LITE // Lumentum Holdings Inc.

Communication Services • Telecommunications Equipment

$840.70 ▼ -78.83 (-8.57%)

MKT CAP: $83.29B • VOL: 7.73M

52W L $184 52W H $1,143

ALTMAN Z

13.01 SAFE

PIOTROSKI

6 / 9

LITE // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

LITE // Lumentum Holdings Inc.

GROSS MARGIN

41.7%

OP MARGIN

17.4%

ROIC %

6.2%

MKT CAP

$83.29B

UPSTREAM INPUTS ──► LITE OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
LITE ★	Lumentum Holdings Inc.	$840.70	$83.29B	41.7%	17.4%	6.2%	91.0x	+83.2%	SUBJECT ISSUER
GOOGL	Alphabet Inc.	$283.82	$3.49T	60.9%	33.3%	16.6%	19.9x	+22.2%	LITE VS GOOGL <GO>
GOOG	Alphabet Inc. (Class C)	$282.32	$3.47T	60.9%	33.3%	16.6%	19.9x	+22.2%	LITE VS GOOG <GO>
META	Meta Platforms, Inc.	$624.52	$1.60T	81.0%	32.9%	18.2%	16.3x	+27.5%	LITE VS META <GO>
NFLX	Netflix, Inc.	$62.05	$254.80B	50.7%	31.3%	33.9%	16.2x	+14.7%	LITE VS NFLX <GO>
CCZ	Comcast Holdings ZONES	$64.50	$229.04B	—	16.7%	18.7%	7.2x	0.0%	LITE VS CCZ <GO>