Full balance sheet
GAAP-style presentation: subsection headings carry rolled-up totals (similar to sell-side models). Operating adjustments for NWC sit in the working capital memo; tie them out in Analyst workflow › Net working capital.
| Line item | 2025 | 2026 | Change |
|---|---|---|---|
| Assets | |||
| +95,000 | |||
Cash and cash equivalents Reconciles to the cash-flow statement and is excluded from operating NWC. | +30,000 | ||
Short-term investments Excluded from operating NWC. | +2,000 | ||
Accounts receivable | +22,000 | ||
Inventory | +35,000 | ||
Prepaid expenses | +4,000 | ||
Other current assets | +2,000 | ||
| +41,000 | |||
Property, plant and equipment, net | +30,000 | ||
Intangible assets, net | +4,000 | ||
Right-of-use assets | +4,000 | ||
Long-term deposits | +2,000 | ||
Deferred tax assets | +1,000 | ||
Total assets | +136,000 | ||
| Liabilities & equity | |||
| +46,000 | |||
Accounts payable | +18,000 | ||
Accrued payroll and bonus | +6,000 | ||
Customer deposits / deferred revenue | +11,000 | ||
Warranty accrual | +2,000 | ||
Current portion of debt | +4,000 | ||
Current lease liabilities | +1,000 | ||
Income taxes payable | +1,000 | ||
Other current liabilities | +3,000 | ||
| +40,000 | |||
Long-term debt | +32,000 | ||
Lease liabilities | +4,000 | ||
Deferred tax liabilities | +2,000 | ||
Other provisions | +2,000 | ||
| +50,000 | |||
Owner capital | +30,000 | ||
Retained earnings | +18,000 | ||
Other reserves | +2,000 | ||
Total liabilities & equity | +136,000 | ||
| Working capital memo | |||
|---|---|---|---|
| Line item | 2025 | 2026 | Change |
| +61,000 | |||
Accounts receivable | +22,000 | ||
Inventory | +35,000 | ||
Prepaid expenses | +4,000 | ||
| +37,000 | |||
Accounts payable | +18,000 | ||
Accrued payroll and bonus | +6,000 | ||
Customer deposits / deferred revenue | +11,000 | ||
Warranty accrual | +2,000 | ||
Operating net working capital | 73,000 | 97,000 | +24,000 |
Management targets (days)
Day-count targets for the models. Build operating NWC and ΔNWC from the balance sheet and memo using Analyst workflow › Net working capital.
| Line item | 2025 | 2026 | Change |
|---|---|---|---|
Target DSO | — | ||
Target DIO | — | ||
Target DPO | — |
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Operating current assets, operating current liabilities, and operating net working capital are analyst constructs—use the memo and Analyst workflow, not GAAP balance-sheet captions.