NASDAQ: LITE
Lumentum
Technology · Communications Equipment, NEC
52-week range
Stock price
Market cap
At each fiscal year end: closing price × shares outstanding.Figures shown are for FY2026, ended Jun 27, 2026. Hover or tap a column for another year.$73.3B
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| Period | Market cap |
|---|---|
| FY2017, ended Jul 1, 2017 | $3.51B |
| FY2018, ended Jun 30, 2018 | $3.67B |
| FY2019, ended Jun 29, 2019 | $4.11B |
| FY2020, ended Jun 27, 2020 | $5.72B |
| FY2021, ended Jul 3, 2021 | $6.07B |
| FY2022, ended Jul 2, 2022 | $5.30B |
| FY2023, ended Jul 1, 2023 | $3.78B |
| FY2024, ended Jun 29, 2024 | $3.46B |
| FY2025, ended Jun 28, 2025 | $6.62B |
| FY2026, ended Jun 27, 2026 | $73.3B |
Revenue
By fiscal year.Figures shown are for FY2026, ended Jun 27, 2026. Hover or tap a column for another year.$3.01B
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| Period | Revenue |
|---|---|
| FY2017, ended Jul 1, 2017 | $1.00B |
| FY2018, ended Jun 30, 2018 | $1.25B |
| FY2019, ended Jun 29, 2019 | $1.57B |
| FY2020, ended Jun 27, 2020 | $1.68B |
| FY2021, ended Jul 3, 2021 | $1.74B |
| FY2022, ended Jul 2, 2022 | $1.71B |
| FY2023, ended Jul 1, 2023 | $1.77B |
| FY2024, ended Jun 29, 2024 | $1.36B |
| FY2025, ended Jun 28, 2025 | $1.65B |
| FY2026, ended Jun 27, 2026 | $3.01B |
Net income and free cash flow
By fiscal year. Free cash flow is operating cash flow minus capex.Figures shown are for FY2026, ended Jun 27, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2017, ended Jul 1, 2017 | −$103M | −$53.1M |
| FY2018, ended Jun 30, 2018 | $248M | $154M |
| FY2019, ended Jun 29, 2019 | −$36.4M | $164M |
| FY2020, ended Jun 27, 2020 | $136M | $438M |
| FY2021, ended Jul 3, 2021 | $397M | $654M |
| FY2022, ended Jul 2, 2022 | $199M | $368M |
| FY2023, ended Jul 1, 2023 | −$132M | $51.3M |
| FY2024, ended Jun 29, 2024 | −$547M | −$108M |
| FY2025, ended Jun 28, 2025 | $25.9M | −$105M |
| FY2026, ended Jun 27, 2026 | −$6.94B | $300M |
Cash and cash equivalents
At each fiscal year end.Figures shown are for FY2026, ended Jun 27, 2026. Hover or tap a column for another year.$2.04B
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| Period | Cash and cash equivalents |
|---|---|
| FY2017, ended Jul 1, 2017 | $273M |
| FY2018, ended Jun 30, 2018 | $397M |
| FY2019, ended Jun 29, 2019 | $433M |
| FY2020, ended Jun 27, 2020 | $298M |
| FY2021, ended Jul 3, 2021 | $774M |
| FY2022, ended Jul 2, 2022 | $1.29B |
| FY2023, ended Jul 1, 2023 | $859M |
| FY2024, ended Jun 29, 2024 | $437M |
| FY2025, ended Jun 28, 2025 | $521M |
| FY2026, ended Jun 27, 2026 | $2.04B |
Total debt
At each fiscal year end. Short- and long-term borrowings, excluding leases.Figures shown are for FY2026, ended Jun 27, 2026. Hover or tap a column for another year.$3.23B
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| Period | Total debt |
|---|---|
| FY2017, ended Jul 1, 2017 | $457M |
| FY2018, ended Jun 30, 2018 | $457M |
| FY2019, ended Jun 29, 2019 | $352M |
| FY2020, ended Jun 27, 2020 | $1.54B |
| FY2021, ended Jul 3, 2021 | $1.53B |
| FY2022, ended Jul 2, 2022 | $2.82B |
| FY2023, ended Jul 1, 2023 | $2.81B |
| FY2024, ended Jun 29, 2024 | $2.50B |
