Stock Analysis on Net

Home Depot Inc. (NYSE:HD)

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Common-Size Balance Sheet: Assets
Quarterly Data

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

Microsoft Excel
May 4, 2025 Feb 2, 2025 Oct 27, 2024 Jul 28, 2024 Apr 28, 2024 Jan 28, 2024 Oct 29, 2023 Jul 30, 2023 Apr 30, 2023 Jan 29, 2023 Oct 30, 2022 Jul 31, 2022 May 1, 2022 Jan 30, 2022 Oct 31, 2021 Aug 1, 2021 May 2, 2021 Jan 31, 2021 Nov 1, 2020 Aug 2, 2020 May 3, 2020 Feb 2, 2020 Nov 3, 2019 Aug 4, 2019 May 5, 2019
Cash and cash equivalents
Receivables, net
Merchandise inventories
Other current assets
Current assets
Net property and equipment
Operating lease right-of-use assets
Goodwill
Intangible assets, net
Other assets
Long-term assets
Total assets

Based on: 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03), 10-K (reporting date: 2020-02-02), 10-Q (reporting date: 2019-11-03), 10-Q (reporting date: 2019-08-04), 10-Q (reporting date: 2019-05-05).


Cash and Cash Equivalents
The proportion of cash and cash equivalents relative to total assets exhibits notable volatility. It peaks sharply around May to November 2020, reaching over 22%, likely reflecting increased liquidity holdings during that period. Subsequently, there is a consistent decline, stabilizing below 5% from mid-2022 through 2025, indicating a strategic reduction in cash holdings relative to assets.
Receivables, Net
Receivables as a percentage of total assets have remained relatively stable with slight fluctuations. The values range mostly between 4% and 6%, showing a modest upward trend from 2021 onward, peaking at 5.94% by May 2025. This may suggest a gradual increase in credit sales or collection timing adjustments.
Merchandise Inventories
Inventory levels show a decreasing trend from 30% in early 2019 down to around 24-26% by the end of 2024. There are some fluctuations, with peaks around mid-2022 and early 2023. The overall decline could suggest improved inventory management or shifts in sales volume or product strategy.
Other Current Assets
This category maintains a generally stable presence around 1.5% to 2.5%. Slight increases are visible in the earlier periods, with more consistent values between 1.5% and 2.3% after 2022, indicating no significant changes in composition or proportion of current assets classified here.
Current Assets
The percentage of current assets relative to total assets shows considerable variability. An uptick is observed in May through November 2020, peaking nearly at 51.56%, coinciding with the cash spike, followed by a downward trend stabilizing between approximately 33% and 44% in subsequent years. This suggests shifting liquidity positions and working capital adjustments.
Net Property and Equipment
The proportion of net property and equipment to total assets generally declines from about 43% in 2019 to around 27-33% in 2024 and 2025. There are minor rebounds but the overall trend is downward. This may reflect asset disposals, depreciation outpacing new investments, or business model evolution.
Operating Lease Right-of-Use Assets
This asset class fluctuates mildly, mostly between 7.8% and 10.9%. There is a gradual decline up to mid-2020 but a slow increase afterward, reaching above 9% in 2023 and early 2024. Changes likely reflect adjustments in lease arrangements or accounting standards impacting right-of-use asset recognition.
Goodwill
The goodwill proportion remains relatively stable around 4.3% until early 2020, followed by a dramatic increase peaking at around 20% by late 2024 before slightly decreasing. This unusual increase suggests significant acquisitions or reclassifications increasing intangible goodwill recorded on the balance sheet during this later period.
Intangible Assets, Net
Intangible assets are only reported in the final periods and consistently represent about 9% of total assets, supporting the indication from goodwill trends of increased acquisition-related or developed intangible assets in recent quarters.
Other Assets
The share of other assets is low but experiences sharp increase starting from early 2021 to mid-2023, reaching over 5%, before declining sharply to approximately 0.7% by late 2024. This pattern indicates a temporary buildup followed by substantial reduction or reclassification of other asset components.
Long-Term Assets
The long-term asset proportion generally follows a declining trend from over 60% in 2019 down to about 50% by 2020, then climbing again past 60% into 2023, before reaching over 65% in 2024. This suggests dynamic shifts in asset structure, balancing between current and long-term assets possibly due to strategic investments or disposals.