Common-Size Balance Sheet: Assets
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Analog Devices Inc. pages available for free this week:
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Analysis of Debt
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Based on: 10-Q (reporting date: 2026-08-01), 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 asset structure is characterized by a heavy concentration in non-current assets, which consistently represent the vast majority of the balance sheet, though a gradual shift toward higher liquidity is observable over the analyzed period.
- Current Asset Composition and Liquidity
- Current assets have exhibited a general upward trend, rising from 8.94% of total assets in February 2020 to a peak of 16.29% in May 2026. This growth is primarily driven by increases in cash and cash equivalents, which fluctuated between 1.96% and 6.84%, and the introduction of short-term investments starting in May 2024. Inventories have shown a steady long-term increase, moving from 2.75% in February 2020 to 3.99% by August 2026, suggesting a relative increase in stock holdings. Accounts receivable have remained relatively stable but showed a late-period increase, reaching 4.93% in August 2026.
- Intangible Assets and Goodwill
- Goodwill is the most significant component of the asset base, consistently representing over 50% of total assets and peaking at 57.80% in August 2026. A notable structural shift occurred in October 2021, where net intangible assets spiked from approximately 15% to 29.18%, indicating a significant acquisition or asset revaluation. Following this peak, intangible assets underwent a steady decline through amortization, returning to 15.42% by August 2026.
- Non-Current Asset Trends
- Non-current assets as a percentage of the total balance sheet have trended downward, decreasing from 91.06% in February 2020 to 85.39% in August 2026. While goodwill remains dominant, net property, plant, and equipment (PP&E) increased moderately from 5.65% to 6.92%, indicating a slight increase in the relative weight of physical infrastructure. Conversely, deferred tax assets have experienced a consistent decline, falling from 7.33% in February 2020 to 3.49% in August 2026.
- Overall Balance Sheet Evolution
- The transition from a high non-current asset concentration toward a slightly more balanced distribution is evident. The increase in the proportion of current assets, combined with the steady growth in inventories and receivables, suggests a change in the operational asset mix, while the persistent dominance of goodwill highlights a balance sheet heavily influenced by historical acquisitions.