Stock Analysis on Net
Stock Analysis on Net

Analog Devices Inc. (NASDAQ:ADI)

Common-Size Balance Sheet: Assets 
Quarterly Data

Analog Devices Inc., common-size consolidated balance sheet: assets (quarterly data)

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May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019 Feb 2, 2019
Cash and cash equivalents 5.02 4.90 4.13 4.33 3.97 2.69 1.96 2.33 2.38 3.33 2.92 3.03 3.42 3.50 3.78 6.84 6.05 4.89 4.92 5.05 3.68 3.06 3.03 2.84 3.28 2.78
Short-term investments 0.00 0.77 0.77 0.90 0.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts receivable 2.92 2.49 2.77 2.32 2.06 2.47 3.01 3.28 3.26 3.24 3.58 3.46 3.17 3.20 2.79 3.80 3.77 3.86 3.44 3.16 2.76 2.73 2.97 3.20 3.15 3.27
Inventories 3.22 3.07 3.00 2.94 3.03 3.21 3.37 3.46 3.33 3.03 2.78 2.39 2.12 1.90 2.29 3.04 2.97 2.89 2.83 2.84 2.76 2.75 2.85 2.96 2.79 2.72
Prepaid expenses and other current assets 0.64 0.72 0.70 0.70 0.71 0.75 0.64 0.73 0.61 0.67 0.53 0.43 0.42 0.46 1.42 0.60 0.66 0.61 0.54 0.47 0.41 0.39 0.43 0.31 0.33 0.33
Current assets 11.80% 11.95% 11.37% 11.20% 10.63% 9.13% 8.98% 9.80% 9.58% 10.27% 9.82% 9.31% 9.12% 9.05% 10.28% 14.28% 13.45% 12.24% 11.73% 11.51% 9.61% 8.94% 9.28% 9.31% 9.55% 9.09%
Net property, plant and equipment 7.05 6.99 7.08 6.98 6.99 6.78 6.60 5.92 5.53 5.03 4.77 4.33 4.12 3.98 3.78 5.42 5.38 5.27 5.22 5.25 5.57 5.65 5.70 5.66 5.56 5.41
Goodwill 56.91 56.17 55.80 55.35 55.07 55.62 55.16 54.54 54.32 53.57 53.50 53.47 53.00 52.60 51.45 56.74 56.89 57.29 57.19 56.82 57.39 57.34 57.29 56.79 56.26 56.14
Intangible assets, net 18.56 19.14 19.88 20.56 21.36 22.47 23.18 23.84 24.75 25.41 26.37 27.34 28.07 28.82 29.18 15.01 15.72 16.49 17.00 17.58 18.40 19.05 19.71 20.15 20.61 21.22
Deferred tax assets 4.19 4.24 4.32 4.33 4.39 4.49 4.56 4.51 4.54 4.51 4.50 4.56 4.58 4.52 4.33 6.59 6.71 6.84 7.00 7.05 7.28 7.33 7.40 7.45 7.39 7.49
Other assets 1.48 1.50 1.55 1.58 1.56 1.52 1.52 1.39 1.28 1.20 1.03 0.98 1.11 1.02 0.98 1.96 1.86 1.87 1.86 1.79 1.75 1.69 0.61 0.64 0.62 0.65
Non-current assets 88.20% 88.05% 88.63% 88.80% 89.37% 90.87% 91.02% 90.20% 90.42% 89.73% 90.18% 90.69% 90.88% 90.95% 89.72% 85.72% 86.55% 87.76% 88.27% 88.49% 90.39% 91.06% 90.72% 90.69% 90.45% 90.91%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 10-K (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-Q (reporting date: 2019-02-02).

Cash and cash equivalents
The proportion of cash and cash equivalents relative to total assets showed a fluctuating pattern from early 2019 to mid-2025. Initially around 2.78%, it increased notably, peaking at approximately 6.84% in July 2021 before declining to a low of 1.96% by October 2023. Subsequently, it recovered steadily, reaching about 5.02% by May 2025. This indicates periods of increased liquidity buffers followed by drawdowns and renewed accumulation.
Short-term investments
Short-term investments as a percentage of total assets were either absent or negligible until early 2024, at which point a modest presence emerged fluctuating between 0.77% and 0.9%, suggesting a recent strategic addition of liquid but non-cash investments to the asset base.
Accounts receivable
Accounts receivable showed moderate variability, generally remaining between 2.06% and 3.86% of total assets. After a peak near 3.86% in early 2021, it declined sharply through to mid-2024, then experienced slight recovery. This trend could reflect changes in sales growth, credit terms, or collection efficiency.
Inventories
The inventory proportion showed an increasing trend over the period. Starting near 2.72%, inventories gradually rose with some fluctuations to reach a peak near 3.46%-3.5% by late 2023, followed by a slight decrease and stabilization around 3.2%-3.3% in 2024-2025. This upward movement may indicate buildup of stock in anticipation of demand or supply chain factors.
Prepaid expenses and other current assets
Prepaid expenses and other current assets remained relatively low but increased from about 0.3% to near 0.75% at points, particularly after 2020, reflecting changes in advance payments or short-term asset composition.
Current assets
Overall current assets rose from around 9% to peaks above 14% in mid-2021, then abruptly decreased to near 9% by early 2022. In later periods, current assets again increased to stabilize between 10% and 12% of total assets. This volatility reflects the combined dynamics of cash, receivables, inventories, and other liquid assets.
Net property, plant and equipment (PP&E)
Net PP&E as a percentage of total assets was stable around 5.4%-5.7% until early 2021, when a sharp decline to below 4% occurred. Following this, a steady increase resumed from 4% to above 7% by mid-2024, suggesting investment in fixed assets or asset revaluation after a period of write-downs or disposals.
Goodwill
Goodwill comprised the largest single asset component throughout, ranging mostly between 51% and 57% of total assets. A notable drop around late 2021 from near 57% to about 51% suggests significant impairment or reclassification, after which it steadily increased again to nearly 57% by mid-2025.
Intangible assets, net
Intangible assets demonstrated a continuous declining trend from above 21% in early 2019 to below 19% by mid-2025. An outlier occurred in late 2021 with a sharp spike over 29%, likely due to accounting reclassification or acquisition-related adjustments, before resuming the downward trend. This overall decrease points to amortization or impairment exceeding additions.
Deferred tax assets
Deferred tax assets remained relatively stable around 7.5% until late 2020, then sharply decreased to near 4.3%-4.5%. This significant reduction suggests tax position changes, regulatory impacts, or valuation allowance adjustments affecting deferred tax accounting.
Other assets
Other assets were minor, generally under 2%, showing a slight upward trend over time that may reflect accruals or miscellaneous asset accumulation.
Non-current assets
Non-current assets consistently comprised the majority of total assets, fluctuating around 88%-91%. A decline to roughly 85% in late 2021 coincided with the changes in PP&E and goodwill, followed by a gradual recovery. This confirms that the company's asset base is heavily weighted toward long-term investments and intangible resources across all periods.