Stock Analysis on Net

T-Mobile US Inc. (NASDAQ:TMUS)

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Common-Size Balance Sheet: Assets

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T-Mobile US Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Cash and cash equivalents
Accounts receivable, net of allowance for credit losses
Equipment installment plan receivables, net of allowance for credit losses and imputed discount
Inventory
Prepaid expenses
Other current assets
Current assets
Property and equipment, net
Financing lease right-of-use assets
Property and equipment, net, including financing lease right-of-use assets
Operating lease right-of-use assets
Goodwill
Spectrum licenses
Other intangible assets, net
Intangible assets, net
Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount
Other assets
Long-term assets
Total assets

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).


The analysis of the annual financial data reveals several clear trends over the period from 2020 to 2024, expressed as percentages of total assets.

Liquidity and Current Assets
Cash and cash equivalents as a percentage of total assets show a decreasing trend from 5.19% in 2020 to 2.13% in 2022, with a slight recovery to 2.6% by 2024. Similarly, accounts receivable remains relatively stable, fluctuating mildly around 2.1%. Equipment installment plan receivables see an increase early on, peaking at 2.42% in 2022, then slightly declining to 2.1% by 2024. Inventory steadily decreases from 1.26% to 0.77%, indicating possible improved inventory management or a shift in operational focus. Prepaid expenses increase marginally toward 2024, from 0.31% to 0.42%, while other current assets exhibit a decline from 1.25% in 2020 to 0.89% in 2024. Overall, current assets as a proportion of total assets reduce consistently from 11.93% to 8.85%, suggesting a strategic shift towards less liquidity or a greater focus on long-term investments.
Property, Equipment, and Lease Assets
Net property and equipment assets show a moderate decline from 20.57% to 18.52%, which could indicate depreciation outpacing capital expenditures or asset sales. Financing lease right-of-use assets remain relatively stable around 1.5%. When combined, property, equipment, and financing lease assets decline from 22.08% to 20.01%. Operating lease right-of-use assets experience a gradual decrease from 14% to 12.21%, demonstrating a possible reduction in leased asset commitments or renegotiation of lease terms.
Intangible Assets and Goodwill
Goodwill increases from 5.55% to 6.25%, indicating potential accumulations from acquisitions. Spectrum licenses, a major component of intangible assets, show a steady increase from 41.38% to 48.34%, highlighting significant investment or capitalization in spectrum assets over time. Other intangible assets, net, reduce markedly from 2.65% to 1.21%, which might reflect amortization or impairment charges. Overall, intangible assets increase from 44.03% to 49.54%, underscoring a growing reliance on intangible resources.
Long-term Assets
Long-term assets as a whole increase from 88.07% to 91.15%, confirming the shift away from current assets toward long-term investments or capital assets. This further supports the observation that the company is prioritizing long-term strategic assets over liquid short-term assets.
Other Observations
Equipment installment plan receivables due after one year fluctuate slightly but remain generally stable around 1%. Other assets show a gradual increase from 1.39% to 2.08%, which could include various non-current items adding to asset diversification.

In summary, the financial data indicates a strategic trend towards decreased liquidity and current assets, offset by increased investment in long-term and intangible assets, especially spectrum licenses. There is a notable emphasis on capitalizing on intangible assets and a subtle reduction in physical asset proportions, combined with slight shifts in lease asset holdings. This may reflect the company's focus on strengthening long-term value drivers and adjusting its asset portfolio to align with evolving operational priorities and market conditions.