Common-Size Balance Sheet: Assets
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- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
The analysis of the financial data over the six-year period reveals several notable trends in the composition of total assets.
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents experienced significant fluctuations. It increased sharply from 1.81% in 2020 to a peak of 10.04% in 2021, followed by a decline to around 2.2% in 2024 before rising again to 4.09% in 2025. This volatility suggests changes in the company’s liquidity management or cash flow patterns during this period.
- Short-term Investments
- Short-term investments showed modest variability, increasing from 0.41% in 2020 to a high of 1.08% in 2021, then generally stabilizing around 0.6% to 0.9% in subsequent years. This pattern indicates some tactical adjustments in short-term investment holdings but without major shifts.
- Merchandise Inventory, Net
- Inventory as a percentage of total assets displayed an upward trend, rising consistently from 33.39% in 2020 to a peak of 42.4% in 2023. Although it slightly decreased thereafter to about 40.39% in 2025, the overall level remains elevated. This increase could reflect strategic inventory accumulation or responses to market demand changes.
- Other Current Assets
- Other current assets decreased from 3.2% in 2020 to 1.89% in 2025, showing a gradual reduction over time. This decline indicates a shrinking relative contribution of miscellaneous current assets within total assets.
- Current Assets
- Current assets as a whole fluctuated, increasing sharply to 47.77% in 2021, then falling to 44.94% in 2022 before a rebound to approximately 47.23% in 2025. These movements suggest ongoing shifts between current and noncurrent assets or changes in working capital components.
- Property, Less Accumulated Depreciation
- The share of property decreased from 47.3% in 2020 to about 41% in 2025, with minor oscillations in between. This downward trend represents a relative reduction in property holdings or potential revaluation effects.
- Operating Lease Right-of-Use Assets
- These assets maintained a fairly consistent proportion around 8% to 9.8% over the years, indicating stable leasing commitments or capitalization policies.
- Long-term Investments
- Long-term investments declined early on, dropping from 0.94% in 2020 to a low of 0.28% in 2023, then showed a slight recovery to 0.64% by 2025. The overall pattern points to a minor de-emphasis on long-term investment holdings.
- Deferred Income Taxes, Net
- Deferred income taxes fluctuated slightly but stayed within a narrow range between 0.37% and 0.73%, reflecting stable tax-related asset balances relative to total assets.
- Other Assets
- Other assets decreased marginally from 2.55% in 2020 to about 1.94% in 2025, suggesting a minor reduction in miscellaneous long-term asset categories.
- Noncurrent Assets
- Noncurrent assets as a percentage of total assets showed a steady decline from 61.19% in 2020 to approximately 52.77% in 2025. This contraction reflects the relative increase in current assets over time.
In summary, the data highlight a strategic shift toward higher proportions of current assets, particularly merchandise inventory, and a corresponding decrease in noncurrent assets like property. Liquidity levels demonstrated notable volatility, while long-term investments and other asset categories remained relatively stable or decreased slightly. These trends may indicate operational adjustments in inventory management and capital allocation over the observed period.