Common-Size Balance Sheet: Assets
Quarterly Data
Advanced Micro Devices Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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).
The asset structure reveals a fundamental transformation in the balance sheet composition beginning in the first quarter of 2022. Prior to this period, the asset base was predominantly liquid, with current assets comprising approximately 70% of total assets. Following a significant structural shift in March 2022, the composition inverted, with non-current assets increasing from roughly 31% to 80% of the total asset mix.
- Current Asset Dynamics and Liquidity
- A marked reduction in liquidity is observed starting in early 2022. Cash and cash equivalents, which peaked at 24.53% in June 2021, dropped to 7.08% by March 2022 and remained largely suppressed between 5% and 8% through the end of 2024. Short-term investments followed a similar trajectory, declining from 13.47% to a low of 0.93% by September 2024 before recovering slightly toward 8.49% by March 2026. Conversely, inventories have exhibited a steady upward trend from 3.63% in March 2022 to 10.10% by March 2026, suggesting an increase in operational scale or strategic stockpiling.
- Intangible Assets and Capital Structure
- The most significant change is the emergence of substantial intangible assets in March 2022. Goodwill appeared as a major component, stabilizing between 31.82% and 35.88% of total assets. Acquisition-related intangibles entered the balance sheet at 40.10% and have since undergone a consistent downward trend, declining to 20.28% by March 2026, which is indicative of systematic amortization. This shift reflects a transition from an asset-light model to one heavily weighted toward acquired intellectual property and brand value.
- Fixed and Other Non-Current Assets
- Property and equipment, net, remained a relatively small portion of the total asset base, though a gradual increase is noted from 2.10% in early 2022 to 3.42% by March 2026. Other non-current assets have also seen a steady rise, growing from 3.28% post-acquisition to 7.93% by the end of the period. Deferred tax assets, which were prominent in 2021 at levels up to 11.57%, became negligible after March 2022, fluctuating mostly below 1%.
Over the long term, the balance sheet is beginning to trend back toward a higher proportion of current assets, which grew from 19.98% in March 2022 to 35.95% by March 2026. This recovery in current asset weight is driven primarily by increases in inventories, accounts receivable, and a recent uptick in cash positions, while the overall influence of acquisition-related intangibles continues to diminish.
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