Lumentum (LITE)
Market Price (8/23/2026): $865.0 | Market Cap: $73.9 BilSector: Information Technology | Industry: Communications Equipment
Lumentum (LITE)
Market Price (8/23/2026): $865.0Market Cap: $73.9 BilSector: Information TechnologyIndustry: Communications Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 83% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Autonomous Technologies. Themes include Telecom Infrastructure, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 99x Stock price has recently run up significantly12M Rtn12 month market price return is 626% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% Key risksLITE key risks include [1] heavy reliance on a limited number of hyperscale customers and [2] supply chain and manufacturing capacity constraints that could hinder its ability to meet growth targets and new product demand. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 83% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Autonomous Technologies. Themes include Telecom Infrastructure, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 99x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 626% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% |
| Key risksLITE key risks include [1] heavy reliance on a limited number of hyperscale customers and [2] supply chain and manufacturing capacity constraints that could hinder its ability to meet growth targets and new product demand. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/20/2026
Lumentum (LITE) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Broader market pullback in the AI optics sector contributed to the stock's decline.
Despite Lumentum's strong individual performance, its stock experienced a significant drop, including a roughly 13.4% two-session slide between August 18 and August 19, 2026, as part of a "sector-wide AI networking pullback" and a "broad risk-off move across AI optics names" that also affected peers like Corning and AXT.
2. Concerns over valuation and subsequent profit-taking created downward pressure.
Before the recent decline, Lumentum's stock had surged approximately 163% year-to-date, leading to perceptions of overvaluation. Despite reporting record fiscal Q4 2026 revenue of $1.01 billion (up 109.3% year-over-year) and beating EPS estimates on August 11, 2026, investors engaged in profit-taking. On August 19, 2026, Lumentum was considered "significantly overvalued" with a GF Value™ estimate indicating a 416.1% downside from its trading price of $827.60.
Show more
Lumentum (LITE) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Broader market pullback in the AI optics sector contributed to the stock's decline.
Despite Lumentum's strong individual performance, its stock experienced a significant drop, including a roughly 13.4% two-session slide between August 18 and August 19, 2026, as part of a "sector-wide AI networking pullback" and a "broad risk-off move across AI optics names" that also affected peers like Corning and AXT.
2. Concerns over valuation and subsequent profit-taking created downward pressure.
Before the recent decline, Lumentum's stock had surged approximately 163% year-to-date, leading to perceptions of overvaluation. Despite reporting record fiscal Q4 2026 revenue of $1.01 billion (up 109.3% year-over-year) and beating EPS estimates on August 11, 2026, investors engaged in profit-taking. On August 19, 2026, Lumentum was considered "significantly overvalued" with a GF Value™ estimate indicating a 416.1% downside from its trading price of $827.60.
Show more
Updated on 8/20/2026
Lumentum (LITE) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Broader market pullback in the AI optics sector contributed to the stock's decline.
Despite Lumentum's strong individual performance, its stock experienced a significant drop, including a roughly 13.4% two-session slide between August 18 and August 19, 2026, as part of a "sector-wide AI networking pullback" and a "broad risk-off move across AI optics names" that also affected peers like Corning and AXT.
2. Concerns over valuation and subsequent profit-taking created downward pressure.
Before the recent decline, Lumentum's stock had surged approximately 163% year-to-date, leading to perceptions of overvaluation. Despite reporting record fiscal Q4 2026 revenue of $1.01 billion (up 109.3% year-over-year) and beating EPS estimates on August 11, 2026, investors engaged in profit-taking. On August 19, 2026, Lumentum was considered "significantly overvalued" with a GF Value™ estimate indicating a 416.1% downside from its trading price of $827.60.
3. Uncertainty regarding long-term demand visibility beyond fiscal year 2027 tempered investor enthusiasm.
While Lumentum's CEO confirmed the company is "sold out through 2027," the fiscal Q4 2026 earnings call did not provide sufficient details for contracted demand commitments for fiscal year 2028 and beyond. This lack of clear future guidance raised questions among some investors and analysts about the sustained growth of AI capital expenditure.
4. Significant insider selling activity potentially signaled a lack of sustained confidence.
On May 12, 2026, Brian Lillie, a director at Lumentum, sold shares valued at $10.77 million. This substantial insider selling transaction within the period contributed to negative market sentiment.
Show less
Lumentum (LITE) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Broader market pullback in the AI optics sector contributed to the stock's decline.
Despite Lumentum's strong individual performance, its stock experienced a significant drop, including a roughly 13.4% two-session slide between August 18 and August 19, 2026, as part of a "sector-wide AI networking pullback" and a "broad risk-off move across AI optics names" that also affected peers like Corning and AXT.
2. Concerns over valuation and subsequent profit-taking created downward pressure.
Before the recent decline, Lumentum's stock had surged approximately 163% year-to-date, leading to perceptions of overvaluation. Despite reporting record fiscal Q4 2026 revenue of $1.01 billion (up 109.3% year-over-year) and beating EPS estimates on August 11, 2026, investors engaged in profit-taking. On August 19, 2026, Lumentum was considered "significantly overvalued" with a GF Value™ estimate indicating a 416.1% downside from its trading price of $827.60.
3. Uncertainty regarding long-term demand visibility beyond fiscal year 2027 tempered investor enthusiasm.
While Lumentum's CEO confirmed the company is "sold out through 2027," the fiscal Q4 2026 earnings call did not provide sufficient details for contracted demand commitments for fiscal year 2028 and beyond. This lack of clear future guidance raised questions among some investors and analysts about the sustained growth of AI capital expenditure.
