Common-Size Balance Sheet: Assets
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- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2006
- Price to Operating Profit (P/OP) since 2006
- Analysis of Revenues
- Analysis of Debt
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Mastercard Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2022-12-31), 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).
- Current Assets Composition and Trend
- The proportion of current assets relative to total assets has exhibited a consistent decline from 65.05% in 2018 to 42.88% in 2022. Specifically, cash and cash equivalents, a major component of current assets, decreased notably from 26.88% in 2018 to 18.1% by 2022, reflecting a considerable reduction in liquid assets. Similarly, restricted cash for litigation settlement showed a slight downward trend from 2.22% to 1.52%. Investments also declined steadily, dropping from 6.82% to just above 1%.
- Conversely, accounts receivable saw a decline initially but increased again towards the end of the period, moving from 9.16% in 2018 to 8.84% in 2022. Settlement assets exhibited a steep decline from 9.86% to 3.28%, indicating a reduced share of such assets in total assets over the years. Restricted security deposits held for customers showed minor fluctuation but overall declined from 4.34% to 4.05%. Customer and merchant incentives grew slightly, rising from 3.13% to 3.59%, denoting a relative increase in these balances. Prepaid expenses and other current assets remained largely stable around the 6% mark, indicating consistent short-term operational expenditures.
- Noncurrent Assets Composition and Trend
- Noncurrent assets as a percentage of total assets display an increasing trend, growing from 34.95% in 2018 to 57.12% in 2022. This shows a strategic shift towards long-term asset holdings. Property and equipment, net, showed minor fluctuation but remained around 3.4%, while the addition of operating lease right-of-use assets contributed to an increase in combined property, equipment, and right-of-use assets, which moved from 3.7% in 2018 to 5.18% by 2022.
- Deferred income taxes decreased initially from 2.29% to 1.29% between 2018 and 2021, before sharply rising to 2.97% in 2022. Goodwill increased steadily over the period, peaking in 2021 at 20.34% before slightly decreasing to 19.42% in 2022, indicating acquisitions or valued intangible assets as a key component of noncurrent assets.
- Other intangible assets expanded significantly, more than doubling from 3.99% in 2018 to 9.97% in 2022, which could reflect investments in intellectual property or technology.
- Customer and merchant incentives under noncurrent assets also rose from 9.89% to 11.82%, signifying growing long-term obligations or deferred incentives.
- Equity investments increased from 1.36% to 4.47%, indicating a broader investment strategy in associated entities. Income taxes receivable remained relatively stable, fluctuating slightly around 1.2% to 1.7%. Other assets increased from 13.29% to nearly 20%, showing diversification or accumulation of miscellaneous noncurrent assets.
- Overall Asset Structure
- The overall asset structure has shifted markedly, with a decline in short-term (current) asset proportions and an increase in long-term (noncurrent) asset proportions. This could indicate a strategic emphasis on long-term investments, acquisitions, and intangible asset growth. The total assets composition remains balanced at 100% for all periods.