Common-Size Balance Sheet: Assets
Intel Corp., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
The composition of assets exhibited notable shifts over the five-year period. A significant trend involves a reallocation from more liquid current assets towards long-term assets, particularly property, plant, and equipment. Fluctuations within current asset components also warrant attention, as does the declining proportion of goodwill and intangible assets.
- Liquidity and Current Assets
- Current assets as a percentage of total assets decreased from 34.27% in 2021 to a low of 22.59% in 2023, before recovering to 30.12% in 2025. This decline was driven by decreases in several current asset categories. Cash and cash equivalents experienced an initial increase to 6.12% in 2022, followed by a decrease to 3.70% in 2023, and a subsequent rise to 6.75% in 2025. Short-term investments showed a more pronounced decrease, falling from 14.01% in 2021 to 7.03% in 2024, with a partial recovery to 10.95% in 2025. Accounts receivable, net, consistently decreased from 5.62% to 1.82% over the period. Other current assets also demonstrated volatility, peaking at 2.59% in 2022 before increasing to 5.12% in 2025.
- Long-Term Investments
- The proportion of long-term assets increased from 65.73% in 2021 to a peak of 77.41% in 2023, before decreasing slightly to 69.88% in 2025. Within this category, property, plant, and equipment, net, consistently increased as a percentage of total assets, rising from 37.56% in 2021 to 54.92% in 2024, and then decreasing to 49.86% in 2025. Equity investments generally declined, with marketable equity investments falling from 1.29% to 0.23% and non-marketable equity investments showing a more moderate decrease from 2.45% to 3.80% in 2025. Goodwill decreased steadily from 16.01% in 2021 to 11.31% in 2025, while identified intangible assets, net, also experienced a consistent decline from 4.32% to 1.31%.
- Other Asset Movements
- Other long-term assets showed an increase from 3.61% in 2021 to 7.12% in 2023, followed by a decrease to 3.37% in 2025. The item "Other long-term investments" was present only in 2021, representing 0.50% of total assets.
Overall, the asset allocation strategy appears to have shifted towards greater investment in fixed assets, potentially indicating a focus on long-term growth and operational capacity. The reduction in current assets suggests a possible change in working capital management or a strategic decision to deploy funds into longer-term investments. The declining values of goodwill and intangible assets may reflect impairment charges or amortization.