4. Significant insider selling activity potentially signaled a lack of sustained confidence.
On May 12, 2026, Brian Lillie, a director at Lumentum, sold shares valued at $10.77 million. This substantial insider selling transaction within the period contributed to negative market sentiment.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -3.9% change in LITE stock from 4/30/2026 to 8/22/2026 was primarily driven by a -19.4% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 902.32 | 866.71 | -3.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,105 | 3,014 | 43.2% |
| P/S Multiple | 30.5 | 24.6 | -19.4% |
| Shares Outstanding (Mil) | 71 | 85 | -16.7% |
| Cumulative Contribution | -3.9% |
Market Drivers
4/30/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| LITE | -3.9% | |
| Market (SPY) | 6.5% | 38.5% |
| Sector (XLK) | 14.9% | 61.9% |
Fundamental Drivers
The 121.2% change in LITE stock from 1/31/2026 to 8/22/2026 was primarily driven by a 64.2% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 391.84 | 866.71 | 121.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,842 | 3,014 | 63.6% |
| P/S Multiple | 15.0 | 24.6 | 64.2% |
| Shares Outstanding (Mil) | 70 | 85 | -17.7% |
| Cumulative Contribution | 121.2% |
Market Drivers
1/31/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| LITE | 121.2% | |
| Market (SPY) | 11.0% | 38.3% |
| Sector (XLK) | 27.6% | 53.9% |
Fundamental Drivers
The 687.3% change in LITE stock from 7/31/2025 to 8/22/2026 was primarily driven by a 374.1% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 110.08 | 866.71 | 687.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,473 | 3,014 | 104.7% |
| P/S Multiple | 5.2 | 24.6 | 374.1% |
| Shares Outstanding (Mil) | 69 | 85 | -18.9% |
| Cumulative Contribution | 687.3% |
Market Drivers
7/31/2025 to 8/22/2026| Return | Correlation | |
|---|---|---|
| LITE | 687.3% | |
| Market (SPY) | 22.2% | 40.3% |
| Sector (XLK) | 40.1% | 53.2% |
Fundamental Drivers
The 1555.3% change in LITE stock from 7/31/2023 to 8/22/2026 was primarily driven by a 1143.2% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.36 | 866.71 | 1555.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,818 | 3,014 | 65.8% |
| P/S Multiple | 2.0 | 24.6 | 1143.2% |
| Shares Outstanding (Mil) | 69 | 85 | -19.7% |
| Cumulative Contribution | 1555.3% |
Market Drivers
7/31/2023 to 8/22/2026| Return | Correlation | |
|---|---|---|
| LITE | 1555.3% | |
| Market (SPY) | 73.2% | 50.6% |
| Sector (XLK) | 109.4% | 58.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LITE Return | 12% | -51% | 0% | 60% | 339% | 139% | 828% |
| Peers Return | 47% | -16% | 11% | 0% | 77% | 57% | 284% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| LITE Win Rate | 50% | 25% | 58% | 58% | 75% | 75% | |
| Peers Win Rate | 58% | 43% | 55% | 52% | 52% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LITE Max Drawdown | -38% | -54% | -42% | -32% | -51% | -43% | |
| Peers Max Drawdown | -24% | -42% | -33% | -32% | -29% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CSCO, FFIV, VSAT, ESE, EXTR. See LITE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | LITE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.9% | -18.8% |
| % Gain to Breakeven | 56.0% | 23.1% |
| Time to Breakeven | 40 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -28.4% | -7.8% |
| % Gain to Breakeven | 39.7% | 8.5% |
| Time to Breakeven | 14 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.9% | -9.5% |
| % Gain to Breakeven | 46.9% | 10.5% |
| Time to Breakeven | 56 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.6% | -6.7% |
| % Gain to Breakeven | 40.0% | 7.1% |
| Time to Breakeven | 39 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.7% | -24.5% |
| % Gain to Breakeven | 63.1% | 32.4% |
| Time to Breakeven | 1018 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.8% | -33.7% |
| % Gain to Breakeven | 40.4% | 50.9% |
| Time to Breakeven | 124 days | 140 days |
In The Past
Lumentum's stock fell -35.9% during the 2025 US Tariff Shock. Such a loss loss requires a 56.0% gain to breakeven.
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Asset Allocation
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| Event | LITE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.9% | -18.8% |
| % Gain to Breakeven | 56.0% | 23.1% |
| Time to Breakeven | 40 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -28.4% | -7.8% |
| % Gain to Breakeven | 39.7% | 8.5% |
| Time to Breakeven | 14 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.9% | -9.5% |
| % Gain to Breakeven | 46.9% | 10.5% |
| Time to Breakeven | 56 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.6% | -6.7% |
| % Gain to Breakeven | 40.0% | 7.1% |
| Time to Breakeven | 39 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.7% | -24.5% |
| % Gain to Breakeven | 63.1% | 32.4% |
| Time to Breakeven | 1018 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.8% | -33.7% |
| % Gain to Breakeven | 40.4% | 50.9% |
| Time to Breakeven | 124 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -38.7% | -19.2% |
| % Gain to Breakeven | 63.1% | 23.8% |
| Time to Breakeven | 162 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -33.0% | -12.2% |
| % Gain to Breakeven | 49.2% | 13.9% |
| Time to Breakeven | 58 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -33.2% | -6.8% |
| % Gain to Breakeven | 49.8% | 7.3% |
| Time to Breakeven | 58 days | 15 days |
In The Past
Lumentum's stock fell -35.9% during the 2025 US Tariff Shock. Such a loss loss requires a 56.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Lumentum (LITE)
Lumentum Holdings Inc. is a global technology company specializing in the manufacturing and sale of advanced optical and photonic products. The company operates through two primary segments: Optical Communications (OpComms) and Commercial Lasers. Essentially, Lumentum provides the critical components and systems that underpin modern data infrastructure and various industrial applications requiring high-precision lasers.
The Optical Communications (OpComms) segment is foundational for high-capacity data transmission. It offers a wide array of components, modules, and subsystems that facilitate the transport of video, audio, and data over fiber optic cables. Key products include tunable transponders, transceivers, advanced lasers, and optical transport components like reconfigurable optical add/drop multiplexers (ROADMs) and amplifiers. This segment also provides Vertical-Cavity Surface-Emitting Lasers (VCSELs) and laser illumination sources crucial for 3D sensing systems. Lumentum serves major customers in the telecommunications, data communications (data center), and consumer electronics markets, particularly with its 3D sensing technology.
The Commercial Lasers segment focuses on delivering high-performance lasers for Original Equipment Manufacturer (OEM) applications across diverse industries. Its product portfolio includes various types of lasers, such as diode-pumped solid-state, fiber, diode, direct-diode, and gas lasers. These lasers are integral to a multitude of specialized applications, including sheet metal processing, general manufacturing, biotechnology, graphics and imaging, remote sensing, and precision machining, providing essential tools for industrial efficiency and innovation.
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Analogies for Lumentum (LITE):
- Lumentum is like Qualcomm for the high-performance optical components that power the global internet and data centers.
- Lumentum is like a specialized version of Intel, providing the essential optical and laser "engines" for everything from telecommunications and 3D sensing to advanced manufacturing.
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Optical Communications (OpComms) Products:
- Fiber Optic Transmission Components & Modules: These products, including tunable transponders, transceivers, and transmitter modules, enable the high-capacity transmission and reception of data, video, and audio over fiber optic cables.
- Optical Transport and Network Management Products: Devices such as reconfigurable optical add/drop multiplexers (ROADMs), amplifiers, and optical channel monitors are used for managing, routing, and enhancing signals within fiber optic networks.
- Specialized Optical Components: A wide array of essential components like optical pumps, switches, attenuators, photodetectors, and various filters are provided for precise manipulation and processing of optical signals.
- Integrated Optical Transport Blades: The Super Transport Blade integrates multiple optical transport functions into a single-slot blade, optimizing network efficiency and design.
- Lasers for Communications and 3D Sensing: This category includes vertical-cavity surface-emitting lasers (VCSELs), modulated lasers, and laser illumination sources critical for data communication and 3D sensing systems.
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Commercial Lasers (Lasers) Products:
- Industrial and OEM Lasers: A broad range of lasers, such as diode-pumped solid-state, fiber, diode, direct-diode, and gas lasers, are manufactured for use in original equipment manufacturer (OEM) applications across diverse industrial markets.
