
| Return on equity (FY2026) | -149.3% weak |
| Return on assets (FY2026) | -94.9% weak |
| Net cash (cash minus debt) | $1.10B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.74B | $397.3M | $653.9M |
| FY2022 | $1.71B | $198.9M | $368.1M |
| FY2023 | $1.77B | $-131.6M | $51.3M |
| FY2024 | $1.36B | $-546.5M | $-108.3M |
| FY2025 | $1.65B | $25.9M | $-104.7M |
| FY2026 | $3.01B | $-6.94B | $300.1M |
Valuation snapshot
| Market value | $61.39B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Lumentum Holdings’s market value went from $2.32B at the end of 2016 to $61.39B on Nov 2, 2026, about 26.4 times as much; since the end of 2025 it is up 135%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $61.39B | +134.9% |
| 2025 | $26.13B | +353.1% |
| 2024 | $5.77B | +64.2% |
| 2023 | $3.51B | -1.3% |
| 2022 | $3.56B | -53.5% |
| 2021 | $7.65B | +6.8% |
| 2020 | $7.16B | +16.9% |
| 2019 | $6.12B | +129.9% |
| 2018 | $2.66B | -12.2% |
| 2017 | $3.03B | +30.4% |
| 2016 | $2.32B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LITE price data to Nov 2, 2026 | +85.7% | +239.6% | +156.7% | +51.1% | +34.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +85.7% |
| 2025 | +339.1% |
| 2024 | +60.1% |
| 2023 | +0.5% |
| 2022 | -50.7% |
| 2021 | +11.6% |
| 2020 | +19.6% |
| 2019 | +88.8% |
| 2018 | -14.1% |
| 2017 | +26.5% |
| 2016 | +75.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 23.5% over that stretch · deepest drop along the way 28.8%, back to its old high 4.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.1% over that stretch · deepest drop along the way 36.3%, back to its old high 33.9 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 67 sales ($86.4M), 67 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 1, 2026 | Wajid Ali EVP & CHIEF FINANCIAL OFFICER | sell (plan) | $25.7M |
| Aug 25, 2026 | Vincent Retort SEE REMARKS | sell (plan) | $4.0M |
| Aug 25, 2026 | Vincent Retort SEE REMARKS | sell (plan) | $3.8M |
| Aug 25, 2026 | Vincent Retort SEE REMARKS | sell (plan) | $3.2M |
| Aug 25, 2026 | Vincent Retort SEE REMARKS | sell (plan) | $3.0M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.35% | Mar 31, 2026 |
| BlackRock, Inc. | 7.3% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.19% | Mar 31, 2026 |
| FMR LLC | 4.6% | Jun 30, 2026 |
| SteelMill Master Fund LP | 3.6% | Jun 30, 2025 |
| Invesco Ltd. | 3.3% | Sep 30, 2025 |
| Capital World Investors | 1.8% | Mar 31, 2026 |
| Point72 Asset Management, L.P. | 1.3% | Jun 30, 2025 |
ETFs with the most weight in LITE
| XTL SPDR S&P Telecom ETF | 4.05% |
| IYZ iShares U.S. Telecommunications ETF | 3.15% |
| NIXT Research Affiliates Deletions ETF | 0.96% |
| HAIL SPDR S&P Kensho Smart Mobility ETF | 0.89% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 0.5% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.49% |
| EQAL Invesco Russell 1000 Equal Weight ETF | 0.49% |
| FWD AB Disruptors ETF | 0.41% |
What could go wrong
- Heavy reliance on a few customers. A limited number of customers make up a significant share of sales, and most have no contractual commitment to keep buying. Large buyers also have the bargaining power to press for better terms.
- Trade barriers and a restricted customer. Sales to a previously significant customer have already been restricted. Higher tariffs and government limits on exports, including those involving China and Thailand, could raise costs or cut off other sales.
