Common-Size Balance Sheet: Assets
Quarterly Data
Advanced Micro Devices Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27).
The composition of assets has undergone significant shifts over the analyzed period, spanning from March 2021 to December 2025. A notable trend is the substantial change in the allocation between current and non-current assets. Initially, current assets represented a significant portion of the total, averaging approximately 72% in the first three quarters of 2021. However, this proportion decreased considerably, with non-current assets increasing to dominate the asset base, particularly from early 2022 onwards.
- Cash and Cash Equivalents
- The percentage of total assets held as cash and cash equivalents demonstrated volatility. It began at 17.55% in March 2021, peaked at 24.53% in June 2021, and then generally declined to a low of 5.01% in September 2022. A slight increase was observed towards the end of the period, reaching 7.20% in December 2025, but remained significantly lower than initial levels.
- Short-Term Investments
- Short-term investments followed a decreasing trend, starting at 13.47% in March 2021 and falling to 1.52% in June 2022. While some fluctuation occurred, the proportion remained relatively low throughout the remainder of the analyzed period, ending at 6.52% in December 2025.
- Accounts Receivable
- Accounts receivable, net, exhibited a generally increasing trend, particularly from March 2022. Beginning at 5.50% in March 2022, it rose to 8.21% in December 2025. This suggests a potential increase in credit sales or a lengthening of the collection period.
- Inventories
- Inventories demonstrated a consistent upward trend throughout the period. Starting at 16.45% in March 2021, the proportion of assets allocated to inventories increased steadily, reaching 10.30% in December 2025. This could indicate a build-up of stock, potentially due to slowing sales or anticipated future demand.
- Goodwill and Intangibles
- Goodwill and acquisition-related intangibles collectively represented a substantial portion of non-current assets. Goodwill decreased from 2.88% in March 2021 to 32.62% in December 2025, while acquisition-related intangibles decreased from an initial absence to 21.72% in December 2025. The combined effect of these changes contributed significantly to the shift in asset composition.
- Deferred Tax Assets
- Deferred tax assets experienced a decline from 11.57% in March 2021 to a low of 0.05% in March 2022, before showing some recovery to 0.50% in December 2025. This fluctuation may be linked to changes in tax regulations or the company’s profitability.
- Overall Asset Shift
- The most prominent observation is the dramatic shift from current to non-current assets. Current assets decreased from approximately 72% of total assets in 2021 to around 35% in December 2025. Conversely, non-current assets increased from approximately 28% to 65% over the same period. This suggests a strategic move towards longer-term investments and a potential reduction in liquidity.
The changes in asset allocation suggest a significant evolution in the company’s financial strategy. The increase in inventories and accounts receivable, coupled with the decrease in cash and short-term investments, warrants further investigation to understand the underlying drivers and potential implications for future performance.