The balance sheet shows a dramatic equity expansion to $4.6B in Q4 FY2026, but this masks a core operational reality of cumulative losses, as evidenced by a retained earnings deficit of -$7.8B.
Lumentum Holdings Inc. (LITE) balance sheet — 13-year assets, liabilities & shareholders' equity history
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 |
|---|
| Total Current Assets | 4.16B | 1.72B | 1.59B | 2.78B | 3.14B | 2.44B | 2.05B | 1.33B | 1.13B | 930.3M | 489.5M | 310.8M | 286M | 245.3M |
| Cash & Short-Term Investments | 2.74B | 877.1M | 887M | 2.01B | 2.55B | 1.95B | 1.55B | 768.5M | 711.5M | 555.3M | 157.1M | 14.5M | 19.9M | 7.8M |
| Cash Only | 2.04B | 520.7M | 436.7M | 859M | 1.29B | 774.3M | 298M | 432.6M | 397.3M | 272.9M | 157.1M | 14.5M | 19.9M | 7.8M |
| Short-Term Investments | 694.9M | 356.4M | 450.3M | 1.15B | 1.26B | 1.17B | 1.26B | 335.9M | 314.2M | 282.4M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 520.3M | 250M | 194.7M | 246.1M | 262M | 212.8M | 233.5M | 238M | 197.1M | 166.3M | 170.5M | 150.5M | 136.5M | 121.8M |
| Days Sales Outstanding | 50.15 | 55.47 | 52.28 | 50.84 | 55.84 | 45.35 | 50.77 | 55.5 | 57.66 | 60.6 | 68.92 | 65.62 | 60.92 | 57.74 |
| Inventory | 691.6M | 470.1M | 398.4M | 408.6M | 250.1M | 196.4M | 188.9M | 228.8M | 153.6M | 145.2M | 100.6M | 99.7M | 96.5M | 79.2M |
| Days Inventory Outstanding | 125.94 | 144.79 | 131.28 | 124.49 | 98.79 | 77.58 | 67.04 | 73.29 | 68.74 | 77.54 | 58.68 | 62.83 | 62.75 | 52.84 |
| Other Current Assets | 211.6M | 120.1M | 110M | 0 | 0 | 0 | 0 | 0 | 2.7M | 40.7M | 42.6M | 16.2M | 9.1M | 8.6M |
| Total Non-Current Assets | 3.15B | 2.5B | 2.34B | 1.85B | 1.02B | 1.11B | 1.24B | 1.38B | 454.3M | 302.6M | 236.8M | 201.8M | 206.1M | 165.4M |
| Property, Plant & Equipment | 1.19B | 754.3M | 645.3M | 566.8M | 434.1M | 428.5M | 471.7M | 433.3M | 306.9M | 273.5M | 183.4M | 143.2M | 136.5M | 103.1M |
| Fixed Asset Turnover | 3.13x | 2.18x | 2.11x | 3.12x | 3.95x | 4.00x | 3.56x | 3.61x | 4.07x | 3.66x | 4.92x | 5.85x | 5.99x | 7.47x |
| Goodwill | 1.07B | 1.06B | 1.06B | 695.1M | 368.9M | 368.9M | 368.9M | 368.9M | 11.3M | 11.4M | 5.4M | 5.6M | 5.9M | 0 |
| Intangible Assets | 326.9M | 465.1M | 617.5M | 459.2M | 155.7M | 241.2M | 316.8M | 395.4M | 7M | 10.1M | 14.5M | 21.8M | 29.9M | 30.3M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 30.2M | 10.8M | 12.5M | 16.8M | 37.3M | 3.3M | 4M | 16.6M | 3.5M | 3.7M | 1.6M | 900K | 500K | 500K |
| Total Assets | 7.31B | 4.22B | 3.93B | 4.63B | 4.16B | 3.55B | 3.29B | 2.72B | 1.58B | 1.23B | 726.3M | 512.6M | 492.1M | 410.7M |
| Asset Turnover | 0.51x | 0.39x | 0.35x | 0.38x | 0.41x | 0.48x | 0.51x | 0.58x | 0.79x | 0.81x | 1.24x | 1.63x | 1.66x | 1.87x |
| Asset Growth % | 187.39% | 7.29% | -15.12% | 11.29% | 17.19% | 7.87% | 21.2% | 71.77% | 28.27% | 69.75% | 41.69% | 4.17% | 19.82% | - |
| Total Current Liabilities | 2.48B | 392.8M | 269.3M | 633.8M | 716.5M | 664.6M | 283M | 294M | 214M | 184.2M | 173.7M | 122.1M | 136.9M | 111.9M |
| Accounts Payable | 567.4M | 225.2M | 126.3M | 169.4M | 156.7M | 116.9M | 150.8M | 160.8M | 126.5M | 114.8M | 118.3M | 77.9M | 82.1M | 58.6M |
| Days Payables Outstanding | 82.32 | 69.36 | 41.62 | 51.61 | 61.9 | 46.18 | 53.52 | 51.51 | 56.61 | 61.3 | 69.01 | 49.09 | 53.39 | 39.1 |
