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Builders FirstSource Inc. (NYSE:BLDR)

This company has been moved to the archive! The financial data has not been updated since November 1, 2023.

Common-Size Balance Sheet: Assets

Builders FirstSource Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Cash and cash equivalents 0.76 0.40 10.15 0.43 0.35
Accounts receivable, less allowances 13.67 15.95 19.71 18.92 22.31
Other receivables 2.22 2.38 1.83 2.38 2.34
Inventories, net 13.46 15.18 18.80 17.27 20.36
Contract assets 1.73 1.94 1.37 0.00 0.00
Other current assets 1.17 1.19 1.41 1.20 1.50
Current assets 33.01% 37.04% 53.28% 40.22% 46.85%
Property, plant and equipment, net 14.80 12.93 17.95 22.22 22.85
Operating lease right-of-use assets, net 4.58 4.27 6.58 9.01 0.00
Goodwill 32.63 30.52 18.82 23.67 25.25
Intangible assets, net 14.64 14.97 2.87 3.95 3.52
Deferred income taxes 0.00 0.00 0.11 0.26 0.78
Other assets, net 0.34 0.27 0.39 0.68 0.76
Noncurrent assets 66.99% 62.96% 46.72% 59.78% 53.15%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset structure demonstrates a strategic shift over the five-year period, characterized by a contraction in the weight of current assets and a corresponding expansion in noncurrent assets. Current assets decreased from 46.85% of total assets in 2018 to 33.01% in 2022, while noncurrent assets grew from 53.15% to 66.99% over the same duration.

Liquidity and Working Capital Trends
Cash and cash equivalents remained consistently low, generally below 1%, with the exception of a significant anomaly in 2020 where the share spiked to 10.15%. Both accounts receivable and inventories exhibited a persistent downward trend in their relative share of the balance sheet. Accounts receivable fell from 22.31% in 2018 to 13.67% in 2022, and inventories decreased from 20.36% to 13.46% during the same period.
Intangible Asset Expansion
A substantial increase in the proportion of intangible assets and goodwill is evident, particularly from 2021 onward. Goodwill rose from 25.25% in 2018 to 32.63% in 2022. Intangible assets, net, showed a more dramatic escalation, increasing from 3.52% in 2018 to a peak of 14.97% in 2021, ending at 14.64% in 2022.
Fixed and Right-of-Use Assets
Property, plant, and equipment, net, experienced a general decline in its relative weight, moving from 22.85% in 2018 to 14.80% in 2022. Operating lease right-of-use assets, which first appeared in the data in 2019 at 9.01%, trended downward to 4.58% by 2022.

The overall trend indicates a transition from a balance sheet heavily weighted toward operational working capital toward one dominated by intangible assets. The sharp rise in goodwill and intangibles in 2021 and 2022 suggests a shift in growth strategy favoring acquisitions over organic expansion of physical assets.

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