Common-Size Balance Sheet: Assets
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DexCom Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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DexCom Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets showed a pronounced decline from 59.34% in 2018 to 11.91% in 2022. This indicates a significant reduction in highly liquid assets over the observed period.
- Short-term Marketable Securities
- Short-term marketable securities as a percentage of total assets increased sharply from 12.97% in 2018 to a peak of 45.39% in 2019, followed by a gradual decrease to 33.64% by 2022. This suggests a strategic shift from cash holdings to short-term investments, though these investments have been moderately reduced in recent years.
- Accounts Receivable, Net
- The share of accounts receivable remained relatively stable between 2018 and 2022, fluctuating from 11.83% to 13.23%, with a slight dip around 2020. This indicates steady credit sales and collections practices throughout the period.
- Inventory
- Inventory as a percentage of total assets increased from 3.69% in 2018, peaking at 7.35% in 2021 before declining to 5.69% in 2022. The uptick until 2021 may reflect buildup of stock, possibly anticipating demand or supply constraints, with some normalization afterward.
- Prepaid Expenses and Prepaid Inventory
- Data on prepaid expenses and prepaid inventory emerged starting in 2021, showing small but increasing proportions: prepaid expenses rose from 0.82% to 0.91%, and prepaid inventory increased notably from 0.25% to 1.26% by 2022. This suggests incremental prepayments, potentially for operational efficiency or supplier arrangements.
- Income Tax Receivables
- Income tax receivables appeared from 2021 with a modest share of 0.05%, growing to 0.72% in 2022, indicating increasing recoverable tax assets or refunds due.
- Other and Prepaid and Other Current Assets
- Other current assets remained low, fluctuating slightly but generally below 1%, while the combined category of prepaid and other current assets rose from 0.86% in 2018 to 3.57% in 2022, reflecting an overall increase in miscellaneous current asset items.
- Current Assets
- The aggregate current assets as a percentage of total assets have declined steadily from 88.7% in 2018 to 68.05% in 2022, indicating a gradual shift away from liquidity and short-term asset dominance towards longer-term or fixed assets.
- Property and Equipment, Net
- A consistent increase is observed in property and equipment from 9.56% in 2018 to 19.58% in 2022, more than doubling its relative weight. This suggests ongoing capital investment or asset acquisition over the period.
- Operating Lease Right-of-Use Assets
- This category, reported from 2019 onwards, decreased progressively from 2.99% in 2019 to 1.48% in 2022, implying a reduction in leased asset obligations or a change in leasing strategy.
- Goodwill
- Goodwill's proportion remained low, decreasing initially from 0.98% in 2018 to 0.45% in 2020, and then stabilizing near 0.50% through 2022. This signals relatively minimal acquisition-related intangible assets.
- Intangibles, Net
- Intangibles first appear in 2021 at 0.65%, then increase sharply to 3.21% in 2022, indicating an expansion in capitalized intangible assets, possibly due to acquisitions or internal development.
- Deferred Tax Assets
- Deferred tax assets, starting at 5.04% in 2020, declined slightly to 4.54% in 2021 before rising to 6.33% in 2022. This trend reflects growing future tax benefits realizable by the company.
- Other Non-current Assets
- Other assets accounted for a minor portion, fluctuating between 0.22% and 0.87%, without a discernible upward or downward trend over the period.
- Non-current Assets
- Non-current assets as a percentage of total assets show a rising trend, increasing from 11.3% in 2018 to 31.95% in 2022. This shift highlights a strategic movement toward longer-term investments and asset accumulation.
- Total Assets
- Total assets consistently represent 100% across all years, serving as a normalization base for relative proportions.