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Lumentum Holdings Inc. primarily sells its optical and photonic products to other companies (B2B model) in various markets, including telecommunications, data communications, consumer, industrial, manufacturing, and biotechnology.
Based on the company's financial disclosures, a major customer that accounts for a significant portion of its revenue is:
- Apple Inc. (NASDAQ: AAPL)
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Michael Hurlston, President and Chief Executive Officer
Michael Hurlston was appointed President and Chief Executive Officer of Lumentum in February 2025, succeeding Alan Lowe. He brings extensive experience in semiconductors and optical communications, having previously served as CEO of both Synaptics, Inc. and Finisar Corporation.
Wajid Ali, Executive Vice President and Chief Financial Officer
Wajid Ali was appointed Executive Vice President and Chief Financial Officer of Lumentum in February 2019. Prior to joining Lumentum, he was Senior Vice President and CFO at Synaptics Inc. His career also includes roles as Vice President and Controller for Teledyne Technologies, and CFO at DALSA Corp., a public semiconductor company that Teledyne acquired in 2011. He also held key financial management positions at AMD and ATI.
Wupen Yuen, President, Global Business Units
Wupen Yuen serves as the President of Global Business Units at Lumentum.
Michael Brooker, Executive Vice President, Chief Transformation Officer
Michael Brooker holds the position of Executive Vice President and Chief Transformation Officer at Lumentum.
Vince Retort, Executive Vice President, Module Business Unit R&D and Product Development
Vince Retort is the Executive Vice President of Module Business Unit R&D and Product Development at Lumentum.
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The key risks to Lumentum's business are primarily centered around its customer relationships, the highly competitive and evolving technological landscape, and vulnerabilities within its global supply chain.
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Customer Concentration and Demand Fluctuations: Lumentum faces significant risk due to its reliance on a limited number of major customers, particularly large cloud providers. Shifts in these customers' business strategies, market positions, or capital expenditure cycles, such as hyperscalers pausing CapEx, can lead to substantial fluctuations in demand and revenue. The company's exposure to broad macroeconomic weakness and inventory shifts by large customers can also impact demand for its products across its Optical Communications and Commercial Lasers segments.
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Intense Competition, Rapid Technological Change, and Pricing Pressure: The optical components market, in which Lumentum operates, is highly competitive with numerous established players and new entrants. This intense competition can lead to market share loss if competitors develop more advanced or cost-effective solutions. Rapid technological advancements, such as the shift towards co-packaged optics (CPO) and alternative solutions like silicon photonics, could render some of Lumentum's products obsolete or less desirable, necessitating continuous innovation and substantial R&D investment to maintain its market position. Furthermore, price erosion is a persistent concern in the semiconductor and optical components industry, potentially negatively impacting Lumentum's profit margins.
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Supply Chain Vulnerabilities and Geopolitical Risks: Lumentum is susceptible to disruptions within its supply chain, including reliance on a limited number of suppliers, which can affect its ability to meet customer demand. Additionally, its global operations expose the company to various geopolitical and economic risks. Unfavorable economic and market conditions, trade restrictions, tariffs, and geopolitical tensions, such as U.S. export controls related to sales to China, can lead to market volatility, impact demand, and increase operational costs.
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Lumentum Holdings Inc. (LITE) participates in several significant addressable markets through its Optical Communications (OpComms) and Commercial Lasers (Lasers) segments, serving global telecommunications, data communications, consumer, and industrial sectors.
For its **Optical Communications (OpComms) segment**, key addressable markets include:
- Optical Transceivers: The global optical transceiver market size was valued at USD 14.7 billion in 2025 and is projected to grow to USD 46.12 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 17.00%. North America held the largest share of this market in 2025. Another estimate places the global market at USD 14.0 billion in 2025, reaching USD 35.4 billion by 2034 with a CAGR of 10.87%.
- 3D Sensing Systems (including Vertical-Cavity Surface-Emitting Lasers - VCSELs): The global 3D sensor market size was valued at USD 6.8 billion in 2025 and is estimated to reach USD 17.26 billion by 2034, growing at a CAGR of 12.2%. North America dominated the market with a revenue share of 36.84% in 2025, while Asia Pacific is anticipated to be the fastest-growing region. Another source indicates the global market was USD 6.68 billion in 2025, projected to reach USD 25.57 billion by 2034, at a CAGR of 16.00%.
- Fiber Optic Cables: The global fiber optic cable market size was valued at USD 13,453.1 million in 2025 and is expected to reach USD 36,475.45 million by 2034, growing at a CAGR of 11.72%. Another report estimates the market at USD 12.82 billion in 2025, growing to USD 22.74 billion by 2031 at a CAGR of 9.84%.
- Optical Networking: The optical networking market is projected to reach USD 17.35 billion globally by 2025, with an 11.8% CAGR.
- Data Communication Solutions: The global data communication solutions market size was valued at approximately USD 200 billion in 2023 and is projected to reach USD 450 billion by 2032, registering a CAGR of 9.5%.
For its **Commercial Lasers (Lasers) segment**, key addressable markets include:
- Fiber Lasers: The global fiber laser market size was valued at USD 4.63 billion in 2025 and is projected to grow to USD 13.08 billion by 2034, exhibiting a CAGR of 12.3%. Asia Pacific dominated this market with a share of 49.0% in 2025. Another report estimates the market at USD 6.32 billion in 2025, projected to reach USD 19.14 billion by 2035, with a CAGR of 11.72%.
- Diode-Pumped Solid-State (DPSS) Lasers: The global Diode Pumped Solid State Lasers Market size was estimated at USD 744.03 million in 2026 and is projected to reach USD 1006.05 million by 2035, growing at a CAGR of 10.58%. Another source projects the market to reach USD 2.55 billion by 2025. The global diode pump solid state lasers market size is also estimated at USD 0.68 billion in 2026 and is expected to reach USD 1.4 billion by 2035 at a CAGR of 8.4%.
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Lumentum Holdings Inc. (LITE) is expected to experience significant revenue growth over the next 2-3 years, driven by several key factors within its optical and photonic product offerings.
Key drivers of future revenue growth for Lumentum include:
- Surging Demand from Cloud and AI Markets: Lumentum is positioned as a foundational supplier for the accelerating buildout of AI network infrastructure and cloud computing. The company is seeing robust demand for cloud transceivers and Electro-absorption Modulated Lasers (EMLs) that power these high-performance networks, with AI-driven growth expected to be a primary contributor to revenue.
- Ramp-up of Optical Circuit Switches (OCS): Optical Circuit Switches are identified as a new high-margin growth engine for Lumentum. The company has secured significant order backlogs for OCS, with rapid scaling and manufacturing expansion anticipated to drive substantial revenue contributions, particularly starting in late 2026.
- Launch and Ramp-up of Co-Packaged Optics (CPO): Lumentum expects Co-Packaged Optics solutions to be another generational game-changer for the industry and a key future growth driver. The company has already secured multi-hundred-million-dollar orders for CPO delivery in the first half of calendar year 2027, indicating a significant revenue ramp in the coming years.
