Common-Size Balance Sheet: Assets
Quarterly Data
Target Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 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 asset composition of the balance sheet exhibits significant volatility in working capital components, particularly regarding the interplay between cash reserves and inventory levels between 2020 and 2026. A pronounced shift in liquidity is evident during 2022, characterized by a sharp contraction in cash positions and a simultaneous expansion of inventory as a percentage of total assets.
- Liquidity and Cash Management
- Cash and cash equivalents experienced a dramatic decline from a peak of 16.61% in January 2021 to a minimum of 1.72% in October 2022. Following this trough, a recovery trend emerged, with cash levels stabilizing between 5% and 9% of total assets from 2023 through early 2026.
- Inventory Dynamics
- Inventory levels demonstrated a steady increase from 19.16% in May 2020, reaching a peak of 30.78% in October 2022. This expansion indicates a period of intensified capital tie-up in stock, which subsequently normalized to a range of 20% to 26% in the following years.
- Current Asset Volatility
- Total current assets peaked at 41.49% in October 2021 before trending downward to a low of 30.25% in April 2023. The recent trend suggests a stabilization of current assets within the 31% to 35% range, reflecting a more consistent approach to short-term asset management.
- Noncurrent Asset Structure
- Property and equipment, net, remains the dominant asset class, consistently representing over 50% of total assets. This component peaked at 62.12% in April 2023, indicating a period of increased capital expenditure or asset valuation. Operating lease assets showed a gradual upward trajectory, moving from approximately 4.3% to 6.65% over the analyzed period, suggesting a steady increase in the utilization of leased infrastructure.
- Overall Asset Allocation
- The balance between current and noncurrent assets shifted from a more liquid position in 2021 to a more fixed-asset-heavy position in 2023. Noncurrent assets reached their highest concentration of 69.75% in mid-2023, before slightly retreating to approximately 65.82% by August 2026.
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