Common-Size Balance Sheet: Assets
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- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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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 analysis of the company's asset composition over the five-year period reveals several notable trends and shifts in the allocation of resources.
- Cash and Cash Equivalents
- This category experienced an increase from 3.4% in 2020 to a peak of 5.67% in 2022, followed by a decline to 3.28% in 2023 and a slight recovery to 3.39% in 2024. The initial rise indicates improved liquidity, whereas the subsequent reduction suggests a strategic deployment of cash resources after 2022.
- Investments
- The proportion of investments relative to total assets remained relatively stable around 1.3% to 1.34% in the earlier years, before decreasing to 1.22% in 2022 and slightly fluctuating to 1.31% in 2023 and then declining to 0.95% in 2024. This downward trend in recent years points to a diminished emphasis on investments within the asset structure.
- Accounts Receivable, Net
- A steady increase is observed from 9.42% in 2020 to 14.4% in 2024, indicating a growing amount of credit extended to customers or possibly longer collection periods, which may have implications for working capital management and liquidity.
- Inventories
- Inventory levels showed modest fluctuation, starting at 8.02% in 2020, decreasing to 7.62% in 2021, rising slightly to 8.36% in 2022, and then gradually declining to 7.15% in 2024. This points to relatively stable inventory management with minor adjustments over the years.
- Assets Held for Sale
- This item appears only in 2022 at 0.4% of total assets, suggesting a one-time decision to classify certain assets for disposal during that year, which was not a recurring element in other years.
- Other Current Assets
- There was a decline from 2.29% in 2020 to about 1.18% in 2022, followed by little change through to 2024. This indicates a reduction in miscellaneous current assets over the period.
- Current Assets
- Current assets as a proportion of total assets increased steadily from 24.43% in 2020 to 28.77% in 2022, before slightly declining to approximately 27.1% in 2024. This trend is largely driven by the increase in accounts receivable.
- Long-Term Investments
- These increased from 9.02% in 2020 to 11.43% in 2024, reflecting a growing commitment to long-term investment assets, possibly indicating a strategic focus on future growth or capital appreciation.
- Property and Equipment, Net
- A slight decline is noted from 5.46% in 2020 to 5.13% in 2024, suggesting either depreciation outpacing new investments or asset disposals reducing the book value of property and equipment.
- Operating Lease Right-of-Use Assets
- This category decreased consistently from 8.98% in 2020 to 6.3% in 2024, indicating a reduction in leased assets or a change in lease strategy.
- Goodwill
- Goodwill remained the largest asset component, fluctuating slightly but increasing overall from 34.48% in 2020 to a peak of 36.55% in 2023 and a slight decrease to 36.05% in 2024. This reflects sustained significant intangible asset values from acquisitions or business combinations.
- Intangible Assets, Net
- These assets showed a continuous decline from 13.5% in 2020 to 10.79% in 2024, indicating amortization outpacing additions or potential impairments affecting the asset base.
- Separate Accounts Assets
- There was a decrease from 2.12% in 2020 to around 1.3% by 2024, showing a reduction in this asset category over time.
- Other Assets
- This category remained relatively stable near 2%, with a slight decrease to about 1.87% in 2023, then a minor recovery in 2024, indicating consistent composition of miscellaneous long-term assets.
- Long-Term Assets
- Long-term assets declined from 75.57% in 2020 to 71.23% in 2022, before a slight increase to around 72.9% in 2024. This indicates a modest shift toward current asset composition before partially reversing.