Common-Size Balance Sheet: Assets
Quarterly Data
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Trade Desk Inc. pages available for free this week:
- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2016
- Return on Assets (ROA) since 2016
- Total Asset Turnover since 2016
- Price to Operating Profit (P/OP) since 2016
- Price to Book Value (P/BV) since 2016
- Aggregate Accruals
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Trade Desk Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
The asset composition of the company is heavily weighted toward current assets, which consistently comprise between 83% and 89% of total assets throughout the analyzed period. Non-current assets represent a significantly smaller portion of the balance sheet, typically fluctuating between 11% and 17%.
- Liquidity and Short-Term Investments
- Cash and cash equivalents exhibited a growth trend from early 2021, peaking at 25.39% of total assets in June 2022. However, a pronounced downward trend emerged starting in 2024, with the proportion falling to a low of 10.70% by December 2025, before a partial recovery to 15.32% in March 2026. Short-term investments remained relatively stable, generally fluctuating between 5% and 13%, providing a secondary layer of liquidity that partially offset the volatility in cash holdings.
- Accounts Receivable Dynamics
- Accounts receivable constitute the largest single component of the asset base, consistently exceeding 50% of total assets. A gradual increase in the concentration of receivables is observable, rising from 52.59% in March 2021 to a peak of 61.27% in December 2025. This suggests a growing proportion of the company's total asset value is tied up in credit extended to customers.
- Operational and Fixed Assets
- Property and equipment, net, remained a minor component for most of the period, generally staying below 4.5%. However, a noticeable upward trend occurred between March 2025 and March 2026, where the proportion increased from 4.40% to 6.79%. Conversely, operating lease assets showed a steady decline from 9.14% in early 2021 to approximately 4% by late 2023, before stabilizing in the 4% to 6% range.
- Other Asset Components
- Prepaid expenses and other current assets demonstrated a consistent reduction over time, dropping from 4.66% in March 2021 to a low of 1.12% in March 2025. Deferred income taxes remained a volatile but small portion of the balance sheet, fluctuating between 0.91% and 4.01%.
Overall, the asset structure indicates a high-liquidity model characterized by an increasing reliance on accounts receivable and a shifting allocation between immediate cash and long-term fixed assets toward the end of the period.