Common-Size Balance Sheet: Assets
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
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Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Liquidity and Cash Position
- The proportion of cash and cash equivalents relative to total assets fluctuated modestly over the observed periods, starting at 7.18% in March 2020, declining to a low near 4.64% in September 2024, and slightly increasing to 4.89% by March 2025. Marketable securities exhibited a clear downward trend, decreasing steadily from 35.69% in March 2020 to 15.16% by March 2025. Combined cash, cash equivalents, and marketable securities declined from 42.88% to 20.05%, indicating a diminishing liquid asset base relative to total assets over time.
- Current Assets Composition
- Accounts receivable as a percentage of total assets displayed mild variability, with values generally ranging between 7.61% and 11.62%, peaking in December 2023 at 11.92%. Other current assets fluctuated but showed an overall increase, rising from 2.91% to approximately 3.31% by March 2025 after peaking at 4.23% in September 2022. The total current assets portion of total assets declined steadily from 53.77% to 34.09% by March 2025, reflecting reductions in liquid and short-term asset proportions within the asset structure.
- Non-Current Assets Trend
- Non-marketable securities increased gradually from 4.52% to 10.73%, suggesting a shift toward more long-term, less liquid investments. Deferred income taxes expanded markedly, rising from a minimal 0.27% to 3.87% over the span, showing growing deferred tax liabilities or assets. Property and equipment net values rose steadily from 28.07% to 38.93%, highlighting significant investment in physical assets. Operating lease assets experienced a consistent decline from 4.10% to 2.89%, signaling possible lease terminations or changes in leasing strategy. Goodwill remained relatively stable, hovering between roughly 6.39% and 8.05%, without pronounced trend changes. Other non-current assets increased slightly, from 1.68% to 2.72%, with some variability.
- Total Asset Structure
- The composition of total assets shifted notably from mostly current assets toward non-current assets over the depicted periods. Non-current assets' share increased from 46.23% to 65.91%, underscoring a strategic move toward long-term investments and fixed assets. This is concomitant with the reduction in current assets, which decreased as a proportion of total assets from 53.77% to 34.09%. Overall, total assets remained constant at 100% across all periods as expected.
- Summary Insights
- The data reveals a strategic repositioning of asset allocation, with a declining emphasis on liquid assets such as cash and marketable securities and an increased focus on long-term, non-current investments including property, equipment, and non-marketable securities. This transition suggests a longer-term investment horizon and potentially reflects broader business development or capital expenditure initiatives. The gradual increase in deferred income taxes may indicate growing complexity in tax-related accounting or deferred tax obligations arising from asset composition changes. The decline in operating lease assets might imply optimization of leased properties or adoption of alternative asset utilization strategies.