Stock Analysis on Net

Costco Wholesale Corp. (NASDAQ:COST)

Common-Size Balance Sheet: Assets 

Costco Wholesale Corp., common-size consolidated balance sheet: assets

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Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
Cash and cash equivalents 14.19 19.86 15.90 19.00 22.10 18.47
Short-term investments 1.77 2.22 1.32 1.55 1.85 2.33
Receivables, net 3.90 3.31 3.49 3.04 2.79 3.38
Merchandise inventories 26.70 24.13 27.91 23.98 22.04 25.10
Other current assets 2.48 2.48 2.34 2.21 1.84 2.45
Current assets 49.04% 52.00% 50.96% 49.78% 50.62% 51.73%
Property and equipment, net 41.57 38.68 38.41 39.64 39.25 46.01
Finance lease assets 2.05 1.92 2.52 1.69 1.07 0.77
Property and equipment, net, including finance lease right-of-use assets 43.63% 40.60% 40.93% 41.32% 40.32% 46.79%
Operating lease right-of-use assets 3.75 3.93 4.32 4.88 5.02 0.00
Other long-term assets 3.58 3.47 3.79 4.02 4.05 1.48
Long-term assets 50.96% 48.00% 49.04% 50.22% 49.38% 48.27%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).


Cash and Cash Equivalents
The proportion of cash and cash equivalents relative to total assets exhibited noticeable fluctuations over the years. Initially at 18.47% in 2019, it rose to a peak of 22.1% in 2020. This was followed by a gradual decline reaching 14.19% by 2024, indicating a decreasing allocation to liquid cash resources in recent periods.
Short-term Investments
Short-term investments as a percentage of total assets showed a gradual decline from 2.33% in 2019 to a low of 1.32% in 2022, before slightly rebounding to 1.77% in 2024. The overall trend suggests cautious or reduced investment in short-term securities over the period.
Receivables, Net
The net receivables percentage displayed moderate variability, starting at 3.38% in 2019, dipping to 2.79% in 2020, and then increasing steadily to 3.9% in 2024. This may point to growing credit sales or changes in collection efficiency in recent years.
Merchandise Inventories
Inventory levels as a proportion of total assets decreased between 2019 and 2020 from 25.1% to 22.04%, then increased sharply to 27.91% in 2022. Following this peak, it declined again before rising to 26.7% in 2024. Such fluctuation suggests adjustments in inventory management practices or response to demand variability.
Other Current Assets
Other current assets remained relatively stable, ranging narrowly between 1.84% and 2.48%, indicating consistent allocation to miscellaneous current asset categories without significant change.
Current Assets
The total current assets proportion fluctuated mildly around the 50% mark, from 51.73% in 2019 to a low of 49.04% in 2024. The consistency suggests a balanced asset structure with current assets representing roughly half of total assets throughout the period.
Property and Equipment, Net
The share of net property and equipment showed a notable decrease during the early years, falling from 46.01% in 2019 to 38.41% in 2022, then rebounding to 41.57% by 2024. This pattern indicates periods of asset divestiture or depreciation followed by renewed investment or acquisition of fixed assets.
Finance Lease Assets
The finance lease assets increased steadily from 0.77% in 2019 to 2.05% in 2024, reflecting a growing reliance on leased properties or equipment accounted for as finance leases.
Property and Equipment, Net Including Finance Lease Right-of-Use Assets
This combined category followed a trend similar to net property and equipment, but with slightly higher proportions, indicating the increased impact of finance lease right-of-use assets on overall fixed asset holdings. It rose from 46.79% in 2019, dipped to around 40.6% in 2023, and increased again to 43.63% in 2024.
Operating Lease Right-of-Use Assets
Operating lease right-of-use assets were first reported in 2020 at 5.02% and have consistently declined year over year to 3.75% in 2024. This suggests a gradual reduction in operating lease commitments or reclassification of leases.
Other Long-term Assets
The proportion of other long-term assets increased noticeably from 1.48% in 2019 to a peak of 4.05% in 2020, and then stabilized around 3.5% in subsequent years. This points to some one-time adjustments or strategic asset acquisitions during the early period followed by stabilization.
Long-term Assets
The overall percentage of long-term assets relative to total assets remained fairly stable, oscillating close to 50% throughout the years. This balance highlights a consistent asset structure between long-term and current assets.
Total Assets
By definition, total assets remain constant at 100%, serving as the base for all proportional analysis.