Common-Size Balance Sheet: Assets
Qualcomm Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2026-09-27), 10-K (reporting date: 2025-09-28), 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26).
The asset composition exhibits a strategic shift from highly liquid current assets toward long-term non-current assets and inventory over the analyzed period. While current assets initially represented nearly half of the total asset base, a significant contraction is observed by the final period, coinciding with an increase in the weight of non-current assets.
- Liquidity and Cash Position
- A volatile trend is observed in cash and cash equivalents, which peaked at 17.26% in 2021 before dropping sharply to 5.66% in 2022 and eventually settling at 7.62% by 2026. Similarly, marketable securities show a general downward trajectory, decreasing from 12.85% to 5.01% over the six-year period. This indicates a reduction in the proportion of immediately available liquid capital relative to total assets.
- Working Capital Management
- Inventories demonstrate a consistent and significant upward trend, rising from 7.83% of total assets in 2021 to 14.20% in 2026. This suggests an increasing allocation of resources toward stockholding. In contrast, net accounts receivable remained relatively stable, fluctuating between a low of 6.24% and a high of 11.51%, suggesting a consistent credit management policy relative to the asset base.
- Non-Current Asset Growth
- The proportion of non-current assets increased from 51.32% in 2021 to 63.39% in 2026. This growth is primarily driven by a substantial increase in goodwill, which rose from 17.57% to 26.92%, indicating that acquisitions have played a larger role in the company's asset growth. Property, plant, and equipment remained relatively stable, oscillating between 8.46% and 11.05%.
- Deferred Tax and Other Assets
- Deferred tax assets exhibit high volatility, reaching a peak of 9.51% in 2026 after a sharp dip to 1.48% in 2025. Other assets have remained comparatively steady, generally fluctuating between 12.86% and 15.84% of the total asset structure.
Overall, the balance sheet reflects a transition toward a more asset-heavy structure, characterized by lower liquidity, higher inventory levels, and a significant increase in intangible value through goodwill.
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