Explain this page
Arphra AIPlain-English read on Lumentum Holdings Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
BMixed
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin28.0%
Operating margin-10.9%
Net margin1.6%
ROE2.3%
ROA0.6%
ROIC0.8%
Liquidity & leverage
Current ratio4.37×
Quick ratio3.18×
Debt / equity2.30×
Net debt / EBITDA19.55×
Interest coverage-8×
Efficiency & per-share
Asset turnover0.39×
Inventory days145
Days sales out.55
FCF / share$-1.50
Book value / share$16.30
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | $6.54B | — | — | — | — |
| Enterprise value | — | — | — | — | $8.63B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | 5.24 | — | — | — | — |
| EV / FCF | — | — | — | — | -82.38 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | +0.40% | — | — | — | — |
| Free cash flow yield | — | — | — | — | -1.60% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +46.05% | +46.05% | +32.20% | +18.50% | +27.96% | +27.00% | +25.85% | +25.90% | +26.06% |
| Operating margin | +17.71% | +17.71% | -6.55% | -31.93% | -10.95% | -16.64% | -16.25% | -16.57% | -16.79% |
| EBITDA margin | +28.17% | +28.17% | +10.68% | -6.00% | +6.49% | +3.67% | +3.69% | +3.76% | +3.82% |
| EBIT margin | +18.41% | +18.41% | -3.79% | -27.36% | -9.11% | -13.38% | -13.34% | -13.21% | -13.57% |
| Pre-tax margin | +13.73% | +13.73% | -5.80% | -29.85% | -10.46% | -15.30% | -15.28% | -15.14% | -15.48% |
| Net margin | +11.61% | +11.61% | -7.45% | -40.21% | +1.57% | -15.47% | -15.46% | -15.67% | -15.18% |
| Cost structure | |||||||||
| Cost of revenue / sales | +53.95% | +53.95% | +67.80% | +81.50% | +72.04% | +73.01% | +74.91% | +72.19% | +73.02% |
| R&D intensity | +12.89% | +12.89% | +17.42% | +22.23% | +18.47% | +19.32% | +19.92% | +19.48% | +18.89% |
| SG&A intensity | +15.51% | +15.51% | +19.74% | +22.86% | +21.17% | +21.27% | +21.45% | +20.80% | +21.76% |
| Effective tax rate | +15.40% | +15.40% | — | — | — | — | — | — | — |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +10.08% | +10.61% | -9.71% | -57.09% | +2.28% | -21.45% | -21.65% | -21.53% | -21.20% |
| Return on assets (ROA) | +5.60% | +4.78% | -2.84% | -13.90% | +0.61% | -5.78% | -5.68% | -5.76% | -5.64% |
| Return on capital (ROC) | +9.44% | +7.96% | -2.74% | -12.34% | -4.81% | -6.82% | -6.69% | -6.94% | -7.02% |
| Return on invested capital (ROIC) | +6.19% | +5.22% | -2.05% | -9.26% | -3.61% | -5.12% | -5.02% | -5.21% | -5.26% |
| Asset turnover | +48.22% | +41.15% | +38.15% | +34.57% | +38.99% | +37.36% | +36.73% | +36.80% | +37.15% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +11.61% | +11.61% | -7.45% | -40.21% | +1.57% | -15.47% | -15.46% | -15.67% | -15.18% |
| Asset turnover (× revenue / assets) | +48.22% | +41.15% | +38.15% | +34.57% | +38.99% | +37.36% | +36.73% | +36.80% | +37.15% |
| Equity multiplier (× assets / equity) | +180.03% | +221.98% | +341.65% | +410.73% | +371.79% | +371.23% | +381.23% | +373.57% | +376.10% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.48 | 0.41 | 0.38 | 0.35 | 0.39 | 0.37 | 0.37 | 0.37 | 0.37 |
| Fixed-asset turnover | 4.00 | 3.95 | 3.12 | 2.11 | 2.18 | — | — | — | — |
| Inventory turnover | 4.70 | 3.69 | 2.93 | 2.78 | 2.52 | — | — | — | — |
| Receivables turnover | 8.05 | 6.54 | 7.18 | 6.98 | 6.58 | — | — | — | — |
| Payables turnover | 7.90 | 5.90 | 7.07 | 8.77 | 5.26 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 45.35 | 55.84 | 50.84 | 52.28 | 55.47 | — | — | — | — |
| Days inventory outstanding (DIO) | 77.58 | 98.79 | 124.49 | 131.28 | 144.79 | — | — | — | — |
| Days payables outstanding (DPO) | 46.18 | 61.90 | 51.61 | 41.62 | 69.36 | — | — | — | — |
| Cash conversion cycle | 76.76 | 92.73 | 123.71 | 141.94 | 130.90 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 3.71 | 2.31 | -1.37 | -0.05 | 4.88 | -0.44 | -0.44 | -0.43 | -0.43 |
| FCF / Net income | 3.24 | 1.85 | -0.39 | 0.20 | -4.04 | 0.25 | 0.26 | 0.25 | 0.26 |
