Stock Analysis on Net
Stock Analysis on Net

Estée Lauder Cos. Inc. (NYSE:EL)

This company has been moved to the archive! The financial data has not been updated since August 18, 2023.

Common-Size Balance Sheet: Assets
Quarterly Data

Estée Lauder Cos. Inc., common-size consolidated balance sheet: assets (quarterly data)

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Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017
Cash and cash equivalents 17.21 24.35 17.97 14.70 18.92 17.96 20.85 18.51 22.57 32.16 28.30 23.83 28.24 26.55 20.05 14.64 22.70 22.44 14.80 11.50 17.35 16.76 16.70 11.83
Short-term investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.14 4.38 4.25 3.01 3.13 3.12
Accounts receivable, net 6.20 8.38 9.32 10.79 7.79 10.34 9.42 10.50 7.75 8.72 10.06 10.12 6.72 10.05 12.40 14.87 13.92 15.75 15.78 17.65 11.83 13.79 13.48 14.74
Inventory and promotional merchandise 12.72 13.63 14.80 15.10 13.96 13.25 11.83 12.20 11.40 10.72 10.80 12.31 11.60 11.37 11.47 13.32 15.25 14.03 13.02 13.40 12.87 12.00 11.46 12.44
Prepaid expenses and other current assets 2.90 3.15 3.09 3.77 3.79 2.93 2.99 2.75 2.74 3.66 3.36 2.86 3.45 2.31 2.61 2.68 2.95 3.16 3.06 2.88 2.77 2.75 2.63 2.99
Current assets 39.03% 49.51% 45.18% 44.35% 44.47% 44.48% 45.09% 43.96% 44.46% 55.26% 52.52% 49.13% 50.01% 50.28% 46.54% 45.51% 54.82% 55.37% 50.80% 49.82% 49.08% 48.30% 47.41% 45.13%
Property, plant and equipment, net 13.58 13.32 14.03 13.28 12.67 11.67 11.10 10.93 10.38 10.58 10.93 11.60 11.56 11.39 11.63 13.08 15.72 14.62 14.67 14.65 14.51 13.51 13.71 13.89
Operating lease right-of-use assets 7.67 8.11 8.91 9.30 9.32 9.52 9.52 9.79 9.97 11.12 11.87 12.97 12.83 13.32 14.03 16.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill 10.62 10.87 11.93 12.08 12.06 12.13 11.65 11.93 11.91 6.88 7.15 7.94 7.88 8.89 10.70 12.11 14.20 14.42 15.08 15.38 15.33 15.12 15.26 15.74
Other intangible assets, net 23.92 13.41 14.94 15.96 16.39 17.03 17.59 18.18 18.64 11.53 12.37 13.17 13.15 11.93 13.06 7.72 9.14 9.40 9.73 10.08 10.15 10.12 10.35 10.79
Other assets 5.18 4.78 5.01 5.03 5.09 5.16 5.05 5.21 4.65 4.63 5.16 5.19 4.57 4.19 4.04 5.29 6.12 6.19 9.73 10.07 10.93 12.94 13.27 14.45
Other assets 47.39% 37.16% 40.79% 42.37% 42.86% 43.85% 43.81% 45.12% 45.16% 34.16% 36.55% 39.27% 38.43% 38.33% 41.83% 41.42% 29.46% 30.01% 34.53% 35.53% 36.41% 38.19% 38.88% 40.98%
Noncurrent assets 60.97% 50.49% 54.82% 55.65% 55.53% 55.52% 54.91% 56.04% 55.54% 44.74% 47.48% 50.87% 49.99% 49.72% 53.46% 54.49% 45.18% 44.63% 49.20% 50.18% 50.92% 51.70% 52.59% 54.87%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

The asset composition reveals a structural shift from a balanced distribution between current and noncurrent assets toward a more long-term asset-heavy profile. Current assets peaked at 55.37% in March 2019 before declining to 39.03% by June 2023, while noncurrent assets rose from a low of 44.63% in March 2019 to a period high of 60.97% in June 2023.

Liquidity and Cash Management
Cash and cash equivalents exhibited significant volatility, characterized by a substantial surge during the 2020-2021 period. The ratio peaked at 32.16% in March 2021, suggesting a strategic accumulation of liquidity during the global pandemic. Following this peak, cash levels normalized, ending at 17.21% in June 2023. Short-term investments were negligible and ceased to be reported after September 2018.
Working Capital Dynamics
Accounts receivable, net, demonstrated a consistent long-term downward trend, decreasing from 14.74% in September 2017 to 6.20% in June 2023. This suggests improved efficiency in credit collections or a change in the relative scale of receivables compared to the overall asset base. Inventory and promotional merchandise remained relatively stable, generally fluctuating between 10% and 15%, indicating a consistent approach to inventory management relative to total asset growth.
Long-Term Asset Evolution
Property, plant, and equipment remained stable, oscillating between 10% and 14% of total assets. A notable change occurred in the reporting of operating lease right-of-use assets, which appeared in September 2019 at 16.30% and steadily declined to 7.67% by June 2023. This decline reflects the amortization of lease assets over time relative to the growth of other balance sheet items.
Intangibles and Goodwill
There is a visible divergence between goodwill and other intangible assets. Goodwill steadily declined from 15.74% in 2017 to 10.62% in June 2023. Conversely, other intangible assets, net, experienced a sharp increase, particularly in the final period, rising from 10.79% in September 2017 to 23.92% in June 2023. This indicates a shift in the nature of the company's non-physical assets, likely driven by the acquisition or recognition of specific brand or intellectual property assets.

Overall, the data indicates a strategic transition toward a more capital-intensive noncurrent asset base, marked by a significant increase in intangible assets and a reduction in the proportion of liquid current assets and receivables.

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