Analysis of Geographic Areas
Lumentum Holdings Inc. operates in 4 regions: United States; Thailand; Japan; and Other countries.
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- 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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Area Asset Turnover
Lumentum Holdings Inc., asset turnover by geographic area
| Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Thailand | ||||||
| Japan | ||||||
| Other countries |
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).
Asset turnover ratios across geographic areas demonstrate varied performance over the analyzed period. Significant shifts are observed in several regions, indicating changing operational efficiencies or asset utilization strategies.
- United States
- The United States exhibits a consistent upward trend in asset turnover, increasing from 1.08 in 2020 to 2.72 in 2024. A slight decrease to 2.54 is noted for 2025, but the ratio remains substantially higher than earlier years. This suggests improved efficiency in utilizing assets to generate revenue within the United States.
- Thailand
- Thailand’s asset turnover shows volatility. Beginning at 1.12 in 2021, it decreased to 0.95 in 2022 before rising to 2.04 in 2023. The ratio then declined to 1.30 in 2024 and increased slightly to 1.33 in 2025. This fluctuating pattern may indicate inconsistent operational performance or external market influences.
- Japan
- Japan demonstrates a marked decline in asset turnover. Starting at a high of 4.27 in 2020, the ratio decreased substantially to 0.54 in 2025. The most significant drop occurred between 2022 and 2023, falling from 4.66 to 1.93. This downward trend warrants further investigation to understand the underlying causes, potentially including asset impairments or reduced sales effectiveness.
- Other Countries
- The “Other Countries” category initially shows a decreasing, but still high, asset turnover, moving from 14.05 in 2020 to 8.30 in 2023. A rebound is observed in 2024 and 2025, with the ratio increasing to 3.27 and 4.00 respectively. While still lower than initial values, this recent increase suggests a potential stabilization or improvement in asset utilization within these combined regions. The initial high values, followed by a decline, could indicate a shift in the composition of countries included in this grouping or changes in business strategy.
Overall, the geographic asset turnover ratios reveal significant differences in performance and trends. The United States demonstrates consistent improvement, Thailand exhibits volatility, Japan experiences a substantial decline, and “Other Countries” shows a recent recovery following a period of decrease.
Area Asset Turnover: United States
Lumentum Holdings Inc.; United States; area asset turnover calculation
| Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | |
|---|---|---|---|---|---|---|
| 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: 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).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Property, plant and equipment, net
= ÷ =
The area asset turnover for the United States demonstrates a consistent upward trend over the observed period. Initially, the ratio stood at 1.08 in June 2020, and has increased to 2.54 by June 2025. This indicates improving efficiency in asset utilization within the United States region.
- Net Revenue Trend
- Net revenue originating from the United States experienced fluctuations. A decrease was noted from US$149,800 thousand in June 2020 to US$133,400 thousand in July 2021. However, revenue subsequently increased significantly, reaching US$241,300 thousand in July 2023, and further growing to US$356,100 thousand in June 2024 before slightly decreasing to US$312,300 thousand in June 2025. This revenue growth likely contributes to the observed increase in asset turnover.
- Property, Plant & Equipment (PP&E) Trend
- The net value of property, plant, and equipment in the United States generally decreased from US$139,100 thousand in June 2020 to US$107,800 thousand in July 2022. A subsequent increase was observed, reaching US$134,700 thousand in July 2023, followed by a slight decrease to US$131,000 thousand in June 2024 and a further decrease to US$123,000 thousand in June 2025. The relatively stable PP&E, coupled with increasing revenue, supports the rising asset turnover ratio.
- Asset Turnover Analysis
- The asset turnover ratio increased from 1.08 in June 2020 to 1.14 in July 2021, indicating a modest improvement in efficiency. A more substantial increase occurred between July 2021 and July 2022, with the ratio reaching 1.61. This upward momentum continued through July 2023 (1.79) and accelerated significantly to 2.72 in June 2024. While the ratio experienced a slight decrease to 2.54 in June 2025, it remains considerably higher than the initial value, suggesting sustained improvements in the effective use of assets to generate revenue within the United States.
The consistent growth in area asset turnover, alongside the revenue trends, suggests effective management of assets and a strengthening ability to generate sales from the existing asset base within the United States.
Area Asset Turnover: Thailand
Lumentum Holdings Inc.; Thailand; area asset turnover calculation
| Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | ||||||
| Property, plant and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 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).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Property, plant and equipment, net
= ÷ =
The area asset turnover for Thailand demonstrates a fluctuating pattern over the observed period. Initial values are followed by increases and subsequent stabilization. Net revenue and property, plant and equipment, net, are also considered to provide context for the asset turnover calculation.
- Area Asset Turnover Trend
- The area asset turnover ratio was not reported for the period ending June 27, 2020. In the period ending July 3, 2021, the ratio was 1.12. A decrease to 0.95 was observed for the period ending July 2, 2022. A significant increase to 2.04 occurred in the period ending July 1, 2023. The ratio then decreased slightly to 1.30 for the period ending June 29, 2024, and further increased to 1.33 for the period ending June 28, 2025.
