Stock Analysis on Net

AT&T Inc. (NYSE:T)

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Common-Size Balance Sheet: Assets

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AT&T Inc., common-size consolidated balance sheet: assets

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Cash and cash equivalents
Accounts receivable, net of related allowance for credit loss
Inventories
Prepaid and other current assets
Current assets
Noncurrent inventories and theatrical film and television production costs
Property, plant and equipment, net
Goodwill, net
Licenses, net
Distribution networks, net
Other intangible assets, net
Intangible assets, net
Investments in and advances to equity affiliates
Operating lease right-of-use assets
Other assets
Noncurrent 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 financial data reveals several notable trends in the composition of the company's assets over the analyzed five-year period.

Liquidity and Current Assets
Cash and cash equivalents as a percentage of total assets show a fluctuating trend, peaking at 3.84% in 2021 before declining to 0.84% by 2024, indicating a reduction in liquid reserves relative to the asset base. Similarly, accounts receivable decreased steadily from 3.84% in 2020 to 2.44% in 2024, reflecting a possible tightening of credit policies or improved collection. Inventories remained relatively stable, hovering around 0.5% to 0.8%, without significant variation. Prepaid and other current assets increased from 3.49% in 2020 to a peak of 4.24% in 2023, then slightly declined to 4.04% in 2024. Overall, current assets experienced a downward trend from 10.88% in 2021 to 7.89% in 2024, suggesting a relative decrease in short-term asset holdings.
Noncurrent Inventories and Distribution Networks
Data for noncurrent inventories and theatrical film and television production costs is incomplete beyond 2021, where it rose from 2.81% to 3.44%, indicating some growth. Distribution networks decreased from 2.62% in 2020 to 2.16% in 2021, with no data thereafter, limiting further assessment.
Fixed Assets and Property
Property, plant and equipment (PPE) showed a substantial increase, rising from 24.22% of total assets in 2020 to 32.64% in 2024. This growth stabilizes around the early 30% range from 2022 onward, suggesting increased investment or revaluation of fixed assets contributing to the asset base.
Intangible Assets
Goodwill, net, demonstrates a marked decline from 25.73% in 2020 to 16.07% in 2024, indicating potential impairment charges or disposals. Conversely, licenses, net, exhibit a strong upward trend from 17.85% to 32.18%, implying significant acquisition or capitalization in this category. Other intangible assets decreased sharply from 7.36% in 2020 to approximately 1.3% in subsequent years, remaining stable thereafter. The aggregate intangible assets, encompassing goodwill, licenses, and other intangibles, rose moderately from 27.83% in 2020 to 33.51% in 2024, reflecting a shift in composition towards licenses.
Investments and Lease Assets
Investments in and advances to equity affiliates peaked at 1.32% in 2021 before declining to nearly negligible levels by 2024, indicating divestment or reduced financing in affiliates. Operating lease right-of-use assets slightly decreased from 4.7% in 2020 to a low of 4.38% in 2021 but then recovered modestly to 5.3% by 2024, suggesting stability in lease commitments relative to total assets.
Other Assets and Overall Composition
Other assets remained relatively stable in the range of 4% to 5% of total assets across the years. Noncurrent assets as a whole consistently constitute the majority of the asset base, ranging from approximately 89% to 92%, underscoring the company's asset structure being heavily weighted toward long-term holdings versus current assets.

In summary, the analyzed data points to a gradual shift in asset structure characterized by a reduction in liquidity and current assets, substantial growth and stability in fixed assets, a strategic reallocation within intangible assets favoring licenses over goodwill, and a relatively stable lease obligation profile. These trends may reflect strategic investments in property and intellectual property assets alongside careful management of receivables and liquid assets.