LITE Lumentum

technology · 2026-10-20

N/A

too hard · 27

Owner-earnings value—

Price$834.51

Margin of safety —

Quality gate · 27/100

Returns on capital 0/30

Consistency 3.5/22

Margins / pricing power 10.6/16

Balance sheet 9.1/16

Cash conversion 3.3/10

Capital allocation 0/6

⚠ sub-hurdle returns (median roic -6% < 9%) · unprofitable in too many years

Median ROIC-5.8%

Gross margin41.7%

Share count / yr+10.1%

Profitable years1/4

Moat & management

Owner-earnings inputs

Owner earnings (TTM)	-6.94B
Owner-earnings yield	-9.2%
Free-cash-flow yield	0.4%
Growth used (normalized)	—
Terminal growth	—
Discount rate (hurdle)	—

⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · non-positive owner earnings — cannot value as a going wonderful business

Date	Quality	Price	Value	MoS	Rating
2026-10-20	27	$834.51	—	—	N/A
2026-09-08	27	$881.25	—	—	N/A
2026-07-29	28	$651.93	$16.10	-97.5%	N/A
2026-07-02	28	$801.16	$16.45	-97.9%	N/A
2026-06-25	28	$842.53	$16.59	-98.0%	N/A
2026-06-23	28	$827.92	$16.41	-98.0%	N/A

Date

Quality

Price

Value

MoS

Rating

2026-10-20

$834.51

—

N/A

2026-09-08

$881.25

—

N/A

2026-07-29

$651.93

$16.10

-97.5%

N/A

2026-07-02

$801.16

$16.45

-97.9%

N/A

2026-06-25

$842.53

$16.59

-98.0%

N/A

2026-06-23

$827.92

$16.41

-98.0%

N/A

Quality gate · 27/100

Moat & management

Owner-earnings inputs

History