Stock Analysis on Net
Stock Analysis on Net

Lumentum Holdings Inc. (NASDAQ:LITE)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Lumentum Holdings Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 27, 2025 29.72% = 5.24% × 5.68
Sep 27, 2025 14.41% = 2.44% × 5.91
Jun 28, 2025 2.28% = 0.61% × 3.72
Mar 29, 2025 -50.02% = -11.07% × 4.52
Dec 28, 2024 -59.93% = -13.18% × 4.55
Sep 28, 2024 -62.62% = -14.13% × 4.43
Jun 29, 2024 -57.09% = -13.90% × 4.11
Mar 30, 2024 -30.10% = -8.42% × 3.57
Dec 30, 2023 -20.86% = -5.72% × 3.64
Sep 30, 2023 -15.19% = -4.38% × 3.47
Jul 1, 2023 -9.71% = -2.84% × 3.42
Apr 1, 2023 -2.39% = -0.84% × 2.83
Dec 31, 2022 1.85% = 0.65% × 2.86
Oct 1, 2022 7.67% = 2.67% × 2.87
Jul 2, 2022 10.61% = 4.78% × 2.22
Apr 2, 2022 9.71% = 4.49% × 2.16
Jan 1, 2022 19.05% = 10.65% × 1.79
Oct 2, 2021 20.88% = 11.70% × 1.79
Jul 3, 2021 20.14% = 11.19% × 1.80
Apr 3, 2021 17.15% = 9.91% × 1.73
Dec 26, 2020 9.84% = 5.45% × 1.80
Sep 26, 2020 8.53% = 4.58% × 1.87

Based on: 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).

Three-Component Disaggregation of ROE

Lumentum Holdings Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 27, 2025 29.72% = 11.95% × 0.44 × 5.68
Sep 27, 2025 14.41% = 6.11% × 0.40 × 5.91
Jun 28, 2025 2.28% = 1.57% × 0.39 × 3.72
Mar 29, 2025 -50.02% = -29.87% × 0.37 × 4.52
Dec 28, 2024 -59.93% = -36.98% × 0.36 × 4.55
Sep 28, 2024 -62.62% = -40.70% × 0.35 × 4.43
Jun 29, 2024 -57.09% = -40.21% × 0.35 × 4.11
Mar 30, 2024 -30.10% = -24.91% × 0.34 × 3.57
Dec 30, 2023 -20.86% = -18.52% × 0.31 × 3.64
Sep 30, 2023 -15.19% = -12.62% × 0.35 × 3.47
Jul 1, 2023 -9.71% = -7.45% × 0.38 × 3.42
Apr 1, 2023 -2.39% = -2.02% × 0.42 × 2.83
Dec 31, 2022 1.85% = 1.56% × 0.41 × 2.86
Oct 1, 2022 7.67% = 6.61% × 0.40 × 2.87
Jul 2, 2022 10.61% = 11.61% × 0.41 × 2.22
Apr 2, 2022 9.71% = 11.04% × 0.41 × 2.16
Jan 1, 2022 19.05% = 22.57% × 0.47 × 1.79
Oct 2, 2021 20.88% = 23.68% × 0.49 × 1.79
Jul 3, 2021 20.14% = 22.80% × 0.49 × 1.80
Apr 3, 2021 17.15% = 21.60% × 0.46 × 1.73
Dec 26, 2020 9.84% = 11.11% × 0.49 × 1.80
Sep 26, 2020 8.53% = 9.22% × 0.50 × 1.87

Based on: 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).

Five-Component Disaggregation of ROE

Lumentum Holdings Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 27, 2025 29.72% = 4.92 × 0.69 × 3.52% × 0.44 × 5.68
Sep 27, 2025 14.41% = — × — × -3.55% × 0.40 × 5.91
Jun 28, 2025 2.28% = — × — × -9.11% × 0.39 × 3.72
Mar 29, 2025 -50.02% = — × — × -18.06% × 0.37 × 4.52
Dec 28, 2024 -59.93% = — × — × -23.40% × 0.36 × 4.55
Sep 28, 2024 -62.62% = — × — × -28.00% × 0.35 × 4.43
Jun 29, 2024 -57.09% = — × — × -27.36% × 0.35 × 4.11
Mar 30, 2024 -30.10% = — × — × -20.10% × 0.34 × 3.57
Dec 30, 2023 -20.86% = — × — × -15.81% × 0.31 × 3.64
Sep 30, 2023 -15.19% = — × — × -9.75% × 0.35 × 3.47
Jul 1, 2023 -9.71% = — × — × -3.79% × 0.38 × 3.42
Apr 1, 2023 -2.39% = — × -0.61 × 1.80% × 0.42 × 2.83
Dec 31, 2022 1.85% = 0.49 × 0.48 × 6.65% × 0.41 × 2.86
Oct 1, 2022 7.67% = 0.76 × 0.68 × 12.77% × 0.40 × 2.87
Jul 2, 2022 10.61% = 0.85 × 0.75 × 18.41% × 0.41 × 2.22
Apr 2, 2022 9.71% = 0.82 × 0.76 × 17.72% × 0.41 × 2.16
Jan 1, 2022 19.05% = 0.86 × 0.87 × 30.38% × 0.47 × 1.79
Oct 2, 2021 20.88% = 0.86 × 0.88 × 31.44% × 0.49 × 1.79
Jul 3, 2021 20.14% = 0.86 × 0.87 × 30.40% × 0.49 × 1.80
Apr 3, 2021 17.15% = 0.83 × 0.87 × 29.89% × 0.46 × 1.73
Dec 26, 2020 9.84% = 0.77 × 0.79 × 18.14% × 0.49 × 1.80
Sep 26, 2020 8.53% = 0.76 × 0.76 × 16.08% × 0.50 × 1.87

Based on: 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).

