Kraft Heinz Co. (NASDAQ:KHC)

The asset composition is characterized by a dominant concentration of non-current assets, which consistently represent over 91% of the total asset base from 2015 to 2019. Current assets maintain a relatively small and fluctuating presence, ranging between approximately 6% and 9% of total assets during the analyzed period.

Intangible Assets and Goodwill

A significant portion of the balance sheet is comprised of intangible assets and goodwill. Intangible assets remained high, fluctuating between 47.81% and 50.52%, while goodwill remained stable, averaging approximately 35% of total assets. Combined, these two categories represent over 80% of the total asset structure, indicating a heavy reliance on brand valuation and acquired intellectual property.

Liquidity and Working Capital

Cash and cash equivalents exhibited a downward trend for the first four years, decreasing from 3.93% in 2015 to a low of 1.09% in 2018, before recovering to 2.25% in 2019. Trade receivables remained low until 2018, where a sharp increase to 2.06% occurred, followed by a slight dip to 1.94% in 2019. Inventories showed a steady and marginal increase over the period, rising from 2.13% in 2015 to 2.68% in 2019.

Fixed and Other Non-Current Assets

Property, plant, and equipment, net, demonstrated a consistent upward trend, increasing from 5.31% of total assets in 2015 to 6.95% in 2019. Other non-current assets remained relatively stable, though a notable increase to 2.07% was recorded in 2019 compared to the 1.22% to 1.34% range observed in previous years.