Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Analog Devices Inc., consolidated balance sheet: assets

US$ in thousands

	Nov 1, 2025	Nov 2, 2024	Oct 28, 2023	Oct 29, 2022	Oct 30, 2021	Oct 31, 2020
Cash and cash equivalents	2,499,406)	1,991,342)	958,061)	1,470,572)	1,977,964)	1,055,860)
Short-term investments	1,152,915)	371,822)	—)	—)	—)	—)
Accounts receivable less allowances	1,436,075)	1,336,331)	1,469,734)	1,800,462)	1,459,056)	737,536)
Inventories	1,656,323)	1,447,687)	1,642,214)	1,399,914)	1,200,610)	608,260)
Prepaid expenses and other current assets	363,342)	337,472)	314,013)	267,044)	740,687)	116,032)
Current assets	7,108,061)	5,484,654)	4,384,022)	4,937,992)	5,378,317)	2,517,688)
Net property, plant and equipment	3,315,696)	3,415,550)	3,219,157)	2,401,304)	1,979,051)	1,120,561)
Goodwill	26,945,180)	26,909,775)	26,913,134)	26,913,134)	26,918,470)	12,278,425)
Intangible assets, net	8,013,815)	9,585,464)	11,311,957)	13,265,406)	15,267,170)	3,650,280)
Deferred tax assets	1,867,102)	2,083,752)	2,223,272)	2,264,888)	2,267,269)	1,503,064)
Other assets	742,858)	749,082)	742,936)	519,626)	511,794)	398,585)
Non-current assets	40,884,651)	42,743,623)	44,410,456)	45,364,358)	46,943,754)	18,950,915)
Total assets	47,992,712)	48,228,277)	48,794,478)	50,302,350)	52,322,071)	21,468,603)

Based on: 10-K (reporting date: 2025-11-01), 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31).

Cash and Cash Equpend equivalents: The cash and cash equivalents display considerable fluctuations over the years. Starting from around 1.06 billion, the figure peaked near 2 billion in 2021, then declined sharply in 2023 before rising again to approximately 2.5 billion in 2025. This volatility might indicate varying liquidity management or operational cash flows.
Short-term Investments: Short-term investments appear only in the last two years, beginning at approximately 372 million in 2024 and increasing significantly to over 1.15 billion in 2025. This suggests a strategic shift towards a stronger investment portfolio or a more conservative liquidity approach.
Accounts Receivable less Allowances: Accounts receivable grew substantially from about 738 million in 2020 to a peak of 1.8 billion in 2022, before declining to around 1.43 billion in 2025. The initial rise indicates increased sales or extended credit terms, while the subsequent decline might reflect improved collections or reduced sales.
Inventories: Inventories steadily increased from approximately 608 million in 2020 to over 1.65 billion in 2025, with a slight dip in 2024. This trend could reflect higher production levels or stockpiling of materials, arguably to meet anticipated demand or manage supply chain risks.
Prepaid Expenses and Other Current Assets: Prepaid expenses and other current assets show variability, with a high point close to 741 million in 2021, followed by a marked decline in 2022, and a gradual recovery to about 363 million by 2025. This pattern might be linked to changes in payment timing or the nature of operating expenses.
Current Assets: Current assets rose dramatically from approximately 2.52 billion in 2020 to a peak exceeding 5.37 billion in 2021, then decreased in subsequent years before rising again to about 7.11 billion in 2025. Such shifts suggest dynamic management of liquidity and working capital components.
Net Property, Plant and Equipment (PP&E): Net PP&E displayed consistent growth, expanding from roughly 1.12 billion in 2020 to a peak near 3.42 billion in 2024, with a slight decrease to approximately 3.32 billion in 2025. This pattern indicates ongoing capital investments with some potential disposals or depreciation effects.
Goodwill: Goodwill experienced a significant increase between 2020 and 2021, rising from about 12.28 billion to 26.92 billion, then remained relatively stable around 26.9 billion through 2025. This jump likely corresponds to a major acquisition, with subsequent stability reflecting consistent valuation.
Intangible Assets, Net: Intangible assets showed a decreasing trend from 3.65 billion in 2020 to roughly 8.01 billion in 2025, with a peak in 2021. The reduction suggests amortization or impairment, possibly associated with the large goodwill balance.
Deferred Tax Assets: Deferred tax assets increased from approximately 1.5 billion in 2020 to around 2.27 billion in 2021 and then gradually declined to about 1.87 billion in 2025. This pattern may reflect changes in tax positions or timing differences in recognizing tax effects.
Other Assets: Other assets increased from about 399 million in 2020 to nearly 743 million by 2025, showing incremental growth that might relate to non-current receivables or miscellaneous long-term assets.
Non-current Assets: Non-current assets more than doubled from approximately 18.95 billion in 2020 to about 46.94 billion in 2021, then gradually declined to around 40.88 billion in 2025. This sharp increase aligns with the large goodwill acquisition, followed by stabilization or asset reallocations.
Total Assets: Total assets followed a similar pattern to non-current assets, rising sharply from 21.47 billion in 2020 to over 52.32 billion in 2021, then moderately decreasing to approximately 47.99 billion in 2025. This indicates a substantial expansion in asset base due to acquisitions or revaluations, with subsequent consolidation.

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Analog Devices Inc. (NASDAQ:ADI)

Balance Sheet: Assets

Assets: Selected Items

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