Name: Williams-Sonoma Inc. (NYSE:WSM) | Common-Size Assets
Creator: Stock Analysis on Net

Common-Size Balance Sheet: Assets

Williams-Sonoma Inc., common-size consolidated balance sheet: assets

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Feb 2, 2020	Feb 3, 2019
Cash and cash equivalents	23.93%	7.88%	18.38%	25.75%	10.66%	12.05%
Accounts receivable, net	2.33%	2.48%	2.85%	3.08%	2.76%	3.81%
Merchandise inventories, net	23.63%	31.23%	26.94%	21.59%	27.15%	39.99%
Prepaid expenses	1.13%	1.39%	1.50%	2.01%	2.23%	3.60%
Other current assets	0.55%	0.69%	0.57%	0.49%	0.51%	0.78%
Current assets	51.57%	43.66%	50.24%	52.93%	43.31%	60.24%
Property and equipment, net	19.21%	22.85%	19.91%	18.75%	22.92%	33.05%
Operating lease right-of-use assets	23.32%	27.59%	24.49%	23.30%	28.77%	0.00%
Deferred income taxes, net	2.10%	1.75%	1.22%	1.33%	1.18%	1.57%
Goodwill	1.47%	1.66%	1.85%	1.83%	2.11%	3.04%
Other long-term assets, net	2.33%	2.50%	2.30%	1.87%	1.72%	2.11%
Long-term assets	48.43%	56.34%	49.76%	47.07%	56.69%	39.76%
Total assets	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).

Cash and cash equivalents: The proportion of cash and cash equivalents relative to total assets shows notable fluctuations over the years. It started at 12.05% in early 2019, decreased to 10.66% in 2020, then sharply increased to a peak of 25.75% in 2021. It declined again in 2023 to 7.88% before rebounding to 23.93% by early 2024. This pattern indicates a variable liquidity position, with significant cash reserves held in 2021 and 2024.
Accounts receivable, net: A steady downward trend is visible in the accounts receivable as a percentage of total assets, decreasing from 3.81% in 2019 to 2.33% in 2024. This suggests improved efficiency in collections or a reduced volume of credit sales relative to total assets over the years.
Merchandise inventories, net: Inventory levels as a percentage of total assets exhibited a general decline from 39.99% in 2019 to 21.59% in 2021. However, there was an increase in 2022 and 2023, peaking at 31.23%, before declining again to 23.63% in 2024. The fluctuations indicate changing inventory management strategies or demand variations influencing stock levels.
Prepaid expenses: Prepaid expenses steadily decreased from 3.6% in 2019 to 1.13% in 2024, reflecting a reduced proportion of payments made in advance compared to total assets, possibly due to changes in payment terms or operational efficiencies.
Other current assets: The share of other current assets remained relatively low and stable, fluctuating slightly between 0.49% and 0.78%, indicating minimal impact on overall asset composition from miscellaneous current assets.
Current assets: Current assets as a whole showed significant variability, dropping sharply from 60.24% in 2019 to 43.31% in 2020, rising to 52.93% in 2021, then decreasing to 43.66% in 2023 before increasing again to 51.57% in 2024. This illustrates shifting working capital allocation and liquidity management throughout the periods.
Property and equipment, net: The percentage of property and equipment relative to total assets declined from 33.05% in 2019 to 18.75% in 2021, then experienced moderate increases reaching 22.85% in 2023, before dropping again to 19.21% in 2024. This may reflect changes in capital investment, depreciation trends, or asset disposals.
Operating lease right-of-use assets: Introduced into disclosures from 2020 onward, lease right-of-use assets consistently represented a significant portion of total assets, starting at 28.77% in 2020 and fluctuating between 23.3% and 27.59% through 2024. This highlights the material impact of operating leases on the asset structure during this period.
Deferred income taxes, net: Deferred income taxes as a percentage of total assets decreased initially from 1.57% in 2019 to around 1.18%-1.33% in the subsequent years, before rising notably to 2.1% in 2024, which may indicate timing differences in tax recognition or changes in tax planning strategies.
Goodwill: Goodwill steadily declined as a portion of total assets from 3.04% in 2019 to 1.47% in 2024, suggesting either amortization, impairment, or a relative reduction due to growth in other asset categories.
Other long-term assets, net: This category remained relatively stable but with a slight ascending trend, increasing from 2.11% in 2019 to a peak of 2.5% in 2023 before a small decline to 2.33% in 2024, indicating minor changes in long-term miscellaneous assets.
Long-term assets: The total long-term assets as a percentage of overall assets showed significant variability. Starting at 39.76% in 2019, it peaked at 56.69% in 2020, declined to 47.07% in 2021, rose again to 56.34% in 2023, and then decreased to 48.43% in 2024. These shifts reflect changing capital structure and asset investment strategies, particularly influenced by lease assets and property and equipment fluctuations.
Total assets: All percentages are relative to total assets, which are consistently at 100% by definition, serving as the basis for these ratio analyses.

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