Analysis of Geographic Areas
Lumentum Holdings Inc. operates in 5 regions: United States; Thailand; Japan; China; and Other countries.
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- 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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Area Asset Turnover
Lumentum Holdings Inc., asset turnover by geographic area
| Jun 27, 2026 | Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Thailand | ||||||
| Japan | ||||||
| China | ||||||
| Other countries |
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).
An analysis of geographic area asset turnover reveals a significant divergence in asset utilization efficiency across different global regions between 2021 and 2026. While the United States and China demonstrate strong growth in turnover ratios, Japan exhibits a consistent and severe decline, and other international markets show a pattern of sharp contraction followed by a gradual recovery.
- United States
- The United States demonstrates a consistent and robust upward trend in asset turnover. Starting at 1.14 in 2021, the ratio grew steadily to 2.72 by 2024, with a minor correction to 2.54 in 2025, before reaching a peak of 4.10 in 2026. This trajectory indicates a substantial increase in the ability to generate revenue from domestic assets over the period.
- Japan
- A sharp downward trend is observed in Japan. After peaking at 4.66 in 2022, the turnover ratio declined precipitously to 1.93 in 2023 and continued to fall to 0.45 by 2026. This represents a significant deterioration in asset efficiency, suggesting that assets in this region are generating progressively less revenue.
- China
- Since the introduction of reported figures in 2024, China has shown rapid acceleration in asset turnover. The ratio rose from 0.80 in 2024 to 2.19 in 2026, indicating a quick optimization of assets or a rapid increase in regional sales volume relative to the asset base.
- Thailand
- Thailand exhibits a volatile but generally stagnant trend. Following a spike to 2.04 in 2023, the ratio normalized to 1.30 in 2024 and remained relatively stable, ending at 1.39 in 2026. This suggests a lack of sustained growth in asset productivity within this market.
- Other Countries
- The "Other countries" category initially displayed the highest turnover ratios, starting at 13.24 in 2021. However, a steep decline occurred through 2024, where the ratio bottomed out at 4.79. A recovery phase began subsequently, with the ratio climbing back to 7.08 by 2026, although it remains well below the 2021 levels.
Area Asset Turnover: United States
Lumentum Holdings Inc.; United States; area asset turnover calculation
| Jun 27, 2026 | Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | ||||||
| Property, plant and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2026 Calculation
Area asset turnover = Net revenue ÷ Property, plant and equipment, net
= ÷ =
The analysis of the United States geographic area demonstrates a strong upward trajectory in asset productivity. A significant increase in revenue generation was achieved without a corresponding proportional increase in fixed asset investment, resulting in a substantial improvement in the area asset turnover ratio over the observed period.
- Net Revenue Trends
- Revenue showed consistent growth from 2021 to 2024, rising from 133.4 million to 356.1 million. Despite a moderate contraction to 312.3 million in 2025, the subsequent period saw a sharp acceleration, with revenue reaching 627.9 million by June 2026.
- Fixed Asset Utilization
- Property, plant, and equipment, net, remained relatively stable, fluctuating between a low of 107.8 million in 2022 and a high of 153 million in 2026. The stability of these assets relative to the expanding revenue stream suggests a high degree of scalability in the US operations.
- Area Asset Turnover Performance
- The asset turnover ratio climbed steadily from 1.14 in 2021 to 2.72 in 2024. After a slight decline to 2.54 in 2025, which mirrored the dip in revenue, the ratio peaked at 4.10 in 2026. This overall progression indicates a significant increase in the efficiency of utilizing fixed assets to generate top-line growth.
Area Asset Turnover: Thailand
Lumentum Holdings Inc.; Thailand; area asset turnover calculation
| Jun 27, 2026 | Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | ||||||
| Property, plant and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2026 Calculation
Area asset turnover = Net revenue ÷ Property, plant and equipment, net
= ÷ =
The financial performance in Thailand is characterized by significant volatility in net revenue coupled with a consistent and accelerating expansion of capital investment in property, plant, and equipment. While net revenue experienced fluctuations between 2021 and 2024, a substantial growth trajectory is observed from 2025 through 2026, with revenue reaching 626.6 million US dollars by the final period. Simultaneously, net property, plant, and equipment grew steadily from 103.9 million US dollars in 2021 to 450.6 million US dollars in 2026, indicating a strategic increase in the operational capacity of the region.
- Area Asset Turnover Efficiency
- The asset turnover ratio exhibits a non-linear trend, starting at 1.12 in 2021 and dipping to 0.95 in 2022. A significant peak is observed in 2023, where the ratio reached 2.04, driven by a sharp increase in net revenue that outpaced the growth of fixed assets. This represents the highest level of asset utilization efficiency within the analyzed period.
