Common-Size Balance Sheet: Assets
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- Analysis of Profitability Ratios
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Albemarle Corp., common-size consolidated balance sheet: assets
Based on: 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), 10-K (reporting date: 2018-12-31).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents as a percentage of total assets showed a fluctuating trend, starting at 7.32% in 2018, declining to a low of 4% in 2021, before rising significantly to 9.7% in 2022. This indicates a recent increase in liquidity.
- Trade Accounts Receivable
- Trade accounts receivable, net of doubtful accounts, declined from 7.99% in 2018 to a low near 5.07% in 2021, then increased to 7.71% in 2022. This suggests a reduction in outstanding receivables in the mid-period followed by a recovery.
- Value Added Tax/Consumption Tax
- Value added tax as a percentage of total assets remained relatively stable around 0.5% until 2020, decreasing to 0.33% in 2021, then rising sharply to 0.92% in 2022, reflecting potential changes in tax recoverable or collection timing.
- Other Accounts Receivable
- Other accounts receivable were steady around 0.6-0.7% from 2018 to 2021 and then doubled to 1.2% in 2022, indicating an increase in miscellaneous receivables or advances.
- Inventories
- Inventories showed a general decline from 9.24% in 2018 to 7.18% in 2020, slightly increasing to 7.41% in 2021, before rising significantly to 13.43% in 2022. This pronounced increase in the latest period highlights a buildup of stock levels, which could signal inventory accumulation or slower turnover.
- Income Tax Receivables
- Income tax receivables fluctuated annually without a clear trend, ranging between 0.43% and 0.73%, ending at 0.46% in 2022. These variations suggest periodic timing differences in tax settlements.
- Prepaid Taxes
- Prepaid taxes appear starting only in 2021 at 0.11%, rising to 0.63% in 2022, which may indicate changes in tax payment schedules or increased prepaid expenses related to tax.
- Other Prepaid Expenses
- Other prepaid expenses declined from 0.85% in 2019 to 0.34% in 2021 and remained stable in 2022, suggesting reduced prepaid cost allocation over time.
- Other Current Assets
- Other current assets increased from 1.12% in 2018 to 1.65% in 2019, then declined and stabilized around 1.1-1.5% through 2022, indicating minor fluctuations in miscellaneous current assets.
- Current Assets
- Overall current assets as a percentage of total assets decreased steadily from 26.36% in 2018 to 18.3% in 2021, followed by a substantial increase to 33.56% in 2022. The sharp rise in 2022 is largely driven by increases in cash, inventories, and other current assets, marking a significant shift towards higher current asset holdings.
- Net Property, Plant, and Equipment
- There was a steady increase in net property, plant, and equipment from 39.85% in 2018 to a peak of 53.85% in 2021, then a notable decrease to 45.05% in 2022. This pattern suggests significant investment in fixed assets through 2021 with partial divestment or depreciation impact in 2022.
- Joint Ventures
- The percentage of joint ventures remained relatively stable between 5.38% and 6.41% over the period, indicating consistent levels of equity interest in joint operations.
- Available for Sale Debt Securities
- This line item was recorded only in 2021 and 2022, starting at 2.25% and decreasing to 1.68%, suggesting new investment in debt securities followed by partial reduction.
- Marketable Securities and Investments
- Nonmarketable securities and marketable equity securities decreased slightly over the years, with marketable equities declining from 0.44% to 0.26%. Total investments fluctuated, dropping from 6.97% in 2018 to 5.88% in 2019, then recovering to 8.18% in 2021 before falling to 7.44% in 2022, reflecting variable investment positions.
- Deferred Taxes and Tax-Related Assets
- Deferred income taxes and assets related to unrecognized tax benefits showed minor fluctuations but a gradual increase in deferred taxes from 0.15% in 2019 to 0.3% in 2022, indicating higher deferred tax assets over time.
- Operating Lease Right-of-Use Assets
- Starting from no data in 2018, the right-of-use assets appeared in 2019 at 1.36%, remaining relatively stable around 1.3-1.4% before decreasing to 0.83% in 2022, possibly due to lease term expirations or reassessments.
- Other Noncurrent Assets
- Other noncurrent assets exhibited minor fluctuations, peaking at 2.3% in 2021 and declining to 1.62% in 2022, showing modest variation in long-term miscellaneous assets.
- Goodwill
- Goodwill demonstrated a consistent downward trend, dropping from 20.67% in 2018 to 10.47% in 2022. This reduction may be due to impairment charges or asset reclassifications.
- Other Intangibles
- Other intangible assets, net of amortization, decreased steadily from 5.09% in 2018 to 1.86% in 2022, indicating amortization outpacing new acquisitions or disposals of intangible assets.
- Noncurrent Assets
- The share of noncurrent assets rose from 73.64% in 2018 to a peak of 81.7% in 2021, then decreased markedly to 66.44% in 2022. This inverse movement compared to current assets highlights a shift in asset composition favoring liquidity and working capital in the latest year.
- Total Assets
- Total assets remain constant as the reference 100% benchmark across all periods.