LITE
Lumentum Holdings Inc.
LITE has the edge over QCOM overall, supported by stronger fundamentals and stronger modeled upside.
QCOM
QUALCOMM Incorporated
QCOM has lower modeled downside risk, despite its lower overall score.
LITE Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Healthy | |
| Healthy |
LITE's revenue, cash flow and balance sheet are currently healthy, and its profitability is stable.
QCOM Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Healthy |
QCOM's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
LITE PE Valuation
LITE has no meaningful PE right now: it lost money over the past year.
QCOM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $175 | -1.1% |
| Current | 14x | $177 | — |
| Fair | 20x | $248 | +40% |
| Expensive | 26x | $333 | +88% |
Historical ranges are pointers, not guarantees.
QCOM's PE is in its cheap range at 14x.
LITE Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for LITE, with profitability improving.
QCOM Forward outlook
There aren't enough analyst estimates for QCOM to show an outlook.
LITE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $29.10 | — |
| Q3 2026 | -$89.47 | -5589% |
| Q2 2026 | -$92.96 | -25224% |
| Q1 2026 | $5.54 | +$12.02 |
| Q4 2025 | $3.40 | +$11.12 |
| Q3 2025 | $1.63 | +$9.94 |
| Q2 2025 | $0.37 | +$8.49 |
| Q1 2025 | -$6.48 | -$1.22 |
| Q4 2024 | -$7.72 | -$3.77 |
LITE has swung to a loss: it lost $89.47 per share over the past year, after a profit the year before.
QCOM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $12.70 | +153% |
| Q2 2026 | $8.76 | -15% |
| Q1 2026 | $9.32 | -4.9% |
| Q4 2025 | $4.96 | -47% |
| Q3 2025 | $5.01 | -44% |
| Q2 2025 | $10.35 | +34% |
| Q1 2025 | $9.80 | +32% |
| Q4 2024 | $9.34 | +35% |
QCOM has the edge over LITE on earnings quality, reporting a profit while its opponent remains loss making.
LITE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +137% |
| Q2 2026 | $1B | +109% |
| Q1 2026 | $808.4M | +90% |
| Q4 2025 | $665.5M | +65% |
| Q3 2025 | $533.8M | +58% |
| Q2 2025 | $480.7M | +56% |
| Q1 2025 | $425.2M | +16% |
| Q4 2024 | $402.2M | +9.7% |
LITE has the edge over QCOM on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 29% | +27 points |
| Q2 2026 | 28% | +30 points |
| Q1 2026 | 22% | +31 points |
| Q4 2025 | 9.7% | +23 points |
| Q3 2025 | 1.3% | +26 points |
| Q2 2025 | -1.8% | +42 points |
| Q1 2025 | -8.9% | +22 points |
| Q4 2024 | -13% | +16 points |
LITE has the edge over QCOM on profitability, with a higher operating margin.
QCOM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $10.3B | -8.4% |
| Q2 2026 | $9.9B | -4% |
| Q1 2026 | $10.6B | -3.5% |
| Q4 2025 | $12.3B | +5% |
| Q3 2025 | $11.3B | +10% |
| Q2 2025 | $10.4B | +10% |
| Q1 2025 | $11B | +17% |
| Q4 2024 | $11.7B | +17% |
QCOM's revenue grew through 2024 and has held roughly level since: $10.3B last quarter, down 8.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 13% | -13 points |
| Q2 2026 | 16% | -10 points |
| Q1 2026 | 22% | -6.6 points |
| Q4 2025 | 27% | -3 points |
| Q3 2025 | 26% | +0.7 points |
| Q2 2025 | 27% | +3 points |
| Q1 2025 | 28% | +3.5 points |
| Q4 2024 | 30% | +1 points |
QCOM's operating margin was 13% last quarter, down 13 points from the same quarter a year ago, near the bottom of its range since 2019.
LITE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $37.9M | +$56.2M |
| Q2 2026 | $196.2M | +1843% |
| Q1 2026 | $79.1M | +$143.5M |
| Q4 2025 | $43.1M | +$59M |
| Q3 2025 | -$18.3M | +$16.2M |
| Q2 2025 | $10.1M | -7.3% |
| Q1 2025 | -$64.4M | -$37.8M |
| Q4 2024 | -$15.9M | +$16.6M |
LITE has the edge over QCOM on cash flow, with more consistent year-over-year improvement.
