Balance Sheet: Assets
Quarterly Data
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.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
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Based on: 10-Q (reporting date: 2025-07-27), 10-Q (reporting date: 2025-04-27), 10-Q (reporting date: 2025-01-26), 10-K (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-Q (reporting date: 2024-01-28), 10-K (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-29), 10-K (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-Q (reporting date: 2022-01-30), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-Q (reporting date: 2020-01-26), 10-K (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28), 10-Q (reporting date: 2019-01-27).
The analysis of the quarterly financial data reveals several notable trends regarding the company's asset composition and its fluctuations over the periods presented.
- Cash and cash equivalents
- There is a general upward trajectory from 2019 through to the last quarters of 2024, with notable increases around April 2020 and January 2021. Despite some fluctuations, including dips in mid-2022 and late 2022, the cash balance grew substantially in 2023 and early 2024, reaching peaks over 8 billion US dollars before slightly tapering off.
- Short-term investments
- This category showed moderate variability but remained relatively consistent until early 2023. From 2023 onward, there is a marked increase with values nearly tripling by early 2025, indicating an increased allocation of resources into short-term investment vehicles.
- Accounts receivable, net
- The net accounts receivable increased steadily from 2019 to mid-2021, peaking around October 2021, then fluctuated with moderate volatility through 2023 and 2024. There is a slight decreasing trend towards the latter half of 2024 and early 2025 but still higher than the levels observed in 2019, signaling sustained or growing credit sales activity.
- Inventories
- The inventory levels generally increased over the years, growing from approximately 3.7 billion US dollars in early 2019 to over 5.8 billion by mid-2025. This trend suggests expanding stock levels, which may reflect higher production or anticipated sales demand, notwithstanding some minor downsides in the latter periods.
- Other current assets
- Other current assets exhibited significant volatility, with particularly sharp increases occurring in late 2021, followed by moderate decline and fluctuations through 2022 and 2023. The values stabilized around the 1 billion US dollars mark in recent quarters, suggesting variability in this asset component possibly related to prepaid expenses or uncollected revenues.
- Current assets
- Current assets increased steadily from roughly 10.3 billion US dollars in early 2019 to a peak above 21 billion in late 2024, before a slight decrease in early 2025. This reflects the combined effects of growing cash, short-term investments, receivables, inventories, and other current assets.
- Long-term investments
- Long-term investments remained relatively stable from 2019 through early 2023 but experienced a marked increase from 2023, rising from just over 2 billion to more than 4 billion by mid-2025. This indicates a strategic shift toward longer-term asset allocation.
- Property, plant and equipment, net
- This asset category demonstrated a consistent upward trend throughout the time frame, nearly tripling in value from approximately 1.5 billion to over 4.1 billion by mid-2025. The increase points to ongoing capital expenditures and investment in physical assets.
- Goodwill
- Goodwill remained largely stable, with minor increases likely related to acquisitions or adjustments. Values hovered near 3.7 billion in the later years, indicating relatively stable acquisition activity or asset valuation in this category.
- Purchased technology and other intangible assets, net
- This category showed a declining pattern from 2019 until early 2022, followed by a sharp increase in mid-2022, then gradual decreases again. It reflects changing valuations or amortization related to intangible assets.
- Deferred income taxes and other assets
- There was a fluctuating yet generally upwards trend in deferred income taxes and other assets, with increases observed between 2019 and 2024, and some downward adjustments in early 2025. This suggests dynamic tax positioning and adjustments in other long-term assets.
- Non-current assets
- Non-current assets increased steadily from approximately 8.6 billion in early 2019 to about 14.5 billion mid-2025, indicating sustained growth in long-term investments, property, plant and equipment, goodwill, intangibles, and other assets.
- Total assets
- Total assets grew from roughly 18.9 billion US dollars in early 2019 to a peak of around 34.4 billion by late 2024. There was a slight dip in early 2025, but overall, total assets nearly doubled over the period, reflecting substantial growth and asset accumulation.
Overall, the financial data illustrates a company in expansion mode with increases in both current and non-current assets. Investments in property, plant and equipment along with long-term investments are significant areas of growth. While liquid assets like cash and short-term investments fluctuate, their general upward trend suggests improved liquidity management. Receivables and inventories also increased, pointing to growth in operational activity. The stability in goodwill and variability in intangible assets reflect moderate acquisition activity and asset amortization.