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The Moat Index

Lumentum Holdings Inc.

LITE · Technology · $51.2B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

28/ 100
No moat

The four filters

Pricing power32

Median gross margin 32.0% over 10y, variable.

Returns on capital26

Median ROIC 7.1%, above the 9% hurdle in 50% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -8x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$732.82
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

14 years of fundamentals

The business, in plain English

Lumentum Holdings Inc. booked $1.6B of revenue in FY2025 in the Technology sector and kept 28.0% of it as gross profit — a moderate-margin business by that measure. After every other cost, 1.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $769.9M (FY2013) to $1.6B (FY2025) — about 6.5% a year compounded over 12 years.

It earned −4.5% on invested capital in FY2025, with a median of 2.8% across 13 filed years. The Returns on Capital filter above scores it 26/100.

The balance sheet carried $2.6B of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

Put together: Pricing Power is the strongest of the four filters (32/100) and Capital Discipline the weakest (24/100), which is how LITE lands at 28/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2012–FY2025 · 14 fiscal years, normalized from LITE’s SEC filings

RevenueSales, as filed$1.6B FY2025
$0$1B2012201720222025
Gross marginRevenue kept after cost of goods28.0% FY2025
0%20%40%2012201720222025
Return on invested capitalOperating profit on the capital employed−4.5% FY2025
0%25%2012201720222025
Owner earningsCash an owner could take out−$205.1M FY2025
−$500M$02012201720222025

Gaps in a line mean that item isn’t in LITE’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale27.8 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — LITE has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#438 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #436IEHC IEH Corporation27.8No moat
  2. #437CSPI CSP Inc27.8No moat
  3. #439ALIT Alight, Inc. / Delaware27.7No moat
  4. #440KELYA KELLY SERVICES, INC.27.5No moat

Compare LITE with its nearest peers →All Technology companies on the Index →

Common questions about LITE

Does Lumentum Holdings Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Lumentum Holdings Inc. (LITE) 27.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 32, returns on capital 26, balance-sheet safety 28, capital discipline 24.
How has LITE's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 27.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell LITE. See the disclaimer.

Lumentum Holdings Inc. (LITE) Moat Score — The Moat Index · Buy Like Buffett