Common-Size Balance Sheet: Assets
Quarterly Data
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Dell Technologies Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2019
- Return on Equity (ROE) since 2019
- Aggregate Accruals
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Dell Technologies Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01).
The composition of assets exhibited notable shifts over the observed period, spanning from May 2020 to November 2024, with projections extending to January 2026. Current assets initially represented a substantial portion of the total, fluctuating around 34% before increasing significantly to nearly 50% by early 2022. This was followed by a gradual decline, stabilizing around 45-50% in the later periods. Conversely, non-current assets, initially comprising approximately 66% of the total, decreased substantially to around 51% by early 2022, then experienced a further decline to approximately 43% by late 2024 before a slight recovery in projections.
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents to total assets demonstrated variability. It began at over 10% in May 2020, decreased to a low of around 5.5% in mid-2022, and then showed a fluctuating recovery, reaching approximately 11.4% in early 2026. This suggests potential changes in liquidity management or investment strategies.
- Accounts Receivable
- Accounts receivable, net of allowance, exhibited a consistent upward trend from approximately 9% in May 2020 to a peak of nearly 17% in early 2023. This increase suggests a potential rise in credit sales or a lengthening of the collection period. A subsequent decline was observed, stabilizing around 11-14% in the later periods.
- Short-term Financing Receivables
- The percentage of short-term financing receivables increased steadily from 3.95% in May 2020 to a high of 8.35% in late 2025. This indicates a growing reliance on, or expansion of, short-term financing activities.
- Inventories
- Inventories showed a notable increase from around 3% in May 2020 to a peak of over 10% in late 2025. This suggests a potential build-up of stock, possibly due to anticipated demand, supply chain issues, or changes in inventory management policies.
- Goodwill
- Goodwill represented a significant portion of total assets, initially around 33-34%. However, a substantial decrease was observed, falling to approximately 19-20% by late 2024. This decline could be attributed to impairment charges, asset sales, or a shift in the company’s acquisition strategy.
- Intangible Assets
- The proportion of intangible assets to total assets generally decreased over the period, starting at nearly 14% and declining to around 4.5% by late 2025. This trend parallels the decline in goodwill and may indicate a similar underlying cause, such as asset write-downs or strategic shifts.
- Other Current and Non-Current Assets
- Both "Other current assets" and "Other non-current assets" demonstrated fluctuations throughout the period. "Other current assets" increased from around 6% to over 14% before stabilizing around 9-14%, while "Other non-current assets" showed a more moderate decline from approximately 9% to around 5-6%. These categories likely encompass a diverse range of items, making specific interpretation challenging without further detail.
The observed shifts in asset composition suggest a dynamic business environment and evolving strategic priorities. The increasing proportion of current assets, particularly accounts receivable and inventories, coupled with the decreasing proportion of goodwill and intangible assets, warrants further investigation to understand the underlying drivers and potential implications for the company’s financial performance and risk profile.