| Short-Term Debt | 1.6B | 10.6M | 0 | 311.6M | 409.9M | 390.7M | 0 | 5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 12.1M | 700K | 600K | 2.1M | 0 | 600K | 1.9M | 2.9M | 2.8M | 6.9M | 2.7M | 0 | 0 | 0 |
| Other Current Liabilities | 302.7M | 20.8M | 16.2M | 12.7M | 13.4M | 8M | 7.8M | 5.1M | 2.8M | 2.2M | 1.1M | 4.8M | 3.8M | 2M |
| Current Ratio | 1.68x | 4.37x | 5.90x | 4.38x | 4.38x | 3.67x | 7.24x | 4.53x | 5.27x | 5.05x | 2.82x | 2.55x | 2.09x | 2.19x |
| Quick Ratio | 1.40x | 3.18x | 4.43x | 3.74x | 4.03x | 3.37x | 6.58x | 3.76x | 4.55x | 4.26x | 2.24x | 1.73x | 1.38x | 1.48x |
| Cash Conversion Cycle | 93.77 | 130.9 | 141.94 | 123.71 | 92.73 | 76.76 | 64.3 | 77.28 | 69.79 | 76.84 | 58.59 | 79.36 | 70.28 | 71.49 |
| Total Non-Current Liabilities | 183.1M | 2.69B | 2.71B | 2.64B | 1.57B | 914.2M | 1.26B | 925.5M | 405.6M | 394.1M | 19.4M | 9.8M | 19.6M | 17M |
| Long-Term Debt | 40.5M | 2.56B | 2.5B | 2.5B | 1.47B | 789.8M | 1.12B | 835.9M | 334.2M | 317.5M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 86.9M | 23.6M | 43M | 47.7M | 48.8M | 47.6M | 57.6M | 0 | 400K | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 152.1M | 7.2M | 55.7M | 3.4M | 12.9M | 35.9M | 46.5M | 55.9M | 300K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 115.2M | 97.8M | 103.4M | 91.4M | 42.9M | 40.9M | 36M | 31.5M | 68.1M | 73.3M | 17.8M | 8.1M | 17.3M | 15.3M |
| Total Liabilities | 2.66B | 3.08B | 2.97B | 3.28B | 2.29B | 1.58B | 1.54B | 1.22B | 619.6M | 578.3M | 193.1M | 131.9M | 156.5M | 128.9M |
| Total Debt | 1.67B | 2.61B | 2.56B | 2.87B | 1.94B | 1.24B | 1.19B | 841.3M | 341.9M | 317.5M | 0 | 0 | 0 | 0 |
| Net Debt | -372.3M | 2.09B | 2.12B | 2.01B | 645.8M | 465.6M | 891.3M | 408.7M | -55.4M | 44.6M | -157.1M | -14.5M | -19.9M | -7.8M |
| Debt / Equity | 0.36x | 2.30x | 2.67x | 2.12x | 1.03x | 0.63x | 0.68x | 0.56x | 0.36x | 0.49x | - | - | - | - |
| Debt / EBITDA | 2.53x | 40.44x | - | 20.54x | 4.12x | 2.64x | 3.00x | 6.19x | 1.57x | 2.92x | - | - | - | - |
| Net Debt / EBITDA | -0.56x | 32.36x | - | 14.40x | 1.37x | 0.99x | 2.25x | 3.01x | -0.26x | 0.41x | -2.38x | -0.53x | -0.37x | -0.16x |
| Interest Coverage | -328.03x | -6.75x | -11.00x | -1.88x | 3.93x | 3.93x | 3.85x | 0.08x | 8.11x | -9.87x | 98.00x | -34.00x | 50.00x | 4.70x |
| Total Equity | 4.64B | 1.13B | 957.3M | 1.36B | 1.88B | 1.97B | 1.75B | 1.5B | 961.9M | 654.6M | 533.2M | 380.6M | 335.6M | 281.8M |
| Equity Growth % | 531.55% | 18.53% | -29.39% | -27.69% | -4.96% | 12.78% | 16.84% | 55.64% | 46.94% | 22.77% | 40.09% | 13.41% | 19.09% | - |
| Book Value per Share | 62.25 | 16.30 | 14.22 | 19.85 | 25.27 | 26.59 | 22.54 | 21.18 | 15.20 | 10.80 | 8.71 | 6.52 | 5.79 | 4.86 |
| Total Shareholders' Equity | 4.64B | 1.13B | 957.3M | 1.36B | 1.88B | 1.97B | 1.75B | 1.5B | 961.9M | 654.6M | 533.2M | 380.7M | 335.6M | 281.8M |
| Common Stock | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 368.1M | 312.9M | 257.2M |
| Retained Earnings | -7.8B | -861.2M | -887.1M | -340.6M | -129.1M | 220.9M | 64.6M | 129.1M | 166.4M | -83.2M | 20.2M | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 10M | 9M | 9.3M | 4.1M | 400K | 8.2M | 7.9M | 7.1M | 6.4M | 7.4M | 9.4M | 12.5M | 22.7M | 24.6M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying LITE stock.
