Common-Size Balance Sheet: Assets
Quarterly Data
Dell Technologies Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets fluctuated moderately over the period. Initially around 8.23%, it peaked significantly at 16.51% in October 2021 before generally trending downward to approximately 5.5%-9% in the most recent quarters. This suggests intermittent increases in liquidity followed by a decline or reallocation of cash resources.
- Accounts Receivable, Net of Allowance
- Accounts receivable as a percentage of total assets showed variability but an overall upward trend, increasing from roughly 9.57% in mid-2019 to a peak of 16.85% by August 2024. The data indicates a growing portion of assets leveraged in receivables, peaking with some volatility in recent quarters, which could imply increasing sales on credit or slower collections.
- Due from Related Party, Net (Current and Non-current)
- Small amounts emerged starting early 2022 for both current and non-current related party receivables, remaining below 0.5% of total assets. This introduces a minor, but consistent, component due from related parties within the balance sheet.
- Short-term Financing Receivables, Net of Allowance
- Short-term financing receivables maintained a relatively steady share of assets, around 4% initially and rising to near 6-6.5% towards the end of the period. This gradual increase reflects a modest expansion in financing activities classified as short-term.
- Inventories
- Inventories experienced significant growth from around 3.06% to more than 8%, with a notable steep increase beginning late 2020 and continuing through 2024. This suggests an accumulation of stock, which may reflect changes in supply chain management, demand anticipation, or slower inventory turnover.
- Other Current Assets
- This category expanded materially from below 6% early in the period to peaks exceeding 14% in April 2025, with some recent decline. The increase likely represents growing miscellaneous current assets, contributing to total current assets growth.
- Current Assets Held for Sale
- Minimal amounts of current assets held for sale appeared sporadically at less than 1% of total assets, indicating occasional planned asset disposals.
- Current Assets
- Overall current assets as a percentage of total assets exhibited an increasing trend, rising from about 30.6% to over 51% by mid-2025. This growth was driven by increases in inventories, other current assets, and cash components, indicating a shift towards higher liquidity or short-term asset allocation.
- Property, Plant, and Equipment, Net
- Net property, plant, and equipment showed a moderate upward trend from around 5% to roughly 7.2%, suggesting incremental investment in fixed assets over the period.
- Long-term Investments
- Long-term investments remained relatively small but showed a slight overall increase from under 1% to about 1.8%, indicating stable but modest growth in long-term investment holdings.
- Long-term Financing Receivables, Net of Allowance
- There was a gradual increase in long-term financing receivables from about 3.8% to over 7%, reflecting a notable expansion in finance extended with longer maturities, potentially signaling increased lending or extended payment terms.
- Goodwill
- Goodwill showed a marked decline from over 36% to near 21.7%. This significant reduction suggests impairment charges, divestitures, or changes in acquisition accounting conventions, reducing the intangible value attributed to purchased goodwill.
- Intangible Assets, Net
- Intangible assets also declined steadily from about 19% to near 5.3%, indicating ongoing amortization, impairments, or disposal of intangible asset categories over time.
- Other Non-current Assets
- After an initial increase from approximately 4.4% to over 9%, this category reverted to about 6% toward the end of the period, denoting some reclassification, periodic write-downs, or liquidation of non-core non-current assets.
- Non-current Assets
- Non-current assets as a share of total assets declined considerably from about 69% to under 49%, driven mainly by decreases in goodwill, intangible assets, and other non-current assets, partially offset by increases in property, plant, and equipment and financing receivables.
- Total Assets
- The total assets allocation between current and non-current shifted significantly throughout the period, reflecting strategic asset restructuring with an emphasis toward current assets over time, possibly to enhance liquidity and operational flexibility.