Lumentum (LITE) shares are up 383% over the past year, though they have fallen 24% from their 52-week high. Fiscal 2026 revenue rose 83% to $3.01 billion, and Nvidia invested $2 billion, but new shares from that deal and a debt swap slowed per-share earnings growth. In the June quarter, adjusted EPS rose 267% to $3.23 even as diluted shares climbed 40% to 101.1 million. CEO Michael Hurlston said its optical parts are sold out through early 2029, while rival Coherent is adding laser capacity. The stock trades around 40x forward earnings, close to its three-year average, and the author says the next test is the Nov. 5 report, focusing on the share count and whether EML shortfalls remain above 30% of demand.
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