LITE·Semiconductors & Optical Components (photonics / AI datacenter interconnect)

Lumentum

ConvictionWeak

Vertically-integrated component + systems supplier: designs and fabs InP/EML laser chips and optical transceivers (Cloud & Networking) plus telecom systems and industrial lasers; sells to hyperscalers, networking OEMs, and module assemblers. Revenue is hardware unit sales, not recurring subscription — a cyclical, capacity-gated chip business currently in an up-cycle.

Revenue

$808.4M Q3 FY26qtr ended Mar 28, 2026); ~$2.49B TTM [fact]

Rev growth

+90.1% YoY Q3 FY26 [fact]

Gross margin

47.9% non-GAAP / 44.2% GAAPQ3 FY26) [fact]

Op margin

32.2% non-GAAP / 21.6% GAAPQ3 FY26) [fact]

Capex intensity

~15%capex ~$125M / rev $808.4M, Q3 FY26); FY25 capex was $231M [fact]

Market cap

~$64-70Bmid-June 2026; ~$848/sh × ~77.8M sh) [fact]

Price · 1-year trend

real · weekly

$707+682% 1yUSD

52-week range

$90 – $1053

52w lowas of 2026-07-08 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityWeak

AI Compute Value-Chain

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2025-08-19. The audited primary-source spine — not investment advice.

Revenue — annual (GAAP)

FY’17

$1.0B

FY’18

$1.2B+25%

FY’19

$405M-68%

FY’24

$1.4B

FY’25

$1.6B+21%

Margins & balance sheet — FY’25

Gross margin28.0%

Operating margin-10.9%

Net margin1.6%

Net debt$664M

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Lumentum

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence