Stock Analysis on Net
Stock Analysis on Net

Lumentum Holdings Inc. (NASDAQ:LITE)

Common-Size Balance Sheet: Assets

Lumentum Holdings Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Jun 27, 2026 Jun 28, 2025 Jun 29, 2024 Jul 1, 2023 Jul 2, 2022 Jul 3, 2021
Cash and cash equivalents 27.96 12.34 11.11 18.54 31.00 21.80
Short-term investments 9.51 8.45 11.45 24.93 30.24 32.99
Accounts receivable, net 7.12 5.93 4.95 5.31 6.29 5.99
Inventories 9.46 11.14 10.13 8.82 6.01 5.53
Prepayments and other current assets 2.90 2.85 2.80 2.37 1.88 2.30
Current assets 56.95% 40.71% 40.44% 59.97% 75.42% 68.61%
Property, plant and equipment, net 15.86 17.22 14.56 10.57 8.66 10.17
Operating lease right-of-use assets, net 0.40 0.66 1.85 1.67 1.77 1.90
Goodwill 14.63 25.15 26.85 15.01 8.86 10.39
Other intangible assets, net 4.47 11.02 15.70 9.91 3.74 6.79
Deferred tax asset 7.27 4.98 0.27 2.51 0.65 2.05
Other non-current assets 0.41 0.26 0.32 0.36 0.90 0.09
Non-current assets 43.05% 59.29% 59.56% 40.03% 24.58% 31.39%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2026-06-27), 10-K (reporting date: 2025-06-28), 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03).

The asset composition shows a significant structural shift between 2021 and 2026, moving from a highly liquid position toward a more asset-intensive profile, before partially reverting in the final year. The most prominent trend is the volatility in current assets, which peaked at 75.42% in 2022 before declining to approximately 40% in 2024 and 2025, and recovering to 56.95% by 2026.

Liquidity and Cash Position
A substantial contraction in high-liquidity assets is evident from 2022 to 2025. Combined cash, cash equivalents, and short-term investments fell from a peak of 61.24% of total assets in 2022 to a low of 20.79% in 2025. However, a sharp recovery in cash and cash equivalents is observed in 2026, rising to 27.96%, although short-term investments remained relatively low at 9.51% compared to historical levels.
Working Capital Management
Inventories have exhibited a steady upward trend as a percentage of total assets, increasing from 5.53% in 2021 to a peak of 11.14% in 2025, indicating a growing allocation of capital toward stock. Accounts receivable remained relatively stable throughout the period, fluctuating within a narrow band between 4.95% and 7.12%.
Fixed and Long-term Asset Investment
Property, plant, and equipment (PP&E) showed a gradual increase in importance, rising from 10.17% in 2021 to 17.22% in 2025, suggesting expanded investment in physical infrastructure. Non-current assets overall peaked in 2024 and 2025, reaching nearly 60% of the total asset base.
Intangibles and Goodwill
A significant surge in goodwill and other intangible assets occurred in 2024, with combined values reaching 42.55% of total assets, pointing toward major acquisitions or asset revaluations during that period. This trend reversed sharply by 2026, with the combined proportion dropping to 19.10%, which may indicate asset impairment or significant amortization.
Tax and Other Assets
Deferred tax assets remained minimal for much of the period but showed a notable increase in 2026, reaching 7.27% of total assets, the highest level recorded in the provided timeframe.

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