회사 개요
Lumentum Holdings Inc. is a leading manufacturer and seller of optical and photonic products that serve critical applications across the Americas, Asia-Pacific, Europe, the Middle East, and Africa. The company operates within the Technology sector, specifically focusing on the Communication Equipment industry, which implies a specialization in the infrastructure necessary for high-speed data transmission and network connectivity. Its operational scale is substantial, with a market capitalization of $63.84B, annual revenue of $2.11B, and an employee base of 10562 individuals. These valuation and revenue figures indicate that the company holds a significant position in the global market for photonic solutions, commanding a high market premium relative to its sales base. The company's extensive workforce and massive market cap suggest deep roots in the semiconductor and networking hardware supply chains, positioning it as a major player in the evolution of cloud computing and industrial technology sectors.
재무 건전성
Lumentum reported a total revenue of $2.11B over the trailing twelve months, generating a net income of $251.60M and an EBITDA of $267.70M. The gap between the $2.11B in revenue and the $251.60M in net income reveals a cost structure where operating expenses, including the significant depreciation of fixed assets in a capital-intensive industry, consume a large portion of gross profits before reaching the bottom line. The company's free cash flow stands at -$21.325M, indicating that capital expenditures required to maintain and expand its optical manufacturing capabilities currently exceed the cash generated from operations, which limits immediate financial flexibility for dividends or buybacks. Profitability is reflected in three key margins: a gross margin of 37.1%, an operating margin of 10.7%, and a profit margin of 12.0%, where the divergence between operating and profit margins highlights the impact of non-operating items or tax structures on the final earnings. The balance sheet shows a cash position of $1.16B against total debt of $3.32B, resulting in a debt-to-equity ratio of 392.48, which characterizes the firm as highly leveraged with limited equity cushion relative to its obligations. Liquidity is constrained by a current ratio of 0.61, suggesting that current liabilities exceed current assets and the company relies on long-term financing or asset monetization to meet short-term obligations. Return metrics show a return on equity of 29.3% and a return on assets of 0.3%, indicating that while the company generates high returns on the shareholders' equity portion, the massive asset base and high leverage dilute the overall efficiency of asset utilization.
밸류에이션 평가
The stock carries a trailing P/E ratio of 256.20 and a forward P/E of 56.69, where the substantial difference between these metrics implies that the market expects a dramatic acceleration in earnings per share in the coming fiscal year to justify the current high multiple. The price-to-book ratio is 75.41, which indicates a significant market premium over the company's book value, reflecting investor confidence in the intangible value of its intellectual property and future growth potential rather than just its tangible net worth. Alternative valuation metrics include a price-to-sales ratio of 30.33 and an EV/EBITDA of 246.58, suggesting that the market is pricing the company heavily based on future growth expectations rather than current cash flow generation or asset values. The share price has fluctuated between a 52-week high of $960.00 and a 52-week low of $48.51, meaning the current price sits significantly below the 52-week high but well above the 52-week low, reflecting recent volatility. The beta value is 1.39, which means the stock's price volatility is 39% higher than the broader market, indicating higher sensitivity to market swings and increased risk for risk-averse investors.
Growth & Income
Revenue growth for the trailing twelve months is 65.5% year-over-year, while earnings growth is marked as N/A in the available data, implying that the current earnings figure does not follow a comparable prior year period or that the metric is not yet stabilized for standard year-over-year comparison. Since earnings growth is N/A rather than a specific negative percentage, it is not possible to determine if earnings are growing faster or slower than revenue at this exact moment, but the massive revenue expansion suggests the business is scaling rapidly. As a non-dividend payer, the company has a dividend yield of N/A and a payout ratio of 0.0%, which explains that the company reinvests all of its net income back into research, development, and capital expansion rather than distributing cash to shareholders. The overall growth and income profile is characterized by aggressive top-line expansion supported by a complete reinvestment strategy, with no reliance on dividend income to satisfy shareholder expectations.