Common-Size Balance Sheet: Assets
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- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Alphabet Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The composition of assets exhibited notable shifts between 2021 and 2025. A significant trend involves a decrease in the proportion of highly liquid assets, coupled with a corresponding increase in the weighting of long-term assets. Current assets as a percentage of total assets decreased consistently over the period, while non-current assets increased.
- Liquidity Position
- The combined percentage of cash, cash equivalents, and marketable securities decreased from 38.87% in 2021 to 21.31% in 2025. This decline was driven by a substantial reduction in marketable securities, falling from 33.04% to 16.15% over the same period. Cash and cash equivalents remained relatively stable, fluctuating between 5.83% and 5.21% of total assets.
- Current vs. Non-Current Assets
- Current assets decreased from 52.37% of total assets in 2021 to 34.61% in 2025. Within current assets, accounts receivable remained relatively consistent, fluctuating around 11%, while other current assets showed some volatility. Conversely, non-current assets increased from 47.63% in 2021 to 65.39% in 2025. This increase was broad-based, affecting several non-current asset categories.
- Long-Term Investments
- Non-marketable securities increased significantly, rising from 8.22% of total assets in 2021 to 11.54% in 2025. Deferred income taxes also experienced a notable increase, particularly between 2022 and 2024, peaking at 3.82% before decreasing to 1.53% in 2025.
- Fixed Assets and Goodwill
- Property and equipment, net, consistently increased as a percentage of total assets, rising from 27.17% in 2021 to 41.43% in 2025. This suggests ongoing investment in fixed assets. Goodwill decreased from 6.39% in 2021 to 5.61% in 2025, indicating potential impairment or a shift in acquisition strategy. Operating lease assets also showed a decreasing trend, falling from 3.61% to 2.56%.
- Other Assets
- Other non-current assets exhibited a moderate increase, moving from 1.89% in 2021 to 2.73% in 2025. This category represents a smaller portion of the overall asset base but contributes to the overall shift towards non-current assets.
In summary, the asset composition shifted towards a greater proportion of long-term investments and fixed assets, while liquid assets and current assets decreased. This suggests a potential strategic move towards long-term growth and investment rather than short-term liquidity.