Common-Size Balance Sheet: Assets
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- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Based on: 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 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).
A fundamental structural shift in the asset composition occurred between December 2021 and March 2022. The balance sheet transitioned from a liquidity-heavy position, dominated by current assets, to a structure heavily weighted toward non-current assets, specifically intangible assets and goodwill. This shift indicates a significant capital allocation event, likely a large-scale acquisition, which fundamentally altered the common-size distribution of the company's resources.
- Liquidity and Current Asset Trends
- Current assets experienced a precipitous decline from a peak of 73.13% in June 2021 to 19.98% by March 2022. Following this contraction, a steady upward trajectory is observed, with current assets rising to 37.32% by June 2026. This recovery is driven primarily by a gradual increase in inventory levels and a modest recovery in cash positions.
- Cash and cash equivalents, which accounted for 24.53% of total assets in mid-2021, stabilized at a significantly lower range between 5% and 8% from 2022 through 2026. Short-term investments followed a similar pattern of contraction, though they show a notable increase toward the end of the period, reaching 9.50% by June 2026.
- Intangible Assets and Goodwill
- The most prominent change in the asset base is the surge in goodwill and acquisition-related intangibles starting in March 2022. Goodwill jumped from 2.33% in December 2021 to 34.50% in March 2022, remaining relatively stable around the 30% to 35% range for the remainder of the period.
- Acquisition-related intangibles peaked at 40.10% in March 2022 and exhibit a consistent, linear downward trend, reaching 18.51% by June 2026. This pattern is characteristic of systematic amortization of intangible assets over time.
- Operational Asset Analysis
- Inventories as a percentage of total assets dropped sharply in early 2022 but have since shown a consistent upward trend, growing from 3.63% in March 2022 to 10.03% by June 2026. This suggests an increase in the relative scale of operational stock compared to the total asset base.
- Accounts receivable, net, showed a similar shift, falling from approximately 21% in 2021 to around 6% in early 2022, before gradually climbing back to 8.62% by June 2026. The volatility in this metric suggests fluctuating credit terms or changes in revenue recognition cycles relative to asset growth.
- Other Non-Current Asset Movements
- Property and equipment, net, remained a small portion of the total assets throughout the period, though a slight increase is observed from 2.10% in March 2022 to 4.07% by June 2026, indicating a gradual increase in capital expenditures.
- Deferred tax assets saw a near-total collapse from 11.57% in March 2021 to 0.05% in March 2022, remaining negligible throughout the rest of the observed period.