Chart 01 — Valuation Context

What Are You Actually Paying? Multiples in Context.

Lumentum current valuation vs. historical own-average and comparable AI infrastructure companies · June 2026
LITE: EV/Revenue Over Time
Peer Comparison — EV/NTM Revenue
Company EV/NTM Rev NTM Rev Growth Signal
Lumentum (LITE) ~16x +43% Rich
Coherent (COHR) ~4x +28% Cheaper
NVIDIA (NVDA) ~22x +52% Comparable
TSMC (TSM) ~11x +26% Cheaper
App. Opto (AAOI) ~8x +60% Cheaper
Vertiv (VRT) ~6x +18% Cheaper
Sources: Company filings, S&P Global Market Intelligence, Investing.com. NTM = Next Twelve Months. EV = Enterprise Value (Market Cap + Net Debt − Cash). LITE market cap ~$67B at $945/share × 71.7M shares. LITE EV ~$64B after netting $3.2B cash. Peer multiples approximate as of June 2026. LITE non-GAAP forward P/E at $945: ~124x FY2026E ($7.60 consensus non-GAAP EPS).
CURIOUS INVESTING INSIGHTS