Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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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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Long-term Activity Ratios (Summary)
Lumentum Holdings Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2026-06-27), 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).
An analysis of the long-term activity ratios reveals a general period of declining asset efficiency from late 2021 through 2024, followed by a moderate recovery and significant volatility in equity utilization during 2025 and 2026.
- Net Fixed Asset Turnover
- A sustained downward trend is observed in net fixed asset turnover, which declined from a peak of 4.92 in October 2021 to a low of 2.12 by March 2025. This suggests a period of diminishing efficiency in utilizing fixed assets to generate revenue. A gradual recovery is noted in the final quarters, with the ratio rising to 2.60 by June 2026. The inclusion of operating lease right-of-use assets consistently lowers the turnover ratio but follows an identical trajectory, bottoming out at 2.03 in late 2024 before recovering to 2.54 by mid-2026.
- Total Asset Turnover
- Total asset turnover remained low throughout the analyzed period, reflecting a conservative relationship between total assets and revenue generation. The ratio decreased from 0.49 in October 2021 to a minimum of 0.31 in December 2023. A subsequent recovery phase saw the ratio climb back to 0.44 by December 2025, although a sharp temporary dip to 0.35 occurred in March 2026 before returning to 0.41 in June 2026.
- Equity Turnover
- Equity turnover exhibited a strong upward trend for the majority of the period, rising from 0.88 in October 2021 to a peak of 2.49 in December 2025. This indicates an increasing ability to generate revenue relative to shareholder equity. However, this trend reversed sharply in early 2026, with the ratio falling precipitously to 0.84 in March and further declining to 0.65 by June 2026, suggesting a significant shift in the capital structure or a contraction in revenue relative to equity.
Net Fixed Asset Turnover
Lumentum Holdings Inc., net fixed asset turnover calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net revenue | ||||||||||||||||||||||||||
| Property, plant and equipment, net | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2026-06-27), 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).
1 Q4 2026 Calculation
Net fixed asset turnover
= (Net revenueQ4 2026
+ Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of net fixed asset turnover reveals a significant long-term decline in asset efficiency, followed by a period of gradual stabilization and modest recovery. The ratio transitioned from a peak of 4.92 in October 2021 to a low of 2.12 by December 2024, indicating a substantial decrease in the revenue generated per unit of net fixed assets.
- Asset Utilization Trends
- A marked contraction in efficiency is observed between October 2021 and December 2023. During this period, the net fixed asset turnover dropped from 4.92 to 2.47. This decline was driven by a dual impact: a steady increase in property, plant, and equipment (PP&E) and a period of revenue volatility that saw net revenue decline from approximately 506 million in late 2022 to 317 million by September 2023.
- Capital Investment and Expansion
- The data indicates an aggressive expansion of the fixed asset base. Net PP&E grew from 353.2 million in October 2021 to 1.159 billion by June 2026. The most significant acceleration in investment occurred starting in late 2022, which outpaced revenue growth for several consecutive quarters, thereby depressing the turnover ratio.
- Recovery Phase and Revenue Scaling
- A recovery trend emerged starting in late 2024. While the net fixed asset turnover bottomed out at 2.12 in December 2024, it climbed back to 2.60 by June 2026. This improvement is attributed to a sharp increase in net revenue, which scaled from 402.2 million in September 2024 to over 1 billion by June 2026. This suggests that the extensive capital investments made in previous years began to translate into higher production capacity and increased sales volume.
In summary, the company experienced a period of diminished asset productivity as it shifted toward a more capital-intensive operational structure. The recent upward trend in the turnover ratio suggests that the company is successfully leveraging its expanded asset base to drive significant revenue growth.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Lumentum Holdings Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
Based on: 10-K (reporting date: 2026-06-27), 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).
1 Q4 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net revenueQ4 2026
+ Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
The analysis of the net fixed asset turnover indicates a period of declining efficiency followed by a recent recovery phase. The ratio, which measures the ability to generate revenue from fixed assets including right-of-use assets, experienced a sustained downward trend from late 2021 through mid-2024 before stabilizing and beginning a gradual ascent.
- Revenue and Asset Correlation
- Between October 2021 and December 2022, the turnover ratio remained relatively high, averaging near 3.9x, supported by revenue levels between 395 million and 506 million against assets ranging from 428 million to 572 million. A significant divergence occurred throughout 2023; while revenue declined to a low of 317.6 million in September 2023, net fixed assets continued to grow, reaching 580.4 million in the same period. This inverse movement contributed to the contraction of the turnover ratio.
