Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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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 (quarterly data)
Based on: 10-K (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-K (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26).
The capital structure exhibits a significant transition from a balanced equity-heavy position to a period of high leverage, concluding with a substantial capital restructuring event. Between late 2020 and late 2024, there is a consistent shift toward debt-financing, evidenced by the steady increase in total liabilities from 46.39% to a peak of 78.01% in December 2024. This trend is mirrored by a corresponding decline in stockholders' equity, which dropped from 53.61% to 21.99% over the same period.
- Long-Term Debt and Liability Composition
- A marked increase in long-term debt is observed starting in April 2022, where it rose from 35.02% to peak at 64.72% by September 2024. This indicates a strategic reliance on long-term borrowing to fund operations or expansions. However, a sharp reversal occurs in the final periods; long-term debt collapses to 0.55% by June 2026. This suggests a comprehensive deleveraging process or a massive debt repayment event.
- Equity and Retained Earnings
- The company transitioned from positive retained earnings in 2020 to a persistent accumulated deficit starting in April 2022. This deficit deepened steadily, reaching -27.03% by March 2025. A dramatic shift occurs in June 2026, where additional paid-in capital surges to 170.10% while retained earnings fall to -106.69%. This pattern is indicative of a major equity issuance used to offset losses and retire debt, resulting in a final equity position of 63.55%.
- Current Liabilities and Short-Term Obligations
- Current liabilities remained relatively stable between 13% and 18% through 2022, before declining to approximately 7% to 9% between March 2024 and June 2025. A volatility spike is noted in December 2025, where current liabilities surged to 78.41%, driven primarily by the current portion of long-term debt reaching 67.43%. This represents a critical liquidity pressure point where long-term obligations became due immediately before being resolved by June 2026.
- Operating and Other Liabilities
- Accounts payable and accrued expenses remained low and relatively stable throughout the analyzed period, generally staying below 8% of total liabilities and stockholders' equity. Operating lease liabilities showed a consistent downward trend, decreasing from 1.65% in September 2020 to 0.28% by June 2026, suggesting a reduction in the relative scale of leased assets compared to the total balance sheet.
The overall trajectory reveals a company that faced increasing financial strain and accumulation of losses through 2025, followed by a decisive capital restructuring in 2026. The shift from high long-term debt to high additional paid-in capital suggests a pivot toward equity-based capitalization to stabilize the balance sheet and eliminate long-term debt obligations.