Lumentum
LITE · Communications Equipment
$756.17
0.5%Viasat
VSAT · Communications Equipment
$61.47
4.2%The short version
- Viasat is the larger business, with $4.6B of revenue in fiscal 2026 against $3.0B for Lumentum, about 1.5 times as much.
- Lumentum grew revenue faster (83.2%, against 2.7%).
- Lumentum kept more of each dollar of sales as operating profit (17.4% operating margin, against 2.3% operating margin).
- Viasat turned more of its sales into free cash flow (32.2% FCF margin, against 10.0% FCF margin).
- Lumentum earned a higher return on the capital invested in it (10.4%, against 0.6%).
| Latest fiscal year | LITE · FY26 | VSAT · FY26 |
|---|---|---|
| Size | ||
| Market cap | $56.4B | $8.4B |
| Revenue | $3.0B | $4.6B |
| Free cash flow | $300M | $1.5B |
| Net income | −$6.9B | −$34.1M |
| Growth | ||
| Revenue growth | 83.2% | 2.7% |
| 5-year growth | 11.6% | 19.3% |
| Share count change | 7.2% | 4.9% |
| Profitability | ||
| Gross margin | 41.7% | — |
| Operating margin | 17.4% | 2.3% |
| Net margin | −230.1% | −0.7% |
| FCF margin | 10.0% | 32.2% |
| Return on capital | 10.4% | 0.6% |
| Return on equity | −240.0% | −0.7% |
| Balance sheet | ||
| Net debt | $496M | $4.8B |
| Net debt / EBITDA | 0.6x | 3.3x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 5 | 6 |
FY17
LITE $1.0B
VSAT $1.6B
FY18
LITE $1.2B
VSAT $1.6B
FY19
LITE $1.6B
VSAT $2.1B
FY20
LITE $1.7B
VSAT $2.3B
FY21
LITE $1.7B
VSAT $1.9B
FY22
LITE $1.7B
VSAT $2.4B
FY23
LITE $1.8B
VSAT $2.6B
FY24
LITE $1.4B
VSAT $4.3B
FY25
LITE $1.6B
VSAT $4.5B
FY26
LITE $3.0B
VSAT $4.6B
LITE
VSAT
FY17
LITE 4.8%
VSAT 2.3%
FY18
LITE 11.2%
VSAT −5.8%
FY19
LITE −1.4%
VSAT −2.9%
FY20
LITE 12.2%
VSAT 1.7%
FY21
LITE 30.2%
VSAT −2.4%
FY22
LITE 17.7%
VSAT −4.7%
FY23
LITE −6.6%
VSAT −6.1%
FY24
LITE −31.9%
VSAT −20.8%
FY25
LITE −11.0%
VSAT −2.2%
FY26
LITE 17.4%
VSAT 2.3%
LITE
VSAT
FY17
LITE −$53.1M
VSAT −$103M
FY18
LITE $154M
VSAT −$153M
FY19
LITE $164M
VSAT −$309M
FY20
LITE $438M
VSAT −$257M
FY21
LITE $654M
VSAT −$100M
FY22
LITE $368M
VSAT −$433M
FY23
LITE $51.3M
VSAT −$709M
FY24
LITE −$108M
VSAT $611M
FY25
LITE −$105M
VSAT $830M
FY26
LITE $300M
VSAT $1.5B
LITE
VSAT
FY17
LITE 8.7%
VSAT 1.4%
FY18
LITE 23.5%
VSAT −2.8%
FY19
LITE −2.0%
VSAT −1.6%
FY20
LITE 11.3%
VSAT 1.1%
FY21
LITE 27.5%
VSAT −1.0%
FY22
LITE 15.6%
VSAT −2.0%
FY23
LITE −4.7%
VSAT −2.5%
FY24
LITE −14.5%
VSAT −9.0%
FY25
LITE −5.3%
VSAT −0.7%
FY26
LITE 10.4%
VSAT 0.6%
LITE
VSAT
Add another company
Compare up to four at once.
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.