Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Lumentum Holdings Inc., consolidated balance sheet: assets

US$ in thousands

	Jun 28, 2025	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020
Cash and cash equivalents	520,700)	436,700)	859,000)	1,290,200)	774,300)	298,000)
Short-term investments	356,400)	450,300)	1,154,600)	1,258,800)	1,171,700)	1,255,800)
Accounts receivable, net	250,000)	194,700)	246,100)	262,000)	212,800)	233,500)
Inventories	470,100)	398,400)	408,600)	250,100)	196,400)	188,900)
Prepayments and other current assets	120,100)	110,000)	109,600)	78,100)	81,600)	73,800)
Current assets	1,717,300)	1,590,100)	2,777,900)	3,139,200)	2,436,800)	2,050,000)
Property, plant and equipment, net	726,400)	572,500)	489,500)	360,500)	361,100)	393,000)
Operating lease right-of-use assets, net	27,900)	72,800)	77,300)	73,600)	67,400)	78,700)
Goodwill	1,060,900)	1,055,800)	695,100)	368,900)	368,900)	368,900)
Other intangible assets, net	465,100)	617,500)	459,200)	155,700)	241,200)	316,800)
Deferred tax asset	210,300)	10,700)	116,300)	27,000)	72,900)	81,200)
Other non-current assets	10,800)	12,500)	16,800)	37,300)	3,300)	4,000)
Non-current assets	2,501,400)	2,341,800)	1,854,200)	1,023,000)	1,114,800)	1,242,600)
Total assets	4,218,700)	3,931,900)	4,632,100)	4,162,200)	3,551,600)	3,292,600)

Based on: 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), 10-K (reporting date: 2020-06-27).

The company’s total assets exhibited a general increasing trend from 2020 through 2023, peaking at US$4,632.1 million, before declining in 2024 and showing a modest increase in 2025. A more detailed examination of the asset composition reveals significant shifts within current and non-current asset categories.

Current Assets: Current assets increased substantially from US$2,050.0 million in 2020 to US$3,139.2 million in 2022. However, a significant decrease occurred in 2024, falling to US$1,590.1 million, followed by a partial recovery to US$1,717.3 million in 2025. This fluctuation was primarily driven by changes in cash and short-term investments. Cash and cash equivalents experienced a dramatic rise from US$298.0 million in 2020 to US$1,290.2 million in 2022, then decreased sharply to US$436.7 million in 2024 and US$520.7 million in 2025. Short-term investments followed a similar pattern, decreasing from US$1,255.8 million in 2020 to US$356.4 million in 2025. Accounts receivable remained relatively stable, while inventories showed a consistent increase throughout the period, rising from US$188.9 million in 2020 to US$470.1 million in 2025.
Non-Current Assets: Non-current assets demonstrated a more consistent upward trend, increasing from US$1,242.6 million in 2020 to US$2,501.4 million in 2025. The most significant driver of this increase was goodwill, which rose from US$368.9 million in 2020 to US$1,060.9 million in 2025. Other intangible assets also increased substantially, particularly between 2022 and 2024, reaching US$617.5 million in 2024 before decreasing to US$465.1 million in 2025. Property, plant, and equipment, net, also showed an increasing trend, rising from US$393.0 million in 2020 to US$726.4 million in 2025. Deferred tax assets experienced volatility, peaking at US$116.3 million in 2023 before decreasing to US$10.7 million in 2024 and then increasing significantly to US$210.3 million in 2025.

The combined effect of these changes resulted in total assets peaking in 2023, followed by a decrease in 2024, and a subsequent modest increase in 2025. The substantial fluctuations in cash and short-term investments suggest active liquidity management or significant investment/divestment activities. The growth in goodwill and intangible assets warrants further investigation to understand the underlying acquisitions or internal development driving these increases.

Lumentum Holdings Inc. (NASDAQ:LITE)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items