Common-Size Balance Sheet: Assets
Quarterly Data
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Debt to Equity since 2005
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United Parcel Service Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The asset structure exhibits a clear long-term shift from liquid current assets toward non-current, long-term investments. While current assets constituted approximately 33% of the total asset base in early 2021, this proportion declined to roughly 25% by March 2026. Conversely, non-current assets grew from 66.85% to 75.22% over the same period, indicating a strategic reallocation of capital toward fixed infrastructure and long-term strategic holdings.
- Liquidity and Working Capital Trends
- A significant reduction in liquidity is observed, primarily driven by the volatility of cash and cash equivalents. Cash peaked at 17.41% of total assets in March 2022 before experiencing a sharp contraction to a low of 4.52% by December 2023. While a moderate recovery followed, cash levels remained substantially lower than 2021 levels. Accounts receivable showed a general downward trend, fluctuating between 13% and 18%, reflecting changes in credit management or revenue collection cycles.
- Fixed Asset Intensification
- Property, plant, and equipment (PP&E) remained the dominant asset class throughout the period. After a period of relative stability around 48-50%, a marked increase began in 2023, peaking at 54.96% in March 2024. This expansion suggests an intensified investment in physical infrastructure, fleet modernization, or facility expansion to support operational capacity.
- Growth in Intangible and Strategic Assets
- There is a consistent upward trajectory in the proportion of intangible assets and goodwill. Goodwill rose from 5.28% in March 2021 to 8.07% by March 2026, while net intangible assets increased from 3.58% to 5.54%. This trend points toward strategic acquisitions or the capitalization of internal development and brand value over the five-year window.
- Operating Lease and Other Non-Current Assets
- Operating lease right-of-use assets remained relatively stable, oscillating between 4.8% and 6.2%, suggesting a consistent approach to leased facilities and equipment. Other non-current assets experienced a notable surge between late 2022 and 2023, peaking at 5.77% before stabilizing around 2.7% to 2.9% in the subsequent years.
Overall, the balance sheet evolution reflects a transition from a high-liquidity posture to a more asset-heavy operational model. The simultaneous increase in PP&E, goodwill, and intangible assets, paired with a decrease in the current asset ratio, suggests a period of aggressive capital expenditure and strategic growth aimed at enhancing long-term productive capacity.