Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Lumentum Holdings Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2015
- Return on Equity (ROE) since 2015
- Debt to Equity since 2015
- Total Asset Turnover since 2015
- Aggregate Accruals
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Lumentum Holdings Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
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 capital structure experienced a significant transformation between 2021 and 2026, characterized by a period of increasing leverage followed by a dramatic restructuring of liabilities and equity. Total liabilities rose steadily from 44.45% of the total balance sheet in 2021 to a peak of 75.65% in 2024, before sharply declining to 36.45% by 2026.
- Debt Profile and Long-Term Obligations
- Long-term debt, excluding the current portion, showed a consistent upward trajectory from 2021 through 2024, increasing from 22.24% to 63.66%. This indicates a period of aggressive borrowing to finance operations or investments. However, this trend reversed abruptly in 2026, with long-term debt falling to 0.55%. Simultaneously, the current portion of long-term debt spiked to 21.85% in 2026, suggesting that a substantial amount of long-term obligations have matured or been reclassified as short-term.
- Stockholders' Equity and Retained Earnings
- Stockholders' equity generally declined from 55.55% in 2021 to a low of 24.35% in 2024. A critical observation is the deterioration of retained earnings, which transitioned from a positive 6.22% in 2021 to a severe accumulated deficit of -106.69% by 2026. To counteract this deficit and maintain solvency, there was a massive increase in additional paid-in capital, which surged to 170.10% in 2026. This pattern suggests a significant equity issuance used to offset cumulative losses and potentially facilitate the reduction of long-term debt.
- Current Liability Trends
- Current liabilities exhibited a downward trend from 18.71% in 2021 to 6.85% in 2024, reflecting a reduction in short-term operational obligations. This trend was reversed in 2026, as current liabilities jumped to 33.94%. This increase was primarily driven by the aforementioned shift in debt maturity and an increase in accounts payable, which rose to 7.76% in 2026 from 3.21% in 2024.
- Other Liability Observations
- Non-current liabilities mirrored the trend of long-term debt, peaking at 68.80% in 2024 before dropping to 2.51% in 2026. Other components, such as unrecognized tax benefits, showed a general increase from 0.65% in 2021 to a peak of 2.11% in 2024, before stabilizing at 0.92% in 2026.
In summary, the company shifted from a balanced equity-heavy position to a highly leveraged state dominated by long-term debt by 2024. The 2026 data indicates a comprehensive capital restructuring event where long-term debt was largely eliminated or shifted to current obligations, and a massive injection of paid-in capital was utilized to stabilize the balance sheet against a deepening retained earnings deficit.