Lumentum Holdings Inc. manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It operates through two segments, Cloud & Networking and Industrial Tech. The Cloud & Networking segment offers optical and photonic chips, components, modules, and subsystems supplied to cloud data center operators, AI/ML infrastructure providers, and network equipment manufacturer customers that are building cloud data centers and network infrastructures. Its Industrial Tech segment provides short-pulse solid-state lasers, kilowatt-class fiber lasers, diode lasers, and gas lasers that serves the semiconductor device, solar cell, display, and electric vehicle and battery manufacturing markets. The company was incorporated in 2015 and is headquartered in San Jose, California.
Execution Risks | Customer concentration among Big-5 hyperscalers and premium valuations create vulnerability to spending cycles and competitive pressures from Coherent and Chinese manufacturers |
Price Targets | Analyst targets range from $135 to $290, with projections showing laser revenue expanding from $1B to $2.2B by fiscal 2028 |
NVIDIA Partnership | As sole supplier of co-packaged optics for NVIDIA's switch platforms, Lumentum secures exclusive access to accelerating AI infrastructure growth |
AI Infrastructure Play | Lumentum dominates optical networking with over 50% market share in indium phosphide lasers, serving hyperscalers as AI bandwidth demands surge |

Metrics to compare | LITE | Sector Sector - Average of metrics from a broad group of related Technology sector companies | Relationship RelationshipLITEPeersSector | |
|---|---|---|---|---|
P/E Ratio | 233.8x | −5.8x | 12.7x | |
PEG Ratio | 1.70 | −0.12 | 0.01 | |
Price / Book | 69.5x | 16.2x | 2.4x | |
Price / LTM Sales | 27.9x | 12.0x | 2.3x | |
Upside (Analyst Target) | −6.2% | 12.1% | 26.9% | |
Fair Value Upside | Unlock | −10.8% | 3.4% | Unlock |