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Google and Yahoo are two of the leaders in Internet search and advertising, and the flagship site of both ranks among the top sites on the Internet. This paper will take a look at the financial statements of these two companies, and analyze them.
The first section starts with the balance sheet. The capital accounts of both companies are predominantly based on equity. Google has $3 billion in long-term debt, while Yahoo has none. Otherwise, the companies both just have operating liabilities in their capital structure. Stock prices are not part of the balance sheet and are a different metric altogether. The market cap of Google is $265 billion compared with book value equity of $71 billion, a ratio of 3.7. The market cap of Yahoo is $27 billion compared with a book value of $14 billion, a ratio of 1.9. The market clearly thinks more of Google's growth potential than it does of Yahoo's. Given Yahoo's history of sales declines, it is amazing it has a Price/Book ratio that high.
2. The fixed assets of Google are around $33 billion, while for Yahoo they are around $12 billion. Thus, they are much higher for Yahoo. This is because Google's amount of cash represents a distortion. Yahoo keeps its cash ($5.5 billion of it, anyway) as a long-term investment, which takes it out of current assets. So the way the two companies treat and record their cash is quite a bit different.
3. Google's non-current assets include plant/property/equipment and goodwill. Yahoo of course has the abovementioned long-term investments. Otherwise, p/p/e and goodwill are the two biggest categories at Yahoo as well. Trademarks and other intellectual...
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