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Stock Analysis on Net

Bed Bath & Beyond Inc. (NASDAQ:BBBY)

This company has been moved to the archive! The financial data has not been updated since September 30, 2022.

Common-Size Balance Sheet: Assets
Quarterly Data

Bed Bath & Beyond Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Aug 27, 2022 May 28, 2022 Feb 26, 2022 Nov 27, 2021 Aug 28, 2021 May 29, 2021 Feb 27, 2021 Nov 28, 2020 Aug 29, 2020 May 30, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 Jun 1, 2019 Mar 2, 2019 Dec 1, 2018 Sep 1, 2018 Jun 2, 2018 Mar 3, 2018 Nov 25, 2017 Aug 26, 2017 May 27, 2017 Feb 25, 2017 Nov 26, 2016 Aug 27, 2016 May 28, 2016
Cash and cash equivalents 2.90 2.17 8.57 9.00 16.00 18.13 20.95 20.92 19.38 14.57 12.84 11.23 12.43 8.77 7.75 10.12 11.88 9.68 4.92 6.30 6.84 6.83 7.13 6.54 8.66 8.27
Short-term investment securities 0.00 0.00 0.00 0.00 0.49 0.50 0.00 0.00 0.00 0.38 4.95 0.00 0.00 2.52 7.39 3.16 2.81 2.11 5.37 0.00 0.00 0.00 0.00 0.00 0.00 0.34
Accounts receivable 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Merchandise inventories 33.78 35.55 33.63 33.80 26.22 25.83 25.89 25.47 27.58 29.12 26.88 31.74 29.50 31.81 39.86 39.88 38.44 37.73 38.79 44.51 42.44 43.09 42.44 45.19 43.54 44.43
Prepaid expenses and other current assets 4.13 3.84 3.86 9.31 8.41 8.52 9.22 2.81 3.36 4.61 3.19 4.51 3.81 3.18 4.51 6.29 5.29 6.89 7.33 4.00 2.77 3.17 6.09 7.31 6.70 6.20
Assets held-for-sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.50 0.00 0.92 1.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current assets 40.80% 41.57% 46.06% 52.11% 51.11% 52.98% 56.06% 56.70% 50.32% 49.60% 49.11% 47.48% 45.73% 46.28% 59.51% 59.45% 58.42% 56.41% 56.40% 54.81% 52.05% 53.09% 55.66% 59.04% 58.90% 59.25%
Long-term investment securities 0.43 0.38 0.37 0.34 0.32 0.32 0.30 0.28 0.27 0.26 0.26 0.25 0.26 0.26 0.30 0.26 0.27 0.28 0.28 1.50 1.46 1.40 1.31 1.19 1.24 1.19
Property and equipment, net 24.03 22.62 20.02 16.33 15.14 15.35 14.22 12.95 17.42 17.70 18.36 21.84 22.39 22.82 28.20 24.76 25.71 26.99 27.12 25.61 27.05 26.43 26.83 24.46 26.09 26.20
Operating lease assets 31.48 32.28 30.46 28.35 27.50 26.17 24.58 23.11 25.73 24.74 25.76 24.30 25.42 24.92 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.95 9.50 9.79 10.21 10.17 9.96 10.43 10.29 10.18 9.81 7.80 7.40
Other assets 3.26 3.15 3.08 2.87 5.93 5.18 4.83 6.95 6.26 7.70 6.50 6.13 6.19 5.72 6.03 6.02 5.82 6.10 6.03 8.12 9.02 8.79 6.01 5.50 5.97 5.96
Noncurrent assets 59.20% 58.43% 53.94% 47.89% 48.89% 47.02% 43.94% 43.30% 49.68% 50.40% 50.89% 52.52% 54.27% 53.72% 40.49% 40.55% 41.58% 43.59% 43.60% 45.19% 47.95% 46.91% 44.34% 40.96% 41.10% 40.75%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2022-08-27), 10-Q (reporting date: 2022-05-28), 10-K (reporting date: 2022-02-26), 10-Q (reporting date: 2021-11-27), 10-Q (reporting date: 2021-08-28), 10-Q (reporting date: 2021-05-29), 10-K (reporting date: 2021-02-27), 10-Q (reporting date: 2020-11-28), 10-Q (reporting date: 2020-08-29), 10-Q (reporting date: 2020-05-30), 10-K (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-06-01), 10-K (reporting date: 2019-03-02), 10-Q (reporting date: 2018-12-01), 10-Q (reporting date: 2018-09-01), 10-Q (reporting date: 2018-06-02), 10-K (reporting date: 2018-03-03), 10-Q (reporting date: 2017-11-25), 10-Q (reporting date: 2017-08-26), 10-Q (reporting date: 2017-05-27), 10-K (reporting date: 2017-02-25), 10-Q (reporting date: 2016-11-26), 10-Q (reporting date: 2016-08-27), 10-Q (reporting date: 2016-05-28).

An analysis of the asset structure reveals a fundamental shift in the composition of total assets between 2016 and 2022, transitioning from a predominantly current-asset-heavy balance sheet to one dominated by noncurrent assets.

Liquidity and Cash Position
Cash and cash equivalents exhibited significant volatility over the analyzed period. After maintaining a range of 6% to 12% from 2016 through 2019, there was a marked increase beginning in 2020, peaking at 20.95% in February 2021. However, this trend reversed sharply in 2022, with cash levels plummeting to 2.17% by May 2022 and remaining low at 2.90% by August 2022, indicating a severe contraction in immediate liquidity.
Inventory Management
Merchandise inventories represented the largest single component of current assets for much of the period. A steady decline is observed from a peak of 45.19% in November 2016 down to 25.47% by November 2020. While inventories remained relatively stable around 26% through mid-2021, a notable increase occurred in late 2021 and 2022, rising back to 33.78% by August 2022.
Noncurrent Asset Evolution and Lease Accounting
Noncurrent assets rose from approximately 40% of the total asset base in 2016 to 59.20% by August 2022. A pivotal change occurred in June 2019 with the introduction of operating lease assets, which immediately accounted for 24.92% of total assets and grew to 31.48% by August 2022. This suggests a significant accounting shift in how lease obligations were capitalized on the balance sheet. Concurrently, net property and equipment saw a general decline from 26% in 2016 to a low of 12.95% in November 2020, before recovering to 24.03% by August 2022.
Intangible Assets and Impairments
Goodwill consistently represented between 7% and 10% of total assets from 2016 until March 2019. Following a drop to 5.95% in March 2019, goodwill was entirely removed from the asset base starting in June 2019, indicating a full impairment or write-off of these intangible assets.
Overall Asset Composition Trend
Current assets as a percentage of the total balance sheet declined from a high of 59.51% in March 2019 to 40.80% by August 2022. This migration toward noncurrent assets, combined with the depletion of cash reserves in 2022, reflects a deteriorating liquidity profile and a change in the operational asset base.

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