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).
The composition of assets at the company exhibits several notable shifts over the observed period, spanning from May 2019 to November 2025. Current assets, as a percentage of total assets, generally increased through the first half of 2021, followed by a period of relative stability and then a slight increase again in late 2023 and early 2024, before stabilizing. Conversely, noncurrent assets demonstrated a decreasing trend from May 2019 through early 2021, followed by a recovery and then a period of fluctuation. Within these broad categories, specific asset components reveal more nuanced patterns.
- Cash and Cash Equivalents
- Cash and cash equivalents experienced significant volatility. A substantial increase occurred between May 2019 and August 2020, peaking at 15.17% of total assets. This was followed by a decline through October 2021, before rising again to 6.87% in February 2024. The most recent periods show a further increase, reaching 8.24% in November 2024, before decreasing to 7.50% in August 2025. This suggests a dynamic cash management strategy, potentially influenced by seasonal sales patterns or strategic investment decisions.
- Inventory
- Inventory consistently represents a significant portion of total assets, generally fluctuating between 18% and 31%. A peak was observed in October 2021 at 27.49%, followed by a decline and then a rise to 25.91% in February 2025. The increase in inventory as a percentage of assets in the latter part of the observed period could indicate increased stocking in anticipation of demand, or potentially slower sales.
- Property and Equipment, Net
- Property and equipment, net, consistently constitutes the largest single component of assets, though its relative proportion decreased from 63.29% in May 2019 to a low of 51.30% in October 2021. It then recovered somewhat, reaching 58.99% in February 2024, before decreasing again to 56.19% in November 2025. This suggests potential investment in other asset classes or depreciation exceeding new acquisitions.
- Operating Lease Assets
- Operating lease assets have shown a generally increasing trend as a percentage of total assets, rising from 4.97% in May 2019 to 6.51% in February 2025, before decreasing to 6.39% in August 2025. This indicates a growing reliance on leased assets rather than owned property and equipment.
- Other Current and Noncurrent Assets
- Both 'Other current assets' and 'Other noncurrent assets' remained relatively stable as percentages of total assets throughout the period, with minor fluctuations. 'Other current assets' generally ranged between 3% and 4%, while 'Other noncurrent assets' fluctuated between 2% and 3%.
Overall, the asset composition demonstrates a shift away from traditional fixed assets (property and equipment) towards more liquid assets (cash and cash equivalents) and leased assets, alongside fluctuating inventory levels. These changes may reflect evolving business strategies, responses to market conditions, and capital allocation decisions.