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Stock Analysis on Net

Generac Holdings Inc. (NYSE:GNRC)

This company has been moved to the archive! The financial data has not been updated since August 8, 2022.

Common-Size Balance Sheet: Assets

Generac Holdings Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Cash and cash equivalents 3.02 20.25 12.11 9.25 6.86
Accounts receivable, less allowance for credit losses 11.20 11.59 11.99 13.44 13.86
Inventories 22.34 18.65 19.58 22.45 18.83
Prepaid expenses and other assets 1.33 1.12 1.18 1.05 0.98
Current assets 37.90% 51.61% 44.86% 46.19% 40.52%
Property and equipment, net 9.04 10.63 11.89 11.50 11.41
Customer lists, net 4.89 1.52 2.08 2.52 2.03
Patents and technology, net 10.10 2.68 3.21 1.24 1.96
Other intangible assets, net 1.36 0.31 0.31 0.13 0.12
Tradenames, net 4.99 4.52 5.57 6.28 7.56
Intangible assets, net 21.34% 9.03% 11.17% 10.16% 11.67%
Goodwill 28.90 26.43 30.21 31.52 35.72
Deferred income taxes 0.32 0.05 0.11 0.01 0.16
Operating lease and other assets 2.50 2.26 1.76 0.63 0.52
Noncurrent assets 62.10% 48.39% 55.14% 53.81% 59.48%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The asset structure of the organization reflects a significant shift in capital allocation between 2017 and 2021, characterized by a transition from high liquidity in 2020 to a substantial increase in non-current intangible assets by the end of 2021.

Liquidity and Current Asset Trends
Current assets exhibited volatility, peaking at 51.61% of total assets in 2020 before declining to 37.90% in 2021. This fluctuation was primarily driven by cash and cash equivalents, which rose steadily from 6.86% in 2017 to a peak of 20.25% in 2020, followed by a sharp contraction to 3.02% in 2021. Accounts receivable showed a consistent downward trend, decreasing from 13.86% to 11.20% over the five-year period. Inventories remained relatively stable, though they ended the period at 22.34%, representing a slight increase from the 2017 level of 18.83%.
Fixed and Long-Term Asset Composition
Net property and equipment experienced a gradual decline in its proportion of total assets, falling from 11.41% in 2017 to 9.04% in 2021. Conversely, non-current assets overall increased to 62.10% of the total balance sheet by 2021, driven largely by a surge in intangible assets.
Intangibles and Goodwill Analysis
The balance sheet is heavily weighted toward non-physical assets. Net intangible assets saw a dramatic increase in 2021, rising to 21.34% from 9.03% in the previous year; this was specifically fueled by a jump in patents and technology, which increased from 2.68% to 10.10%. Goodwill remained a dominant component of the asset base throughout the period, though it trended slightly downward from a high of 35.72% in 2017 to 28.90% in 2021.
Strategic Asset Reallocation
The data indicates a pivot in 2021, where a significant reduction in cash reserves coincided with a sharp increase in patents, technology, and other intangible assets. This pattern suggests a strategic deployment of liquid capital toward intellectual property acquisition or technological investment.

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