- Stabilization and Scaling Phase
- Following the 2023 peak, the ratio corrected to 1.30 in 2024. From 2024 to 2026, the ratio remained relatively stable, moving from 1.30 to 1.39. This stability occurs despite a massive surge in both revenue and capital expenditures, suggesting that the increase in production capacity is being matched by a proportional increase in sales volume.
- Capital Investment Correlation
- The correlation between the expansion of net property, plant, and equipment and revenue growth becomes most evident in 2026. The doubling of fixed assets from 218.6 million to 450.6 million US dollars supports the more than twofold increase in revenue, maintaining an efficient turnover ratio of 1.39 and indicating that the capital investments are effectively contributing to top-line growth.
Area Asset Turnover: Japan
Lumentum Holdings Inc.; Japan; area asset turnover calculation
| Jun 27, 2026 | Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | ||||||
| Property, plant and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2026 Calculation
Area asset turnover = Net revenue ÷ Property, plant and equipment, net
= ÷ =
The operational efficiency in the Japanese market has undergone a significant deterioration over the analyzed period. A stark divergence is observed between the aggressive expansion of the fixed asset base and the volatility of net revenue, resulting in a consistent decline in asset utilization efficiency.
- Net Revenue Trends
- Revenue experienced a peak in July 2022 at US$ 181.2 million, followed by a period of relative stability in 2023. However, a sharp contraction occurred by June 2024, with revenue dropping to US$ 84.6 million and reaching a low of US$ 78.3 million in June 2025. While a recovery to US$ 104.6 million is noted by June 2026, revenue remains well below its 2022 high.
- Property, Plant and Equipment Expansion
- Fixed asset investments have increased substantially and consistently. From a baseline of US$ 36.4 million in July 2021, property, plant and equipment grew to US$ 232.1 million by June 2026. The most rapid acceleration in capital expenditure occurred between June 2024 and June 2026, where the asset base nearly tripled.
- Area Asset Turnover Analysis
- The area asset turnover ratio shows a severe downward trend, falling from a peak of 4.66 in July 2022 to 0.45 by June 2026. This decline indicates that each dollar invested in fixed assets is generating progressively less revenue. The transition from a high-efficiency state in 2022 to a low-efficiency state by 2026 suggests that the significant investments in infrastructure have not yet yielded proportional increases in revenue, leading to underutilized capacity in the region.
Area Asset Turnover: China
Lumentum Holdings Inc.; China; area asset turnover calculation
| Jun 27, 2026 | Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | ||||||
| Property, plant and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2026 Calculation
Area asset turnover = Net revenue ÷ Property, plant and equipment, net
= ÷ =
Operations in China demonstrate a significant improvement in operational efficiency and revenue generation capacity between June 2024 and June 2026. A strong positive correlation is observed between the expansion of net revenue and the utilization of fixed assets, resulting in a substantial increase in the area asset turnover ratio.
- Area Asset Turnover Evolution
- The area asset turnover ratio exhibits a consistent and accelerating upward trend, rising from 0.80 in 2024 to 1.24 in 2025, and reaching 2.19 by 2026. This progression indicates a marked increase in the efficiency with which property, plant, and equipment are leveraged to produce sales, reflecting optimized asset productivity in the region.
- Revenue Trajectory
- Net revenue shows accelerated growth, increasing from 68.2 million USD in 2024 to 95.5 million USD in 2025, followed by a sharp escalation to 284.8 million USD in 2026. The substantial surge in the final period suggests a significant scaling of operations or a rapid expansion of market share.
- Fixed Asset Management
- Property, plant, and equipment (net) experienced a slight contraction from 85.7 million USD in 2024 to 76.8 million USD in 2025, which contributed to the initial rise in turnover efficiency. A subsequent increase to 129.9 million USD by 2026 indicates a strategic reinvestment in infrastructure to support the scaled revenue growth, while still maintaining a higher turnover rate than in previous years.
Area Asset Turnover: Other countries
Lumentum Holdings Inc.; Other countries; area asset turnover calculation
| Jun 27, 2026 | Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | ||||||
| Property, plant and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2026 Calculation
Area asset turnover = Net revenue ÷ Property, plant and equipment, net
= ÷ =
The financial performance within other countries is characterized by a significant volatility in revenue coupled with a consistent expansion of the fixed asset base, leading to a marked fluctuation in asset utilization efficiency.
- Net Revenue Trends
- A consistent downward trajectory was observed from 2021 to 2024, with net revenue declining from 1,377,900 thousand to a trough of 666,500 thousand. Following this period of contraction, a recovery phase began in 2025, with revenues projected to return to 1,370,100 thousand by 2026, nearly matching the 2021 baseline.
