Stock Analysis on Net
Stock Analysis on Net

Lumentum Holdings Inc. (NASDAQ:LITE)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Lumentum Holdings Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Jun 27, 2026 Jun 28, 2025 Jun 29, 2024 Jul 1, 2023 Jul 2, 2022 Jul 3, 2021
Accounts payable 7.76 5.34 3.21 3.66 3.76 3.29
Accrued payroll and related expenses 2.00 1.37 0.92 0.85 1.31 1.53
Accrued expenses 0.89 0.82 1.33 1.11 1.07 0.93
Current portion of long-term debt 21.85 0.25 0.00 6.73 9.85 11.00
Operating lease liabilities, current 0.18 0.27 0.34 0.31 0.27 0.33
Restructuring and related accrual 0.03 0.06 0.28 0.11 0.00 0.16
Warranty reserve 0.34 0.34 0.34 0.15 0.24 0.14
Deferred revenue and customer deposits 0.21 0.02 0.02 0.05 0.00 0.02
Income tax payable 0.52 0.69 0.34 0.60 0.62 1.22
Other current liabilities 0.15 0.15 0.08 0.13 0.08 0.08
Other current liabilities 1.25% 1.26% 1.05% 1.03% 0.95% 1.63%
Current liabilities 33.94% 9.31% 6.85% 13.68% 17.21% 18.71%
Long-term debt, excluding current portion 0.55 60.74 63.66 53.97 35.22 22.24
Operating lease liabilities, non-current 0.28 0.56 1.09 1.03 1.17 1.34
Deferred tax liability 0.10 0.17 1.42 0.07 0.31 1.01
Asset retirement obligation 0.12 0.17 0.19 0.18 0.11 0.13
Pension and related accrual 0.10 0.23 0.19 0.21 0.18 0.30
Unrecognized tax benefit 0.92 1.32 2.11 1.39 0.73 0.65
Other non-current liabilities 0.44 0.60 0.14 0.20 0.00 0.07
Other non-current liabilities 1.58% 2.32% 2.63% 1.97% 1.03% 1.15%
Non-current liabilities 2.51% 63.79% 68.80% 57.05% 37.74% 25.74%
Total liabilities 36.45% 73.10% 75.65% 70.73% 54.95% 44.45%
Preferred stock, $0.001 par value 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.001 par value 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 170.10 47.10 46.67 36.53 48.14 49.09
Retained earnings (accumulated deficit) -106.69 -20.41 -22.56 -7.35 -3.10 6.22
Accumulated other comprehensive income 0.14 0.21 0.24 0.09 0.01 0.23
Stockholders’ equity 63.55% 26.90% 24.35% 29.27% 45.05% 55.55%
Total liabilities and stockholders’ equity 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 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.

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