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Parker-Hannifin Corp. (NYSE:PH)

This company has been moved to the archive! The financial data has not been updated since February 7, 2023.

Common-Size Balance Sheet: Assets

Parker-Hannifin Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Jun 30, 2022 Jun 30, 2021 Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017
Cash and cash equivalents 2.07 3.60 3.47 18.32 5.37 5.71
Marketable securities and other investments 0.11 0.19 0.36 0.86 0.22 0.25
Trade accounts receivable, net 9.03 10.73 9.39 12.12 14.00 12.46
Non-trade and notes receivable 2.10 1.60 1.24 1.77 2.14 1.65
Inventories 8.54 10.28 9.19 9.55 10.58 10.00
Prepaid expenses and other 24.60 1.20 1.09 1.04 0.88 0.78
Current assets 46.43% 27.61% 24.75% 43.65% 33.19% 30.86%
Property, plant and equipment, net 8.18 11.14 11.62 10.06 12.12 12.51
Deferred income taxes 0.43 0.51 0.64 0.86 0.38 0.23
Investments and other assets 3.04 3.81 3.87 4.25 5.23 5.44
Intangible assets, net 12.09 17.30 19.25 10.15 13.16 14.90
Goodwill 29.83 39.62 39.87 31.03 35.93 36.07
Noncurrent assets 53.57% 72.39% 75.25% 56.35% 66.81% 69.14%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).

The asset composition exhibits significant volatility in the allocation between current and noncurrent assets over the six-year period. Noncurrent assets generally dominate the balance sheet, though their proportion fluctuated from a high of 75.25% in 2020 to a low of 53.57% in 2022. Conversely, current assets reached a peak of 46.43% in 2022, representing a substantial shift in the liquidity profile compared to the 24.75% observed in 2020.

Current Asset Trends
Cash and cash equivalents showed a notable anomaly in 2019, spiking to 18.32% of total assets before returning to a lower range between 2.07% and 5.71% in subsequent years. Trade accounts receivable demonstrated a general downward trend, declining from a peak of 14.00% in 2018 to 9.03% in 2022. Inventories remained relatively stable, fluctuating within a narrow band between 8.54% and 10.58%. A significant outlier is observed in prepaid expenses and other assets, which surged from 1.20% in 2021 to 24.60% in 2022, acting as the primary driver for the increase in total current assets during the final period.
Noncurrent Asset Composition
Goodwill represents the most substantial portion of the asset base, although its weight decreased from a peak of 39.87% in 2020 to 29.83% in 2022. Intangible assets, net, followed a similar volatile pattern, peaking at 19.25% in 2020 and ending at 12.09% in 2022. Property, plant, and equipment, net, exhibited a consistent long-term decline, falling from 12.51% in 2017 to 8.18% in 2022, suggesting a reduction in the relative intensity of fixed asset investment.
Strategic Asset Allocation
The balance sheet is heavily weighted toward intangible value, with the combined total of goodwill and intangible assets frequently exceeding 50% of total assets between 2017 and 2021. The shift observed in 2022 indicates a pivot in the asset structure, characterized by a reduction in both goodwill and fixed assets and a sharp increase in other current assets. This transition marks a move away from the noncurrent-asset-heavy structure that defined the 2020 and 2021 periods.

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