- Expansion into New, Higher-Speed Transceiver Products: Lumentum anticipates sustained revenue growth from its new 800G and 1.6T products. These next-generation, high-speed optical transceivers are expected to contribute to revenue layering benefits, addressing the evolving needs for increased bandwidth in data communication.
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Share Repurchases
- Lumentum's Board of Directors authorized an increase of its share repurchase program to $1 billion in March 2022, superseding a $700 million program announced in May 2021. This program was set to expire in May 2024.
- The company repurchased $175.6 million in shares during 2023.
- In September 2024, an additional $2.5 million shares were authorized for repurchase, and approximately $4.8 million (801,287 shares) were repurchased during the three months ended September 30, 2024.
Share Issuance
- Lumentum's shares outstanding saw a 3.42% increase in 2025 to 70 million, following a 1.46% decline in 2024 to 67 million shares.
- Shares outstanding for the quarter ending December 31, 2025, increased by 27.43% year-over-year, reaching 88 million shares.
- As of December 27, 2025, 71.4 million shares were issued and outstanding.
Inbound Investments
- In March 2026, Lumentum announced strategic multiyear agreements with NVIDIA, which include a $2 billion investment by NVIDIA in Lumentum.
- This investment from NVIDIA aims to accelerate innovation in advanced optics technologies and support Lumentum's research and development and manufacturing capacity for co-packaged optics (CPO), essential for next-generation AI infrastructure and data centers.
Outbound Investments
- In October 2023, Lumentum acquired Cloud Light Technology, a manufacturer of optical modules and sensors, for approximately $750 million. This acquisition was intended to advance Lumentum's position in serving cloud operators and AI infrastructure providers.
- Lumentum completed the acquisition of NeoPhotonics Corporation in August 2022 for approximately $918 million. This transaction was pivotal for the telecom business, providing tunable lasers and coherent components for long-haul and metro networks.
Capital Expenditures
- Capital expenditures for the last twelve months ending August 30, 2025, reached $884 million.
- For the quarter ending December 31, 2025, capital expenditures were $76.2 million.
- The company is focused on increasing its manufacturing footprint, exemplified by efforts to boost Electro-Absorption Modulated Laser (EML) production capacity by 40% in the fourth quarter of fiscal year 2025 to address industry-wide shortages.
Peer Outperformance in Communications Equipment
LITE has outperformed 97% of its 34 Communications Equipment peers over 5Y. Communications Equipment ranks 5th of 12 industries in Information Technology by median 5Y return.
Share of Communications Equipment constituents that LITE has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 36 industry peers · 626.3% return
3Y
97%
of 35 industry peers · 1529.8% return
5Y
97%
of 34 industry peers · 905.3% return
No Communications Equipment peer with a comparable growth profile has beaten LITE by more than 20pp over 5Y.
Median price return by industry across the Information Technology sector, ranked by 5Y. Communications Equipment is LITE's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 56.5% | 200.4% | 341.0% | FLEX 746% · TTMI 687% · JBL 432% |
| Semiconductor Materials & Equipment | 27 | 137.0% | 74.6% | 125.0% | AEHR 1645% · AXTI 677% · KLAC 488% |
| Technology Distributors | 9 | 21.8% | 61.4% | 77.5% | CLMB 340% · AVT 153% · SNX 113% |
| Electronic Components | 26 | 54.5% | 61.3% | 57.7% | CLS 3221% · BELFA 1309% · LPTH 617% |
| Communications Equipment ← | 35 | 29.8% | 82.4% | 42.0% | AAOI 1755% · LITE 905% · ANET 715% |
| Semiconductors | 54 | 31.6% | 30.5% | 31.0% | POET 1926% · MU 1282% · NVDA 881% |
| Technology Hardware, Storage & Peripherals | 22 | 31.2% | 76.3% | 22.5% | STX 976% · SMCI 936% · WDC 891% |
| Internet Services & Infrastructure | 6 | 13.9% | 38.3% | 15.1% | DOCN 109% · GDDY 36% · VRSN 34% |
| Electronic Equipment & Instruments | 27 | -7.9% | 17.2% | -3.6% | PI 215% · SOTK 138% · NSSC 125% |
| IT Consulting & Other Services | 28 | -25.2% | -7.3% | -18.3% | CHRN 627400% · APLD 1844% · TSSI 695% |
| Application Software | 123 | -19.6% | -10.4% | -42.5% | VIDA 394900% · INLX 5338% · PLTR 625% |
| Systems Software | 69 | -7.8% | 14.7% | -51.2% | QNC 845% · PANW 476% · PAYS 446% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 199.14 |
| Mkt Cap | 16.0 |
| Rev LTM | 3,162 |
| Op Inc LTM | 369 |
| FCF LTM | 439 |
| FCF 3Y Avg | 114 |
| CFO LTM | 900 |
| CFO 3Y Avg | 613 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.0% |
| Rev Chg 3Y Avg | 8.9% |
| Rev Chg Q | 11.4% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Inc Chg LTM | 110.4% |
| Op Inc Chg 3Y Avg | 18.9% |
| Op Mgn LTM | 16.7% |
| Op Mgn 3Y Avg | 8.5% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 23.2% |
| CFO/Rev 3Y Avg | 20.1% |
| FCF/Rev LTM | 13.9% |
| FCF/Rev 3Y Avg | 10.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 16.0 |
| P/S | 6.2 |
| P/Op Inc | 42.0 |
| P/EBIT | 27.3 |
| P/E | 26.8 |
| P/CFO | 27.5 |
| Total Yield | 2.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.9% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.2% |