- Net Revenue Trend
- Net revenue figures were not reported for the period ending June 27, 2020. Revenue was US$116,800 thousand for the period ending July 3, 2021, and decreased to US$102,300 thousand for the period ending July 2, 2022. A substantial increase to US$269,000 thousand was recorded for the period ending July 1, 2023. Revenue decreased to US$183,800 thousand for the period ending June 29, 2024, and increased again to US$291,800 thousand for the period ending June 28, 2025.
- Property, Plant & Equipment Trend
- Property, plant and equipment, net, was US$122,600 thousand for the period ending June 27, 2020. It decreased to US$103,900 thousand for the period ending July 3, 2021, and slightly increased to US$107,600 thousand for the period ending July 2, 2022. A rise to US$132,000 thousand was observed for the period ending July 1, 2023, followed by a further increase to US$141,000 thousand for the period ending June 29, 2024. The most significant increase occurred in the period ending June 28, 2025, reaching US$218,600 thousand.
The increase in area asset turnover in 2023 coincides with a substantial increase in net revenue. While property, plant and equipment, net, also increased, the revenue growth appears to have outpaced the asset growth, resulting in a higher turnover ratio. The subsequent slight decrease in the ratio in 2024, despite continued revenue growth, suggests a proportionally larger increase in property, plant and equipment, net. The continued increase in the ratio in 2025, alongside revenue growth, indicates efficient asset utilization.
Area Asset Turnover: Japan
Lumentum Holdings Inc.; Japan; area asset turnover calculation
| Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | ||||||
| Property, plant and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 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).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Property, plant and equipment, net
= ÷ =
The area asset turnover for Japan demonstrates a consistent decline over the observed period. Initially strong, the ratio has decreased significantly, indicating a diminishing efficiency in asset utilization to generate revenue within this geographic area.
- Net Revenue Trend
- Net revenue in Japan fluctuated considerably. A decrease from US$137,900 thousand in 2020 to US$114,700 thousand in 2021 was followed by a substantial increase to US$181,200 thousand in 2022. However, revenue then declined to US$179,500 thousand in 2023 and further decreased to US$84,600 thousand in 2024, continuing to US$78,300 thousand in 2025.
- Property, Plant & Equipment Trend
- Property, plant, and equipment, net, exhibited an increasing trend from US$32,300 thousand in 2020 to US$38,900 thousand in 2022. A significant jump occurred in 2023, reaching US$93,000 thousand, before decreasing to US$75,700 thousand in 2024 and increasing substantially to US$144,300 thousand in 2025.
- Area Asset Turnover Analysis
- The area asset turnover ratio began at 4.27 in 2020, indicating that for every dollar of assets, US$4.27 of revenue was generated in Japan. This decreased to 3.15 in 2021, then recovered to 4.66 in 2022. A sharp decline was then observed, falling to 1.93 in 2023, 1.12 in 2024, and further to 0.54 in 2025. This suggests a progressively less efficient use of assets to generate sales within the Japanese market. The increasing investment in property, plant, and equipment does not appear to be translating into proportional revenue growth, contributing to the declining turnover ratio.
The combination of fluctuating revenue and increasing net property, plant, and equipment suggests potential inefficiencies in asset management or changing market conditions impacting revenue generation in Japan. Further investigation into the specific assets acquired and their contribution to revenue would be beneficial.
Area Asset Turnover: Other countries
Lumentum Holdings Inc.; Other countries; area asset turnover calculation
| Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | ||||||
| Property, plant and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 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).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Property, plant and equipment, net
= ÷ =
The area asset turnover ratio for ‘Other countries’ demonstrates a consistent decline over the observed period, followed by a slight recovery in the most recent year. This indicates a decreasing efficiency in generating revenue from assets located in these regions, although the rate of decline appears to be slowing.
- Net Revenue Trend
- Net revenue originating from ‘Other countries’ experienced a decrease from US$1,390,900 thousand in June 2020 to US$734,700 thousand in June 2024. A partial recovery to US$962,600 thousand is noted for June 2025. This revenue decline likely contributes significantly to the observed asset turnover trend.
- Property, Plant & Equipment Trend
- Property, plant, and equipment net of accumulated depreciation in ‘Other countries’ increased steadily from US$99,000 thousand in June 2020 to US$224,800 thousand in June 2024. A further increase to US$240,500 thousand is projected for June 2025. This increase in assets, coupled with declining revenue, exacerbates the downward pressure on the asset turnover ratio.
- Area Asset Turnover Ratio Analysis
- The area asset turnover ratio decreased from 14.05 in June 2020 to a low of 3.27 in June 2024. This represents a substantial reduction in the efficiency with which assets are used to generate sales in these regions. The ratio shows a modest improvement to 4.00 in June 2025, suggesting a potential stabilization or early stage of recovery. The decline suggests either underutilized assets or a significant drop in sales relative to the asset base.
