Common-Size Balance Sheet: Assets
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Dell Technologies Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2019
- Current Ratio since 2019
- Total Asset Turnover since 2019
- Price to Sales (P/S) since 2019
- Analysis of Debt
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Dell Technologies Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
- Cash and cash equivalents
- The proportion of cash and cash equivalents relative to total assets shows a declining trend over the period, decreasing from 7.83% in early 2020 to 4.56% by early 2025. This suggests a gradual reduction in liquid assets on the balance sheet, which could impact short-term liquidity.
- Accounts receivable, net of allowance
- Accounts receivable as a percentage of total assets initially increased from 10.5% in 2020 to a peak of approximately 13.93% by 2023, before declining to 12.91% in 2025. This pattern indicates a growth in receivables followed by a slight reduction, possibly reflecting changes in sales volume or credit policies.
- Due from related party, net
- The data for "Due from related party, net" appears sporadic with values only present in 2022 and 2023 (0.14% and 0.42% respectively) for current assets, and in 2022 and 2023 (0.77% and 0.49%) for non-current assets. This sporadic presence may denote occasional intercompany transactions or settlements.
- Short-term financing receivables, net of allowance
- A steady increase is seen in short-term financing receivables from 4.12% in 2020 to 6.65% in 2025, suggesting an expanding portfolio of short-term financing arrangements relative to total assets.
- Inventories
- Inventories as a percentage of total assets show fluctuations, holding steady at 2.76% during 2020 and 2021, then rising sharply to 6.36% in 2022, declining to 4.41% in 2024, and jumping to 8.42% in 2025. This volatility could indicate changes in inventory management or supply chain dynamics.
- Other current assets
- Other current assets have increased over time from 5.81% in 2020 to a high of 13.37% in 2024, before a slight decline to 12.05% in 2025, indicating a growing component of current assets beyond the primary categories.
- Current assets held for sale
- This category appears only in 2025 at 0.84%, suggesting a recent divestiture or classification of assets intended for sale.
- Current assets
- Overall, current assets increased significantly from 31.02% of total assets in 2020 to a peak of 48.56% in 2022, then declined to 43.79% in 2024 and rose again to 45.43% in 2025. This implies an increasing emphasis on liquidity and short-term resources during the early period, followed by some normalization.
- Property, plant, and equipment, net
- There is a consistent upward trend in property, plant, and equipment, growing from 5.09% in 2020 to 7.95% in 2025, reflecting capital investment and asset base expansion in tangible fixed assets.
- Long-term investments
- Long-term investments show gradual growth from 0.73% in 2020, peaking at 1.98% in 2022, then declining slightly and stabilizing around 1.6-1.88% towards 2025, indicating moderate allocation to such assets.
- Long-term financing receivables, net of allowance
- A steady increase occurs in long-term financing receivables, rising from 4.08% in 2020 to 7.43% in 2025, suggesting more extended credit terms or financing arrangements over time.
- Goodwill
- Goodwill as a proportion of total assets declined sharply from 35.08% in 2020 to 21.32% in 2022, then remained relatively stable around 24% through 2025. This decrease might reflect asset impairments or divestitures impacting intangible asset balances.
- Intangible assets, net
- Intangible assets also exhibit a downward trend from 15.23% in 2020 to 6.25% in 2025, indicating potential amortization, impairments, or reduced investment in such assets over time.
- Other non-current assets
- Other non-current assets remain relatively stable, fluctuating slightly between approximately 7.08% and 9.07%, showing moderate consistency in less-defined non-current asset categories.
- Non-current assets
- Non-current assets declined from 68.98% in 2020 to 51.44% in 2022, then rose gradually to 56.21% in 2024 before slightly declining to 54.57% in 2025. This shift corresponds to increasing current asset proportions earlier, with some rebalancing in recent years.