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HP Inc. (NYSE:HPQ)

This company has been moved to the archive! The financial data has not been updated since August 29, 2019.

Common-Size Balance Sheet: Assets
Quarterly Data

HP Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018 Jan 31, 2018 Oct 31, 2017 Jul 31, 2017 Apr 30, 2017 Jan 31, 2017 Oct 31, 2016 Jul 31, 2016 Apr 30, 2016 Jan 31, 2016 Oct 31, 2015 Jul 31, 2015 Apr 30, 2015 Jan 31, 2015 Oct 31, 2014 Jul 31, 2014 Apr 30, 2014 Jan 31, 2014 Oct 31, 2013 Jul 31, 2013 Apr 30, 2013 Jan 31, 2013
Cash and cash equivalents 15.18 11.13 10.36 14.92 18.09 13.24 15.53 21.26 21.82 21.69 22.46 21.68 20.70 18.16 14.45 16.31 16.04 14.56 12.81 14.66 14.03 14.52 15.39 11.51 12.52 12.46 11.80
Accounts receivable, net 16.34 16.95 15.74 14.77 13.47 14.35 12.47 13.41 13.26 13.15 12.34 14.18 14.72 15.22 16.12 12.50 11.92 12.15 12.19 13.40 13.76 13.74 12.85 15.02 13.55 13.75 13.34
Financing receivables 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 2.73 2.62 2.80 2.88 2.85 3.03 2.99 2.91 2.98 2.94 3.02 3.11
Inventory 17.64 16.88 17.39 17.51 17.78 17.32 16.04 17.58 16.23 16.58 16.16 15.46 14.55 13.90 15.88 6.07 6.26 6.14 6.52 6.22 6.06 5.62 5.72 5.72 6.18 5.65 5.97
Other current assets 11.58 12.27 14.80 14.57 14.23 15.66 16.15 15.56 15.84 12.38 12.10 12.35 13.95 13.00 12.94 10.84 11.74 12.55 13.39 11.45 10.89 11.11 11.40 12.43 12.02 11.78 12.22
Current assets 60.74% 57.24% 58.28% 61.77% 63.57% 60.56% 60.20% 67.81% 67.15% 63.80% 63.05% 63.66% 63.92% 60.28% 59.39% 48.45% 48.58% 48.21% 47.79% 48.59% 47.77% 47.98% 48.26% 47.66% 47.22% 46.65% 46.44%
Property, plant and equipment, net 7.60 7.55 7.12 6.35 6.17 6.42 5.75 5.71 5.35 5.79 6.14 5.98 5.90 6.16 5.99 10.38 10.30 10.86 10.94 10.99 11.08 10.92 10.72 10.85 10.71 10.80 10.95
Long-term financing receivables and other assets 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 8.47 8.16 8.43 8.55 8.19 8.71 8.70 8.69 9.04 9.37 9.60 9.61
Goodwill 19.53 19.87 19.52 17.24 17.31 18.52 16.84 17.08 17.61 19.60 19.94 19.38 20.64 22.22 22.26 30.82 30.85 30.79 30.84 30.17 30.18 29.94 29.64 29.45 29.41 29.30 29.08
Other non-current assets 12.13 15.34 15.08 14.64 12.95 14.50 17.21 9.40 9.90 10.81 10.87 10.98 9.54 11.34 12.36 1.88 2.10 1.71 1.89 2.06 2.26 2.46 2.69 3.00 3.29 3.64 3.92
Non-current assets 39.26% 42.76% 41.72% 38.23% 36.43% 39.44% 39.80% 32.19% 32.85% 36.20% 36.95% 36.34% 36.08% 39.72% 40.61% 51.55% 51.42% 51.79% 52.21% 51.41% 52.23% 52.02% 51.74% 52.34% 52.78% 53.35% 53.56%
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% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-K (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31), 10-K (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-Q (reporting date: 2017-01-31), 10-K (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30), 10-Q (reporting date: 2016-01-31), 10-K (reporting date: 2015-10-31), 10-Q (reporting date: 2015-07-31), 10-Q (reporting date: 2015-04-30), 10-Q (reporting date: 2015-01-31), 10-K (reporting date: 2014-10-31), 10-Q (reporting date: 2014-07-31), 10-Q (reporting date: 2014-04-30), 10-Q (reporting date: 2014-01-31), 10-K (reporting date: 2013-10-31), 10-Q (reporting date: 2013-07-31), 10-Q (reporting date: 2013-04-30), 10-Q (reporting date: 2013-01-31).

A fundamental structural realignment of the asset base is observed beginning in early 2016. Prior to this period, the asset composition was relatively balanced, with non-current assets consistently representing over 50% of total assets. Following January 2016, there was a decisive shift toward a more liquid asset structure, characterized by a substantial increase in current assets and a corresponding contraction in non-current assets.

Current Asset Composition
Current assets rose from a range of 46% to 48% between 2013 and 2015 to a higher plateau of 57% to 67% from 2016 through 2019. This increase was driven primarily by two factors: a sharp rise in inventory levels and a temporary surge in cash holdings.
Inventory as a percentage of total assets remained stable at approximately 6% until January 2016, at which point it jumped to nearly 16% and remained elevated, peaking at 17.78% in July 2018. This suggests a significant change in working capital requirements or a shift in the operational business model.
Cash and cash equivalents showed significant volatility, peaking at 22.46% in January 2017 before trending downward to 15.18% by July 2019. Accounts receivable remained relatively stable throughout the period, generally fluctuating between 12% and 17% of total assets.
Non-Current Asset Trends
Non-current assets experienced a marked decline, falling from approximately 52% of total assets in 2015 to a low of 32.19% by July 2017, before stabilizing around 39% to 42% in 2019.
Goodwill represented the most significant portion of non-current assets early in the period, holding steady at approximately 30% until 2015. Starting in 2016, goodwill declined steadily, ending the period at 19.53% in July 2019, indicating potential impairments or a reduction in the scale of acquired intangible assets.
Property, plant and equipment (PP&E) saw a proportional reduction, dropping from an average of 11% between 2013 and 2015 to approximately 6% to 7% from 2016 onward. This suggests a transition toward a more asset-light operational strategy.
Overall Asset Liquidity and Risk
The transition from a non-current asset-heavy balance sheet to a current asset-heavy balance sheet indicates an increase in short-term liquidity. The simultaneous increase in inventory and the decrease in fixed assets and goodwill suggest a strategic pivot in how the organization deploys its capital, prioritizing operational liquidity over long-term capital investments.

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