Lumentum Holdings Inc. (LITE) intrinsic value & 10-year financials
Lumentum Holdings Inc. (LITE) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 6.9% a year to $1.6B, with an average return on invested capital of 1.8%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $824.13
- Market cap
- $57.4B
- Revenue (FY2025)
- $1.6B
- Revenue growth (10-yr CAGR)
- 6.9%
- ROIC (10-yr avg)
- 1.8%
- Free cash flow (FY2025)
- -$104.7M
LITE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.6B | $25.9M | $0.37 | -$104.7M | -10.9% | -2.9% |
| FY2024 | $1.4B | -$546.5M | -$8.12 | -$108.3M | -31.9% | -24.0% |
| FY2023 | $1.8B | -$131.6M | -$1.93 | $51.3M | -6.5% | -6.4% |
| FY2022 | $1.7B | $198.9M | $2.68 | $368.1M | 17.7% | 8.8% |
| FY2021 | $1.7B | $397.3M | $5.07 | $653.9M | 30.2% | 15.5% |
| FY2020 | $1.7B | $135.5M | $1.75 | $438.3M | 12.2% | 5.2% |
| FY2019 | $1.6B | -$36.4M | -$0.54 | $164.1M | -1.4% | -2.2% |
| FY2018 | $1.2B | $248.1M | $3.82 | $154.3M | 11.2% | 15.6% |
| FY2017 | $1.0B | -$102.5M | -$1.71 | -$53.1M | 4.8% | 5.9% |
| FY2016 | $903.0M | $9.3M | -$0.05 | $4.6M | 1.3% | 2.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Lumentum has demonstrated mature, steady growth, with revenue compounding at 6.9% annually over the past decade.
Lumentum has historically struggled to out-earn its cost of capital, averaging just 1.8% ROIC.
Lumentum has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Lumentum is modeled at -28.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-15.39 per share.