Common-Size Balance Sheet: Assets
Quarterly Data
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Cisco Systems Inc. pages available for free this week:
- Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Cisco Systems Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-04-25), 10-Q (reporting date: 2026-01-24), 10-Q (reporting date: 2025-10-25), 10-K (reporting date: 2025-07-26), 10-Q (reporting date: 2025-04-26), 10-Q (reporting date: 2025-01-25), 10-Q (reporting date: 2024-10-26), 10-K (reporting date: 2024-07-27), 10-Q (reporting date: 2024-04-27), 10-Q (reporting date: 2024-01-27), 10-Q (reporting date: 2023-10-28), 10-K (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-K (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-23), 10-Q (reporting date: 2020-10-24), 10-K (reporting date: 2020-07-25), 10-Q (reporting date: 2020-04-25), 10-Q (reporting date: 2020-01-25), 10-Q (reporting date: 2019-10-26).
The asset composition exhibits a structural transition from high liquidity toward long-term, non-current assets over the analyzed period. Current assets, which initially represented approximately 45.10% of total assets in 2019, underwent a significant contraction to approximately 29.12% by April 2026. This shift is mirrored by the expansion of long-term assets, which grew from 54.90% to 70.88% of the total asset base.
- Liquidity and Cash Management
- A marked decline in the proportion of liquid assets is observed. Cash and cash equivalents fluctuated between 7% and 13% for several years before trending downward to 5.64% by the end of the period. More pronounced is the reduction in investments, which fell from 21.03% in October 2019 to 7.61% in April 2026. This combined reduction suggests a strategic reallocation of capital away from cash-equivalent instruments toward other asset classes.
- Working Capital Dynamics
- Inventories demonstrate a consistent long-term upward trend, increasing from 1.45% to 3.75% of total assets. This suggests a gradual increase in the capital tied up in physical goods relative to the total asset base. Accounts receivable remained relatively stable, generally oscillating between 3.6% and 6.4%, indicating a consistent credit management policy relative to the size of the balance sheet.
- Intangible Assets and Strategic Acquisitions
- A significant shift in the asset profile occurred between January 2024 and April 2024, characterized by a sharp increase in both goodwill and purchased intangible assets. Goodwill rose from 38.63% to 47.67% in a single quarter, while purchased intangible assets jumped from 1.66% to 9.61%. This pattern is indicative of a major acquisition event. While goodwill slightly moderated to 47.23% by April 2026, it remains the dominant component of the balance sheet, representing nearly half of all total assets.
- Other Non-Current Assets
- Deferred tax assets showed a gradual increase from 4.28% to 6.02%, while property and equipment, net, maintained a minimal footprint, declining from 2.89% to 2.05%. Other assets remained relatively stable, fluctuating between 3.9% and 6.4% of total assets.
Overall, the financial trajectory indicates a movement toward an asset-heavy structure dominated by intangibles. The substantial decrease in the current asset ratio, driven primarily by the depletion of investments and cash, combined with the surge in goodwill, reflects a transition from a liquid-centric balance sheet to one focused on long-term strategic growth and acquired intellectual property.