LITELumentum Holdings Inc.

Communications Equipment, NEC

Revenue: $3.0B; 83% YoY
Operating margin: 17.4%; 259% YoY
EBITDA: $654M; 962% YoY
Market cap: $74.5B
Employees: 13,757; $219K revenue each
Net debt / EBITDA: -0.6×; −$406M net debt
AI in 10-K: 6.1; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
15% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$219K · 21st pct
Bottom quartile of its SIC industry
Quiet on AINo
6.1 per 10K words · 86th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.6× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$74.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$176M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$1.7B	$1.8B	$1.4B	$1.6B	$3.0B	83%
Operating income	$303M	−$116M	−$434M	−$180M	$525M	391%
Net income	$199M	−$132M	−$547M	$26M	−$6.9B	26876%
Operating cash flow	$459M	$180M	$25M	$126M	$751M	495%
Capex	$91M	$129M	$133M	$231M	$451M	95%
Stock-based comp	$103M	$148M	$129M	$177M	$170M	4.0%
Buybacks	$544M	$176M	$0	$0	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $176M · 185
Net: −$176M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	979	199
FY2025	—	—	114	133
FY2024	—	—	61	124
FY2023	—	—	68	93
FY2022	—	—	93	72