| 3M Rtn | -5.1% |
| 6M Rtn | 39.8% |
| 12M Rtn | 57.8% |
| 3Y Rtn | 157.7% |
| 1M Excs Rtn | -4.8% |
| 3M Excs Rtn | -5.9% |
| 6M Excs Rtn | 28.8% |
| 12M Excs Rtn | 39.9% |
| 3Y Excs Rtn | 75.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Components | 2,006 | 1,116 | 822 | ||
| Systems | 1,008 | 529 | 537 | ||
| Cloud & Networking | 1,322 | ||||
| Industrial Tech | 444 | ||||
| Lasers | 194 | ||||
| Optical Communications(OpComms) | 1,518 | ||||
| Total | 3,014 | 1,645 | 1,359 | 1,767 | 1,713 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cloud & Networking | 264 | 124 | 313 |
| Gain on sale of assets, net | 35 | 0 | |
| Industrial Tech | 12 | 25 | 153 |
| Abnormal excess capacity | 0 | -21 | 0 |
| Amortization of acquired inventory fair value adjustments | 0 | -8 | -18 |
| Litigation matters | 0 | -8 | |
| Stock-based compensation - acquisition related | 0 | -12 | |
| Acquisition related costs | -1 | -13 | -12 |
| Intangible asset write-off | -3 | -21 | |
| Integration related costs | -9 | -37 | -29 |
| Other charges, net | -12 | -40 | -64 |
| Restructuring and related charges | -23 | -73 | -28 |
| Selling, general and administrative | -116 | -112 | -127 |
| Amortization of acquired intangibles | -150 | -151 | -128 |
| Stock-based compensation | -177 | -129 | -136 |
| Total | -180 | -434 | -116 |
Price Behavior
Price Behavior
| Market Price | $866.71 | |
| Market Cap ($ Bil) | 62.0 | |
| First Trading Date | 08/04/2015 | |
| Distance from 52W High | -17.7% | |
| 50 Days | 200 Days | |
| DMA Price | $799.10 | $648.70 |
| DMA Trend | up | down |
| Distance from DMA | 8.5% | 33.6% |
| 3M | 1YR | |
| Volatility | 102.6% | 96.5% |
| Downside Capture | 390.64 | 264.22 |
| Upside Capture | 306.98 | 445.63 |
| Correlation (SPY) | 45.1% | 40.1% |
LITE Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.86 | 3.48 | 2.87 | 2.71 | 2.93 | 2.42 |
| Up Beta | 14.82 | 4.67 | 1.74 | 1.71 | 2.33 | 2.19 |
| Down Beta | 0.08 | 1.27 | 0.81 | 2.44 | 2.17 | 2.39 |
| Up Capture | 195% | 423% | 380% | 743% | 2771% | 16776% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 24 | 32 | 72 | 146 | 405 |
| Down Capture | 424% | 338% | 349% | 200% | 167% | 112% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 19 | 31 | 53 | 104 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LITE | |
|---|---|---|---|---|
| LITE | 653.9% | 96.1% | 2.53 | - |
| Sector ETF (XLK) | 41.9% | 26.0% | 1.31 | 52.8% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 39.7% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 12.6% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -0.1% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | -2.7% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 14.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LITE | |
|---|---|---|---|---|
| LITE | 61.7% | 63.0% | 1.02 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 55.5% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 48.3% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 8.6% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 10.0% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 23.1% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 19.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LITE | |
|---|---|---|---|---|
| LITE | 39.2% | 58.0% | 0.82 | - |
| Sector ETF (XLK) | 24.1% | 24.9% | 0.88 | 54.8% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 47.8% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 6.2% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 13.6% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 26.5% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 13.0% |
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Returns Analyses
Earnings Returns History
Updated 8/20/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | 13.6% | 6.4% | |
| 5/5/2026 | -5.1% | -0.2% | -5.0% |
| 2/3/2026 | 7.0% | 29.0% | 49.6% |
| 11/4/2025 | 23.6% | 34.0% | 75.9% |
| 8/12/2025 | 0.5% | -1.4% | 37.8% |
| 5/6/2025 | 2.8% | 15.7% | 26.7% |
| 2/6/2025 | -7.3% | -15.7% | -38.0% |
| 11/7/2024 | 13.9% | 15.6% | 21.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 12 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 4.9% | 8.8% | 14.9% |
| Median Negative | -7.3% | -6.3% | -12.6% |
| Max Positive | 23.6% | 34.0% | 75.9% |
| Max Negative | -22.4% | -19.6% | -38.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | 13.6% | 6.4% | |
| 5/5/2026 | -5.1% | -0.2% | -5.0% |
| 2/3/2026 | 7.0% | 29.0% | 49.6% |
| 11/4/2025 | 23.6% | 34.0% | 75.9% |
| 8/12/2025 | 0.5% | -1.4% | 37.8% |
| 5/6/2025 | 2.8% | 15.7% | 26.7% |
| 2/6/2025 | -7.3% | -15.7% | -38.0% |
| 11/7/2024 | 13.9% | 15.6% | 21.9% |
| 8/14/2024 | 14.8% | 23.9% | 22.5% |
| 5/6/2024 | -6.1% | -0.2% | 2.9% |
| 2/8/2024 | -22.4% | -15.6% | -18.9% |
| 11/8/2023 | 2.0% | 3.7% | 3.6% |
| 8/17/2023 | -1.3% | 13.6% | 3.1% |
| 4/6/2023 | -9.7% | -11.1% | -6.9% |
| 2/9/2023 | -1.4% | -2.0% | -15.7% |
| 11/8/2022 | -16.2% | -19.6% | -26.5% |
| 8/16/2022 | -6.9% | -4.8% | -18.0% |
| 5/4/2022 | 9.0% | 8.8% | 7.2% |
| 2/3/2022 | -14.4% | -3.1% | -7.5% |
| 11/4/2021 | 1.8% | 5.2% | -1.0% |
| 8/18/2021 | 1.8% | 8.1% | 7.8% |
| 5/12/2021 | -16.9% | -9.1% | -1.0% |
| 2/2/2021 | -7.8% | -7.8% | -9.5% |
| 11/2/2020 | -1.5% | 7.2% | 5.2% |
