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Teradyne Inc. (NASDAQ:TER)

This company has been moved to the archive! The financial data has not been updated since May 3, 2024.

Common-Size Balance Sheet: Assets

Teradyne Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Cash and cash equivalents 21.73 24.41 29.46 25.03 27.77
Marketable securities 1.78 1.13 6.41 14.30 4.93
Accounts receivable, less allowance for credit losses 12.11 14.03 14.46 13.62 13.00
Inventories, net 8.89 9.28 6.39 6.08 7.06
Contract manufacturer and supplier prepayments 14.40 14.03 9.57 5.81 5.15
Prepaid maintenance and other services 0.50 0.42 0.36 0.36 0.31
Prepaid taxes 0.46 0.53 0.40 0.26 0.29
Other prepayments 0.37 0.25 0.34 0.42 0.60
Prepayments 15.74% 15.22% 10.66% 6.85% 6.34%
Other current assets 1.09 0.41 0.25 0.25 0.43
Current assets held for sale 0.67 0.00 0.00 0.00 0.00
Current assets 62.01% 64.49% 67.63% 66.13% 59.52%
Property, plant and equipment, net 12.78 11.96 10.17 10.81 11.49
Operating lease right-of-use assets, net 2.11 2.11 1.81 1.49 2.06
Marketable securities 3.37 3.16 3.51 3.23 3.75
Deferred tax assets 5.04 4.08 2.69 2.41 2.70
Retirement plans assets 0.33 0.34 0.40 0.48 0.66
Other assets 1.11 0.83 0.63 0.26 0.37
Acquired intangible assets, net 1.02 1.53 1.99 2.76 4.50
Goodwill 11.92 11.52 11.18 12.43 14.94
Long-term assets held for sale 0.33 0.00 0.00 0.00 0.00
Long-term assets 37.99% 35.51% 32.37% 33.87% 40.48%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 10-K (reporting date: 2019-12-31).

The asset structure is characterized by a high proportion of current assets, which fluctuated from 59.52% in 2019 to a peak of 67.63% in 2021, before settling at 62.01% by the end of 2023. Long-term assets have experienced a corresponding inverse trend, decreasing from 40.48% in 2019 to 37.99% in 2023.

Liquidity and Cash Management
A gradual decline in cash and cash equivalents is observed, falling from 27.77% of total assets in 2019 to 21.73% in 2023. This trend is complemented by significant volatility in current marketable securities, which peaked at 14.30% in 2020 before decreasing sharply to 1.78% by 2023.
Working Capital and Supply Chain Shifts
There is a substantial increase in prepayments, particularly those related to contract manufacturers and suppliers, which rose from 5.15% in 2019 to 14.40% in 2023. Overall prepayments more than doubled over the five-year period, increasing from 6.34% to 15.74%, suggesting a strategic shift toward securing supply chain capacity.
Operational Asset Trends
Inventories remained relatively stable but showed a slight upward trajectory, increasing from 7.06% in 2019 to 8.89% in 2023. Accounts receivable stayed consistent, fluctuating within a narrow range between 12.11% and 14.46%.
Long-term Asset Composition
Property, plant, and equipment net of depreciation showed a slight overall increase from 11.49% to 12.78%. A notable downward trend is evident in acquired intangible assets, which declined from 4.50% in 2019 to 1.02% in 2023, likely reflecting amortization. Goodwill remained relatively stable, ending the period at 11.92%.
Other Non-Current Assets
Deferred tax assets exhibited a steady increase, rising from 2.70% in 2019 to 5.04% in 2023, while retirement plan assets decreased slightly from 0.66% to 0.33%.

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