Lumentum vs Viavi Solutions
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The short version
- Lumentum is the larger business, with $3.0B of revenue in fiscal 2026 against $1.5B for Viavi Solutions, about 2.0 times as much.
- Lumentum grew revenue faster (83.2%, against 40.0%).
- Lumentum kept more of each dollar of sales as operating profit (17.4% operating margin, against 6.9%).
- Lumentum turned more of its sales into free cash flow (10.0% FCF margin, against 5.5%).
- Lumentum earned a higher return on the capital invested in it (10.4%, against 4.3%).
| Latest fiscal year | LITE · FY26 | VIAV · FY26 |
|---|---|---|
| Size | ||
| Market cap | $56.4B | $7.0B |
| Revenue | $3.0B | $1.5B |
| Free cash flow | $300M | $82.8M |
| Net income | −$6.9B | −$30.4M |
| Growth | ||
| Revenue growth | 83.2% | 40.0% |
| 5-year growth | 11.6% | 4.8% |
| Share count change | 7.2% | 1.7% |
| Profitability | ||
| Gross margin | 41.7% | 57.7% |
| Operating margin | 17.4% | 6.9% |
| Net margin | −230.1% | −2.0% |
| FCF margin | 10.0% | 5.5% |
| Return on capital | 10.4% | 4.3% |
| Return on equity | −240.0% | −2.7% |
| Balance sheet | ||
| Net debt | $496M | −$7.9M |
| Net debt / EBITDA | 0.6x | −0.1x |
| Dividends and buybacks | $0.0M | $30.0M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 5 | 6 |
Revenue
FY17
LITE $1.0B
VIAV $805M
FY18
LITE $1.2B
VIAV $876M
FY19
LITE $1.6B
VIAV $1.1B
FY20
LITE $1.7B
VIAV $1.1B
FY21
LITE $1.7B
VIAV $1.2B
FY22
LITE $1.7B
VIAV $1.3B
FY23
LITE $1.8B
VIAV $1.1B
FY24
LITE $1.4B
VIAV $1.0B
FY25
LITE $1.6B
VIAV $1.1B
FY26
LITE $3.0B
VIAV $1.5B
LITE
VIAV
Operating margin
FY17
LITE 4.8%
VIAV 0.9%
FY18
LITE 11.2%
VIAV 0.2%
FY19
LITE −1.4%
VIAV 6.0%
FY20
LITE 12.2%
VIAV 10.4%
FY21
LITE 30.2%
VIAV 11.9%
FY22
LITE 17.7%
VIAV 14.3%
FY23
LITE −6.6%
VIAV 7.5%
FY24
LITE −31.9%
VIAV 2.1%
FY25
LITE −11.0%
VIAV 5.3%
FY26
LITE 17.4%
VIAV 6.9%
LITE
VIAV
Free cash flow
FY17
LITE −$53.1M
VIAV $55.7M
FY18
LITE $154M
VIAV $23.5M
FY19
LITE $164M
VIAV $93.8M
FY20
LITE $438M
VIAV $104M
FY21
LITE $654M
VIAV $191M
FY22
LITE $368M
VIAV $106M
FY23
LITE $51.3M
VIAV $63.0M
FY24
LITE −$108M
VIAV $96.9M
FY25
LITE −$105M
VIAV $62.0M
FY26
LITE $300M
VIAV $82.8M
LITE
VIAV
Return on capital
FY17
LITE 8.7%
VIAV 2.0%
FY18
LITE 23.5%
VIAV 0.3%
FY19
LITE −2.0%
VIAV 4.6%
FY20
LITE 11.3%
VIAV 8.6%
FY21
LITE 27.5%
VIAV 10.2%
FY22
LITE 15.6%
VIAV 12.0%
FY23
LITE −4.7%
VIAV 4.9%
FY24
LITE −14.5%
VIAV 1.2%
FY25
LITE −5.3%
VIAV 5.6%
FY26
LITE 10.4%
VIAV 4.3%
LITE
VIAV
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.