| 8/11/2020 | 2.1% | 2.6% | -17.5% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 12 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 4.9% | 8.8% | 14.9% |
| Median Negative | -7.3% | -6.3% | -12.6% |
| Max Positive | 23.6% | 34.0% | 75.9% |
| Max Negative | -22.4% | -19.6% | -38.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/17/2026 | 10-K |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-Q |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/19/2025 | 10-K |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/21/2024 | 10-K |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/23/2023 | 10-K |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/17/2026 | 10-K |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-Q |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/19/2025 | 10-K |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/21/2024 | 10-K |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/23/2023 | 10-K |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/24/2022 | 10-K |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/03/2022 | 10-Q |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/31/2021 | 10-K |
| 03/31/2021 | 05/12/2021 | 10-Q |
| 12/31/2020 | 02/02/2021 | 10-Q |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/25/2020 | 10-K |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/04/2020 | 10-Q |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 8/12/2026Latest: Q4 2026 Earnings Reported 8/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | 1.23 Bil | 1.25 Bil | 1.27 Bil | 26.9% | Higher New | Guidance: 985.00 Mil for Q4 2026 | |
| Q1 2027 Non-GAAP Operating Margin | 39.5% | 40.0% | 40.5% | 4.5% | Higher New | Guidance: 35.5% for Q4 2026 | |
| Q1 2027 Non-GAAP Diluted Net Income Per Share | 4.05 | 4.2 | 4.35 | 42.4% | Higher New | Guidance: 2.95 for Q4 2026 | |
Prior: Q3 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | 960.00 Mil | 985.00 Mil | 1.01 Bil | 22.4% | Higher New | Guidance: 805.00 Mil for Q3 2026 | |
| Q4 2026 Non-GAAP Operating Margin | 35.0% | 35.5% | 36.0% | 5.0% | Higher New | Guidance: 30.5% for Q3 2026 | |
| Q4 2026 Non-GAAP Diluted EPS | 2.85 | 2.95 | 3.05 | 31.1% | Higher New | Guidance: 2.25 for Q3 2026 | |
Q2 2026 Earnings Reported 2/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 780.00 Mil | 805.00 Mil | 830.00 Mil | 23.8% | Higher New | Guidance: 650.00 Mil for Q2 2026 | |
| Q3 2026 Non-GAAP Operating Margin | 30.0% | 30.5% | 31.0% | 9.5% | Higher New | Guidance: 21.0% for Q2 2026 | |
| Q3 2026 Non-GAAP Diluted EPS | 2.15 | 2.25 | 2.35 | 60.7% | Higher New | Guidance: 1.4 for Q2 2026 | |
Q1 2026 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 630.00 Mil | 650.00 Mil | 670.00 Mil | 23.8% | Higher New | Guidance: 525.00 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP Operating Margin | 20.0% | 21.0% | 22.0% | 4.2% | Higher New | Guidance: 16.75% for Q1 2026 | |
| Q2 2026 Non-GAAP Diluted EPS | 1.3 | 1.4 | 1.5 | 36.6% | Higher New | Guidance: 1.02 for Q1 2026 | |
Insider Activity
Updated 8/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wupen, Yuen | PRESIDENT, GLOBAL BUS. UNITS | Direct | Sell | 8212026 | 898.15 | 500 | 449,075 | 83,733,626 | Form |
| 2 | Retort, Vincent | SEE REMARKS | Direct | Sell | 8212026 | 827.82 | 2,483 | 2,055,477 | 90,594,965 | Form |
| 3 | Kim, Jae | SVP, GENERAL COUNSEL | Direct | Sell | 8212026 | 827.82 | 1,904 | 1,576,169 | 34,847,911 | Form |
| 4 | Wupen, Yuen | PRESIDENT, GLOBAL BUS. UNITS | Direct | Sell | 8212026 | 827.82 | 1,500 | 1,241,730 | 83,141,274 | Form |
| 5 | Retort, Vincent | SEE REMARKS | Direct | Sell | 8182026 | 909.43 | 3,183 | 2,894,716 | 104,125,188 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wupen, Yuen | PRESIDENT, GLOBAL BUS. UNITS | Direct | Sell | 8212026 | 898.15 | 500 | 449,075 | 83,733,626 | Form |
| 2 | Retort, Vincent | SEE REMARKS | Direct | Sell | 8212026 | 827.82 | 2,483 | 2,055,477 | 90,594,965 | Form |
| 3 | Kim, Jae | SVP, GENERAL COUNSEL | Direct | Sell | 8212026 | 827.82 | 1,904 | 1,576,169 | 34,847,911 | Form |
| 4 | Wupen, Yuen | PRESIDENT, GLOBAL BUS. UNITS | Direct | Sell | 8212026 | 827.82 | 1,500 | 1,241,730 | 83,141,274 | Form |
| 5 | Retort, Vincent | SEE REMARKS | Direct | Sell | 8182026 | 909.43 | 3,183 | 2,894,716 | 104,125,188 | Form |
| 6 | Kim, Jae | SVP, GENERAL COUNSEL | Direct | Sell | 8182026 | 909.43 | 1,366 | 1,242,281 | 41,809,225 | Form |
| 7 | Harris, Isaac Hosojiro | Direct | Sell | 6042026 | 1000.08 | 1,416 | 1,416,115 | 6,984,566 | Form | |
| 8 | Harris, Isaac Hosojiro | Direct | Sell | 6012026 | 860.00 | 4,000 | 3,440,000 | 7,224,000 | Form | |
| 9 | Small, Ian | Direct | Sell | 5222026 | 868.07 | 4,954 | 4,300,419 | 18,236,415 | Form | |
| 10 | Retort, Vincent | SEE REMARKS | Direct | Sell | 5192026 | 953.95 | 3,183 | 3,036,423 | 85,438,624 | Form |
| 11 | Kim, Jae | SVP, GENERAL COUNSEL | Direct | Sell | 5192026 | 953.95 | 1,422 | 1,356,517 | 30,844,065 | Form |
| 12 | Ali, Wajid | EVP & CHIEF FINANCIAL OFFICER | Direct | Sell | 5192026 | 953.95 | 2,487 | 2,372,474 | 58,144,206 | Form |
| 13 | Wupen, Yuen | PRESIDENT, GLOBAL BUS. UNITS | Direct | Sell | 5192026 | 953.95 | 3,210 | 3,062,180 | 77,735,478 | Form |
| 14 | Fletcher, Pamela | Direct | Sell | 5152026 | 940.82 | 1,578 | 1,484,614 | 6,967,713 | Form | |
| 15 | Fletcher, Pamela | Direct | Sell | 5152026 | 1003.38 | 1,577 | 1,582,322 | 9,014,321 | Form | |
