Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Cash Flow Statement
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2015
- Return on Equity (ROE) since 2015
- Price to Earnings (P/E) since 2015
- Price to Book Value (P/BV) since 2015
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Lumentum Holdings Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-K (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26).
The valuation metrics exhibit a transition from a period of relative stability between 2020 and 2022 to a phase of extreme expansion and high volatility through 2026. While ratios remained within moderate historical ranges during the early part of the observed period, there is a pronounced upward trajectory in nearly all valuation multiples starting in mid-2024, suggesting a significant shift in market pricing relative to fundamental financial performance.
- Price to Earnings (P/E) Ratio
- The P/E ratio fluctuated between 13.95 and 39.66 from September 2020 through early 2022, followed by a sharp increase to 144.42 by December 2022. Following a gap in reporting, the ratio reached an extreme peak of 318.36 in June 2025 before moderating to 167.00 by March 2026. This progression indicates a substantial expansion in the earnings multiple, potentially reflecting anticipated future growth or a significant compression in actual earnings per share.
- Price to Sales (P/S) Ratio
- A period of consolidation is observed from 2020 to early 2023, where the ratio generally stayed between 1.74 and 4.00. Starting in June 2024, a steep and consistent acceleration occurred, with the ratio climbing from 2.82 to an unprecedented 29.52 by March 2026. This exponential increase suggests the market is assigning a significantly higher premium to each dollar of revenue generated.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio remained relatively stable between 2.05 and 3.47 from September 2020 through early 2024. A sharp inflection point occurred in June 2024, leading to a rapid surge that peaked at 39.26 in December 2025, before settling at 24.71 in March 2026. This trend reflects a dramatic divergence between the market value of the equity and the accounting value of the company's net assets.
- Price to Operating Profit (P/OP) Ratio
- Operating profit multiples were characterized by stability between 10.19 and 25.27 until late 2022, when the ratio rose to 44.04. The most extreme volatility is noted at the end of the period, with a spike to 1,334.92 in December 2025 followed by a reduction to 309.85 in March 2026, indicating extreme fluctuations in operating efficiency relative to the share price.
Price to Earnings (P/E)
Lumentum Holdings Inc., historical P/E calculation (quarterly data)
| Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Dec 26, 2020 | Sep 26, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income (loss) (in thousands) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-K (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Lumentum Holdings Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data exhibits a period of extreme volatility in valuation and profitability, characterized by a transition from stable earnings to a prolonged period of net losses, followed by a rapid recovery in both share price and earnings per share.
- Earnings per Share (EPS) Trends
- A cyclical pattern is observed in profitability. Earnings initially grew from 2.05 USD in September 2020 to a peak of 5.69 USD in October 2021. This was followed by a precipitous decline, with earnings turning negative in April 2023 and reaching a trough of -8.17 USD in September 2024. A recovery phase began in June 2025, with EPS returning to positive territory at 0.37 USD and climbing sharply to 5.65 USD by March 2026.
- Price to Earnings (P/E) Ratio Analysis
- The P/E ratio demonstrated significant fluctuations corresponding to earnings volatility. Between September 2020 and January 2022, the ratio compressed from 39.66 to approximately 16.19 as earnings increased. However, as earnings collapsed in 2022, the P/E ratio expanded rapidly, reaching 144.42 by December 2022. The ratio became unavailable from April 2023 through March 2025 due to negative earnings. Upon the return to profitability in June 2025, the P/E ratio spiked to 318.36, eventually moderating to 167.00 by March 2026, indicating a high market premium placed on the recovered earnings.
- Share Price Correlation
- Share price movements show a delayed but aggressive correlation with earnings recovery. The price remained relatively stable between 40 USD and 90 USD from 2020 through 2024, even during the period of negative EPS. A significant breakout occurred starting in June 2025, with the price ascending from 117.96 USD to a peak of 944.28 USD by March 2026. This exponential price increase outpaced the recovery of EPS, contributing to the elevated P/E ratios observed in the final quarters of the period.
Overall, the data indicates a transition from a value-oriented valuation phase to a high-growth or speculative valuation phase, where the market price has expanded significantly ahead of the actual earnings recovery.
Price to Operating Profit (P/OP)
Lumentum Holdings Inc., historical P/OP calculation (quarterly data)
| Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Dec 26, 2020 | Sep 26, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Income (loss) from operations (in thousands) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-K (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Income (loss) from operationsQ3 2026
+ Income (loss) from operationsQ2 2026
+ Income (loss) from operationsQ1 2026
+ Income (loss) from operationsQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Lumentum Holdings Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation metrics reveals a significant divergence between share price movements and operating performance over the observed period. While the share price experienced an exponential increase toward the end of the timeline, operating profit underwent a prolonged period of contraction and negative growth before returning to profitability.
- Share Price Trajectory
- The share price exhibited relative stability between 2020 and 2021, fluctuating primarily between 68.24 and 91.10. A period of decline occurred throughout 2022 and 2023, with values reaching a low of 41.40 in March 2024. However, a sharp upward trend began in mid-2024, accelerating rapidly from 56.39 in March 2024 to 944.28 by March 2026, representing a substantial expansion in market valuation.
