Common-Size Balance Sheet: Assets
Quarterly Data
Lam Research Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-K (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-24), 10-Q (reporting date: 2023-09-24), 10-K (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-Q (reporting date: 2022-09-25), 10-K (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-Q (reporting date: 2021-09-26), 10-K (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-Q (reporting date: 2020-09-27), 10-K (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-Q (reporting date: 2019-09-29).
The asset composition shows a gradual structural shift from a predominantly current-asset-heavy balance sheet toward a larger proportion of long-term assets. Total current assets declined from a peak of 74.88% in September 2020 to 63.95% by March 2026. Conversely, long-term assets increased from 28.43% in September 2019 to 36.05% in March 2026, indicating a strategic reallocation of resources toward non-current investments.
- Current Asset Dynamics
- Cash and cash equivalents exhibit significant volatility, starting at 37.32% in September 2019, dipping to a low of 20.48% in March 2022, and generally stabilizing between 27% and 31% before a final decline to 22.85% in March 2026. Inventories showed a sustained upward trend, more than doubling from 12.02% in September 2019 to a peak of 25.64% in June 2023, before moderating to 19.24% by March 2026. Accounts receivable fluctuated, reaching a high of 25.09% in June 2022 before settling into a range of 12% to 16% for several periods, with a recent uptick to 19.88% in March 2026. A notable contraction occurred in prepaid expenses and other current assets, which plummeted from 17.86% in September 2020 to consistently low levels below 2% from 2022 onward.
- Long-term Asset Trends
- Property and equipment, net, demonstrated a steady increase, rising from 8.35% in September 2019 to 13.72% in March 2026, suggesting expanded investment in physical infrastructure. Goodwill and intangible assets, net, followed a downward trajectory, decreasing from 13.70% in September 2019 to 9.05% by March 2026, likely reflecting amortization and a lack of significant new acquisitions relative to total asset growth. Other assets experienced a gradual but consistent increase, rising from 6.38% in September 2019 to 13.27% in March 2026.
- Overall Asset Allocation
- The balance sheet evolution reflects an increase in working capital intensity, specifically through higher inventory levels compared to the 2019 baseline. The simultaneous growth in property, plant, and equipment and other long-term assets suggests a transition toward a more capital-intensive asset base, reducing the overall liquidity profile as measured by the percentage of total assets held in current forms.
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