Lumentum Holdings Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jun 2026, Systems was 67% and Components was 33% of revenue; Systems rose from 40% in the fiscal year to Jun 2024.

In the fiscal year to Jun 2026, United States was 21% and Thailand was 21% of revenue; Thailand rose from 14% in the fiscal year to Jun 2024; China was 9%.

Quarters: Lumentum Holdings Inc.'s SEC filings, named by the month they end. Fiscal years: Lumentum Holdings Inc.'s annual reports to the SEC.

How it makes money

The company loses $230.1 for every $100 of revenue.

Beyond ±100% the scale is logarithmic, so that Jun 2026's −712% and the quarters near zero both read. Circled: Jun 2024 (net −81.9%, operating −43.3%), Jun 2025 (net 44.4%, operating −1.7%), Jun 2026 (net −711.7%, operating 27.8%). Net margin is usually about 1 point below operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Lumentum Holdings Inc.'s annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

In its latest annual report Lumentum Holdings buys from Contract Manufacturer A (unnamed); two customers it does not name account for 26.6% and 15.0% of its revenue.

Suppliers

Unnamed supplier 18%

AXT AXTI

 

LITELumentum Holdings

Customers

Unnamed customer 27%

Unnamed customer 15%

Lumentum Holdings's 10-Q for the quarter to Sep 2026 gives two customers' shares of its revenue: Customer A (37%) and Customer B (11%).

From Lumentum Holdings Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

NVIDIA NVDAinvested in Lumentum Holdings · Holds convertible preferred stock in LumentumApproximately 2.9 million preferred shares purchased for $2.0 billion on March 2, 2026

Changes since the previous annual report (10-K filed Aug 19, 2025)

NVIDIA NVDANamed for the first time, as a partnerApproximately 2.9 million preferred shares purchased for $2.0 billion on March 2, 2026

FFiberHome Technologies GroupNo longer named (was a customer)

Customer A (unnamed)Customer, share of revenue16% → 26.6%

Contract Manufacturer A (unnamed)Supplier, share of purchases25.1% → 18.2%

Only the companies Lumentum Holdings names in its 10-K filed Aug 17, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 15.1x, above the peer median of 6.9x. Revenue is up 137% from a year ago.

Above the peer median of 6.9x. The market pays more per $1 of revenue than for peers.

Lumentum Holdings Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $1,067, 71% above the current price; 76% of 25 analysts rate it a buy; earnings beat estimates in all of the last 3 quarters.

Buy or Strong Buy: 19 analysts (76%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $193.58 to $1,066.29 (+451%), while LITE went from $226.86 to $624.65 (+175%). In the past three months targets were raised 3 times and cut 5 times. 2 upgrades and 1 downgrade over the year; the latest: B. Riley Securities moved it to Neutral from Buy on Nov 3, 2026.

The day after each of these reports the stock moved +9.9% (Dec 2025, beat); −3.3% (Mar 2026, beat); −19.1% (Sep 2026, beat).

For the quarter ending Dec 2026 (Lumentum Holdings reports on Feb 2, 2027), analysts expect adjusted earnings of $6.82 a share, 309% more than the $1.67 of a year earlier, and revenue of $1.6B, up 138% on a year earlier. For the fiscal year ending Jun 2027, they expect adjusted earnings of $24.94 a share, and revenue of $6.7B, up 121% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $356M in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Lumentum Holdings had 102M diluted shares in the quarter ended Sep 2026, 29.9% more than a year earlier, and 4.5% more each year on average since Sep 2020.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.7, no pressure to repay short-term debt; debt-to-equity 0.4, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 13 funds whose copy leaves LITE out (on the exchange, not in the app yet): Blue Whale Capital, UNICOM Systems, Harvard Management, Mirae Asset Global Investments, Temasek Holdings (Private), Swiss National Bank and 7 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 21 held LITE at the end of their latest quarter (for most, Q2 2026). Over that quarter 8 added shares, 8 cut, 3 bought new, 3 sold all and 2 held the same. The largest of them is Norges Bank, 1.17M shares worth $1.0B at Jun 30, 2026, 9.3% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of LITE at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $170M of LITE on the open market in the 12 months to Nov 12, 2026; none bought. 90% of the sales were made under 10b5-1 plans, set up in advance. The largest was Vincent Retort (SEE Remarks), who sold $69.5M in 60 sales.

From the Form 4s filed with the SEC about Lumentum Holdings Inc. (80 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 78 other transactions (grants and shares withheld for tax).