| FCF margin | +37.60% | +21.49% | +2.90% | -8.19% | -6.36% | -3.79% | -3.96% | -3.87% | -3.98% |
| OCF margin | +43.13% | +26.82% | +10.18% | +1.82% | +7.68% | +6.74% | +6.75% | +6.70% | +6.58% |
| CapEx / Revenue | +5.54% | +5.33% | +7.27% | +10.01% | +14.04% | +10.53% | +10.55% | +10.58% | +10.14% |
| CapEx / D&A | 0.40 | 0.55 | 0.50 | 0.47 | 0.90 | — | — | — | — |
| Stock-based comp / Revenue | +5.42% | +6.02% | +8.40% | +9.48% | +10.77% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.68 | 2.68 | -1.93 | -8.12 | 0.37 | 8.20 | 18.53 | 29.17 | 44.48 |
| EPS · basic | 2.79 | 2.79 | -1.93 | -8.12 | 0.38 | 8.23 | 18.79 | 29.43 | 44.24 |
| Book value / share | 26.59 | 25.27 | 19.85 | 14.22 | 16.30 | 31.27 | 58.46 | 90.45 | 131.09 |
| Tangible BV / share | 18.37 | 18.20 | 2.95 | -10.64 | -5.62 | 31.27 | 58.46 | 90.45 | 131.09 |
| Sales / share | 23.08 | 23.08 | 25.87 | 20.20 | 23.64 | 43.38 | 81.85 | 124.33 | 183.15 |
| Operating CF / share | 9.96 | 6.19 | 2.63 | 0.37 | 1.81 | 2.92 | 5.52 | 8.33 | 12.06 |
| Free cash flow / share | 8.68 | 4.96 | 0.75 | -1.65 | -1.50 | -1.64 | -3.24 | -4.81 | -7.29 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | 0.00% | +3.18% | -23.08% | +21.03% | +82.03% | +89.31% | +52.09% | +48.51% | +28.59% |
| Gross profit · YoY | — | 0.00% | -27.85% | -55.80% | +82.86% | +75.82% | +81.20% | +52.42% | +49.39% | +19.76% |
| Profit | ||||||||||
| Operating income · YoY | — | 0.00% | -138.15% | -275.11% | +58.50% | -176.69% | -84.90% | -55.06% | -50.46% | — |
| EBITDA · YoY | — | 0.00% | -60.88% | -143.24% | +230.88% | +2.85% | +90.17% | +55.21% | +50.87% | +0.17% |
| Net income · YoY | — | 0.00% | -166.16% | -315.27% | +104.74% | -1888.36% | -89.23% | -54.11% | -43.87% | — |
| Operating | ||||||||||
| EBIT · YoY | — | 0.00% | -121.22% | -455.90% | +59.69% | -167.34% | -88.65% | -50.64% | -52.57% | — |
| R&D · YoY | — | 0.00% | +39.47% | -1.82% | +0.56% | +90.33% | +95.27% | +48.70% | +44.02% | +34.89% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | 0.00% | -172.01% | -320.73% | +104.56% | +2116.24% | +125.93% | +57.47% | +52.46% | +42.07% |
| EPS · basic · YoY | — | 0.00% | -169.18% | -320.73% | +104.68% | +2064.85% | +128.41% | +56.61% | +50.33% | +41.26% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $1.24B | $1.94B | $2.87B | $2.56B | $2.61B | $5.15B | $9.72B | $14.3B | $21.47B |
| Net debt | $465.6M | $645.8M | $2.01B | $2.12B | $2.09B | $4.02B | $7.65B | $11.05B | $16.77B |
| Net debt / EBITDA | 0.97 | 1.34 | 10.68 | -26.02 | 19.55 | 36.58 | 36.64 | 34.07 | 34.28 |
| Debt / equity | 0.63 | 1.03 | 2.12 | 2.67 | 2.30 | 2.38 | 2.40 | 2.28 | 2.34 |
| Debt / assets | +34.91% | +46.51% | +62.04% | +65.10% | +61.82% | +64.20% | +63.00% | +61.03% | +62.29% |
| Equity / assets | +55.55% | +45.05% | +29.27% | +24.35% | +26.90% | +26.94% | +26.23% | +26.77% | +26.59% |
| Coverage | |||||||||
| EBITDA / interest expense | 6.01 | 6.01 | 5.32 | -2.41 | 4.81 | 1.91 | 1.88 | 1.97 | 1.99 |
| Operating income / interest | 3.78 | 3.78 | -3.26 | -12.84 | -8.11 | -8.65 | -8.28 | -8.69 | -8.75 |
| Interest expense | $80.2M | $80.2M | $35.5M | $33.8M | $22.2M | $57.62M | $111.29M | $164.35M | $245.54M |
| Liquidity | |||||||||
| Current ratio | 3.67 | 4.38 | 4.38 | 5.90 | 4.37 | — | — | — | — |
| Quick ratio | 3.25 | 3.92 | 3.57 | 4.02 | 2.87 | — | — | — | — |
| Cash ratio | 1.17 | 1.80 | 1.36 | 1.62 | 1.33 | — | — | — | — |
| Working capital | $1.77B | $2.42B | $2.14B | $1.32B | $1.32B | — | — | — | — |
| Working capital / revenue | +103.48% | +141.46% | +121.34% | +97.17% | +80.52% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 5.24x | 4.08x |
| Earnings yield | 0.4% | -15.9% |
| FCF yield | -1.6% | -3.2% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 2.3% | -57.1% |
| ROA | 0.6% | -13.9% |
| ROIC | 0.7% | -11.8% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 19.55 | -26.02 |
| Interest coverage | — | — |
| Current ratio | 4.37x | 5.90x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).