Common-Size Balance Sheet: Assets
Quarterly Data
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Chevron Corp. pages available for free this week:
- Cash Flow Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Chevron Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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).
The analysis of the financial data over the quarters reveals several notable trends in asset composition and changes in the relative weight of asset categories as a percentage of total assets.
- Liquidity and Current Assets
- Cash and cash equivalents as a proportion of total assets demonstrated fluctuations, peaking significantly around late 2022, followed by a pronounced decline through 2023 and into 2024. This pattern suggests a period of increased liquidity possibly linked to operational or strategic cash accumulation, which later reversed. Marketable securities remained minimal throughout, with small spikes in mid-2022 and mid-2023, indicating a limited role in liquid asset strategy. Accounts and notes receivable showed a steady increase from early 2020 through 2022, peaking above 10% of total assets before gradually declining post-2022, signaling a build-up and then normalization of credit extended to customers. Inventories increased notably from 2021 through 2023 before a small decrease, indicating rising stock levels potentially in response to market conditions or supply chain considerations. Prepaid expenses and other current assets held relatively stable proportions with minor increases towards mid-2023 and early 2024. Overall, current assets rose significantly from early 2020 to late 2022, reaching near 20% of total assets, then declined steadily thereafter, implying a strategic shift or asset reallocation.
- Long-Term Investments and Assets
- Investments and advances consistently marginally increased relative to total assets, moving from around 16.7% to a peak near 19.2% by mid-2025, indicating growth or revaluation of these holdings. Long-term receivables remained stable at just below 0.5%, suggesting no significant changes in long-term credit positions. Deferred charges and other assets gradually increased over the horizon, moving from around 4.4% up to nearly 6%, reflecting possibly increased deferred costs or intangible assets.
- Property, Plant and Equipment (PP&E)
- The gross carrying value of PP&E showed a downward trend from early 2020 to mid-2022, decreasing from approximately 138% to 125%, which may indicate asset disposals, impairments, or completion of depreciation cycles. After mid-2022, the value rose moderately toward over 140% by mid-2025, suggesting new investments or acquisitions. Accumulated depreciation exhibited volatility but stayed within a range moving from roughly -75% to -81%, before falling sharply to about -64% by the last period, possibly reflecting changes in depreciation methods, asset write-offs, or reversals. Consequently, net PP&E declined initially but experienced a recovery from 2023 onwards, rising from about 55.9% to approximately 67.2% by mid-2025, signaling strengthening fixed asset base in net terms.
- Other Asset Components
- Goodwill remained relatively steady around 1.8%, with a slight downward drift near the end of the series, potentially from impairment or adjustments. Assets held for sale showed significant volatility with occasional spikes (notably 2.3% in late 2023), indicating periodic efforts to divest certain assets. Noncurrent assets as a whole decreased from nearly 90% of total assets in 2020 to around 80% in early 2022, then gradually rose again, ending near 87.5%, reflecting dynamic changes largely attributable to PP&E and investment variations.
- Summary of Trends
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The data reveals a cycle of asset reallocation, with an early phase of liquidity accumulation followed by a reduction, accompanied by an increase in accounts receivable and inventories suggesting more active operational engagement mid-period. The PP&E trend suggests capital spending reduction followed by renewed investment activity. A fairly steady investment in intangible and deferred assets is apparent. The periodic presence of assets held for sale implies an ongoing portfolio optimization. Overall, the company appears to manage its asset base actively to adapt to changing operational and market conditions, balancing liquidity, operational assets, and long-term investments.