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O’Reilly Automotive Inc. (NASDAQ:ORLY)

This company has been moved to the archive! The financial data has not been updated since November 8, 2022.

Common-Size Balance Sheet: Assets
Quarterly Data

O’Reilly Automotive Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Cash and cash equivalents 0.55 2.10 1.63 3.09 3.81 5.29 5.15 4.02 13.01 7.44 2.58 0.38 0.41 0.55 0.56 0.39 0.51 0.47 0.50 0.61 0.50 0.36 0.38
Accounts receivable, net 2.76 2.74 2.60 2.33 2.40 2.29 2.24 1.98 1.94 2.08 1.99 2.01 2.16 2.57 2.49 2.41 3.07 3.10 2.93 2.86 2.94 2.77 2.72
Amounts receivable from suppliers 1.11 1.02 0.84 0.97 0.94 0.95 0.97 0.87 0.72 0.74 0.75 0.74 0.73 0.76 0.66 0.98 1.05 1.02 1.02 1.01 1.06 0.84 0.99
Inventory 33.81 33.19 32.70 31.46 30.93 30.52 30.56 31.50 28.21 30.09 32.02 32.23 32.28 31.98 32.09 40.01 39.77 39.81 39.82 39.75 39.94 40.29 39.88
Other current assets 0.67 0.72 0.69 0.60 0.61 0.61 0.62 0.44 0.36 0.45 0.48 0.42 0.32 0.42 0.47 0.60 0.69 0.67 0.69 0.65 0.46 0.52 0.54
Current assets 38.90% 39.77% 38.46% 38.44% 38.70% 39.65% 39.56% 38.80% 44.25% 40.79% 37.82% 35.77% 35.91% 36.27% 36.27% 44.40% 45.09% 45.07% 44.95% 44.87% 44.90% 44.78% 44.50%
Property and equipment, at cost 59.58 59.34 59.92 59.29 58.31 56.64 56.12 56.57 51.96 54.60 56.84 57.77 58.36 57.69 57.26 70.74 69.82 69.33 69.03 68.56 68.39 68.55 68.51
Accumulated depreciation and amortization -24.09 -23.85 -23.89 -23.33 -22.67 -21.79 -21.42 -21.26 -19.39 -20.17 -20.76 -20.93 -21.04 -20.89 -20.72 -25.79 -25.47 -25.10 -24.82 -24.40 -24.36 -24.58 -24.44
Net property and equipment 35.49% 35.49% 36.02% 35.96% 35.64% 34.85% 34.71% 35.31% 32.57% 34.43% 36.09% 36.84% 37.32% 36.80% 36.54% 44.95% 44.36% 44.23% 44.21% 44.16% 44.02% 43.96% 44.07%
Operating lease, right-of-use assets 17.24 16.29 16.80 16.92 17.06 16.97 17.22 17.20 15.31 16.42 17.42 17.99 18.40 18.58 18.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill 7.20 7.30 7.50 7.50 7.45 7.37 7.42 7.60 6.99 7.44 8.19 8.74 7.79 7.92 8.04 10.12 10.00 10.16 10.29 10.42 10.53 10.71 10.91
Other assets, net 1.17 1.14 1.21 1.19 1.15 1.15 1.10 1.08 0.88 0.91 0.48 0.65 0.58 0.43 0.40 0.54 0.55 0.54 0.54 0.55 0.55 0.54 0.53
Noncurrent assets 61.10% 60.23% 61.54% 61.56% 61.30% 60.35% 60.44% 61.20% 55.75% 59.21% 62.18% 64.23% 64.09% 63.73% 63.73% 55.60% 54.91% 54.93% 55.05% 55.13% 55.10% 55.22% 55.50%
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%

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The asset composition of the balance sheet reflects a significant structural shift occurring in early 2019, coinciding with the introduction of operating lease right-of-use assets. Prior to this period, the asset base was characterized by a higher concentration of current assets and net property and equipment. Post-2019, the introduction of lease assets redistributed the relative weight of other asset categories, though the underlying operational patterns remain consistent.

Liquidity and Cash Management
Cash and cash equivalents maintained a minimal footprint, generally below 1% of total assets, from 2017 through early 2020. A pronounced surge in liquidity occurred during 2020, with cash peaking at 13.01% of total assets in September 2020. This period of elevated liquidity was followed by a steady contraction, returning to a baseline of 0.55% by September 2022, indicating a strategic return to lean cash management.
Inventory and Working Capital
Inventory represents the most significant component of current assets. Between 2017 and late 2018, inventory consistently accounted for approximately 40% of total assets. Starting in March 2019, this proportion shifted downward to a range between 28% and 34%. Accounts receivable remained relatively stable, fluctuating between 1.9% and 3.1%, suggesting consistent credit management practices relative to the total asset base.
Fixed Assets and Lease Accounting
Net property and equipment showed a marked decrease in relative weight from approximately 44% in 2018 to between 32% and 37% from 2019 onward. This decline is inversely correlated with the appearance of operating lease right-of-use assets in March 2019, which immediately added approximately 18.75% to the total asset composition. This shift indicates a transition in how the company accounts for its facility and equipment footprint, moving a portion of its operational assets into lease accounting.
Intangible Assets and Other Noncurrent Assets
Goodwill has experienced a gradual and steady decline in its proportion of total assets, moving from 10.91% in March 2017 to 7.20% by September 2022. This trend suggests that organic asset growth has outpaced the growth of acquired intangibles. Other noncurrent assets have remained a negligible portion of the balance sheet, typically hovering around 1%.
Overall Asset Distribution
The general distribution shifted from a balanced split between current assets (approx. 45%) and noncurrent assets (approx. 55%) in 2017-2018 to a profile more heavily weighted toward noncurrent assets (approx. 61%) in the later years. This change is primarily driven by the capitalization of operating leases rather than a fundamental shift in the operational business model.

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