Common-Size Balance Sheet: Assets
Quarterly Data
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Apple Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
- Cash and cash equivalents
- The proportion of cash and cash equivalents relative to total assets exhibited a general decline from approximately 12% at the beginning of the period to around 6.7% by late 2022. This was followed by fluctuations, with a notable increase towards the end of 2023 peaking at about 11.53%, and then a gradual decline again into 2024, stabilizing near 8.5%. This pattern indicates periods of both liquidity strengthening and asset reallocation.
- Current marketable securities
- The share of current marketable securities showed an upward trend from about 11.15% in late 2018, reaching a peak near 19.78% in late 2019. Thereafter, it declined steadily to around 6.14% by mid-2024. This decline suggests a reduction in short-term liquid investment holdings over time.
- Accounts receivable, net
- The relative weight of net accounts receivable remained somewhat volatile, fluctuating between roughly 4.4% and 9.15%. Initial moderate levels gave way to increases in specific quarters such as late 2019 and late 2023, indicating cycles in credit sales or collections that impacted working capital dynamics.
- Vendor non-trade receivables
- Vendor non-trade receivables showed variability, generally ranging from about 3.27% at the start to a maximum near 9.28% in late 2022, before declining again. The fluctuations reflect varying levels of non-trade balances possibly related to vendor transactions or advances.
- Inventories
- Inventory levels as a percentage of total assets remained relatively low and stable, mostly between 1% and 2%, with a slight gradual increase towards late 2023 and early 2024. The consistency indicates controlled inventory management aligned with asset base growth.
- Other current assets
- Other current assets percentages were fairly stable, mostly ranging from 3.3% to 6%, with some increases noted around 2022. The trend suggests consistent classification of other current asset categories without significant volatility.
- Current assets
- The overall proportion of current assets showed considerable volatility, rising from about 37.7% in late 2018 to near 48.1% in late 2019, falling sharply to about 33.7% by early 2022, then moving between 33% and 41.9% subsequently. Such swings indicate changes in liquidity structure and asset composition over the analysis period.
- Non-current marketable securities
- A distinct downward trend was observable in non-current marketable securities, decreasing from over 42% in late 2018 to roughly 25% by late 2024. This steady decline may reflect a strategic decrease in long-term securities allocations relative to total assets.
- Property, plant, and equipment, net
- Net property, plant, and equipment as a percentage of total assets showed gradual growth from about 10.6% in late 2018 to over 14% by late 2024. This increase suggests ongoing investment in physical assets or capital expenditure activities over the timeframe.
- Other non-current assets
- Other non-current assets demonstrated a consistent upward trend, rising from around 9.3% in late 2018 to above 24.5% by early 2025. The sustained increase indicates expansion in asset categories such as intangible assets, long-term receivables, or similar classifications.
- Non-current assets
- The total share of non-current assets declined initially from nearly 63% in late 2018 to a low near 51.9% in late 2019, before rebounding and stabilizing around the 60% range in subsequent years, ending near 64% by early 2025. This reflects shifting balances between long-term and short-term asset components, with recent recovery suggesting a focus on long-term asset growth.
- Total assets
- As expected, total assets consistently represent 100% throughout the period, serving as the baseline for all proportional comparisons.