Common-Size Balance Sheet: Assets
Quarterly Data
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Analog Devices Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-05-02), 10-Q (reporting date: 2026-01-31), 10-K (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-Q (reporting date: 2025-02-01), 10-K (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-Q (reporting date: 2024-02-03), 10-K (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-K (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-K (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-30), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-Q (reporting date: 2020-02-01).
The balance sheet is characterized by a heavy concentration of non-current assets, which consistently account for the vast majority of total assets, ranging from a high of 91.06% in February 2020 to a low of 83.71% by May 2026. A gradual shift is observable toward an increase in liquidity, as current assets rose from 8.94% at the start of the period to 16.29% by May 2026.
- Liquidity and Working Capital
- Cash and cash equivalents have fluctuated between 1.96% and 6.84%, showing a general recovery toward the 5% level in the most recent quarters. Short-term investments appeared as a component of the asset mix in May 2024, peaking at 2.40% in November 2025. A steady upward trend is evident in inventories, which grew from 1.90% in January 2022 to 3.85% by May 2026, indicating a higher proportion of capital tied up in unsold goods. Accounts receivable remained relatively stable, although a peak of 4.28% was recorded in May 2026.
- Intangible Assets and Goodwill
- Goodwill represents the most significant portion of the asset base, maintaining a stable range between 51.45% and 57.39%. Intangible assets experienced a sharp increase in October 2021, jumping to 29.18% from previous levels around 15-19%. Following this spike, a consistent and linear decline occurred, with the ratio falling to 15.13% by May 2026, which is consistent with standard amortization patterns.
- Fixed and Other Non-Current Assets
- Net property, plant, and equipment showed a moderate increase over the analyzed period, rising from 5.65% in February 2020 to approximately 6.87% by May 2026, suggesting a gradual expansion of physical infrastructure. Conversely, deferred tax assets exhibited a persistent downward trend, decreasing from 7.33% to 3.61% over the same duration.
The overall asset composition reveals a strategic transition. While the company remains dominated by goodwill and intangible assets, there is a clear trajectory toward increasing the proportion of current assets and physical capital, while reducing the relative weight of deferred tax assets and amortized intangibles.