Lumentum Holdings Inc.

• Proprietary Technology
• Switching Costs
• Scale Advantages

Lumentum’s moat appears to be a narrow but meaningful one built on proprietary photonic technology, deep manufacturing know-how, and vertical integration in critical high-speed optical components like EML lasers. Its advantages are reinforced by scale in niche markets and customer design-in/switching costs, though it lacks strong brand or regulatory barriers and faces intense competition.