Common-Size Balance Sheet: Assets
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Intel Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Based on: 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27).
A structural shift in asset composition is evident over the analyzed period, characterized by a significant transition from liquid and intangible assets toward fixed capital investments. The overall balance sheet reflects an increasing commitment to long-term infrastructure, as the proportion of long-term assets generally rose from approximately 69.6% in early 2021 to a peak of 78.1% by March 2025, before stabilizing near 69.7% by March 2026.
- Fixed Asset Expansion
- Property, plant, and equipment (PP&E) experienced the most substantial growth, increasing from 38.06% of total assets in March 2021 to a peak of 57.10% in March 2025. This sustained upward trend indicates a period of intensive capital expenditure and an aggressive expansion of physical production capacity.
- Liquidity and Short-Term Investment Trends
- Current assets as a percentage of total assets exhibited a general downward trajectory, declining from 30.39% in early 2021 to a low of 21.92% in March 2025. This was primarily driven by a reduction in short-term investments, which fell from a peak of 18.42% in April 2022 to 7.57% by March 2026. Conversely, cash and cash equivalents showed a late-period increase, rising from a low of 2.58% in July 2022 to a peak of 8.40% in December 2025.
- Intangible Asset Attrition
- A consistent decline is observed in the proportion of "soft" assets. Goodwill decreased from 17.91% in March 2021 to 9.97% by March 2026. Similarly, identified intangible assets fell from 5.58% to 1.33% over the same period. This contraction suggests either asset impairment, amortization, or the dilution of these items as the total asset base expanded through physical investments.
- Working Capital Dynamics
- Accounts receivable, net, showed a marked decrease, falling from 4.79% in March 2021 to fluctuate between 1.23% and 1.98% in the later years, suggesting a shift in credit terms or improved collection efficiency relative to total asset growth. Inventories remained relatively stable, generally oscillating between 5.4% and 7.3% of total assets throughout the entire period.
The combined data indicates a strategic pivot toward a more capital-intensive operational model. The reallocation of resources—moving away from short-term investments and intangible assets toward property, plant, and equipment—suggests a focus on enhancing internal manufacturing capabilities and long-term infrastructure development.