Lumentum
Lumentum Holdings Inc. (“we,” “us,” “our”, “Lumentum” or the “Company”) is a global leader in optical and photonic technologies and an industry-leading provider of optical and photonic products based on revenue and market share.
10-K, Aug 17, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001628280-26-057358 · filed Aug 17, 2026
Business
How does Lumentum make money?
Optical Communications is 93.0% of revenue.
Source and method
Revenue by segments, FY2021.
annual report FY2021 · 0001628280-21-017799 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($1.7B).
- Optical Communications: $1.6B · 93.0%
- Lasers: $122M · 7.0%
What is left of every $100?
Of every $100 in revenue, −$230 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $3.0B
- Gross profit: $1.3B
- Operating income: $525M
- Net income: −$6.9B
- Free cash flow: $300M
Where do customers sit?
58.1% of revenue is from Asia Pacific.
Source and method
Revenue by region, latest annual report.
10-K · 0001628280-26-057358 · XBRL revenue by region · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“Our products are essential to a range of cloud, artificial intelligence and machine learning (“AI/ML”), telecommunications, consumer, and industrial end-market applications.”
“We operate in one reportable segment as a single, integrated enterprise.”
“Operating Segments and Geographic Information” to the consolidated financial statements.”
Item 1 · Business · 10-K · 0001628280-26-057358 · filed Aug 17, 2026
Where did the growth actually come from?
One segment: 102% of growth; others shrank.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
2 reasons in the company’s own words.
Revenue +83%
“Net revenue increased by $1,369.0 million, or 83.2%, during fiscal year 2026 compared to fiscal year 2025, driven by $889.3 million increase in Components products and a $479.7 million increase in Systems products.”
Item 7 · MD&A · 10-K · 0001628280-26-057358 · filed Aug 17, 2026
Number check (revenue): stated $1.4B matches the stored change ($1.4B, ±10%)
Revenue: $3.0B FY2026 · +83.2% vs FY2025 · KPIs
Position (in the company’s words)
“We are maintaining our capability to provide leading products throughout the network, while focusing on several important sub-segments.”
Item 1 · Business · 10-K · 0001628280-26-057358 · filed Aug 17, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 83% to $3.0B.
Revenue grew 109% YoY to $1.0B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 56.2%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
17.4% operating margin, up from −10.9%.
41.7% gross margin, up from 28.0%.
Operating income: $525M in FY2026.
Net income: −$6.9B in FY2026.
R&D grew 17% to $356M.
SG&A grew 4.3% to $363M.
EPS diluted: −$92.96 in FY2026.
27.8% operating margin, up from −1.7%.
47.4% gross margin, up from 33.3%.
Operating income: $279M in FY2026 Q4.
Net income: −$7.2B in FY2026 Q4.
R&D grew 31% YoY to $104M.
SG&A grew 9.1% YoY to $91.2M.
EPS diluted: $1.50 in FY2026 Q3.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $10 of every $100 as free cash.
Operating cash flow grew 495% to $751M.
Capex grew 95% to $451M.
Buybacks: $0 in FY2025, the latest reported.
Stock-based compensation fell 4.0% to $170M.
Free cash flow grew 1843% YoY to $196M.
Operating cash flow grew 467% YoY to $363M.
Capex grew 209% YoY to $167M.
Buybacks: $0 in FY2024 Q4.
Stock-based compensation grew 2.0% YoY.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$2.0B cash vs $3.2B debt.
Total debt grew 25% to $3.2B.
Interest expense fell 1.8% to $21.8M.
Total assets grew 73% to $7.3B.
Equity grew 309% to $4.6B.
Cash grew 292% YoY to $2.0B.
Total debt grew 25% YoY to $3.2B.
Interest expense fell 33% YoY to $3.6M.
Total assets grew 73% YoY to $7.3B.
Equity grew 309% YoY to $4.6B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 27% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Lumentum annual report)
10-K · 0001628280-26-057358 · filed Aug 17, 2026
Suppliers named by Lumentum
No supplier among the covered companies is named in the filings.
Lumentum holds stakes in
No stake in a covered company found in SEC filings.
Others name Lumentum
No mentions in covered companies’ filings.
Risks
What could go wrong?
4 of 54 risk factors, one per theme.
Supply chain and manufacturing
“We depend on a limited number of suppliers for raw materials, packages and components, and any failure or delay by these suppliers in meeting our requirements could have an adverse effect on our business and results of operations.”
Item 1A · Risk Factors · 10-K · 0001628280-26-057358 · filed Aug 17, 2026
Competition
“Changing technology and intense competition require us to continuously innovate while controlling product costs, and our failure to do so may result in decreased revenues and profitability.”
Item 1A · Risk Factors · 10-K · 0001628280-26-057358 · filed Aug 17, 2026
Trade, government policy and geopolitics
“Our operating results may be adversely affected by unfavorable changes in macroeconomics and market conditions and the uncertain geopolitical environment.”
Item 1A · Risk Factors · 10-K · 0001628280-26-057358 · filed Aug 17, 2026
Economic conditions
“Our business and operating results depend significantly on general market and economic conditions.”
Item 1A · Risk Factors · 10-K · 0001628280-26-057358 · filed Aug 17, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.35%.
Vanguard Capital Management LLC7.35%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
BlackRock, Inc.7.3%
13G/A · as of Mar 31, 2026 · filed Apr 24, 2026
Vanguard Portfolio Management LLC5.19%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
13 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.11.1%
9.2M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.1%
5.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC4.9%
4.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Jpmorgan Chase & Co4.9%
4.1M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Fmr LLC4.2%
3.5M shares · 13F filed Aug 13, 2026 · share of 13F-reported
1,319 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 185 sales · $176M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 32 SEC metrics, FY2017–FY2026
Income statement 9
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 9
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 6
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | ||||||||
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | not reported | not reported | not reported | not reported | ||||||
| Pretax income | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Short-term borrowings / commercial paper | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values