| FY2025, ended Jun 28, 2025 | $2.58B |
| FY2026, ended Jun 27, 2026 | $3.23B |
Shares outstanding
At each fiscal year end, adjusted for splits. Up 45.8% since 2017.Figures shown are for FY2026, ended Jun 27, 2026. Hover or tap a column for another year.89.7M
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| Period | Shares outstanding |
|---|---|
| FY2017, ended Jul 1, 2017 | 61.5M |
| FY2018, ended Jun 30, 2018 | 63.3M |
| FY2019, ended Jun 29, 2019 | 76.9M |
| FY2020, ended Jun 27, 2020 | 75.2M |
| FY2021, ended Jul 3, 2021 | 72.7M |
| FY2022, ended Jul 2, 2022 | 68.1M |
| FY2023, ended Jul 1, 2023 | 66.7M |
| FY2024, ended Jun 29, 2024 | 68.0M |
| FY2025, ended Jun 28, 2025 | 69.9M |
| FY2026, ended Jun 27, 2026 | 89.7M |
Buybacks and new shares
By fiscal year, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for FY2026, ended Jun 27, 2026. Hover or tap a column for another year.Net: $170M more issued than bought back
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2017, ended Jul 1, 2017 | — | $32.7M | — |
| FY2018, ended Jun 30, 2018 | $0 | $46.8M | — |
| FY2019, ended Jun 29, 2019 | $0 | $60.7M | $460M |
| FY2020, ended Jun 27, 2020 | $200M | $73.2M | — |
| FY2021, ended Jul 3, 2021 | $236M | $92.9M | — |
| FY2022, ended Jul 2, 2022 | $544M | $103M | — |
| FY2023, ended Jul 1, 2023 | $176M | $148M | — |
| FY2024, ended Jun 29, 2024 | $0 | $129M | — |
| FY2025, ended Jun 28, 2025 | $0 | $177M | — |
| FY2026, ended Jun 27, 2026 | — | $170M | — |
Revenue (TTM)
$3.01B
+83.2% YoY
Net income (TTM)
−$6.94B
−26,876% YoY
Cash
$2.04B
+292% YoY
Total debt
$3.23B
+25.2% YoY
Valuation
At current price- Market Cap
- $75.4B
- P/E
- n/m. Market cap / net income (TTM)
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 25.0×
- Price / Book
- 16.2×
- EV / EBITDA
- 97.1×
Growth
Trailing 12 months- Revenue (TTM)
- $3.01B
- Revenue Growth YoY
- 83.2%
- Revenue CAGR 3Y
- 19.5%
- Revenue CAGR 5Y
- 11.6%
- EPS Growth YoY
- −25,224%
- Net Income Growth YoY
- −26,876%
Profitability
Trailing 12 months- Gross Margin
- 41.7%
- Operating Margin
- 17.4%
- Net Margin
- −230%
- FCF Margin
- 10.0%
- Return on Equity
- −240%
Earnings
Trailing 12 months- Net Income
- −$6.94B
- EPS (diluted)
- −$92.96
- EBITDA
- $789M
- Operating Income
- $525M
Balance Sheet
As of Jun 27, 2026- Cash and cash equivalents
- $2.04B
- Total Debt
- $3.23B
- Net Debt
- $1.19B
- Total Assets
- $7.31B
- Total Liabilities
- $2.66B
- Shareholders' Equity
- $4.64B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $751M
- Capital Expenditure
- $451M
- Free Cash Flow
- $300M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.52
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 83.2% over the last year, to $3.01B.
Watch
Lost $6.94B over the last 12 months.
Note
Net debt of $1.19B is 1.5× EBITDA.
Note
Free cash flow of $300M, 10.0% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Jun 27, 2026 · filed Aug 17, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K60Nothing notable
10-K for the fiscal year ended Jun 28, 2025
Filed Aug 19, 2025 · Read the filing on EDGAR
- Revenue rose 21% to $1,645.0M, led by a 30% jump in Cloud & Networking sales to AI and cloud customers and a recovery in telecom equipment orders.
