Common-Size Balance Sheet: Assets
Quarterly Data
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Builders FirstSource Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Analysis of Revenues
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Builders FirstSource Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Cash and cash equivalents
- Cash and cash equivalents as a percentage of total assets show a fluctuating pattern. Initially low around 0.3%-0.4% in 2018, it experienced a significant spike in 2020, reaching over 10% in some quarters. After this peak, the ratio decreased sharply in 2021 and remained below 2% through 2023, indicating less liquidity relative to total assets in recent periods compared to 2020.
- Accounts receivable, less allowances
- This item saw a downward trend from mid-2018 around 25%, declining steadily to approximately 15% by early 2023. The gradual reduction suggests tighter management of accounts receivable or a relative decrease in credit sales or revenue reflected in receivables.
- Other receivables
- Other receivables remained relatively stable, fluctuating mostly between 1.0% and 2.5% of total assets, with occasional minor rises and falls but no clear upward or downward trend across the data.
- Inventories, net
- Inventories as a percentage of total assets also trended downward from a high above 23% in early 2018 to around 12%-13% in 2023. This decline points to reduced investment in inventory relative to total assets, possibly reflecting better inventory turnover or adjustments to supply chain and stock levels.
- Contract assets
- Introduced only in 2022, contract assets represent a small portion, fluctuating between approximately 1.7% and 2.2% of total assets without a strong directional trend.
- Other current assets
- Other current assets showed modest variability, mostly hovering around 1.0% to 1.5% of total assets, with an unusual spike to over 4% in mid-2021, potentially due to an accounting reclassification or a one-time event.
- Current assets
- Current assets as a percentage of total assets declined from peaks above 51% in 2018 and 2020, settling closer to the lower 30% range in 2023. This suggests a structural shift towards a smaller proportion of current assets within the total asset base.
- Property, plant and equipment, net
- PP&E showed a general decreasing trend from around 21%-23% in 2018-2019 to approximately 15%-16% in 2023, indicating either asset disposals, depreciation outpacing acquisitions, or a slowing expansion and investment in fixed assets.
- Operating lease right-of-use assets, net
- Starting visibility in late 2019, right-of-use assets showed a generally declining trend from about 9% of total assets toward roughly 4.5% by 2023. This reduction could indicate lease expirations, renegotiations, or classification changes over time.
- Goodwill
- Goodwill exhibited notable volatility, initially around 23%-25%, dropping to about 18%-20% by late 2020, then rising sharply to about 30%-33% between 2021 and 2023. The increase in goodwill percentage suggests acquisitions or revaluations increasing intangible asset balances relative to total assets.
- Intangible assets, net
- Intangible assets experienced a marked jump in 2021 to over 14%, after being relatively stable below 4% from 2018 through 2020. Post-2021, this figure remained steady around 12%-14%, indicating a significant change in asset composition possibly related to acquisitions or reclassification aligned with goodwill trends.
- Deferred income taxes
- Deferred income taxes decreased steadily from 2.35% of total assets in early 2018 to nearly negligible by late 2020 and were no longer reported subsequently, potentially indicating changes in tax positions or accounting policies.
- Other assets, net
- Other assets remained minimal, generally below 1% of total assets, showing slow incremental increases in recent periods but lacking substantial impact on overall asset composition.
- Noncurrent assets
- Noncurrent assets as a percentage of total assets were fairly stable around 48%-60% in the early years but increased sharply to nearly 67% in 2023. The growth in noncurrent assets proportion aligns with the rise in goodwill and intangible assets and declining current assets, reflecting a shift towards long-term investments or assets.
- Overall asset structure
- The total asset allocation shifted from a more balanced or current-asset-heavy structure in earlier years toward a larger share of noncurrent assets in recent years. Notably, increased goodwill and intangible assets alongside decreased current assets and PP&E point to strategic acquisitions or asset reclassifications affecting the total asset base composition.