| 16 | Lillie, Brian | Direct | Sell | 5122026 | 1004.34 | 49 | 49,212 | 13,970,300 | Form | |
| 17 | Lillie, Brian | Direct | Sell | 5122026 | 981.64 | 11,951 | 11,731,562 | 13,702,692 | Form | |
| 18 | Kim, Jae | SVP, GENERAL COUNSEL | Direct | Sell | 5122026 | 950.99 | 1,933 | 1,838,264 | 33,393,063 | Form |
| 19 | Small, Ian | Direct | Sell | 5122026 | 911.17 | 3,500 | 3,189,108 | 23,655,893 | Form | |
| 20 | Ali, Wajid | EVP & CHIEF FINANCIAL OFFICER | Direct | Sell | 3022026 | 691.13 | 5,302 | 3,664,387 | 45,813,129 | Form |
| 21 | Retort, Vincent | SEE REMARKS | Direct | Sell | 2182026 | 545.78 | 3,441 | 1,878,025 | 52,381,135 | Form |
| 22 | Wupen, Yuen | PRESIDENT, GLOBAL BUS. UNITS | Direct | Sell | 2182026 | 538.00 | 3,157 | 1,698,466 | 47,580,182 | Form |
| 23 | Retort, Vincent | SEE REMARKS | Direct | Sell | 2132026 | 591.32 | 45,026 | 26,624,903 | 60,583,983 | Form |
| 24 | Herscher, Penny | Direct | Sell | 2132026 | 597.29 | 4,000 | 2,389,180 | 1,228,636 | Form | |
| 25 | Herscher, Penny | Direct | Sell | 2102026 | 535.48 | 4,849 | 2,596,542 | 3,243,401 | Form | |
| 26 | Wupen, Yuen | PRESIDENT, GLOBAL BUS. UNITS | Direct | Sell | 11212025 | 258.96 | 822 | 212,865 | 24,621,140 | Form |
| 27 | Fletcher, Pamela | Direct | Sell | 11212025 | 273.53 | 3,421 | 935,762 | 2,888,800 | Form | |
| 28 | Wupen, Yuen | PRESIDENT, GLOBAL BUS. UNITS | Direct | Sell | 11182025 | 246.00 | 821 | 201,966 | 23,591,154 | Form |
| 29 | Kim, Jae | SVP, GENERAL COUNSEL | Direct | Sell | 11182025 | 246.00 | 170 | 41,820 | 9,446,400 | Form |
| 30 | Wupen, Yuen | PRESIDENT, GLOBAL BUS. UNITS | Direct | Sell | 11182025 | 234.14 | 821 | 192,229 | 22,646,021 | Form |
| 31 | Kim, Jae | SVP, GENERAL COUNSEL | Direct | Sell | 11182025 | 234.14 | 1,367 | 320,069 | 9,030,780 | Form |
| 32 | Fletcher, Pamela | Direct | Sell | 11182025 | 250.00 | 579 | 144,750 | 2,472,250 | Form | |
| 33 | Johnson, Julia Suzanne | Direct | Sell | 11122025 | 270.39 | 10,000 | 2,703,900 | 3,254,684 | Form | |
| 34 | Harris, Isaac Hosojiro | Direct | Sell | 11122025 | 243.32 | 7,200 | 1,751,904 | 2,375,776 | Form | |
| 35 | Sepe, Matthew Joseph | CHIEF ACCOUNTING OFFICER | Direct | Sell | 11102025 | 239.63 | 4,232 | 1,014,103 | 10,434,336 | Form |
| 36 | Wupen, Yuen | PRESIDENT, CLOUD & NETWORKING | Direct | Sell | 8282025 | 124.86 | 3,281 | 409,666 | 12,644,947 | Form |
| 37 | Wupen, Yuen | PRESIDENT, CLOUD & NETWORKING | Direct | Sell | 8282025 | 124.39 | 3,282 | 408,248 | 13,005,472 | Form |
| 38 | Ali, Wajid | EVP & CHIEF FINANCIAL OFFICER | Direct | Sell | 8282025 | 124.39 | 2,526 | 314,209 | 9,588,852 | Form |
| 39 | Wupen, Yuen | PRESIDENT, CLOUD & NETWORKING | Direct | Sell | 8262025 | 119.25 | 3,282 | 391,378 | 12,859,443 | Form |
| 40 | Kim, Jae | SVP, GENERAL COUNSEL | Direct | Sell | 8262025 | 116.88 | 4,507 | 526,782 | 3,911,420 | Form |
| 41 | Johnson, Julia Suzanne | Direct | Sell | 8202025 | 119.06 | 1,250 | 148,828 | 2,623,774 | Form | |
| 42 | Wupen, Yuen | PRESIDENT, CLOUD & NETWORKING | Direct | Sell | 8192025 | 117.60 | 109 | 12,818 | 8,990,520 | Form |
| 43 | Wupen, Yuen | PRESIDENT, CLOUD & NETWORKING | Direct | Sell | 8192025 | 116.45 | 109 | 12,693 | 8,915,296 | Form |
| 44 | Kim, Jae | SVP, GENERAL COUNSEL | Direct | Sell | 8192025 | 116.45 | 912 | 106,202 | 3,472,539 | Form |
| 45 | Ali, Wajid | EVP & CHIEF FINANCIAL OFFICER | Direct | Sell | 8192025 | 116.45 | 2,222 | 258,752 | 5,294,982 | Form |
| 46 | Wupen, Yuen | PRESIDENT, CLOUD & NETWORKING | Direct | Sell | 8192025 | 113.61 | 109 | 12,383 | 8,710,251 | Form |
| 47 | Wupen, Yuen | PRESIDENT, CLOUD & NETWORKING | Direct | Sell | 8082025 | 108.34 | 241 | 26,110 | 8,515,199 | Form |
| 48 | Wupen, Yuen | PRESIDENT, CLOUD & NETWORKING | Direct | Sell | 8052025 | 111.73 | 241 | 26,927 | 8,808,570 | Form |
| 49 | Wupen, Yuen | PRESIDENT, CLOUD & NETWORKING | Direct | Sell | 8052025 | 108.09 | 241 | 26,050 | 8,547,649 | Form |
| 50 | Retort, Vincent | PRESIDENT, INDUSTRIAL TECH. | Direct | Sell | 7312025 | 110.00 | 22,719 | 2,499,090 | 13,392,170 | Form |
Investor Activity (13F)
Updated Aug 23, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| WT Asset Management Ltd | $969.9 Mil | 20.3% | 32 | ADD +176.9% | 13F |
| Warberg Asset Management LLC | $68.5 Mil | 20.0% | 166 | New | 13F |
| Anatole Investment Management Ltd | $137.5 Mil | 19.2% | 15 | New | 13F |
| Linden Advisors LP | $3.0 Bil | 17.1% | 565 | Hold | 13F |
| Sculptor Capital LP | $1.5 Bil | 16.4% | 317 | TRIM -9.6% | 13F |
| CloudAlpha Capital Management Limited/Hong Kong | $139.4 Mil | 15.3% | 37 | Hold | 13F |
| Whitebox Advisors LLC | $964.7 Mil | 13.9% | 545 | Hold | 13F |
| E20 Capital Ltd | $131.2 Mil | 12.3% | 22 | New | 13F |
| CSS Llc/Il | $216.5 Mil | 12.0% | 739 | TRIM -15.6% | 13F |
| Trivest Advisors Ltd | $149.0 Mil | 10.7% | 29 | ADD +19.1% | 13F |
| Broad Peak Investment Advisers Pte Ltd | $51.7 Mil | 10.5% | 23 | TRIM -62.0% | 13F |
| Amanah Holdings Trust | $94.9 Mil | 10.4% | 20 | Hold | 13F |
| Anther Capital Ltd | $371.0 Mil | 9.7% | 31 | New | 13F |
| M & L Capital Management Ltd | $36.6 Mil | 9.0% | 19 | ADD +32.9% | 13F |
| Blue Whale Capital LLP | $149.0 Mil | 7.1% | 26 | ADD +52.3% | 13F |
| Science & Technology Partners, L.P. | $26.5 Mil | 6.9% | 42 | ADD +121.9% | 13F |
| Styrax Capital, LP | $98.4 Mil | 6.9% | 17 | Hold | 13F |