Two-Component Disaggregation of ROA

Lumentum Holdings Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 27, 2025 5.24% = 11.95% × 0.44
Sep 27, 2025 2.44% = 6.11% × 0.40
Jun 28, 2025 0.61% = 1.57% × 0.39
Mar 29, 2025 -11.07% = -29.87% × 0.37
Dec 28, 2024 -13.18% = -36.98% × 0.36
Sep 28, 2024 -14.13% = -40.70% × 0.35
Jun 29, 2024 -13.90% = -40.21% × 0.35
Mar 30, 2024 -8.42% = -24.91% × 0.34
Dec 30, 2023 -5.72% = -18.52% × 0.31
Sep 30, 2023 -4.38% = -12.62% × 0.35
Jul 1, 2023 -2.84% = -7.45% × 0.38
Apr 1, 2023 -0.84% = -2.02% × 0.42
Dec 31, 2022 0.65% = 1.56% × 0.41
Oct 1, 2022 2.67% = 6.61% × 0.40
Jul 2, 2022 4.78% = 11.61% × 0.41
Apr 2, 2022 4.49% = 11.04% × 0.41
Jan 1, 2022 10.65% = 22.57% × 0.47
Oct 2, 2021 11.70% = 23.68% × 0.49
Jul 3, 2021 11.19% = 22.80% × 0.49
Apr 3, 2021 9.91% = 21.60% × 0.46
Dec 26, 2020 5.45% = 11.11% × 0.49
Sep 26, 2020 4.58% = 9.22% × 0.50

Based on: 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).

Four-Component Disaggregation of ROA

Lumentum Holdings Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 27, 2025 5.24% = 4.92 × 0.69 × 3.52% × 0.44
Sep 27, 2025 2.44% = — × — × -3.55% × 0.40
Jun 28, 2025 0.61% = — × — × -9.11% × 0.39
Mar 29, 2025 -11.07% = — × — × -18.06% × 0.37
Dec 28, 2024 -13.18% = — × — × -23.40% × 0.36
Sep 28, 2024 -14.13% = — × — × -28.00% × 0.35
Jun 29, 2024 -13.90% = — × — × -27.36% × 0.35
Mar 30, 2024 -8.42% = — × — × -20.10% × 0.34
Dec 30, 2023 -5.72% = — × — × -15.81% × 0.31
Sep 30, 2023 -4.38% = — × — × -9.75% × 0.35
Jul 1, 2023 -2.84% = — × — × -3.79% × 0.38
Apr 1, 2023 -0.84% = — × -0.61 × 1.80% × 0.42
Dec 31, 2022 0.65% = 0.49 × 0.48 × 6.65% × 0.41
Oct 1, 2022 2.67% = 0.76 × 0.68 × 12.77% × 0.40
Jul 2, 2022 4.78% = 0.85 × 0.75 × 18.41% × 0.41
Apr 2, 2022 4.49% = 0.82 × 0.76 × 17.72% × 0.41
Jan 1, 2022 10.65% = 0.86 × 0.87 × 30.38% × 0.47
Oct 2, 2021 11.70% = 0.86 × 0.88 × 31.44% × 0.49
Jul 3, 2021 11.19% = 0.86 × 0.87 × 30.40% × 0.49
Apr 3, 2021 9.91% = 0.83 × 0.87 × 29.89% × 0.46
Dec 26, 2020 5.45% = 0.77 × 0.79 × 18.14% × 0.49
Sep 26, 2020 4.58% = 0.76 × 0.76 × 16.08% × 0.50

Based on: 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).

Disaggregation of Net Profit Margin

Lumentum Holdings Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 27, 2025 11.95% = 4.92 × 0.69 × 3.52%
Sep 27, 2025 6.11% = — × — × -3.55%
Jun 28, 2025 1.57% = — × — × -9.11%
Mar 29, 2025 -29.87% = — × — × -18.06%
Dec 28, 2024 -36.98% = — × — × -23.40%
Sep 28, 2024 -40.70% = — × — × -28.00%
Jun 29, 2024 -40.21% = — × — × -27.36%
Mar 30, 2024 -24.91% = — × — × -20.10%
Dec 30, 2023 -18.52% = — × — × -15.81%
Sep 30, 2023 -12.62% = — × — × -9.75%
Jul 1, 2023 -7.45% = — × — × -3.79%
Apr 1, 2023 -2.02% = — × -0.61 × 1.80%
Dec 31, 2022 1.56% = 0.49 × 0.48 × 6.65%
Oct 1, 2022 6.61% = 0.76 × 0.68 × 12.77%
Jul 2, 2022 11.61% = 0.85 × 0.75 × 18.41%
Apr 2, 2022 11.04% = 0.82 × 0.76 × 17.72%
Jan 1, 2022 22.57% = 0.86 × 0.87 × 30.38%
Oct 2, 2021 23.68% = 0.86 × 0.88 × 31.44%
Jul 3, 2021 22.80% = 0.86 × 0.87 × 30.40%
Apr 3, 2021 21.60% = 0.83 × 0.87 × 29.89%
Dec 26, 2020 11.11% = 0.77 × 0.79 × 18.14%
Sep 26, 2020 9.22% = 0.76 × 0.76 × 16.08%

Based on: 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).