Stock Analysis on Net
Stock Analysis on Net

Advanced Micro Devices Inc. (NASDAQ:AMD)

Common-Size Balance Sheet: Assets 

Advanced Micro Devices Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 27, 2025 Dec 28, 2024 Dec 30, 2023 Dec 31, 2022 Dec 25, 2021
Cash and cash equivalents 7.20 5.47 5.79 7.15 20.41
Short-term investments 6.52 1.94 2.71 1.51 8.64
Accounts receivable, net 8.21 8.94 6.37 6.11 21.79
Inventories 10.30 8.28 6.41 5.58 15.74
Prepaid expenses and other current assets 2.81 2.88 3.42 1.87 2.53
Current assets 35.03% 27.52% 24.70% 22.22% 69.11%
Property and equipment, net 3.01 2.60 2.34 2.24 5.65
Goodwill 32.66 35.88 35.74 35.78 2.33
Acquisition-related intangibles, net 21.72 27.35 31.47 35.69 0.00
Deferred tax assets 0.50 0.99 0.54 0.09 7.50
Other non-current assets 7.09 5.66 5.21 3.99 15.41
Non-current assets 64.97% 72.48% 75.30% 77.78% 30.89%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).

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.