Common-Size Balance Sheet: Assets
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- Income Statement
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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Yahoo! Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
- Cash and cash equivalents
- There is a consistent downward trend in cash and cash equivalents as a percentage of total assets, declining from 15.6% in 2012 to 2.33% in 2016, indicating a reduced cash position relative to overall assets over the period.
- Short-term marketable securities
- These fluctuate modestly but generally increase from 8.86% in 2012 to 11.86% in 2016, showing a growing preference for short-term liquid investments.
- Accounts receivable, net of allowance
- A significant drop occurred from 5.9% in 2012 to around 2.25% in 2016, with a sharp decline in 2014. This suggests improved collection efficiency or changes in sales mix impacting receivables.
- Prepaid expenses and current assets
- Prepaid expenses decreased steadily from 0.43% to 0.15%, and overall prepaid expenses and other current assets decline from 2.69% to 0.46%, indicating reduced prepayments or better matching of expenses to periods. The percentage of total current assets also fell markedly from 33.05% in 2012 to about 16.9% in 2016, suggesting a strategic shift toward higher noncurrent asset holdings.
- Deferred income taxes
- Deferred income taxes as a current asset decline from 1.46% in 2012 to nearly negligible by 2015-2016, while the long-term deferred tax asset also decreases from 0.81% to 0.04%, reflecting perhaps changes in tax positions or asset realizability.
- Foreign currency forward and option contract assets
- These assets fluctuate noticeably, peaking at 1.27% in 2013, then declining to almost zero by 2016, indicating reduced exposure or hedging activity in foreign currency instruments over time.
- Other receivables and restricted cash
- Other non-trade receivables remain low and variable, while restricted cash emerges from 0.04% in 2014 to 0.11% in 2016, reflecting the introduction of some cash restrictions or earmarked funds.
- Long-term marketable securities
- Long-term marketable securities show a sharp decline from 10.75% in 2012 to just over 2% by 2016, indicating a reduction in long-term liquid investments.
- Alibaba Group Preference Shares and Investment in Alibaba Group
- Alibaba Group preference shares were present at 4.77% in 2012 but disappeared afterwards. Instead, a substantial investment in Alibaba Group appears starting 2014 at 64.34% and further increasing to 70.05% by 2016, dominating the asset structure and suggesting a major strategic investment shift.
- Property and equipment, net
- The proportion of property and equipment to total assets declines sharply from 9.86% in 2012 to 2.52% in 2016, reflecting possible asset sales, write-offs, or reduced capital expenditure.
- Goodwill and intangible assets
- Goodwill experiences a dramatic reduction from 22.37% in 2012 to under 1% by 2016, highlighting significant impairment or divestitures related to acquisitions. Intangible assets also decrease from 0.9% to 0.34%, supporting the trend of asset write-downs or disposals.
- Investments in equity interests
- These investments decline from 16.61% in 2012 to around 6.64% in 2016, showing repositioning or disposals of equity holdings other than Alibaba Group.
- Noncurrent vs current assets
- Noncurrent assets increase as a proportion of total assets from 66.95% in 2012 to over 83% by 2016, while current assets decline considerably, indicating a strategic shift towards longer-term holdings and less liquidity.
- Overall asset composition and trends
- The asset structure changes markedly over five years, driven primarily by a significant increase in investment in Alibaba Group starting 2014 and decreases in cash, receivables, property, goodwill, and other investments. This reflects a focused investment strategy favoring a dominant equity holding and reduced diversification in other assets.