Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Lumentum Holdings Inc. pages available for free this week:
- Cash Flow Statement
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2015
- Return on Equity (ROE) since 2015
- Price to Earnings (P/E) since 2015
- Price to Book Value (P/BV) since 2015
- Analysis of Revenues
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Lumentum Holdings Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28).
The capital structure of the organization has undergone a significant transformation between September 2019 and March 2026, characterized by an initial period of stability, a prolonged increase in leverage, and a sharp restructuring in the final year of the observed period.
- Debt Profile and Liability Composition
- Total liabilities as a percentage of total assets grew steadily from 45.56% in September 2019 to a peak of 83.07% in September 2025. For much of this period, long-term debt was the primary driver of leverage, increasing from 29.28% in 2019 to a peak of 64.72% in September 2022. However, a dramatic shift occurred between June 2025 and December 2025, where long-term debt plummeted from 60.74% to 0.98%, while the current portion of long-term debt surged from 0.25% to 67.43%. This indicates a massive reclassification of debt to current liabilities, likely signaling upcoming maturities. By March 2026, total liabilities decreased sharply to 57.69%, and the current portion of long-term debt fell to 46.08%, suggesting a significant repayment or refinancing event.
- Equity Trends and Retained Earnings
- Stockholders' equity exhibited a long-term downward trend, falling from 54.44% in September 2019 to a low of 16.93% in September 2025. This erosion was primarily driven by a transition from positive retained earnings (6.16% in September 2019) to a substantial accumulated deficit, which reached a peak deficit of -27.03% in March 2024. This indicates a period of sustained net losses that depleted the equity base. A notable recovery occurred in the final quarter, with equity rising to 42.31% by March 2026, accompanied by a reduction in the retained deficit to -9.03%.
- Working Capital and Short-term Obligations
- Accounts payable remained relatively stable for several years, generally fluctuating between 2.8% and 5.3%. However, a rising trend was observed toward the end of 2025, peaking at 7.23% in December 2025 before moderating to 5.59% in March 2026. Other current liabilities and accrued expenses remained low and stable throughout the period, typically contributing less than 3% each to the total balance sheet, suggesting that the volatility in current liabilities was almost exclusively driven by debt maturities rather than operational obligations.
- Non-Current Liability Stability
- Operating lease liabilities and deferred tax liabilities showed a general decline in their relative weight over the analyzed period. Non-current operating lease liabilities fell from 2.28% in 2019 to 0.28% in 2026. Deferred tax liabilities followed a similar trajectory, decreasing from 1.84% to 0.08% over the same timeframe, reflecting a diminishing impact of these items on the overall capital structure.