Lumentum Holdings

LITE

Communication Equipment · Technology

Price

$732.82

+26.59 (+3.77%)

Market Cap

$57.01B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−6.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 74.2M (2021) → 69.6M (2025)

Lumentum Holdings Inc. manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates in two segments, Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables. It offers tunable transponders, transceivers, and transmitter modules; tunable

Winston Score History

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8 Congressional buys and 2 sells on LITE in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+55.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+182.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$300M/ year

→ Flat (-0% vs prior year)

18.2% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

8.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$521M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Lumentum Holdings grew revenue 56% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

33.3%

Modest — 33.3% gross margin

Operating Margin

-1.7%

Losing money on operations — -1.7%

ROCE

-0.2%

Weak — -0.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+52.1%

Fast-growing sales (52.1% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

98%

Turns 98% of profit into real cash

FCF Margin

-1.0%

Burning cash (-1.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

2.27

Heavy debt load (2.27)

Interest Cover

1.08x

Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

204.7x

Expensive — P/E 204.7

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+158.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (204.7 → 46.3)

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Dividends

Not applicable for this business.

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