- Net income was $25.9M against a $546.5M loss a year earlier. Most of the gain came from a $198M tax benefit, and the company still had an operating loss.
- Gross margin rose from 18.5% to 28.0%. Industrial Tech sales fell 14.6% and its profit fell 51.8% as competition in 3D sensing grew.
- The Huawei shipments that drew BIS and DOJ subpoenas in August 2024 are now under review, and new US tariffs and Chinese rare-earth export curbs add trade risk.
Business momentum
Strong improvement
“Net revenue increased by $285.8 million, or 21.0%, during fiscal year 2025 as compared to fiscal year 2024”
Outlook
Neutral
“We expect these factors to result in variability of our gross margin, and our gross margin may be subject to increasing downward pressure due to these factors.”
Financial stress
Moderate
“the net carrying amount of our 2026 Notes of $1,048.3 million, which have an aggregate principal balance of $1,050.0 million maturing in 2026”
Tone against the previous report
More positive
Red flags
- Medium
Investigation
“In August 2024, we received an administrative subpoena from BIS requesting the production of records in connection with our business with Huawei.”
- Minor
Other
“$5.2 million of severance payments, both primarily due to the resignation of our former Chief Executive Officer”
Positives
AI and cloud sales drove strong growth
“Cloud & Networking segment profit increased by $140.0 million, or 112.4%, during fiscal year 2025 as compared to fiscal year 2024”
Gross margin recovered sharply
“Gross margin in fiscal year 2025 increased to 28.0% from 18.5% in fiscal year 2024.”
Operating cash flow improved
“Cash provided by operating activities was $126.3 million during the year ended June 28, 2025”
Concerns
Profit depended on a one-time tax benefit and still an operating loss
“income tax benefit associated with the release of a valuation allowance on our UK deferred tax assets”
Industrial Tech segment shrinking
“Industrial Tech segment profit decreased by $13.0 million, or 51.8%, during fiscal year 2025 as compared to fiscal year 2024”
Heavy reliance on two customers
“Customer A 16.0 % 11.4 % 15.3 %”
New risks since the previous report
US government probes into past Huawei shipments
“We also received a related subpoena from the U.S. Department of Justice (“DOJ”) that also requested information regarding our business with Huawei.”
China's export curbs on rare earth metals
“For example, China’s recent export controls affected the availability and price of rare earth metals and other critical minerals for us as well as our supply chain and customers, adversely affecting our operations, margins and sales.”
Broad 2025 US tariffs raising costs
“Throughout 2025, the U.S. imposed a series of tariffs on imported goods.”
Losing 3D sensing sales to competitors
“lower sales of imaging and sensing products due to increasing competition and share normalization”
Biggest risks named
- $1.05B of convertible notes due December 2026, more than cash on hand
- US tariffs, export controls and Chinese retaliation
- BIS/DOJ investigation into past Huawei shipments
- Dependence on a few large AI and cloud customers
- Price competition and margin pressure in optical and 3D sensing products
Artificial intelligence in this business: Core to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | −8 | |
| Red flags | −3.9 | |
| New risks | −2 | |
| Score | 60 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Aug 17, 2026 | Pro | |||
| 10-K | Aug 19, 2025 | 60 | Strong improvement | 1 medium1 minor | |
| 10-K | Aug 21, 2024 | 25 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Aug 23, 2023 | 39 | Sharp deterioration | None | |
| 10-K | Aug 24, 2022 | 41 | Sharp deterioration | None | |
| 10-K | Aug 31, 2021 | 70 | Strong improvement | None | |
| 10-K | Aug 25, 2020 | 70 | Strong improvement | None | |
| 10-K | Aug 27, 2019 | 36 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Aug 28, 2018 | 74 | Strong improvement | 1 minor | |
| 10-K | Aug 29, 2017 | 42 | Sharp deterioration | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-K for FY2026 (period ended Jun 27, 2026), filed Aug 17, 2026. View filings on SEC EDGAR