Common-Size Balance Sheet: Assets
Quarterly Data
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Target Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02).
The composition of assets at the company exhibits several notable shifts over the analyzed period, spanning from May 2020 to November 2025. Current assets initially increased as a percentage of total assets, peaking in late 2020 and early 2021, before generally declining through 2022 and stabilizing in 2023-2025. Conversely, noncurrent assets demonstrated a decreasing trend from May 2020 to early 2022, followed by a period of increase and stabilization.
- Cash and Cash Equivalents
- Cash and cash equivalents as a percentage of total assets experienced significant volatility. A substantial increase occurred between May 2020 and January 2021, potentially indicating a build-up of liquidity. This was followed by a decline through 2021 and 2022, reaching a low in early 2022. A subsequent increase occurred in early 2024, followed by a slight decline and stabilization in the 6-8% range through November 2025. This suggests a dynamic cash management strategy responding to operational needs and market conditions.
- Inventory
- Inventory consistently represents a significant portion of total assets, generally ranging between 18% and 31%. A peak was observed in late 2020 and early 2021, coinciding with potential supply chain disruptions and increased consumer demand. Inventory levels remained elevated through much of 2022, before decreasing in 2023 and stabilizing in the 22-26% range through the end of the period. This suggests a potential shift in inventory management practices or changes in sales patterns.
- Property and Equipment, Net
- Property and equipment, net, consistently constitutes the largest portion of total assets, generally between 51% and 62%. A gradual decline was observed from May 2020 to early 2022, potentially due to depreciation or asset sales. This was followed by an increase through 2023, and a stabilization in the 56-62% range through November 2025. This indicates ongoing investment in fixed assets, though the rate of investment appears to have fluctuated.
- Operating Lease Assets
- Operating lease assets have increased as a percentage of total assets over the analyzed period, rising from approximately 5% in May 2020 to around 6-7% in November 2025. This suggests an increasing reliance on leased assets rather than owned property and equipment, potentially impacting capital expenditure requirements and financial flexibility.
- Current vs. Noncurrent Assets
- The relative proportions of current and noncurrent assets have shifted over time. The initial period saw a rise in the proportion of current assets, potentially reflecting a need for increased liquidity. Subsequently, the proportion of noncurrent assets increased, indicating a greater investment in long-term assets. By the end of the period, the proportions have stabilized, with noncurrent assets representing a slightly larger share of the total asset base.
Overall, the asset composition demonstrates a dynamic response to changing economic conditions and strategic decisions. The fluctuations in cash levels, inventory, and the increasing reliance on operating leases are particularly noteworthy and warrant further investigation to understand the underlying drivers and their implications for the company’s financial performance and risk profile.