Stock Analysis on Net
Stock Analysis on Net

Kraft Heinz Co. (NASDAQ:KHC)

This company has been moved to the archive! The financial data has not been updated since July 31, 2020.

Common-Size Balance Sheet: Assets
Quarterly Data

Kraft Heinz Co., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015
Cash and cash equivalents 2.86 5.19 2.25 2.25 1.41 1.06 1.09 1.14 2.76 1.49 1.35 1.20 1.21 2.68 3.49 3.24 3.48 3.41 3.93 3.64 5.95 5.23
Trade receivables, net of allowances 2.08 2.23 1.94 1.91 1.99 1.94 2.06 1.70 1.60 0.86 0.77 0.78 0.76 0.73 0.64 0.71 0.92 0.76 0.71 1.32 2.20 2.25
Sold receivables 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.44 0.29 0.36 0.44 0.49 0.11 0.17 0.12 0.65 0.47 0.00 0.00 0.00
Inventories 2.86 2.72 2.68 3.07 2.98 3.01 2.58 2.75 2.59 2.60 2.34 2.66 2.57 2.61 2.23 2.57 2.37 2.35 2.13 2.45 3.22 3.39
Prepaid expenses 0.48 0.47 0.38 0.40 0.38 0.37 0.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other current assets 0.51 0.51 0.61 1.21 1.13 1.16 1.33 0.76 0.81 0.77 1.29 1.03 0.97 0.83 0.80 0.70 0.80 0.79 0.71 1.13 1.34 1.45
Assets held for sale 0.13 0.13 0.12 0.03 1.00 0.99 1.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current assets 8.93% 11.25% 7.98% 8.87% 8.88% 8.53% 8.77% 6.34% 7.79% 6.16% 6.04% 6.02% 5.95% 7.35% 7.27% 7.39% 7.68% 7.96% 7.95% 8.55% 12.73% 12.34%
Property, plant and equipment, net 6.89 6.55 6.95 6.74 6.81 6.79 6.84 6.03 5.95 6.02 5.92 5.78 5.70 5.54 5.55 5.36 5.28 5.22 5.31 5.28 6.25 6.24
Goodwill 33.88 33.69 35.04 34.84 34.87 34.85 35.28 37.01 36.32 37.13 37.28 37.37 37.32 36.67 36.62 36.77 36.69 35.32 35.01 38.39 40.88 40.20
Intangible assets, net 48.02 46.37 47.96 47.38 47.42 47.85 47.81 49.05 48.48 49.34 49.45 49.56 49.74 49.11 49.22 49.24 49.11 50.33 50.52 46.55 35.89 35.21
Other non-current assets 2.28 2.14 2.07 2.17 2.01 1.98 1.29 1.58 1.45 1.36 1.31 1.28 1.29 1.33 1.34 1.25 1.24 1.16 1.22 1.24 4.26 6.02
Non-current assets 91.07% 88.75% 92.02% 91.13% 91.12% 91.47% 91.23% 93.66% 92.21% 93.84% 93.96% 93.98% 94.05% 92.65% 92.73% 92.61% 92.32% 92.04% 92.05% 91.45% 87.27% 87.66%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).

The asset composition reveals a balance sheet heavily dominated by non-current assets, which consistently represent between 87% and 94% of total assets. This structure indicates a high concentration of capital in long-term, non-liquid holdings, particularly intangible assets and goodwill, while current assets maintain a secondary and more volatile role in the overall asset mix.

Current Asset Liquidity and Trends
Current assets exhibited a notable decline from 12.34% in March 2015 to a low of 5.95% in July 2017. A subsequent recovery occurred, peaking at 11.25% in March 2020 before adjusting to 8.93% by June 2020. This volatility is primarily driven by cash and cash equivalents, which dropped from a high of 5.95% in June 2015 to approximately 1.1% between 2018 and 2019, followed by a sharp increase to 5.19% in March 2020, likely reflecting a strategic liquidity buildup during that period.
Trade receivables remained relatively low and stable for much of the period, fluctuating between 0.64% and 0.92% from 2016 to 2017, before trending upward to settle between 2.0% and 2.2% by mid-2020. Inventories remained the most stable component of current assets, generally oscillating within a narrow band between 2.1% and 3.1%.
Intangible Assets and Goodwill
The vast majority of the balance sheet is comprised of intangible assets and goodwill. Goodwill showed a gradual downward trend, decreasing from 40.20% in March 2015 to 33.88% by June 2020, suggesting periodic impairment charges or a relative increase in other asset classes.
Intangible assets, net, experienced a significant expansion between March 2015 (35.21%) and December 2015 (50.52%). Following this spike, the ratio remained elevated, typically fluctuating between 46% and 49% through June 2020. Combined, these two items frequently account for over 80% of the total asset base, highlighting a business model heavily reliant on brand value and intellectual property.
Fixed and Other Non-Current Assets
Property, plant, and equipment (PP&E), net, remained relatively consistent as a percentage of total assets, starting at 6.24% in early 2015 and ending slightly higher at 6.89% in June 2020. This indicates that the growth of physical infrastructure largely mirrored the growth of the total asset base.
Other non-current assets saw a sharp reduction from 6.02% in March 2015 to approximately 1.2% by late 2015, remaining relatively flat until a gradual increase to 2.28% by June 2020.

Overall, the financial position is characterized by a significant shift in the composition of non-current assets, specifically a trade-off between goodwill and intangible assets, alongside a marked increase in the weight of intangibles over the five-year period. The liquidity profile shows periodic instability, with a notable shift toward higher cash reserves and receivables in the first half of 2020 compared to the preceding three years.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.

How can I help you?