- Supply shortages and production problems. Lumentum relies on a limited number of suppliers for materials and parts. With demand outpacing supply, shortages, delays or quality problems at its own plants or contract manufacturers could leave orders unfilled and raise costs.
- Boom-and-bust demand cycles. Customers have stockpiled parts and then cut back before, and revenue fell to $1.36 billion in fiscal 2024 from $1.77 billion in fiscal 2023. The company warns its order backlog may not predict future sales.
- Fast-changing technology and price competition. Optical networking keeps moving to faster designs, such as parts that double the data rate of older ones. Missing a shift, or intense competition, could mean faster price cuts, thinner margins and lost market share.
- Convertible notes could dilute shareholders. Lumentum has issued convertible notes, bonds that can turn into stock and shrink existing owners' stake. Shares outstanding rose 23.4% from August 2021 to August 2026. Debt was $1.64 billion on June 27, 2026.
Recent events
- Major agreement signed; Executive or board change; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
- Executive or board change
- Unregistered sale of shares
- Quarterly results released
- Unregistered sale of shares
- Unregistered sale of shares; Bylaws or fiscal year changed; Investor presentation or announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
Lumentum does not pay a dividend, and its annual report filed August 17, 2026, says it does not expect to pay one. So there is no cash income; investors needing cash would have to sell shares, whatever the price. It bought back $719.5 million of stock from fiscal 2022 through fiscal 2026, though none in fiscal 2024 or 2025, and the share count still rose 23.4% from August 2021 to August 2026.
In the 2020 COVID crash the stock dropped 28.8%, then regained its old high about four months after bottoming. In the 2022 market decline it fell 36.3% and needed about 34 months from its low, until July 2025, to recover. Its deepest drop since it began trading in 2015 was 66.9%. Even in the year to October 28, 2026, when it gained 360.7%, it fell 42.8% at one point. A single stock carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does Lumentum make money?
Lumentum makes money selling optical and photonic products, the lasers and light-based parts that move data over fiber-optic networks. Customers include cloud and network service providers, artificial intelligence (AI) infrastructure providers and network equipment makers. In the fiscal year ended June 27, 2026, revenue was $3.01 billion. Systems, complete products such as optical modules and industrial lasers, made up 66.5%. Components, such as laser chips that customers build into their own gear, made up 33.5%.
Does Lumentum pay a dividend?
No. Lumentum does not pay a dividend, and its annual report filed August 17, 2026, says it does not expect to pay one. It has instead bought back its own shares, spending $719.5 million from fiscal 2022 through fiscal 2026, though none in fiscal 2024 or 2025. For income investors, that means any return depends entirely on the share price, which has swung sharply.
Is Lumentum profitable?
It depends on the measure. In the fiscal year ended June 27, 2026, Lumentum earned $524.8 million of operating income (profit from its core business), a 17.4% operating margin, and $300.1 million of free cash flow, the cash left after running the business and investing in equipment. But it posted a net loss of $6.94 billion, or $92.96 per share, from items outside day-to-day operations. The fourth quarter alone showed a $7.16 billion loss.
Why is Lumentum stock up so much?
The rise came alongside surging sales to AI and cloud customers. Revenue grew 83.2% to $3.01 billion in the fiscal year ended June 27, 2026, and the company said that demand was outpacing its supply. The shares gained 360.7% in the year to October 28, 2026, and 339.1% in calendar 2025, leaving its market value at about $82 billion. Gains have not been steady: the stock lost 50.7% in 2022, and with a net loss there is no meaningful price-to-earnings ratio.
How volatile is Lumentum stock?
Very volatile. As of October 28, 2026, its one-year volatility, a measure of how widely the price swings, was 98.4%. Its beta, which compares its moves with the broad market's, was 3.17, so it tended to move about three times as much as the market. In that year it fell 42.8% at one point despite a large overall gain. Its deepest decline since it began trading in 2015 was 66.9%.