Stock Analysis on Net
Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

Common-Size Balance Sheet: Assets 

Apple Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Sep 27, 2025 Sep 28, 2024 Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020
Cash and cash equivalents 10.00 8.20 8.50 6.70 9.95 11.74
Current marketable securities 5.22 9.65 8.96 6.99 7.89 16.34
Accounts receivable, net 11.07 9.15 8.37 7.99 7.49 4.98
Vendor non-trade receivables 9.24 9.00 8.93 9.28 7.19 6.58
Inventories 1.59 2.00 1.80 1.40 1.87 1.25
Other current assets 4.06 3.91 4.17 6.02 4.02 3.48
Current assets 41.19% 41.92% 40.72% 38.38% 38.41% 44.37%
Non-current marketable securities 21.64 25.06 28.52 34.25 36.43 31.15
Property, plant and equipment, net 13.87 12.52 12.40 11.94 11.24 11.35
Deferred tax assets 5.78 5.34 5.06 4.36 3.72 2.52
Other non-current assets 17.52 15.16 13.30 11.07 10.19 10.61
Other non-current assets 23.31% 20.50% 18.37% 15.43% 13.92% 13.13%
Non-current assets 58.81% 58.08% 59.28% 61.62% 61.59% 55.63%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26).

The analysis of the financial data reveals several notable trends in the composition of assets over the years examined. The company's asset structure reflects shifts between current and non-current assets, with varying proportions among individual components.

Cash and Cash Equivalents
As a percentage of total assets, cash and cash equivalents showed a decline from 11.74% in 2020 to a low of 6.7% in 2022, followed by a gradual recovery to 10% in 2025. This pattern indicates an initial reduction in immediate liquidity, with a subsequent rebuilding of cash reserves.
Current Marketable Securities
These securities decreased notably from 16.34% in 2020 to 5.22% in 2025, with the most significant drop occurring between 2020 and 2021. This decline suggests a move away from liquid investments classified as current marketable securities.
Accounts Receivable, Net
The share of accounts receivable increased steadily from 4.98% in 2020 to 11.07% in 2025, indicating a rising proportion of credit sales or extended payment terms impacting current assets.
Vendor Non-trade Receivables
Vendor non-trade receivables remained relatively stable, fluctuating slightly but generally increasing from 6.58% in 2020 to 9.24% in 2025. This reflects a consistent portion of non-trade receivables in current assets.
Inventories
Inventory levels as a percentage of total assets showed minor fluctuations, increasing modestly from 1.25% in 2020 to a peak of 2% in 2024, then declining slightly to 1.59% in 2025. The relatively low inventory proportion is consistent with asset-light or service-oriented aspects of the business.
Other Current Assets
Other current assets increased from 3.48% in 2020 to a peak of 6.02% in 2022, before declining to range around 4% in the later years. This may indicate temporary changes in miscellaneous current asset categories.
Current Assets
Overall, current assets as a percentage of total assets decreased from 44.37% in 2020 to 38.41% in 2021, then stabilized around 40-42% through 2025, reflecting a modest reduction and subsequent steady state in the company's short-term asset base.
Non-current Marketable Securities
There was a clear downward trend in non-current marketable securities, declining sharply from 31.15% in 2020 to 21.64% in 2025. This is indicative of decreased long-term marketable investments or reclassification of such assets.
Property, Plant and Equipment, Net
The proportion of fixed assets increased steadily from 11.35% in 2020 to 13.87% in 2025, suggesting ongoing investment in physical assets or a lower rate of depreciation relative to asset growth.
Deferred Tax Assets
Deferred tax assets rose consistently from 2.52% in 2020 to 5.78% in 2025, indicating increased recognition of future tax benefits, possibly linked to deductible temporary differences or carryforwards.
Other Non-current Assets
Two rows labeled as other non-current assets show ascending trends, the first from 10.61% to 17.52%, and the second from 13.13% to 23.31% over the period. Both suggest growing importance of miscellaneous long-term assets, potentially including intangibles or investments.
Non-current Assets
The total proportion of non-current assets decreased slightly after peaking at 61.62% in 2022, reaching 58.81% in 2025, yet remained above the 55.63% level seen in 2020. This indicates a stable long-term asset base with minor fluctuations.
Total Assets
The total of assets remained constant by definition at 100% across all years, serving as the baseline for relative comparisons.

In summary, the data characterizes a gradual shift from liquid marketable securities towards increased receivables and fixed assets, alongside rising deferred tax assets and other non-current asset categories. Current assets experienced a temporary dip before stabilizing, while non-current assets showed mild contraction after an initial increase. These patterns may reflect strategic asset allocation changes favoring operational and long-term investments over purely liquid holdings.