F5
FFIV · Communications Equipment
$455.42
1.2%Lumentum
LITE · Communications Equipment
$756.17
0.5%The short version
- F5 is the larger business, with $3.1B of revenue in fiscal 2025 against $3.0B for Lumentum.
- Lumentum grew revenue faster (83.2%, against 9.7%).
- F5 kept more of each dollar of sales as operating profit (24.8% operating margin, against 17.4% operating margin).
- F5 turned more of its sales into free cash flow (29.4% FCF margin, against 10.0% FCF margin).
- F5 earned a higher return on the capital invested in it (30.5%, against 10.4%).
| Latest fiscal year | FFIV · FY25 | LITE · FY26 |
|---|---|---|
| Size | ||
| Market cap | $26.2B | $56.4B |
| Revenue | $3.1B | $3.0B |
| Free cash flow | $906M | $300M |
| Net income | $692M | −$6.9B |
| Growth | ||
| Revenue growth | 9.7% | 83.2% |
| 5-year growth | 5.6% | 11.6% |
| Share count change | −1.1% | 7.2% |
| Profitability | ||
| Gross margin | 81.4% | 41.7% |
| Operating margin | 24.8% | 17.4% |
| Net margin | 22.4% | −230.1% |
| FCF margin | 29.4% | 10.0% |
| Return on capital | 30.5% | 10.4% |
| Return on equity | 20.6% | −240.0% |
| Balance sheet | ||
| Net debt | −$1.3B | $496M |
| Net debt / EBITDA | −1.6x | 0.6x |
| Dividends and buybacks | $502M | $0.0M |
| Valuation & quality | ||
| P/E | 36.3x | — |
| Piotroski F-score | 8 | 5 |
FY17
FFIV $2.1B
LITE $1.0B
FY18
FFIV $2.2B
LITE $1.2B
FY19
FFIV $2.2B
LITE $1.6B
FY20
FFIV $2.4B
LITE $1.7B
FY21
FFIV $2.6B
LITE $1.7B
FY22
FFIV $2.7B
LITE $1.7B
FY23
FFIV $2.8B
LITE $1.8B
FY24
FFIV $2.8B
LITE $1.4B
FY25
FFIV $3.1B
LITE $1.6B
FY26
FFIV —
LITE $3.0B
FFIV
LITE
FY17
FFIV 27.0%
LITE 4.8%
FY18
FFIV 27.3%
LITE 11.2%
FY19
FFIV 23.1%
LITE −1.4%
FY20
FFIV 16.7%
LITE 12.2%
FY21
FFIV 15.1%
LITE 30.2%
FY22
FFIV 15.0%
LITE 17.7%
FY23
FFIV 16.8%
LITE −6.6%
FY24
FFIV 23.4%
LITE −31.9%
FY25
FFIV 24.8%
LITE −11.0%
FY26
FFIV —
LITE 17.4%
FFIV
LITE
FY17
FFIV $702M
LITE −$53.1M
FY18
FFIV $708M
LITE $154M
FY19
FFIV $644M
LITE $164M
FY20
FFIV $601M
LITE $438M
FY21
FFIV $615M
LITE $654M
FY22
FFIV $409M
LITE $368M
FY23
FFIV $599M
LITE $51.3M
FY24
FFIV $762M
LITE −$108M
FY25
FFIV $906M
LITE −$105M
FY26
FFIV —
LITE $300M
FFIV
LITE
FY17
FFIV —
LITE 8.7%
FY18
FFIV —
LITE 23.5%
FY19
FFIV —
LITE −2.0%
FY20
FFIV 27.7%
LITE 11.3%
FY21
FFIV 20.9%
LITE 27.5%
FY22
FFIV 18.0%
LITE 15.6%
FY23
FFIV 19.5%
LITE −4.7%
FY24
FFIV 26.5%
LITE −14.5%
FY25
FFIV 30.5%
LITE −5.3%
FY26
FFIV —
LITE 10.4%
FFIV
LITE
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.