| Segment | Value | % of Price | Type |
|---|---|---|---|
| Net Cash | $-12 | -2% | auditable |
| Cloud & AI Networking (800G/1.6T Transceivers, OCS) | $450 | 64% | anchored |
| Industrial Tech (3D Sensing, Lidar, Lasers) | $200 | 28% | anchored |
| Telecom Optical (Legacy Fiber) | $40 | 6% | anchored |
Anchored: $690/sh (98%) · Speculative: $0/sh (0%)
Lumentum is the only volume supplier of 200G-per-lane EML laser chips, commanding ~50-60% market share in the critical component powering 800G and 1.6T optical transceivers for AI data centers. Q2 FY26 revenue surged 65% YoY to $665.5M. Cloud & Networking represents ~90% of revenue. The NVIDIA $2B...
Lumentum's industrial segment includes 3D sensing (primarily Apple), automotive lidar, and industrial lasers. This segment has been declining but represents diversification away from the cyclical optical networking market.
Telecom segment in secular decline as 5G buildout plateaus and telecom capex remains constrained. Revenue declining 5-10% annually.