Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Cash Flow Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2016
- Debt to Equity since 2016
- Total Asset Turnover since 2016
- Price to Book Value (P/BV) since 2016
- Aggregate Accruals
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Trade Desk Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
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).
- Liabilities Trends
- There is a noticeable decline in total liabilities as a percentage of total liabilities and stockholders’ equity from 63.21% in 2020 to a low of 51.71% in 2022, followed by a slight recovery to 55.73% in 2023 and a subsequent decrease to 51.75% in 2024. Current liabilities follow a similar pattern, decreasing from 53.55% in 2020 to 46.32% in 2022, then rising to 51.36% in 2023 before falling again to 47.01% in 2024.
- Within current liabilities, accounts payable shows a generally declining trend over the period, dropping from 48.97% in 2020 to 43.05% in 2024, despite a temporary increase to 47.4% in 2023. Accrued expenses and other current liabilities remain relatively stable, oscillating slightly between 2.41% and 3.21% but without dramatic shifts.
- Operating lease liabilities, both current and non-current, exhibit a downward trend. Current operating lease liabilities decrease steadily from 1.38% in 2020 to 1.06% in 2024, and non-current operating lease liabilities reduce more markedly from 9.24% in 2020 to a low of 3.69% in 2023 before a minor increase to 4.05% in 2024.
- Other non-current liabilities stay consistently low, hovering between 0.23% and 0.68%, with a slight increase observed starting 2022 and stabilizing thereafter.
- Non-current liabilities overall diminish from 9.65% in 2020 to 4.73% in 2024, reflecting a trend of reducing longer-term obligations.
- Stockholders’ Equity Trends
- The proportion of stockholders’ equity relative to total liabilities and equity increases from 36.79% in 2020 to reach a peak of 48.29% in 2022, dips to 44.27% in 2023, and then recovers to 48.25% in 2024.
- Additional paid-in capital grows consistently and significantly, from 19.57% in 2020 to 42.46% in 2024, indicating increased capital contributions or retained earnings reinvested in the company over time.
- Retained earnings as a percentage of total liabilities and stockholders’ equity decline notably from 17.23% in 2020 to 15.19% in 2022, then sharply drop to 4.03% in 2023, with a modest recovery to 5.8% in 2024. This could imply that earnings retention was lower or losses were higher in the later periods, or that equity increases were driven more by paid-in capital than by accumulated earnings.
- Overall Capital Structure Insights
- The company demonstrates a tendency toward reducing total liabilities as a proportion of its capitalization, particularly in non-current liabilities, signifying a move to lower leverage or longer-term obligations. This is balanced by an increase in equity financing, mainly from additional paid-in capital rather than from retained earnings.
- The fluctuations in accounts payable and accrued expenses suggest some variability in short-term vendor or operational obligations. The consistent reduction in operating lease liabilities may reflect changes in lease agreements or shifts in asset utilization policies.
- Overall, the capital structure shows a gradual strengthening of equity relative to liabilities, implying a more conservative financial position toward the end of the period analyzed.