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-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).
- Cash and Cash Equivalents
- Cash and cash equivalents as a percentage of total assets fluctuated notably over the observed periods. Initially increasing from 3.06% to a peak of 6.84%, the ratio then declined steadily to a low of 1.96% by late 2023. In the subsequent quarters, it rose again, reaching above 5% toward early 2025. This indicates periods of liquidity expansion followed by drawdowns, and then renewed accumulation of cash reserves.
- Short-Term Investments
- Short-term investments were not recorded until early 2024, when they appeared at 0.87% of total assets and generally increased to about 2.4% by mid-2025. This new allocation suggests a strategic shift toward maintaining liquid investment securities alongside cash reserves.
- Accounts Receivable
- Accounts receivable as a proportion of total assets peaked around early 2021 at approximately 3.86%, followed by a notable reduction to around 2% in 2023. Some recovery was noted in late 2024 and early 2025, with levels approaching 3%. This trend may reflect changes in sales cycles, credit policies, or collection efficiency over time.
- Inventories
- Inventory levels remained relatively stable, fluctuating between 2.75% and 3.45% of total assets. From a low point near 1.9% in early 2022, inventories increased progressively to their highest observed level by early 2025. The gradual rise suggests enhanced stockholding, possibly in anticipation of higher sales or as a buffer against supply chain uncertainties.
- Prepaid Expenses and Other Current Assets
- The ratio for prepaid expenses and other current assets showed a general ascending trend, moving from 0.39% to a peak of 0.76% of total assets by early 2025, with some variability. The rise may indicate an increase in advance payments or other short-term asset balances relative to total assets.
- Current Assets
- Overall current assets increased significantly from 8.94% to a high of 14.81% of total assets toward early 2025. This reflects strengthening liquidity and working capital positions over the reported intervals, despite intermediate declines around late 2021.
- Net Property, Plant, and Equipment (PP&E)
- Net PP&E experienced an initial decline from roughly 5.65% to about 3.78% of total assets by late 2021, followed by a consistent upward trend to approximately 6.91% by early 2025. This pattern suggests a period of asset reduction or depreciation, succeeded by renewed investments in fixed assets.
- Goodwill
- Goodwill as a percentage of total assets remained the dominant asset category, consistently exceeding 50%. It showed a decline from around 57% in early 2020 to roughly 51% by late 2021, then steadily increased again to nearly 56% by early 2025. This indicates fluctuations possibly related to acquisitions, asset impairments, or revaluations affecting this intangible asset component.
- Intangible Assets, Net
- Intangible assets exhibited a pronounced decreasing trend, declining from over 19% to under 17% of total assets across the observed periods. This steady diminution could be linked to amortization or disposal of intangible assets.
- Deferred Tax Assets
- Deferred tax assets declined modestly from approximately 7.3% to below 4% of total assets throughout the timeframe, with minor fluctuations. The reduction may correspond with changes in tax strategies, asset valuation adjustments, or timing differences in recognition.
- Other Assets
- Other assets were relatively minor but showed a gradual increase from around 1.69% to approximately 1.55% of total assets, peaking near 1.9% intermittently. The stability indicates no significant shifts in miscellaneous asset categories.
- Non-Current Assets
- Non-current assets constituted the major portion of total assets, ranging mostly between 85% and 91%. After a slight decrease in mid-periods, the allocation gradually returned to around 85% by early 2025. This stability reflects the company’s long-term asset base consistency with minor adjustments.
- Total Assets
- The sum of all assets remained constant at 100%, serving as the baseline for all proportional analysis.