Common-Size Balance Sheet: Assets
Quarterly Data
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Super Micro Computer Inc. pages available for free this week:
- Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2007
- Current Ratio since 2007
- Debt to Equity since 2007
- Price to Book Value (P/BV) since 2007
- Analysis of Debt
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Based on: 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30).
The financial data reveals several notable trends in asset composition over the periods analyzed. The company's current assets consistently represent a predominant share of total assets, generally remaining above 80%, and gradually increasing from around 83.5% to almost 88% in earlier periods and stabilizing near 87-90% in the later periods. This emphasizes a strong liquidity position and a potential preference for short-term asset holdings.
Within current assets, inventories consistently account for the largest proportion, typically between 33% and 52%. They peaked in the range of 48-52% in multiple quarters, particularly during 2021 to early 2023, indicating a buildup in stock levels. However, more recently, inventories have shown a declining trend from over 50% down to around 33%, which might suggest efforts to reduce inventory levels or improved inventory management.
Accounts receivable percentages fluctuate between about 15% and 31%, with some volatility apparent. There are spikes in accounts receivable reaching above 30% in several quarters, especially in mid-2023 and late 2024, followed by declines. This variability could reflect changes in credit policies or sales cycles impacting receivables turnover.
Cash and cash equivalents show significant variation, initially hovering around 8-17% but rising sharply to nearly 37% by the last reported quarter. This increase in cash reserves in recent periods could indicate more conservative cash management or preparation for anticipated expenditures or investments.
Prepaid expenses and other current assets display a gradual decline over time, dropping from above 8% in earlier periods to below 2% in recent quarters. This suggests a reduction in advance payments or similar assets held.
On the non-current asset side, total non-current assets decrease from roughly 16-19% early on to closer to 9-12% more recently, implying a reduction in longer-term asset investments or disposals. Property, plant, and equipment (PP&E) consistently decline as a percentage of total assets, from over 12% to under 4%, which may indicate asset sales, depreciation outpacing new investments, or a strategic shift away from fixed assets.
Other non-current assets and deferred income taxes show relatively minor changes but with deferred income taxes gradually increasing in proportion up to around 4.5%, signaling changing tax asset or liability dynamics.
Overall, the data depicts a company with a stable emphasis on current assets, particularly inventories and receivables, but with notable recent increases in cash holdings and reductions in fixed assets. These shifts could reflect strategic liquidity management and adjustments in operational asset structure.
- Current Assets
- Consistently dominant (above 80%), with gradual increase to near 88-90% range.
- Inventories
- Largest portion of current assets, peaking above 50%, then declining to about 33% in latest data.
- Accounts Receivable
- Variable between roughly 15% and 31%, showing fluctuations linked possibly to credit policies or billing cycles.
- Cash and Cash Equivalents
- Ranges widely from about 7% to 37%, with a notable increase in the most recent periods.
- Prepaid Expenses and Other Current Assets
- Declining trend from over 8% down to below 2%.
- Non-Current Assets
- Decreasing portion of total assets, dropping from about 18% to 9-12%, with significant reductions in property, plant, and equipment.
- Property, Plant and Equipment (PP&E)
- Consistent decline from over 12% to approximately 3.6%, indicating possible asset disposals or reduced capital expenditure.
- Deferred Income Taxes and Other Assets
- Modest changes observed, with deferred income taxes rising moderately.