LITE
Lumentum Holdings Inc.
LITE offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
SMCI
Super Micro Computer, Inc.
SMCI has the edge over LITE overall, supported by stronger valuation and stronger modeled upside.
LITE Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Healthy | |
| Healthy |
LITE's revenue, cash flow and balance sheet are currently healthy, and its profitability is stable.
SMCI Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Weak | |
| Strong |
SMCI's revenue, profitability and balance sheet are currently strong, but its cash flow is weak.
LITE PE Valuation
LITE has no meaningful PE right now: it lost money over the past year.
SMCI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 4.3x | $26.99 | — |
| Current | 5.7x | $26.99 | — |
| Cheap | 13x | $61.50 | +128% |
| Fair | 19x | $88.86 | +229% |
| Expensive | 26x | $125 | +363% |
Historical ranges are pointers, not guarantees.
SMCI's PE is in its cheap range at 5.7x. If earnings grow as analysts expect, today's price would be 4.3x next year's earnings.
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.
SMCI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Moderate | |
| Low |
Analysts expect strong earnings and revenue growth for SMCI, with profitability improving. However, they disagree widely on these estimates.
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.
SMCI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.22 | +31% |
| Q3 2026 | $4.75 | +274% |
| Q2 2026 | $3.26 | +94% |
| Q1 2026 | $1.91 | +4.4% |
| Q4 2025 | $1.36 | -41% |
| Q3 2025 | $1.27 | -45% |
| Q2 2025 | $1.68 | -13% |
| Q1 2025 | $1.83 | +2.8% |
| Q4 2024 | $2.32 | +81% |
SMCI 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's revenue has grown year over year for nine quarters in a row: $1.3B last quarter, up 137% from the same quarter a year ago.
| 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 SMCI on profitability, with a higher operating margin.
SMCI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $19.9B | +298% |
| Q2 2026 | $11.1B | +93% |
| Q1 2026 | $10.2B | +123% |
| Q4 2025 | $12.7B | +123% |
| Q3 2025 | $5B | -15% |
| Q2 2025 | $5.8B | +7.5% |
| Q1 2025 | $4.6B | +19% |
| Q4 2024 | $5.7B | +55% |
SMCI's revenue has grown year over year for four quarters in a row: $19.9B last quarter, up 298% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 10% | +6.7 points |
| Q2 2026 | 13% | +9.4 points |
| Q1 2026 | 6.1% | +2.9 points |
| Q4 2025 | 3.7% | -2.8 points |
| Q3 2025 | 3.6% | -5 points |
| Q2 2025 | 4% | -1.4 points |
| Q1 2025 | 3.2% | -6.6 points |
| Q4 2024 | 6.5% | -3.7 points |
SMCI's operating margin was 10% last quarter, up 6.7 points from the same quarter a year ago.
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 SMCI on cash generation, producing positive trailing cash flow while its opponent burns cash.
SMCI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$475.6M | +$474.2M |
| Q2 2026 | $718.7M | -15% |
| Q1 2026 | -$6.7B | -1227% |
| Q4 2025 | -$45.1M | +$222.2M |
| Q3 2025 | -$949.8M | -360% |
| Q2 2025 | $840.9M | +$1.5B |
| Q1 2025 | $594.1M | +$2.2B |
| Q4 2024 | -$267.3M | +$342.5M |
SMCI's free cash flow was −$6.5B over the past year, against $218M 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 |
SMCI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +7.5% | +52M shares |
| 1 year | +13% | +86.1M shares |
| 3 years | +31% | +178M shares |
| 5 years | +42% | +220M shares |
| Available history | +44% | +229M shares |
SMCI has the edge over LITE on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2024 | — |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | $12M |
| Q1 2021 | $43.1M |
| Q4 2020 | $46.4M |
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.
SMCI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.5x | Net Cash |
| Q2 2026 | -1.0x | Net Cash |
| Q1 2026 | 2.2x | Moderate |
| Q4 2025 | 0.5x | Very low |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | -0.4x | Net Cash |
| Q1 2025 | -0.1x | Net Cash |
| Q4 2024 | 0.2x | Very low |
SMCI 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).
SMCI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.8 | Neutral |
| Stochastic | 19.1 | Oversold |
SMCI's weekly RSI is 41 (neutral) and its Stochastic is 19 (oversold).
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.
SMCI PE vs Technology Sector
| Metric | SMCI | Sector median | Relative |
|---|---|---|---|
| PE | 5.7x | 28x | 80% below |
| PE % | 0 | 35 | 35 pts below |
SMCI is trading at 5.7x earnings, a 80% 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 the edge over SMCI on trend strength, trading above more of its moving averages.
SMCI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $35.3 | 23% below |
| 20 week MA | $34.2 | 21% below |
| 50 week MA | $32.3 | 17% below |
| 100 week MA | $36.9 | 27% below |
| 200 week MA | $39.8 | 32% below |
SMCI is in a downtrend: it's below all five of its weekly moving averages, and 32% below its 200-week average.
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 SMCI on returns for 2026, with the stronger performance.
SMCI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $2.41 | $3.05 | +27% |
| 2021 | $3.05 | $4.27 | +40% |
| 2022 | $4.27 | $8.22 | +93% |
| 2023 | $8.22 | $28.4 | +246% |
| 2024 | $28.4 | $32.0 | +12% |
| 2025 | $32.0 | $30.6 | -4.2% |
| 2026 YTD | $30.6 | $27.0 | -12% |
SMCI has finished higher in five of the last six years, two of them by more than 50%. It's down 12% so far in 2026.