Common-Size Balance Sheet: Assets
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2009
- Net Profit Margin since 2009
- Current Ratio since 2009
- Price to Earnings (P/E) since 2009
- Price to Sales (P/S) since 2009
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Based on: 10-Q (reporting date: 2026-05-03), 10-Q (reporting date: 2026-02-01), 10-K (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-Q (reporting date: 2025-02-02), 10-K (reporting date: 2024-11-03), 10-Q (reporting date: 2024-08-04), 10-Q (reporting date: 2024-05-05), 10-Q (reporting date: 2024-02-04), 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: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03), 10-Q (reporting date: 2020-02-02).
The asset composition exhibits a significant structural shift over the analyzed period, characterized by a heavy concentration in long-term intangible assets and a volatile liquidity profile. The balance sheet is dominated by non-physical assets, with goodwill and intangible assets consistently comprising the vast majority of the total asset base.
- Liquidity and Current Asset Dynamics
- A period of liquidity accumulation is observed from February 2020 through October 2023, during which cash and cash equivalents rose from 7.95% to a peak of 19.47% of total assets. This trend reversed sharply in February 2024, when cash levels dropped to 6.67%, suggesting a substantial capital deployment. Following this contraction, a gradual recovery is evident, with cash levels trending upward to 10.96% by May 2026. Total current assets followed a similar trajectory, peaking at 28.61% in October 2023 before declining to 15.29% in February 2024 and subsequently recovering to 23.56% by May 2026.
- Intangible Asset and Goodwill Trends
- Intangible assets, net, showed a steady long-term decline from 26.50% in February 2020 to a low of 5.31% in October 2023, likely reflecting the effects of systematic amortization. However, a dramatic spike occurred in February 2024, where intangible assets jumped to 26.53%, coinciding with the aforementioned sharp decline in cash. This suggests a significant acquisition that expanded the asset base. Goodwill remained the largest single component of the balance sheet, generally fluctuating between 53% and 61%, reflecting a business model heavily reliant on acquired premiums.
- Fixed Asset Dilution
- Property, plant, and equipment (PP&E) maintained a stable proportion of approximately 3% of total assets from 2020 through late 2023. In February 2024, this ratio dropped precipitously to 1.50% and remained stagnant through May 2026. Because this decline aligns with the surge in goodwill and intangible assets, it indicates a significant expansion of the total asset denominator rather than a divestment of physical assets.
- Long-Term Asset Composition
- Long-term assets consistently represent the bulk of the balance sheet, ranging from 71.39% to 88.17%. The internal composition of these assets shifted from a balance of goodwill and intangibles toward a heavier weighting of goodwill prior to February 2024. Post-February 2024, the structure reset with a renewed increase in the proportion of intangible assets, followed by a slow downward trend in the total long-term asset percentage from 84.71% to 76.44% by May 2026, as current assets regained a larger share of the total.