Common-Size Balance Sheet: Assets
Quarterly Data
Target Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02).
The asset composition of the organization exhibits significant volatility in liquidity and inventory levels, alongside a steady long-term increase in the relative weighting of noncurrent assets. A distinct shift in asset allocation occurred between 2020 and 2026, characterized by an initial expansion of current assets followed by a strategic realignment toward fixed assets and operating leases.
- Liquidity and Cash Position
- A substantial fluctuation in cash and cash equivalents is evident. After maintaining a strong position between 10% and 16% of total assets through early 2021, a sharp contraction occurred in 2022, reaching a minimum of 1.72% by October 29, 2022. Subsequent periods show a recovery and stabilization, with cash levels oscillating between 5% and 9% from 2024 through early 2026.
- Inventory Management Trends
- Inventory levels as a percentage of total assets demonstrate a significant growth cycle and subsequent correction. Starting at approximately 19% in May 2020, inventory peaked at 30.78% in October 2022. This surge suggests a period of aggressive stockpiling or supply chain misalignment. Following this peak, the organization reduced the relative weight of inventory, stabilizing it within the 20% to 25% range by 2026.
- Fixed Assets and Infrastructure
- Property and equipment, net, consistently represent the largest portion of the asset base. While this figure fluctuated between 51% and 62%, there is a visible trend of increasing capital intensity. The relative weight of these assets peaked in April and July 2023 at approximately 62%, indicating a period of heavy investment in physical infrastructure relative to other asset classes.
- Operating Lease and Noncurrent Assets
- Operating lease assets show a gradual and consistent upward trend, rising from a range of 4.3% to 5.0% in 2020-2021 to a higher plateau of 6.0% to 6.6% between 2023 and 2026. This suggests a growing reliance on leased assets for operational capacity. Consequently, total noncurrent assets peaked at 69.75% in 2023, reflecting a broader shift in the balance sheet toward long-term asset holding.
- Current Asset Volatility
- The total weight of current assets experienced a peak of 41.49% in October 2021, driven largely by high cash and inventory levels. A subsequent decline brought current assets down to a range of 30% to 35% from 2023 onwards, signaling a more streamlined approach to short-term asset management and a reduction in excess liquidity and stock.
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