Lumentum Holdings Inc.

This synthesis rests only on annual financial facts, because no MD&A text, risk-factor text, news headlines, or forensic scores are on file for Lumentum. That means no Beneish M-Score, Piotroski F-Score, Altman Z-Score, or Fog Index is reported here, and none is given a value or an interpretation. Each of those scores would need to be read against its own label in the source data before any conclusion is drawn, and none is available in this dataset. What the reported numbers show is a business whose revenue has moved across a wide range in the years provided: $837.1 million in fiscal 2015, $1.25 billion in fiscal 2018, $1.71 billion in fiscal 2022, $1.77 billion in fiscal 2023, $1.36 billion in fiscal 2024, and $1.65 billion in fiscal 2025. Revenue figures for fiscal 2019 through 2021 are not in the data, so the trend across those years cannot be assessed. Operating income is the sharper signal. It was $527 million in fiscal 2021 and $303.3 million in fiscal 2022, then turned negative in fiscal 2023 and stayed negative through fiscal 2025. The fiscal 2024 operating loss of $434 million is the largest in the years shown. Fiscal 2025 net income of $25.9 million sits alongside an operating loss of $180.1 million, a gap the data does not explain. Readers may want to check the income statement reconciliation, the MD&A discussion of non-operating items, and the tax note in the annual report. Readers may also want to review the segment disclosures, debt instruments, and legal matters, none of which are in this dataset, because any of them could change the picture.

Catalyst.The filings provided here contain only annual financial facts, so this synthesis cannot describe what management says is driving the business, because no MD&A text is on file. The numbers show revenue rising to $1.65 billion in fiscal 2025 (FYE June 28, 2025) from $1.36 billion in fiscal 2024, a year-over-year increase of about 21.3%. That followed a decline from $1.77 billion in fiscal 2023, when revenue fell about 23.2% into fiscal 2024. Operating income improved from a loss of $434 million in fiscal 2024 to a loss of $180.1 million in fiscal 2025. Readers may want to look at the MD&A in the company's annual report to see what management attributes these changes to.

Hidden risk.The most visible tension is that fiscal 2025 shows net income of $25.9 million while operating income was a loss of $180.1 million. The data does not include the items that bridge these two figures, such as non-operating income, taxes, or other adjustments, so the reason cannot be determined from what is on file. Operating losses also appear in three of the last four years shown: fiscal 2023 (a loss of $115.7 million), fiscal 2024 (a loss of $434 million), and fiscal 2025 (a loss of $180.1 million), after operating income of $303.3 million in fiscal 2022. Because risk-factor text is not on file, readers may want to check the risk factors section of the annual report for the company's own description of these pressures.