| Avala Global LP | $142.0 Mil | 6.8% | 22 | TRIM -11.3% | 13F |
| Divisar Capital Management LLC | $24.8 Mil | 6.3% | 26 | TRIM -59.5% | 13F |
| Estuary Capital Management LP | $37.1 Mil | 6.2% | 22 | New | 13F |
| M37 Management LP | $14.1 Mil | 5.6% | 12 | TRIM -33.3% | 13F |
| Analog Century Management LP | $110.8 Mil | 5.3% | 25 | TRIM -52.8% | 13F |
| Rivermont Capital Management LP | $25.0 Mil | 5.3% | 20 | New | 13F |
| FengHe Fund Management Pte. Ltd. | $37.1 Mil | 5.1% | 31 | TRIM -72.5% | 13F |
| Franchise GP Ltd | $13.5 Mil | 4.9% | 36 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Anther Capital Ltd | $371.0 Mil | 9.7% | 31 | New | 13F |
| Anatole Investment Management Ltd | $137.5 Mil | 19.2% | 15 | New | 13F |
| E20 Capital Ltd | $131.2 Mil | 12.3% | 22 | New | 13F |
| Warberg Asset Management LLC | $68.5 Mil | 20.0% | 166 | New | 13F |
| Estuary Capital Management LP | $37.1 Mil | 6.2% | 22 | New | 13F |
| Rivermont Capital Management LP | $25.0 Mil | 5.3% | 20 | New | 13F |
| Alta Park Capital, LP | $22.5 Mil | 3.6% | 24 | New | 13F |
| Perseverance Asset Management International | $17.6 Mil | 1.9% | 33 | New | 13F |
| Franchise GP Ltd | $13.5 Mil | 4.9% | 36 | New | 13F |
| Tyro Capital Management LLC | $10.9 Mil | 2.7% | 23 | New | 13F |
| UNICOM Systems, Inc. | $10.0 Mil | 1.0% | 32 | New | 13F |
| Thames Capital Management LLC | $8.6 Mil | 1.5% | 43 | New | 13F |
| KR Capital LP | $8.5 Mil | 1.7% | 49 | New | 13F |
| Castle Hook Partners LP | $106.4 Mil | 2.2% | 44 | ADD +1332.9% | 13F |
| WT Asset Management Ltd | $969.9 Mil | 20.3% | 32 | ADD +176.9% | 13F |
| Science & Technology Partners, L.P. | $26.5 Mil | 6.9% | 42 | ADD +121.9% | 13F |
| Blue Whale Capital LLP | $149.0 Mil | 7.1% | 26 | ADD +52.3% | 13F |
| M & L Capital Management Ltd | $36.6 Mil | 9.0% | 19 | ADD +32.9% | 13F |
| Trivest Advisors Ltd | $149.0 Mil | 10.7% | 29 | ADD +19.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Situational Awareness LP | $478.6 Mil | 12.2% | 24 | Exited | Dec 31, 2025 | 13F |
| Wealth High Governance Capital Ltda | $20.2 Mil | 3.8% | 46 | Exited | Dec 31, 2025 | 13F |
| Paloma Partners Management Co | $10.6 Mil | 3.7% | 47 | Exited | Dec 31, 2025 | 13F |
| FengHe Fund Management Pte. Ltd. | $37.1 Mil | 5.1% | 31 | TRIM -72.5% | Mar 31, 2026 | 13F |
| Evergreen Quality Fund GP, Ltd. | $47.5 Mil | 1.1% | 40 | TRIM -66.8% | Mar 31, 2026 | 13F |
| Broad Peak Investment Advisers Pte Ltd | $51.7 Mil | 10.5% | 23 | TRIM -62.0% | Mar 31, 2026 | 13F |
| Divisar Capital Management LLC | $24.8 Mil | 6.3% | 26 | TRIM -59.5% | Mar 31, 2026 | 13F |
| Analog Century Management LP | $110.8 Mil | 5.3% | 25 | TRIM -52.8% | Mar 31, 2026 | 13F |
| KADENSA CAPITAL Ltd | $7.7 Mil | 1.1% | 39 | TRIM -51.1% | Mar 31, 2026 | 13F |
| Tairen Capital Ltd | $38.5 Mil | 4.2% | 44 | TRIM -49.0% | Mar 31, 2026 | 13F |
| Lightrock Netherlands B.V. | $13.6 Mil | 2.9% | 39 | TRIM -37.5% | Mar 31, 2026 | 13F |
| Talos Eurisko Asset Management LP | $27.0 Mil | 4.6% | 23 | TRIM -34.1% | Mar 31, 2026 | 13F |
| M37 Management LP | $14.1 Mil | 5.6% | 12 | TRIM -33.3% | Mar 31, 2026 | 13F |
| Headwater Capital Co Ltd | $14.1 Mil | 2.3% | 15 | TRIM -33.3% | Mar 31, 2026 | 13F |
| CSS Llc/Il | $216.5 Mil | 12.0% | 739 | TRIM -15.6% | Mar 31, 2026 | 13F |
| Avala Global LP | $142.0 Mil | 6.8% | 22 | TRIM -11.3% | Mar 31, 2026 | 13F |
| Sculptor Capital LP | $1.5 Bil | 16.4% | 317 | TRIM -9.6% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Linden Advisors LP | $3.0 Bil | 17.1% | 565 | Hold | 13F |
| Sculptor Capital LP | $1.5 Bil | 16.4% | 317 | TRIM -9.6% | 13F |
| WT Asset Management Ltd | $969.9 Mil | 20.3% | 32 | ADD +176.9% | 13F |
| Whitebox Advisors LLC | $964.7 Mil | 13.9% | 545 | Hold | 13F |
| Anther Capital Ltd | $371.0 Mil | 9.7% | 31 | New | 13F |
| CSS Llc/Il | $216.5 Mil | 12.0% | 739 | TRIM -15.6% | 13F |
| Blue Whale Capital LLP | $149.0 Mil | 7.1% | 26 | ADD +52.3% | 13F |
| Trivest Advisors Ltd | $149.0 Mil | 10.7% | 29 | ADD +19.1% | 13F |
| Avala Global LP | $142.0 Mil | 6.8% | 22 | TRIM -11.3% | 13F |
| CloudAlpha Capital Management Limited/Hong Kong | $139.4 Mil | 15.3% | 37 | Hold | 13F |
| Anatole Investment Management Ltd | $137.5 Mil | 19.2% | 15 | New | 13F |
| E20 Capital Ltd | $131.2 Mil | 12.3% | 22 | New | 13F |
| Analog Century Management LP | $110.8 Mil | 5.3% | 25 | TRIM -52.8% | 13F |
| Castle Hook Partners LP | $106.4 Mil | 2.2% | 44 | ADD +1332.9% | 13F |
| Styrax Capital, LP | $98.4 Mil | 6.9% | 17 | Hold | 13F |
| Amanah Holdings Trust | $94.9 Mil | 10.4% | 20 | Hold | 13F |
| Warberg Asset Management LLC | $68.5 Mil | 20.0% | 166 | New | 13F |
| Broad Peak Investment Advisers Pte Ltd | $51.7 Mil | 10.5% | 23 | TRIM -62.0% | 13F |
| Evergreen Quality Fund GP, Ltd. | $47.5 Mil | 1.1% | 40 | TRIM -66.8% | 13F |
| Tairen Capital Ltd | $38.5 Mil | 4.2% | 44 | TRIM -49.0% | 13F |
| FengHe Fund Management Pte. Ltd. | $37.1 Mil | 5.1% | 31 | TRIM -72.5% | 13F |
| Estuary Capital Management LP | $37.1 Mil | 6.2% | 22 | New | 13F |
| M & L Capital Management Ltd | $36.6 Mil | 9.0% | 19 | ADD +32.9% | 13F |
| Talos Eurisko Asset Management LP | $27.0 Mil | 4.6% | 23 | TRIM -34.1% | 13F |
| Science & Technology Partners, L.P. | $26.5 Mil | 6.9% | 42 | ADD +121.9% | 13F |
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