Common-Size Balance Sheet: Assets
Quarterly Data
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- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Selected Financial Data since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Based on: 10-Q (reporting date: 2026-04-30), 10-Q (reporting date: 2026-01-31), 10-K (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-K (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31).
The asset structure reveals a period of relative stability from early 2020 through 2023, followed by extreme volatility in the common-size composition between 2024 and 2026. The balance sheet evolved from a profile dominated by goodwill and steady liquidity to one characterized by a massive temporary surge in cash, culminating in a final state where long-term intangible assets comprise the vast majority of total assets.
- Liquidity and Current Asset Volatility
- Cash and cash equivalents maintained a range between 9.72% and 18.49% of total assets for several years. A dramatic escalation occurred starting in October 2024, peaking at 59.43% in April 2025. This liquidity peak was immediately followed by a sharp contraction, with cash levels falling to between 4.51% and 6.14% from July 2025 through April 2026. Accounts receivable also exhibited a long-term downward trend, decreasing from a high of 11.67% in January 2022 to 2.70% by April 2026, suggesting a shift in credit management or a change in the revenue collection profile.
- Intangible Asset and Goodwill Dynamics
- Goodwill represented a significant portion of the asset base, fluctuating between 39% and 45% for the majority of the analyzed period. A notable anomaly occurred in April 2025, where goodwill dropped to 14.57%, coinciding with the peak in cash. However, from July 2025 onward, goodwill spiked to a new high, reaching 57.27% by April 2026. Simultaneously, net intangible assets, which had historically remained below 4%, surged to over 25% starting in July 2025. This pattern indicates a major reallocation of capital, likely involving a divestiture followed by a substantial acquisition.
- Long-term Asset Composition
- Long-term assets generally dominated the balance sheet, typically accounting for 66% to 73% of total assets. This proportion dipped to a minimum of 28.95% in April 2025 during the liquidity surge but subsequently rose to a peak of 88.62% by January 2026. Within this category, property and equipment, net, and operating lease right-of-use assets both followed a consistent downward trajectory, declining from approximately 6% each in 2020 to roughly 1.5% by 2026, indicating a decreasing reliance on physical infrastructure relative to the total asset base.
- Other Asset Trends
- Deferred income taxes showed a steady increase from 5.66% in early 2020 to a peak of 10.68% in January 2025, before collapsing to approximately 0.2% in the final year of the data. Other long-term assets remained relatively stable near 5% for several years before declining to approximately 2.5% by 2026.