Common-Size Balance Sheet: Assets
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
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Based on: 10-K (reporting date: 2026-01-25), 10-K (reporting date: 2025-01-26), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31).
The composition of assets has undergone significant shifts over the analyzed period. A notable trend is the fluctuation in the allocation between current and long-term assets, alongside evolving proportions within each category. Overall, the asset base demonstrates increasing volatility in its composition.
- Liquidity and Current Assets
- Current assets, as a percentage of total assets, initially increased from 55.76% in 2021 to a peak of 71.80% in 2025, before decreasing to 60.74% in 2026. This rise was primarily driven by increases in accounts receivable, net, and prepaid expenses and other current assets. Cash and cash equivalents experienced a substantial increase from 2.94% to 11.08% between 2021 and 2024, but then declined to 5.13% in 2026. Marketable securities demonstrated a more complex pattern, increasing initially, then decreasing, and showing another increase before a final decline. The proportion of inventories also fluctuated, peaking at 12.53% in 2023.
- Long-Term Asset Allocation
- Long-term assets represented a substantial portion of the asset base, fluctuating between 32.53% and 44.24% of total assets. Goodwill experienced a significant decrease from 14.56% in 2021 to 4.65% in 2025, followed by a rebound to 10.07% in 2026. Intangible assets, net, showed a consistent decline from 9.51% to 0.72% between 2021 and 2025, with a slight increase to 1.60% in 2026. Property and equipment, net, remained relatively stable, generally between 5.02% and 9.24%. A notable increase is observed in non-marketable equity securities, rising from 0.50% in 2021 to 10.76% in 2026.
- Deferred Tax Assets
- Deferred income tax assets increased significantly from 2.80% in 2021 to 9.84% in 2025, before decreasing to 6.41% in 2026. This suggests potential changes in the company’s tax position or utilization of tax loss carryforwards.
- Operating Leases
- The proportion of operating lease assets decreased steadily from 2.46% in 2021 to 1.39% in 2026, indicating a potential reduction in leased assets or changes in lease accounting practices.
- Other Assets
- Other assets decreased from 6.95% in 2021 to 2.72% in 2025, then increased slightly to 4.01% in 2026. This category requires further investigation to understand the underlying components and their impact on the overall asset structure.
The observed shifts in asset allocation suggest a dynamic investment strategy and potential changes in business operations. The increasing proportion of accounts receivable and non-marketable equity securities, coupled with the decreasing proportion of goodwill and intangible assets, warrants further investigation to assess the underlying drivers and potential implications for future performance.