Common-Size Balance Sheet: Assets
Quarterly Data
Target Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets demonstrated significant variability over the periods analyzed, ranging from a low near 1.7% to a high exceeding 16%. Notably, there was a marked increase around early 2020, peaking above 16%, which may reflect a strategic buildup of liquidity during that period. Following this peak, the ratio fluctuated moderately but generally trended downward before rising again in mid to late 2024.
- Inventory
- Inventory as a percentage of total assets exhibited a cyclical pattern characterized by periods of increase and decline. Initially, it decreased from around 22% to just below 19% in mid-2020, then sharply rose to nearly 31% by late 2022. After this peak, a downward adjustment occurred, with inventory levels stabilizing around the low to mid-20% range through 2024 and early 2025. The fluctuations suggest inventory management was responsive to operational needs and market conditions.
- Other Current Assets
- This category remained relatively stable, fluctuating narrowly around the 3% to 4% range throughout the periods. Slight upward trends are observed post-2020, indicating a modest increase in ancillary current assets, but overall no dramatic shifts occurred, signifying consistency in this asset component.
- Current Assets
- The share of current assets in total assets increased from approximately 28.5% in 2019 to a peak above 41% by late 2021. Subsequently, it declined to a range near 30% to 35% in the more recent periods. This pattern suggests a buildup of short-term resources during the earlier phases, potentially for liquidity or operational flexibility, followed by a reduction as other asset components or operational strategies evolved.
- Property and Equipment, Net
- There was a general decreasing trend in the ratio of property and equipment relative to total assets from over 63% in early 2019 to around 52% in 2020. The proportion then rebounded steadily, cresting above 62% in 2023 before tapering back to mid-to-high 50% levels toward the end of the dataset. This trend indicates periods of significant capital investment or disposals, possibly related to asset lifecycle management and strategic realignment.
- Operating Lease Assets
- Operating lease assets remained a stable component ranging generally between 4.3% and 6.5% of total assets. A slight upward trajectory is visible over time, particularly from 2021 onward, suggesting an increasing reliance on leased assets as part of the asset base structure.
- Other Noncurrent Assets
- This category showed minor fluctuations, maintaining a share fluctuating around the 2.5% to 3.3% range. No significant trend changes are evident, indicating stable management of other long-term asset holdings over the examined periods.
- Noncurrent Assets
- Noncurrent assets as a whole decreased from above 71% of total assets in early 2019 to near 59% by late 2020, followed by a steady increase reaching nearly 70% around 2023. The proportion then declined gradually to the mid-60% range by late 2025. This trend demonstrates an overall shift in the asset structure, reflecting valuation changes, capital investments, or adjustment in the balance between short- and long-term assets.
- Total Assets
- By definition, total assets remain constant at 100% throughout the periods, serving as the baseline for the analysis of each asset category’s relative size.