As of 2025, Lumentum Holdings Inc. (LITE) had total assets of $4.22B including $1.72B in current assets.
Lumentum Holdings Inc. (LITE) carries total debt of $2.61B, offset by $877.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lumentum Holdings Inc. (LITE) has total shareholders' equity (book value) of $1.13B ($16.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lumentum Holdings Inc. (LITE) reported a current ratio of 4.37x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Leverage amid operational losses
Metrics are mathematically derived from official filings.
Balance Sheet Strengthens Amid Strategic Shift
Lumentum's balance sheet has undergone a dramatic transformation, with total equity surging from $846.6M in Q2 2026 to $4.6B in Q4 2026, a move that appears to reflect a major equity issuance or accounting reclassification rather than organic earnings accumulation.
The rapid expansion of the equity base, coinciding with a reduction in total debt from $3.3B to $1.7B, suggests a significant deleveraging event that has materially improved the company's financial flexibility. This shift appears to be a strategic repositioning to support the capital-intensive ramp of next-generation AI optical products, moving the company from a highly leveraged to a more conservatively financed posture. However, the persistent negative retained earnings balance indicates this strengthening is not yet supported by cumulative profitability.
Leverage Reduced but Still Elevated
Despite a sharp reduction in total debt to $1.7B in Q4 2026, Lumentum's debt-to-equity ratio of 0.36 remains above the peer median, indicating that while the balance sheet is less strained, the company still carries a meaningful debt load relative to its equity base.
The debt reduction appears to be a deliberate management action to improve the capital structure ahead of a major growth cycle. However, the absolute level of debt, when viewed alongside the company's history of negative operating margins, suggests that the debt service burden remains a key risk factor. Investors should monitor whether the company can generate sufficient operating cash flow to service this debt without further dilutive actions, especially given the cyclical nature of its end markets.
Cash Position Strengthens, But Context Matters
Lumentum's cash position has improved significantly to $2.0B in Q4 2026, providing a substantial liquidity buffer, yet this must be evaluated against the company's high fixed-cost structure and the need for continued R&D investment to maintain its technological edge.
The current ratio of 1.68 indicates a healthy short-term liquidity position, a marked improvement from the trough of 0.61 in Q2 2026. This cash accumulation appears to be a direct result of the recent equity raise and debt repayment, providing a war chest for the AI-driven growth cycle. However, the sustainability of this cash position is contingent on the company's ability to convert its accelerating revenue growth into positive and durable free cash flow, which has been historically volatile.
Equity Base Expanded, But Quality is Questionable
The dramatic increase in total equity to $4.6B in Q4 2026 is not supported by retained earnings, which stand at a deeply negative $7.8B, indicating the equity expansion is likely from external capital raises rather than operational success.
The negative retained earnings balance is a stark reminder of the company's history of acquisition-driven growth and operational losses, which have eroded book value over time. This suggests that the current equity base is of lower quality, as it is not underpinned by a track record of profitable reinvestment. The reliance on external capital to strengthen the balance sheet, while strategically sound in the short term, raises questions about long-term shareholder value creation if profitability does not materialize.
Equity Expansion Masks Persistent Operational Weakness
The most significant balance sheet distortion is the apparent equity expansion, which masks the core operational reality of a business that has generated cumulative losses of $7.8B, as evidenced by the negative retained earnings balance.
This dynamic suggests that the headline improvement in leverage ratios is a result of financial engineering rather than fundamental operational improvement. The company's ability to raise capital is a testament to its strategic importance in the AI supply chain, but it does not resolve the underlying issue of negative operating margins. Investors should be cautious about interpreting the improved balance sheet metrics as a sign of operational health, as the company remains dependent on external funding to support its growth ambitions and cover its historical losses.