- Fixed Asset Investment
- Property, plant and equipment, net, exhibited steady and uninterrupted growth throughout the analyzed period. The asset base increased from 104,100 thousand in 2021 to 193,500 thousand by 2026. This continuous capital expansion occurred independently of the revenue declines seen between 2021 and 2024.
- Area Asset Turnover Analysis
- The area asset turnover ratio experienced a severe decline, falling from 13.24 in 2021 to 4.79 in 2024. This contraction was driven by the divergence between shrinking revenues and an expanding asset base, indicating a period of diminished operational efficiency. Although the ratio shows an upward trend starting in 2025 and reaching 7.08 by 2026, it remains substantially lower than the initial 2021 levels, as the increased investment in fixed assets now requires significantly higher revenue levels to achieve previous efficiency ratios.
Net revenue
Lumentum Holdings Inc., net revenue by geographic area
US$ in thousands
| Jun 27, 2026 | Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Thailand | ||||||
| Japan | ||||||
| China | ||||||
| Other countries | ||||||
| Total |
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).
Total net revenue exhibited relative stability between 2021 and 2023, followed by a notable contraction in 2024. However, a strong recovery trend is evident in 2025, culminating in a projected substantial expansion by 2026, where total revenue is expected to reach 3,014,000 thousand US dollars, nearly doubling the 2025 figures.
- North American and Southeast Asian Markets
- The United States market demonstrates a consistent long-term growth trajectory, rising from 133,400 thousand US dollars in 2021 to a projected 627,900 thousand US dollars by 2026, despite a minor correction in 2025. Similarly, Thailand shows significant volatility but a strong upward trend, peaking at 626,600 thousand US dollars in 2026 after a period of fluctuation between 2021 and 2024.
- East Asian Market Dynamics
- Revenue from Japan experienced a period of growth through 2022, reaching 181,200 thousand US dollars, followed by a steady decline to 78,300 thousand US dollars by 2025. Conversely, China emerges as a reporting segment in 2024 with 68,200 thousand US dollars and shows an aggressive growth pattern, projected to reach 284,800 thousand US dollars by 2026.
- Diversified International Revenue
- The "Other countries" category historically represented the largest share of net revenue, though it underwent a significant contraction from 1,377,900 thousand US dollars in 2021 to a low of 666,500 thousand US dollars in 2024. A robust recovery is observed thereafter, with revenue returning to 1,370,100 thousand US dollars by 2026.
The geographic revenue distribution indicates a strategic shift in market contribution. While the organization previously relied heavily on a broad base of other countries, the projected 2026 figures suggest a more balanced reliance across the United States, Thailand, and the emerging Chinese market, which collectively drive the overall increase in total net revenue.
Property, plant and equipment, net
Lumentum Holdings Inc., property, plant and equipment, net by geographic area
US$ in thousands
| Jun 27, 2026 | Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Thailand | ||||||
| Japan | ||||||
| China | ||||||
| Other countries | ||||||
| Total |
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 total net property, plant, and equipment exhibits a significant upward trajectory, growing from 361.1 million US dollars in July 2021 to 1.159 billion US dollars by June 2026. This represents a substantial expansion of the physical asset base, with the most accelerated growth occurring between June 2025 and June 2026.
- Aggressive Expansion in Southeast Asia and East Asia
- Thailand has emerged as the primary driver of asset growth, with net PP&E increasing from 103.9 million US dollars in 2021 to 450.6 million US dollars in 2026. A sharp acceleration is noted after June 2024, where assets more than tripled over the subsequent two years. Similarly, Japan shows a strong growth pattern, rising from 36.4 million US dollars in 2021 to 232.1 million US dollars in 2026, indicating a strategic shift toward increasing production or operational capacity in the Asian region.
- Strategic Entry into the Chinese Market
- Assets in China were not recorded until June 2024, appearing at 85.7 million US dollars. Following a slight dip in 2025, these assets rose to 129.9 million US dollars by June 2026, reflecting a relatively recent and expanding investment in the region.
- Stagnation of Relative US Asset Weight
- While the absolute value of assets in the United States increased from 116.7 million US dollars in 2021 to 153 million US dollars in 2026, the growth is modest compared to international expansions. The United States shifted from being one of the largest asset holders in 2021 to representing a significantly smaller portion of the total global PP&E by 2026.
- Diversification in Other International Markets
- The category for other countries shows a consistent and steady increase, rising from 104.1 million US dollars in 2021 to 193.5 million US dollars in 2026, supporting a trend of broad geographic diversification.