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Lumentum Holdings Inc. ( we, us, our , Lumentum or the Company ) is a leading provider of optical and photonic products and is recognized as an industry leader based on revenue and market share. Our products are essential to a range of cloud, artificial intelligence and machine learning ( AI/ML ), telecommunications, consumer, and industrial end-market applications.
$946.90
$17.60 (-1.82%)
Price from 14 days ago
The business is unprofitable at the operating level (-10.95% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 21.0% YoY with margins expanding 21.0pp.
At 171x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Negative free cash flow of -$105M. The business is consuming cash, not generating it.
170.9x earnings, 799.1x FCF. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$2.49B
▲ +21.0% YoY
Net Income (TTM)
$440M
▲ +104.7% YoY
Op. Margin
9.53%
▲ +21.0pp YoY
ROIC
2.90%
▲ +5.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$114M
▲ +3.3% YoY
Op. Cash Flow (TTM)
$452M
▲ +411.3% YoY
Net Debt
$3.38B
Cash & Equiv.
$3.17B
5Y CAGR: -0.4%
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