- Efficiency Trough
- The lowest levels of asset utilization were recorded between December 2023 and September 2024, with the ratio bottoming out at 2.03. This period reflects a phase where capital investments in property, plant, and equipment—which rose to 696.3 million by September 2024—had not yet translated into proportional revenue growth, as revenue remained depressed relative to historical peaks.
- Recovery and Scaling Phase
- Starting in late 2024 and accelerating through June 2026, a recovery in asset efficiency is evident. Revenue surged from 402.2 million in September 2024 to 1,006.3 million by June 2026. Although net fixed assets also increased substantially to 1,188.3 million, the magnitude of revenue growth outpaced the asset expansion. Consequently, the net fixed asset turnover ratio improved from 2.03 to 2.54, suggesting an improved capacity to leverage the expanded asset base to drive top-line growth.
Total Asset Turnover
Lumentum Holdings Inc., total asset turnover calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net revenue | ||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2026-06-27), 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).
1 Q4 2026 Calculation
Total asset turnover
= (Net revenueQ4 2026
+ Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
An analysis of the total asset turnover ratio reveals a cyclical trend characterized by an initial decline in operational efficiency, followed by a recovery phase and a subsequent period of aggressive asset expansion. The ratio transitioned from a high of 0.49 in October 2021 to a low of 0.31 by December 2023, before trending upward again through 2025 and 2026.
- Efficiency Decline and Asset Accumulation (2021–2023)
- During the period between October 2021 and December 2023, a consistent downward trend in total asset turnover was observed. This decline is attributed to a divergence between asset growth and revenue generation. While total assets increased from 3.52 billion USD to a peak of 4.66 billion USD, net revenues remained volatile and eventually declined, falling from 448.4 million USD to 366.8 million USD by the end of 2023. This suggests that the company increased its investment base without a corresponding immediate increase in sales, leading to reduced asset utilization.
- Recovery and Operational Optimization (2024–2025)
- A recovery in the total asset turnover ratio began in March 2024, rising from 0.34 to 0.44 by December 2025. This improvement was driven by a strategic rebound in net revenue, which grew from 308.3 million USD in June 2024 to 665.5 million USD by September 2025. Concurrently, total assets were managed more conservatively during early 2024, dipping to 3.93 billion USD, which effectively increased the revenue generated per unit of asset.
- Scale Expansion and Asset Utilization (2026)
- The first half of 2026 is marked by a significant surge in both net revenue and total assets. Net revenue experienced an accelerated growth trajectory, exceeding 1 billion USD by June 2026. Simultaneously, total assets jumped sharply from 4.81 billion USD in late 2025 to 7.31 billion USD by June 2026. Although this massive increase in the asset base caused a temporary dip in the turnover ratio to 0.35 in March 2026, the rapid growth in revenue helped the ratio recover to 0.41 by June 2026, indicating that the new investments are being integrated and utilized effectively to drive top-line growth.
Equity Turnover
Lumentum Holdings Inc., equity turnover calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net revenue | ||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2026-06-27), 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).
1 Q4 2026 Calculation
Equity turnover
= (Net revenueQ4 2026
+ Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The equity turnover ratio exhibits three distinct phases: a period of relative stability, a sustained upward trajectory characterized by increasing asset efficiency, and a sharp contraction during the final observed periods.
- Net Revenue Trends
- Revenue remained volatile but generally ranged between 300 million and 500 million dollars from October 2021 through the first half of 2024. A significant growth phase commenced in late 2024, with revenue scaling rapidly from 402.2 million dollars in September 2024 to 1.006 billion dollars by June 2026.
- Stockholders' Equity Dynamics
- The equity base experienced a prolonged decline from October 2021, falling from 1.97 billion dollars to a trough of 872.3 million dollars in September 2024. This downward trend reversed abruptly in 2026, with equity expanding sharply to 4.64 billion dollars by June 2026, indicating a substantial capital event or significant accumulation of reserves.
- Equity Turnover Interpretation
- The equity turnover ratio rose from 0.88 in October 2021 to a peak of 2.49 in December 2025. This increase was primarily driven by the contraction of the equity base while revenues remained stable or grew, suggesting higher efficiency in utilizing shareholders' capital to generate sales. However, the ratio plummeted to 0.65 by June 2026, as the rapid expansion of stockholders' equity far outpaced the growth in net revenue, leading to a marked decrease in the equity turnover rate.