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Lumentum Holdings Inc. (LITE) 财务分析 | 估值·财报 | 100Baggers.club

Lumentum Holdings Inc.

LITE

Lumentum Holdings Inc. manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates in two segments, Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables. It offers tunable transponders, transceivers, and transmitter modules; tunable lasers, receivers, and modulators; transport products, such as reconfigurable optical add/drop multiplexers, amplifiers, and optical channel monitors, as well as components, including 980nm, multi-mode, and Raman pumps; and switches, attenuators, photodetectors, gain flattening filters, isolators, wavelength-division multiplexing filters, arrayed waveguide gratings, multiplex/de-multiplexers, and integrated passive modules. This segment also provides Super Transport Blade, which integrates optical transport functions into a single-slot blade; vertical-cavity surface-emitting lasers; directly modulated and electro-absorption modulated lasers; and laser illumination sources for 3D sensing systems. It serves customers in telecommunications, data communications, and consumer and industrial markets. The Commercial Lasers segment offers diode-pumped solid-state, fiber, diode, direct-diode, and gas lasers for use in original equipment manufacturer applications. It serves customers in markets and applications, such as sheet metal processing, general manufacturing, biotechnology, graphics and imaging, remote sensing, and precision machining. Lumentum Holdings Inc. was incorporated in 2015 and is headquartered in San Jose, California.

深度研究阅读完整报告

Lumentum(LITE)股票深度分析 — 光的瓶颈供应商，AI光互连的数学不可能

AI光通信的绝对瓶颈（50-60%份额），其增长预期却在挑战数学极限。当强大的战略卡位遇上无法实现的财务模型，市场的定价是在奖励垄断，还是在豪赌一个不可能的未来？

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

利润瀑布图分析

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P

盈利能力指标

Gross Profit Margini毛利率

36.08%

毛利润 = $0.24B

营业收入 = $0.67B

Operating Profit Margini营业利润率

9.66%

营业利润 = $0.06B

营业收入 = $0.67B

EBITDA MarginiEBITDA利润率

25.15%

EBITDA = $0.17B

营业收入 = $0.67B

EBIT MarginiEBIT利润率

15.45%

EBIT = $0.10B

营业收入 = $0.67B

Net Profit Margini净利率

11.75%

净利润 = $0.08B

营业收入 = $0.67B

Pretax Profit Margini税前利润率

14.50%

税前利润 = $0.10B

营业收入 = $0.67B

E

运营效率指标

Interest Coveragei利息保障倍数

3.21x

EBIT (TTM) = $0.07B

利息费用 (TTM) = $0.02B

-12.0x

-6.8x

-6.8x

-2.9x

3.2x

SG&A / Revenuei销管费率

14.44%

销售及管理费用 = $0.10B

营业收入 = $0.67B

R&D / Revenuei研发占比

12.04%

研发费用 = $0.08B

营业收入 = $0.67B

R

回报率指标 (TTM)

ROAi总资产回报率

5.73%

净利润 = $0.25B

平均总资产 = $4.39B

ROEi净资产收益率

28.88%

净利润 = $0.25B

平均股东权益 = $0.87B

ROICi投入资本回报率

0.89%

NOPAT (TTM) = $0.02B

平均投入资本 = $2.81B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

65.46%

当期营收 = $0.67B

去年同期营收 = $0.40B

+16.0%

+55.9%

+55.9%

+58.4%

+65.5%

Operating Cash Flow/Sharei每股经营现金流

$2.81

经营现金流 = $0.25B

流通股数 = 0.09B

$1.41

$1.75

$1.75

$1.85

$2.81

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+56.5%	$0.67B	↑
毛利	+96.0%	$0.24B, 36.08%	↑
营业利润	+270.6%	$0.06B, 9.66%	↑
EBITDA	+529.3%	$0.17B, 25.15%	↑
税前利润	+346.2%	$0.10B, 14.50%	↑
净利润	+277.3%	$0.08B, 11.75%	↑
稀释每股收益	+239.1%	0.89	↑

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L

流动性指标

Current Ratioi流动比率

0.61

关注

流动资产 = $2.28B

流动负债 = $3.77B

Quick Ratioi速动比率

0.45

关注

速动资产 = $1.71B

流动负债 = $3.77B

Cash Ratioi现金比率

0.31

正常

现金及等价物 = $1.16B

流动负债 = $3.77B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

3.95

关注

总债务 = $3.35B

总权益 = $0.85B

Liabilities to Assetsi资产负债率 (总负债)

82.4%

关注

总负债 = $3.96B

总资产 = $4.81B

Equity Multiplieri权益乘数

5.68

关注

总资产 = $4.81B

总权益 = $0.85B

E

效率指标

Asset Turnoveri总资产周转率

0.48

关注

营收 (TTM) = $2.11B

平均总资产 = $4.39B

Inventory Turnoveri存货周转率

2.54

关注

营业成本 (TTM) = $1.40B

平均存货 = $0.55B

Receivables Turnoveri应收账款周转率

6.16

正常

营收 (TTM) = $2.11B

平均应收账款 = $0.34B

S

偿债能力

Interest Coveragei利息保障倍数

3.21

正常

EBIT (TTM) = $0.07B

利息费用 (TTM) = $0.02B

Net Debt to EBITDAi净债务/EBITDA

8.34

关注

净债务 = $2.69B

EBITDA (TTM) = $0.32B

Debt Service Coveragei偿债覆盖率

0.08

关注

经营现金流 (TTM) = $0.25B

债务偿付 = $3.26B

V

价值指标

Goodwill %i商誉占比

22.1%

关注

商誉 = $1.06B

总资产 = $4.81B

Working Capital Ratioi营运资本比率

-0.31

关注

营运资本 = $-1.48B

总资产 = $4.81B

现金流瀑布图

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流入

流出

小计

起止点

C

现金流指标

经营现金流 TTMi

$0.25B

自由现金流 TTMi

$0.13B

FCF = OCF - CapEx

经营现金流 (TTM) = $0.25B

资本支出 (TTM) = $-0.12B

自由现金流收益率i

0.40%

关注

FCF (TTM) = $0.13B

市值 = $32.91B

经营现金流/销售比i

11.73%

正常

经营现金流 (TTM) = $0.25B

营业收入 (TTM) = $2.11B

Q

质量与覆盖指标

收益质量i

0.98x

关注

经营现金流 (TTM) = $0.25B

净利润 (TTM) = $0.25B

现金流/债务比i

0.07x

关注

经营现金流 (TTM) = $0.25B

总负债 = $3.35B

短期覆盖率i

0.07x

关注

经营现金流 (TTM) = $0.25B

流动负债 = $3.77B

资本支出覆盖率i

2.12x

正常

经营现金流 (TTM) = $0.25B

资本支出 (TTM) = $0.12B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

52.75%

关注

自由现金流 (TTM) = $0.13B

经营现金流 (TTM) = $0.25B

资本支出/营收比i

5.54%

正常

资本支出 (TTM) = $0.12B

营业收入 (TTM) = $2.11B

净债务/EBITDAi

8.34

关注

净债务 = $2.69B

EBITDA (TTM) = $0.32B

G

增长指标

经营现金流增长率i

421.40%

健康

当期OCF (TTM) = $0.13B

上期OCF = $0.02B

股东盈余i

$0.38B

健康

净利润 (TTM) = $0.25B

+ 折旧摊销 (TTM) = $0.25B

- 资本支出 (TTM) = $-0.12B