The combination of increasing fixed assets and decreasing revenue in ‘Other countries’ has resulted in a significantly lower asset turnover ratio. While the most recent period indicates a potential reversal of this trend, continued monitoring is warranted to determine if this represents a sustained improvement in asset utilization.
Net revenue
Lumentum Holdings Inc., net revenue by geographic area
US$ in thousands
| Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Thailand | ||||||
| Japan | ||||||
| Other countries | ||||||
| Total |
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).
Net revenue exhibits varied performance across geographic areas over the observed period. Overall, revenue initially increased before experiencing a decline and subsequent projected recovery. A detailed examination of each region reveals distinct trends contributing to these overall patterns.
- United States
- Revenue from the United States demonstrated a significant growth trajectory, increasing from US$149.8 million in 2020 to US$356.1 million in 2024. However, a projected decrease to US$312.3 million is anticipated for 2025. This represents the strongest absolute growth among the reported regions, but the projected decline warrants further investigation.
- Thailand
- Revenue from Thailand experienced substantial growth, rising from US$116.8 million in 2021 to US$269.0 million in 2023. A decrease to US$183.8 million is observed in 2024, followed by a projected increase to US$291.8 million in 2025. This region shows considerable volatility but ultimately demonstrates a positive overall trend.
- Japan
- Revenue from Japan fluctuated over the period. After an initial increase from US$137.9 million in 2020 to US$181.2 million in 2022, revenue declined to US$179.5 million in 2023 and continued to decrease to US$84.6 million in 2024. A further slight decrease to US$78.3 million is projected for 2025. This region exhibits a consistent downward trend in recent years.
- Other Countries
- Revenue from other countries generally decreased from US$1,390.9 million in 2020 to US$734.7 million in 2024. A projected increase to US$962.6 million is anticipated for 2025, though this remains below the revenue levels observed in earlier years. This region represents the largest portion of overall revenue, and its performance significantly impacts total revenue.
The total net revenue initially increased from US$1,678.6 million in 2020 to US$1,767.0 million in 2023, before decreasing to US$1,359.2 million in 2024. A recovery to US$1,645.0 million is projected for 2025. The decline in 2024 appears to be driven primarily by decreases in revenue from the United States and Other Countries, partially offset by growth in Thailand. The projected recovery in 2025 is dependent on the anticipated increases in the United States, Thailand, and Other Countries.
Property, plant and equipment, net
Lumentum Holdings Inc., property, plant and equipment, net by geographic area
US$ in thousands
| Jun 28, 2025 | Jun 29, 2024 | Jul 1, 2023 | Jul 2, 2022 | Jul 3, 2021 | Jun 27, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Thailand | ||||||
| Japan | ||||||
| Other countries | ||||||
| Total |
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 geographic distribution of net property, plant, and equipment demonstrates significant shifts over the analyzed period. Overall, a substantial increase in total net PP&E is observed, particularly from 2023 onwards. However, the composition of this total varies considerably by region.
- United States
- Net property, plant, and equipment in the United States experienced a decrease from $139.1 million in 2020 to $107.8 million in 2022. A recovery was noted in 2023, reaching $134.7 million, but subsequently declined to $131.0 million in 2024 and is projected to decrease further to $123.0 million in 2025. This suggests potential asset sales or depreciation outpacing new investments within the US.
- Thailand
- Thailand shows a different trend. After an initial decrease from $122.6 million in 2020 to $103.9 million in 2021, the value remained relatively stable before increasing significantly to $132.0 million in 2023. This growth continues with a rise to $141.0 million in 2024 and a substantial projected increase to $218.6 million in 2025. This indicates considerable investment and expansion of PP&E within Thailand.
- Japan
- Japan experienced moderate growth from $32.3 million in 2020 to $38.9 million in 2022. A substantial increase is then observed in 2023, reaching $93.0 million. While decreasing to $75.7 million in 2024, a further increase to $144.3 million is projected for 2025. This suggests a period of significant investment followed by a potential realignment, with further expansion anticipated.
- Other Countries
- The aggregate of ‘Other Countries’ demonstrates consistent growth throughout the period, increasing from $99.0 million in 2020 to $106.2 million in 2022. This growth accelerates significantly in 2023, reaching $129.8 million, and continues strongly to $224.8 million in 2024, with a projected value of $240.5 million in 2025. This indicates a broadening geographic investment strategy.
The overall trend reveals a shift in the geographic allocation of net property, plant, and equipment. While the United States experienced a relative decline, Thailand, Japan, and ‘Other Countries’ all demonstrate substantial growth, particularly in the later years of the analyzed period. This suggests a strategic reallocation of assets towards regions with higher growth potential or lower costs.
The combined growth in Thailand, Japan, and ‘Other Countries’ is driving the overall increase in total net PP&E, offsetting the decline observed in the United States. The projected figures for 2025 indicate this trend is expected to continue, with a significant portion of future investment concentrated outside of the United States.