How Does Lumentum Stock Compare With Peers?
Lumentum‘s stock has significantly outperformed over the past year, fueled by rapid revenue growth and its pivotal role in the AI and data-center boom. However, a closer look at its financials reveals low LTM operating margins and negative free cash flow, alongside a very high valuation. While recent strong quarterly results show dramatically improving profitability and a massive backlog in optical circuit switches and co-packaged optics, these demanding growth expectations, coupled with intense market competition, challenge its long-term upside.
- LITE’s near-zero operating margin, lower than ANET’s 42.9%, reflects optical components’ manufacturing costs versus ANET’s high-margin software/services.
- LITE’s 48.9% revenue growth, outpacing peers, is driven by booming AI infrastructure demand for its high-speed optical components.
- LITE’s 722.4% gain and 179.6 PE reflect investor optimism for its pivotal, high-growth role in AI and cloud optical infrastructure.
Here’s how Lumentum stacks up across size, valuation, and profitability versus key peers.
| LITE | CSCO | FFIV | ADTN | ANET | |
|---|---|---|---|---|---|
| Market Cap ($ Bil) | 45.2 | 310.8 | 16.1 | 0.8 | 172.6 |
| Revenue ($ Bil) | 2.1 | 57.7 | 3.1 | 1.0 | 8.4 |
| PE Ratio | 179.6 | 30.1 | 22.8 | -8.9 | 51.4 |
| LTM Revenue Growth | 48.9% | 8.9% | 8.8% | 14.3% | 27.8% |
| LTM Operating Margin | 0.5% | 22.5% | 25.1% | -3.6% | 42.9% |
| LTM FCF Margin | -1.4% | 22.1% | 27.4% | 2.5% | 47.9% |
| 12M Market Return | 722.4% | 24.1% | -10.0% | -15.6% | 32.1% |
For more details on Lumentum, read Buy or Sell LITE Stock. Below we compare LITE’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| LITE | 48.9% | 21.0% | -23.1% | 3.2% | |
| CSCO | 8.9% | 5.3% | -5.6% | 10.6% | |
| FFIV | 8.8% | 9.7% | 0.1% | 4.4% | |
| ADTN | 14.3% | – | -19.7% | 12.0% | 82.2% |
| ANET | 27.8% | – | 19.5% | 33.8% | 48.6% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| LITE | 0.5% | -11.7% | -26.6% | -5.0% | |
| CSCO | 22.5% | 22.1% | 24.1% | 27.3% | |
| FFIV | 25.1% | 25.6% | 23.7% | 19.1% | |
| ADTN | -3.6% | – | -14.1% | -16.2% | -5.4% |
| ANET | 42.9% | – | 42.0% | 38.5% | 34.9% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| LITE | 179.6 | 982.0 | -10.3 | -27.2 | |
| CSCO | 30.1 | 30.1 | 23.2 | 16.4 | |
| FFIV | 22.8 | 21.3 | 26.1 | 27.1 | |
| ADTN | -8.9 | – | -1.5 | -2.4 | -224.7 |
| ANET | 51.4 | – | 57.7 | 65.5 | 53.4 |
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