Ticker Teardown Dossier
Lumentum ($LITE), taken apart the way the desk does.
Lumentum (LITE) Teardown Dossier · As of 2026-11-13, refreshed after FQ1 2027 results
The LITE dossier is the desk's Lumentum teardown written out as a document, plus what a five-minute video cannot carry: the last eight quarters of Lumentum's own SEC filings in one table (fiscal years for a foreign filer whose quarterly reports carry no structured data), a peer comparison with numbers, the level map rebuilt from the latest close, and a link to every filing used. Rebuilt after each quarterly print.
Look inside before you buy
2,573 words · about 11 min to read · 10 sections · data as of 13 November 2026 · last refreshed after FQ1 2027 results
Table of contents
- What is in this dossier
- What this is not
- 1. The teardown
- The setup
- What it is
- The quarter: november 2 release
- Where it came from
- Management's claims
- The guide: december quarter
- The deal: november 2
- Why marvell
- The catch
- The gap
- Halfway
- Time and doubt
- The buyer
- The case against: quarterly filing
- One more detail
- Valuation: an estimate
- The chart: Friday's close
- What would change the story
- The verdict
- 2. What changed since it was written
- 3. The filings: the last eight quarters
- 4. Valuation against the peers
- 5. Level map
- 6. Sources
- 7. What this dossier cannot do
- More dossiers in this theme
Excerpt
1. The teardown
Written 2026-11-15, with prices as of 2026-11-13. Figures in this part are as the desk read them that day; parts 2 to 5 carry the numbers as of 2026-11-13.
The setup
Marvell agreed to buy Lumentum at about $1132 a share. On Friday, Lumentum closed at $596.62. Is the market doubting the deal, or doubting what it is worth? The deal is paid in Marvell stock, Marvell has fallen 38% since the rumours began, and even at that price the deal is worth more than Lumentum trades for. This is the full teardown: the business, the deal, and the prices that settle it.
What it is
First, what Lumentum is. It makes the lasers and optical parts that move data with light instead of copper: lasers, optical transceivers for data centers, and optical circuit switches, which route light between servers without converting it back to electricity. It also makes its own compound semiconductors, including indium phosphide, the material those lasers are built on. Its fastest growth now comes from cloud and artificial intelligence data centers, and 76% of its revenue ships to customers outside the United States.
The quarter: november 2 release
The quarter, from the November 2 release, for the three months to September 26. Revenue was $1.26 billion, up 136% from 534 million a year earlier. Adjusted operating margin was 42.3%, against 18.7% a year ago. Adjusted earnings were $4.57 a share, against $1.10. And under standard accounting, net income was $360 million.
One table from the document
3. The filings: the last eight quarters
| USD millions, period ended | 2024-12-28 | 2025-03-29 | 2025-06-28 | 2025-09-27 | 2025-12-27 | 2026-03-28 | 2026-06-27 | 2026-09-26 |
|---|---|---|---|---|---|---|---|---|
| Fiscal period | FQ2 2025 | FQ3 2025 | FQ4 2025 | FQ1 2026 | FQ2 2026 | FQ3 2026 | FQ4 2026 | FQ1 2027 |
| Source filing | 10-Q 2025-02-06 | 10-Q 2025-05-07 | 10-K 2025-08-19 | 10-Q 2025-11-05 | 10-Q 2026-02-04 | 10-Q 2026-05-06 | 10-K 2026-08-17 | 10-Q 2026-11-03 |
| Revenue | 402.2 | 425.2 | 480.7 | 533.8 | 665.5 | 808.4 | 1,006 | 1,263 |
| Gross margin | 24.8% | 28.8% | 33.3% | 34.0% | 36.1% | 44.2% | 47.4% | 51.0% |
| Operating income | -51.6 | -37.7 | -8.4 | 6.7 | 64.3 | 174.5 | 279.3 | 359.8 |
| Net income | -60.9 | -44.1 | 213.3 | 4.2 | 78.2 | 144.2 | -7,162 | 360.3 |
| Operating cash flow | 24.3 | -1.6 | 64.0 | 57.9 | 126.7 | 203.8 | 363.0 | 267.7 |
| Capex | -40.2 | -62.8 | -53.9 | -76.2 | -83.6 | -124.7 | -166.8 | -229.8 |
| Free cash flow | -15.9 | -64.4 | 10.1 | -18.3 | 43.1 | 79.1 | 196.2 | 37.9 |
| Cash and equivalents | 479.7 | 516.4 | 520.7 | 772.9 | 657.7 | 2,618 | 2,044 | 1,272 |
| Debt (book, excl. leases) | 2,571 | 2,573 | 2,573 | 3,244 | 3,287 | 3,282 | 1,637 | 1,400 |
| Diluted shares (M) | 68.9 | 69.3 | 69.6* | 78.3 | 87.8 | 96.2 | 74.6* | 101.7 |
The preview stops here. The full document is delivered by email after purchase.
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What the dossier has that the video does not
The filings themselves: revenue, gross margin, operating income, net income, operating cash flow, capex, free cash flow, cash, debt and diluted shares, quarter by quarter, each column dated with the filing it comes from. A foreign filer whose quarterly reports carry no structured data gets its fiscal years, and the dossier says so.
Never stale
Every dossier carries an "as of" date and the quarter it was last refreshed after. It is rebuilt after each print, and the desk's daily check flags any dossier left more than 45 days without a refresh. The written teardown keeps its date, and a "what changed since" section gives the move in the price and the filings since.
What is inside
- The teardown in writing: the business, the bull case, the full bear case and the verdict, dated.
- What changed since it was written: the price move and every SEC filing since.
- Eight quarters of the company's own SEC filings in one table, each column dated, with a plain read of what the table says.
- Peers with numbers: market cap, revenue growth, operating margin, EV / sales and distance from the 52-week high.
- The level map rebuilt from the latest close: where the price sits against the 52-week range and each level.
- Sources: a link to every filing and results release used.
Buy it if
- You hold or watch $LITE and want a structured read before acting.
- You want levels you can check on the chart, not an opinion.
Skip it if
- You want a buy signal. A dossier explains and maps; it does not signal.
- You want every name on the desk. The Teardown Library covers every dossier, current and future, for less than four dossiers.
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An educational research publication, not investment advice, trade signals, a managed account, or an advisory service. Nothing in it is a recommendation to buy or sell any security. See our disclosures.