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Stock Analysis on Net

Waste Management Inc. (NYSE:WM)

This company has been moved to the archive! The financial data has not been updated since February 15, 2022.

Common-Size Balance Sheet: Assets

Waste Management Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Cash and cash equivalents 0.41 1.88 12.84 0.27 0.10
Accounts receivable, net of allowance for doubtful accounts 7.83 7.15 7.03 8.53 8.27
Other receivables, net of allowance for doubtful accounts 0.92 1.80 1.33 1.52 2.61
Parts and supplies 0.46 0.42 0.38 0.45 0.44
Other assets 0.93 0.81 0.80 0.91 0.60
Current assets 10.55% 12.06% 22.38% 11.68% 12.02%
Property and equipment, net of accumulated depreciation and amortization 49.55 48.21 46.47 52.72 52.95
Goodwill 31.03 30.65 23.54 28.39 28.62
Other intangible assets, net 3.09 3.49 1.88 2.53 2.51
Restricted trust and escrow accounts 1.20 1.18 1.13 1.31 1.46
Equity method investments 1.15 1.07 1.36 1.13 0.58
Investments without readily determinable fair values 0.16 0.21 0.21 0.37 0.40
Redeemable preferred stock 0.17 0.17 0.18 0.29 0.25
Investments in unconsolidated entities 1.48% 1.45% 1.74% 1.79% 1.23%
Other assets 3.10 2.95 2.85 1.58 1.21
Long-term assets 89.45% 87.94% 77.62% 88.32% 87.98%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 10-K (reporting date: 2017-12-31).

The asset structure of the organization is characterized by a significant concentration in long-term assets, which consistently represent the vast majority of the total asset base. While the overall composition remained relatively stable between 2017 and 2021, a notable volatility in liquidity occurred during the 2019 fiscal year, temporarily altering the common-size distribution.

Current Asset Composition and Liquidity
Current assets generally fluctuate between 10% and 12% of total assets, with a significant exception in 2019 when they peaked at 22.38%. This spike was driven almost exclusively by cash and cash equivalents, which rose from 0.27% in 2018 to 12.84% in 2019, before reverting to 0.41% by 2021. Accounts receivable have remained a stable component of the current asset mix, maintaining a range between 7.03% and 8.53% throughout the five-year period.
Fixed Asset Trends
Property and equipment, net of depreciation, constitute the largest single asset category. This segment showed a gradual decline in its share of total assets, moving from 52.95% in 2017 to 49.55% in 2021. The dip to 46.47% in 2019 correlates with the increase in cash holdings, which expanded the total asset denominator and proportionally reduced the weight of fixed assets.
Intangible Assets and Goodwill
There is a visible upward trend in the proportion of total assets represented by goodwill, which increased from 28.62% in 2017 to 31.03% in 2021. This growth suggests an increasing reliance on acquisitions to drive expansion. Other intangible assets have remained relatively constant, fluctuating between 1.88% and 3.49% over the analyzed period.
Long-term Asset Stability
Long-term assets consistently dominate the balance sheet, accounting for approximately 88% of total assets in most years. Excluding the 2019 anomaly, where long-term assets dropped to 77.62%, the proportion increased slightly from 87.98% in 2017 to 89.45% in 2021. This indicates a capital-intensive business model with a heavy investment in infrastructure and acquired entities.

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