Lumentum Holdings Inc. vs UBIQUITI INC., two Communication Equipment stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The defining figure is 0.15%: Lumentum's free-cash yield, essentially nothing back on a $78B valuation, against Ubiquiti's 2.3% on $32B. The market pays 147.1 times Lumentum's earnings because AI datacenter optics demand is arriving faster than its income statement can book it; it pays 33.9 times Ubiquiti's because a 36.9% operating margin, a 54.9% return on assets, and no debt describe a machine already finished. Lumentum's 21.6% operating margin and 1.1 turns of leverage are the shape of a company mid-sprint. One price is a receipt for demonstrated economics, the other a deposit on projected ones, and the deposit is the larger of the two.
Comparison updated 2026-07-10.
| Metric | LITE | UI |
|---|---|---|
| Price | $814.63 | $526.55 |
| Market cap | $78.4B | $31.9B |
| Sector | Communication Equipment | Communication Equipment |
| Stage | Growth | Growth |
| Implied growth (priced in) | — | +40.3% |
| P/E | 147.1 | 33.9 |
| P/B | 26.36 | 26.53 |
| P/S | 31.49 | 10.30 |
| EV/EBITDA | 222.8 | 28.4 |
| Revenue growth | +67.5% | +34.4% |
| Gross margin | 44.2% | 47.0% |
| Operating margin | 21.6% | 36.9% |
| Net margin | 17.7% | 30.4% |
| Return on equity | 14.8% | 78.4% |
| Return on assets | 6.3% | 54.9% |
| Return on invested capital | 3.0% | 74.2% |
| FCF yield | 0.1% | 2.3% |
| Dividend yield | — | 0.5% |
| Debt / equity | 1.10 | 0.00 |
| Current ratio | 1.14 | 3.56 |
| Altman Z (solvency) | 6.40 | 10.00 |
| Piotroski F (quality) | 6 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.