- Operating Profit Performance
- Operating profit per share peaked in 2021 at 7.52 before entering a steep decline. By April 2023, profitability shifted into negative territory, reaching its lowest point of -6.38 in June 2024. A gradual recovery is observed through 2025, with the company returning to a positive operating profit of 0.35 in December 2025 and further increasing to 3.05 by March 2026.
- Price to Operating Profit (P/OP) Dynamics
- The P/OP ratio remained within a range of 10.19 to 44.04 during the initial period of positive earnings. Due to the shift to negative operating profits between 2023 and mid-2025, the ratio became inapplicable for a significant duration. Upon the return to profitability in December 2025, the ratio spiked to an extreme high of 1,334.92, reflecting a massive disparity between the recovered operating profit and the surged share price. This ratio moderated to 309.85 by March 2026 as operating profits continued to grow, although it remains historically elevated compared to 2020-2021 levels.
The data indicates that the market valuation began to decouple from current operating results well before the actual return to profitability. The extreme valuation multiples observed in late 2025 and early 2026 suggest that the share price growth is driven by forward-looking expectations rather than current operating margins.
Price to Sales (P/S)
Lumentum Holdings Inc., historical P/S calculation (quarterly data)
| Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Dec 26, 2020 | Sep 26, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net revenue (in thousands) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-K (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Lumentum Holdings Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation trajectory of the entity exhibits three distinct phases: a period of relative stability, a subsequent contraction, and a final phase of exponential expansion in the Price-to-Sales (P/S) ratio.
- Valuation Stability and Contraction (September 2020 – March 2024)
- From late 2020 through mid-2022, the P/S ratio remained consistently within a range of 3.01 to 3.92, indicating a stable market valuation relative to revenue generation. Beginning in October 2022, a downward trend emerged, with the ratio declining to a low of 1.74 by April 2023. This contraction coincided with a period where share prices fell from the $90 range to the $40 range, despite sales per share remaining relatively steady or slightly increasing during the initial phase of the decline.
- Sales per Share Dynamics
- Sales per share showed a gradual increase from $22.27 in September 2020 to a peak of $26.72 in December 2022. A subsequent decline occurred throughout 2023 and early 2024, reaching a trough of $19.99 in June 2024. However, a recovery trend began in late 2024, with sales per share climbing to $31.98 by March 2026, representing a significant increase in fundamental revenue generation per share.
- Exponential Valuation Expansion (June 2024 – March 2026)
- Starting in June 2024, there is a marked divergence between share price growth and sales growth. While sales per share grew from $19.99 to $31.98 (an increase of approximately 60%), the share price surged from $56.39 to $944.28. This imbalance resulted in an exponential rise in the P/S ratio, which accelerated from 2.82 in June 2024 to 29.52 by March 2026. This suggests that the market shifted from valuing the company based on current revenue to pricing in aggressive future growth expectations or a fundamental re-rating of the business model.
Price to Book Value (P/BV)
Lumentum Holdings Inc., historical P/BV calculation (quarterly data)
| Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Dec 26, 2020 | Sep 26, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-K (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Lumentum Holdings Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of price-to-book value (P/BV) ratios from September 2020 through March 2026 reveals three distinct phases of valuation: a period of relative stability, a phase of valuation compression, and a subsequent period of extreme expansion and volatility.
- Stability and Moderate Valuation (September 2020 – December 2022)
- During this interval, the P/BV ratio remained within a narrow range, fluctuating between 2.39 and 3.47. This consistency suggests that the market valued the equity at a steady multiple of its accounting book value, with share prices generally moving in alignment with the book value per share (BVPS), which peaked at 28.52 US$ in April 2021.
- Valuation Compression (April 2023 – March 2024)
- A downward trend in the valuation multiple is observed starting in early 2023, with the P/BV ratio dipping to a low of 2.05 in April 2023. This compression was driven by a decline in share price that outpaced the gradual erosion of the book value per share, which fell from 22.39 US$ in April 2023 to 17.41 US$ by March 2024.
- Hyper-Expansion and Decoupling (June 2024 – December 2025)
- Beginning in June 2024, a sharp divergence occurred between the market price and the underlying book value. The P/BV ratio escalated rapidly from 4.01 in June 2024 to a peak of 39.26 by December 2025. This exponential increase was primarily fueled by a massive surge in share price, which rose from 56.39 US$ to 465.54 US$ during this window, while the BVPS remained depressed, reaching a low of 11.01 US$ in June 2025.
- Recent Re-alignment (March 2026)
- In the final period ending March 2026, a significant shift in the components of the ratio is observed. While the share price continued its ascent to 944.28 US$, the P/BV ratio decreased to 24.71. This reduction in the multiple was caused by a substantial increase in the book value per share, which jumped to 38.22 US$, indicating a strengthening of the balance sheet that partially offset the extreme price appreciation.