Common-Size Balance Sheet: Assets
Dell Technologies Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2026-01-30), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29).
The composition of assets at the company has undergone notable shifts between January 2021 and the projected figures for January 2026. A significant trend is the decreasing proportion of current assets relative to non-current assets over the observed period, although a reversal is projected in 2026. Within current assets, the allocation among components has also changed considerably. Non-current assets demonstrate a more moderate fluctuation, with goodwill and intangible assets representing a substantial portion.
- Liquidity and Current Assets
- Current assets as a percentage of total assets decreased from 35.30% in January 2021 to 43.79% in February 2024, before a projected increase to 56.87% in January 2026. This initial decline suggests a potential shift towards financing assets with longer-term sources or investments. Cash and cash equivalents experienced a consistent decline from 11.51% to 4.56% between 2021 and 2025, indicating a possible deployment of cash into other assets or returns to shareholders. Accounts receivable, net, increased from 10.36% to 17.36% in January 2026, suggesting a potential increase in credit sales or slower collection periods. Inventories also show an increase from 2.76% to 10.30% in January 2026, which could indicate building up stock or potential issues with inventory turnover. Other current assets fluctuated, peaking at 13.37% in February 2024 before decreasing to 9.47% in January 2026.
- Long-Term Assets and Capital Structure
- Property, plant, and equipment, net, exhibited a gradual increase from 5.21% to 7.95% between 2021 and 2025, before decreasing to 6.59% in January 2026, potentially reflecting capital expenditure and subsequent depreciation. Goodwill decreased significantly from 33.08% in January 2021 to 19.30% in January 2026, possibly due to impairment charges or acquisitions being less reliant on goodwill. Intangible assets, net, followed a similar downward trend, decreasing from 11.69% to 4.48% over the same period. Long-term financing receivables, net, increased from 4.33% to 7.43% in February 2024, then decreased to 5.75% in January 2026, indicating changes in the company’s financing activities. Long-term investments remained relatively stable, fluctuating between 1.32% and 1.98%.
- Related Party Transactions
- Due from related party, net, was absent in some periods but present in others, starting at 0.14% in January 2022, peaking at 0.77% in January 2023, and then decreasing to 0.49% in February 2024. The presence and fluctuation of this item suggest ongoing transactions with related parties, which warrant further investigation.
- Other Asset Movements
- Other non-current assets decreased from 9.07% in January 2021 to 5.31% in January 2026, suggesting a reduction in assets not categorized elsewhere. The appearance of "Current assets held for sale" at 0.84% in January 2025 indicates a potential divestiture or restructuring activity.
Overall, the asset composition demonstrates a shift from liquid current assets towards long-term investments and a reduction in goodwill and intangible assets. The projected increase in current assets in January 2026 warrants monitoring to understand the underlying drivers of this change.
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