QCOM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.8B | -49% |
| Q2 2026 | $495M | -81% |
| Q1 2026 | $1.9B | -18% |
| Q4 2025 | $4.4B | +2.5% |
| Q3 2025 | $3.6B | +50% |
| Q2 2025 | $2.6B | -3.2% |
| Q1 2025 | $2.3B | -31% |
| Q4 2024 | $4.3B | +58% |
QCOM's free cash flow has been positive every quarter for seven years: $8.7B over the past year, down 33% from the year before.
LITE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +5.7% | +5.5M shares |
| 1 year | +46% | +32.1M shares |
| 3 years | +49% | +33.4M shares |
| 5 years | +31% | +24.2M shares |
| Available history | +30% | +23.7M shares |
LITE has 102M diluted shares, up 46% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | $139.8M |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | $35.8M |
QCOM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +4M shares |
| 1 year | -2.9% | -32M shares |
| 3 years | -4.7% | -53M shares |
| 5 years | -6.6% | -76M shares |
| Available history | -7.4% | -86M shares |
QCOM has the edge over LITE on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1B |
| Q2 2026 | $1.4B |
| Q1 2026 | $2.8B |
| Q4 2025 | $2.7B |
| Q3 2025 | $2.4B |
| Q2 2025 | $2.8B |
| Q1 2025 | $1.7B |
| Q4 2024 | $1.8B |
QCOM spent $7.8B buying back its own shares over the past year, down 11% from the year before.
LITE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.3x | Healthy |
| Q2 2026 | 1.5x | Healthy |
| Q1 2026 | 7.9x | High |
| Q4 2025 | 21.6x | High |
| Q3 2025 | 22.7x | High |
| Q2 2025 | 27.9x | High |
| Q3 2023 | -34.7x | Net Cash |
| Q2 2023 | -7.2x | Net Cash |
LITE's net debt is about 1.3 years of its operating earnings (EBITDA), down from more than 20 years a year ago.
QCOM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.0x | Healthy |
| Q2 2026 | 0.7x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.7x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.4x | Very low |
QCOM has the edge over LITE on leverage, with a lower net debt burden relative to earnings.
LITE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.0 | Neutral |
| Stochastic | 22.8 | Neutral |
LITE's weekly RSI is 42 (neutral) and its Stochastic is 23 (neutral).
QCOM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.8 | Neutral |
| Stochastic | 40.2 | Neutral |
QCOM's weekly RSI is 51 (neutral) and its Stochastic is 40 (neutral).
LITE PE vs Technology Sector
| Metric | LITE | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
LITE has no meaningful PE right now: it lost money over the past year.
QCOM PE vs Technology Sector
| Metric | QCOM | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 28x | 50% below |
| PE % | 17 | 35 | 18 pts below |
QCOM is trading at 14x earnings, a 50% discount to the Technology sector's median of 28x.
LITE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $839.3 | 26% below |
| 20 week MA | $838.6 | 26% below |
| 50 week MA | $732.7 | 15% below |
| 100 week MA | $422.7 | 48% above |
| 200 week MA | $237.9 | 163% above |
LITE has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 163% above its 200-week average.
QCOM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $177.2 | 0% below |
| 20 week MA | $172.8 | 2.5% above |
| 50 week MA | $170.7 | 3.8% above |
| 100 week MA | $164.3 | 7.8% above |
| 200 week MA | $155.1 | 14% above |
QCOM has the edge over LITE on trend strength, trading above more of its moving averages.
LITE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $79.0 | $98.3 | +24% |
| 2021 | $98.3 | $104.5 | +6.3% |
| 2022 | $104.5 | $50.6 | -52% |
| 2023 | $50.6 | $52.4 | +3.7% |
| 2024 | $52.4 | $84.4 | +61% |
| 2025 | $84.4 | $390.8 | +363% |
| 2026 YTD | $390.8 | $624.7 | +60% |
LITE has the edge over QCOM on returns for 2026, with the stronger performance.
QCOM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $88.8 | $148.8 | +68% |
| 2021 | $148.8 | $182.7 | +23% |
| 2022 | $182.7 | $110.8 | -39% |
| 2023 | $110.8 | $144.6 | +30% |
| 2024 | $144.6 | $157.2 | +8.7% |
| 2025 | $157.2 | $174.8 | +11% |
| 2026 YTD | $174.8 | $177.1 | +1.3% |
QCOM has finished higher in five of the last six years. It's up 1.3% so far in 2026.