Common-Size Balance Sheet: Assets
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2016
- Return on Assets (ROA) since 2016
- Total Asset Turnover since 2016
- Price to Earnings (P/E) since 2016
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Trade Desk Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-12-31), 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).
The composition of assets exhibited several notable shifts between 2021 and 2025. Current assets consistently represented the largest portion of the asset base, though a slight decline is observed over the period. Within current assets, accounts receivable demonstrated a significant influence, while the proportion of cash and cash equivalents fluctuated considerably. Non-current assets, while smaller in aggregate, showed an increasing trend towards the end of the analyzed period.
- Liquidity and Cash Position
- Cash and cash equivalents began at 21.08% of total assets in 2021, increased to a peak of 23.52% in 2022, then decreased to 18.31% in 2023, rebounded to 22.41% in 2024, and experienced a substantial decline to 10.70% in 2025. This volatility suggests potential active cash management or significant investment/spending activities. Short-term investments, net, generally increased from 5.72% to 10.48% over the five-year period, potentially offsetting some of the cash fluctuations. Overall, current assets decreased from 86.42% in 2021 to 85.50% in 2025.
- Accounts Receivable
- Accounts receivable consistently constituted the largest single component of assets, ranging from 53.58% to 61.27% of the total. A clear upward trend is visible, increasing from 56.49% in 2021 to 61.27% in 2025. This suggests a growing reliance on credit sales or potentially slower collection periods. The increasing proportion warrants further investigation into the company’s credit policies and collection efficiency.
- Long-Term Investments and Fixed Assets
- Property and equipment, net, remained relatively stable between 3.30% and 3.97% for most of the period, but increased to 6.45% in 2025. Operating lease assets decreased from 6.54% in 2021 to 4.04% in 2023, then showed a slight recovery to 5.56% in 2025. Deferred income taxes increased from 1.91% to 3.77% between 2021 and 2024, before decreasing to 0.91% in 2025. These changes indicate shifts in the company’s capital expenditure and financing strategies.
- Non-Current Asset Trends
- Non-current assets as a percentage of total assets decreased from 13.58% in 2021 to 11.76% in 2023, then increased to 14.50% in 2025. This increase in 2025 is primarily driven by the increase in property and equipment, net, and operating lease assets. The overall trend suggests a moderate increase in long-term investments towards the end of the period.
In summary, the asset composition demonstrates a dynamic shift over the five-year period. The increasing proportion of accounts receivable, coupled with the fluctuating cash position, requires attention. The growth in non-current assets in 2025 may indicate a strategic shift towards long-term investments.