Common-Size Balance Sheet: Assets
Quarterly Data
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
The asset structure is characterized by a heavy concentration in noncurrent assets, which consistently represent approximately 89% to 91% of the total asset base. While current assets maintain a relatively small footprint, there is an observable shift in the composition of both current and noncurrent asset categories over the analyzed period.
- Liquidity and Current Asset Composition
- Cash and cash equivalents experienced a notable contraction, falling from 5.37% in March 2021 to a minimum of 1.85% by December 2022, before stabilizing between 2.97% and 3.64% in the later periods. Concurrently, net receivables showed a steady upward trend, increasing from 3.94% to 5.42%, suggesting a higher proportion of capital tied up in outstanding customer payments.
- Fixed Asset Expansion
- Property and equipment, net of accumulated depreciation, demonstrated a consistent and significant increase. This item rose from 18.78% of total assets in March 2021 to 25.68% by June 2026. This trend indicates a sustained commitment to capital expenditure and the expansion of physical infrastructure.
- Intangible Asset Amortization and Dilution
- Total intangible assets transitioned from 33.83% of the total asset mix in March 2021 to 30.69% by June 2026. This decline is primarily driven by a steady reduction in other intangible assets, which dropped from 12.52% to 7.64%, and a decrease in goodwill from 25.17% to 20.61%. Franchise rights remained relatively stable, fluctuating between 21% and 23%.
The overarching trend reflects a strategic migration from intangible-heavy assets toward tangible physical infrastructure. The reduction in the relative weight of goodwill and other intangibles, coupled with the growth in property and equipment, suggests a shift in the asset base from acquisition-related values toward operational capacity.
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