Advanced Micro Devices Inc. (NASDAQ:AMD)

The composition of assets exhibited significant shifts over the five-year period. A notable trend is the substantial change in the relative weighting of current versus non-current assets. Initially, current assets represented a majority of the asset base, but this proportion decreased considerably before partially recovering.

Liquidity and Current Assets

Current assets decreased significantly as a percentage of total assets from 69.11% in 2021 to 22.22% in 2022. This decline was driven by reductions in cash and cash equivalents, short-term investments, accounts receivable, and inventories. A gradual increase in current assets followed, reaching 35.03% in 2025, fueled by increases in all components, particularly inventories. Cash and cash equivalents showed volatility, decreasing sharply from 2021 to 2022, then stabilizing and increasing in later years.

Long-Lived Assets

Property and equipment, net, remained a relatively small and stable portion of total assets, increasing modestly from 5.65% to 3.01% over the period. Other non-current assets also showed a modest increase, moving from 15.41% to 7.09%.

Goodwill and Intangibles

Goodwill experienced a dramatic increase in 2022, rising to 35.78% of total assets, before stabilizing and decreasing slightly to 32.66% in 2025. Acquisition-related intangibles, net, emerged as a significant component in 2022 (35.69%), then decreased steadily to 21.72% in 2025. The combined weight of goodwill and acquisition-related intangibles initially dominated the non-current asset structure, but diminished as a proportion of the total asset base over time.

Non-Current Assets Overall

Non-current assets increased substantially from 30.89% in 2021 to 77.78% in 2022, largely due to the increases in goodwill and acquisition-related intangibles. Subsequently, the proportion of non-current assets decreased, reaching 64.97% in 2025, as the growth in these intangible assets slowed and current assets increased.

Deferred Tax Assets

Deferred tax assets represented a relatively small portion of total assets, declining significantly from 7.50% in 2021 to 0.50% in 2025, with a low of 0.09% in 2022. This suggests a change in the company’s tax position or utilization of deferred tax benefits.

The asset composition shifted considerably, moving from a current asset-heavy balance sheet in 2021 to one increasingly weighted towards non-current assets, particularly goodwill and acquisition-related intangibles, before a partial rebalancing towards current assets in the later years of the period. This suggests a period of significant acquisitions followed by a stabilization and potential shift in operational focus.