Common-Size Balance Sheet: Assets
Quarterly Data
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Estée Lauder Cos. Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
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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).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets has exhibited significant volatility over the period. Starting at 11.83% in September 2017, the figure peaked notably around early 2020, reaching levels above 28%, particularly during the March and December 2020 quarters. Post-2020, there was a general decline, with values stabilizing mostly between 14% and 24%, indicating a fluctuating liquidity position with occasional emphasis on maintaining higher cash reserves.
- Short-term Investments
- Short-term investments data are only available for the year 2017 and the first three quarters of 2018, maintaining a stable share between approximately 3.01% to 4.38% of total assets. The lack of data beyond this period prevents further trend analysis or insights.
- Accounts Receivable, Net
- This item shows a decreasing trend in its share of total assets from 14.74% in late 2017 to a low of 6.2% by mid-2023. Notably, there are some fluctuations, with peaks such as 17.65% in September 2018, but the overall trajectory suggests a reduction in receivables relative to asset size, possibly due to improved collection processes or changes in sales composition.
- Inventory and Promotional Merchandise
- The inventory proportion has remained relatively stable, oscillating between roughly 10.7% and 15.3% of total assets. There is a slight upward movement observed from early 2022 to late 2022, indicating possible inventory buildup or enhanced merchandise promotion efforts. However, no drastic shifts suggest stable inventory management.
- Prepaid Expenses and Other Current Assets
- The share of prepaid expenses and other current assets generally fluctuated mildly, mostly within the 2.6% to 3.8% range of total assets. This stability indicates consistent investment in prepaid items and other short-term asset components without significant shift in proportion.
- Current Assets
- The percentage of current assets relative to total assets showed moderate variability, initially increasing from 45.13% in late 2017 to a peak above 55% during early 2019 and again in early 2021. A decline followed, settling around the 39% to 50% range by mid-2023. Such variations suggest alterations in working capital allocations or asset mix changes over time.
- Property, Plant and Equipment, Net
- The net property, plant, and equipment ratio remained fairly consistent, mostly hovering around 10% to 15% of total assets across the period. A mild upward trend is observed in the last few quarters, increasing from about 13% in 2022 to nearly 14% by mid-2023, indicating potential investments or revaluation of fixed assets.
- Operating Lease Right-of-Use Assets
- Data for this asset class starts only from the third quarter of 2019, showing a steady decline from 16.3% of total assets to below 8% by mid-2023. This consistent reduction reflects either lease terminations, expirations, or accounting changes impacting recognized right-of-use assets.
- Goodwill
- Goodwill as a proportion of total assets declined from about 15.74% in late 2017 to below 7% by the first quarter of 2021. Subsequently, the figure rebounded sharply to approximately 12% towards late 2021 and remained near this level thereafter. This pattern implies significant impairments or adjustments before 2021, followed by acquisitions or reassessments increasing goodwill in later periods.
- Other Intangible Assets, Net
- Other intangible assets maintained a range roughly between 9% and 13% of total assets until early 2021. From mid-2021 onwards, a steep increase is observed, reaching nearly 24% by the first quarter of 2023. This pronounced growth suggests significant capitalization of intangible assets, possibly linked to acquisitions, innovation, or brand valuations.
- Other Assets
- There are two rows labeled as "Other assets," likely representing different categories or measurement bases. One shows a steady decline from 14.45% to about 4.78% over the total period, indicating a disposition or reduction of certain non-current assets. The second "Other assets" row fluctuates widely, increasing from 40.98% to a peak in the mid-40s percentages, with a sharp rise again to 47.39% by the first quarter of 2023. This divergence points to reclassification or changes within asset groupings, requiring further detail for precise interpretation.
- Noncurrent Assets
- The noncurrent assets' share decreased from roughly 54.87% in late 2017 to just below 45% by early 2019, then experienced variability with repeated increases and decreases. Notably, from early 2021 onward, it rose again to a peak of over 60% by the first quarter of 2023, highlighting a strategic shift towards greater investment in long-term assets.
- Total Assets
- By definition, total assets remain constant at 100%, serving as the baseline reference for all other ratios.