Common-Size Balance Sheet: Assets
Quarterly Data
Danaher Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).
The analysis of the quarterly financial data reveals several notable trends in the composition of assets over the observed periods.
- Cash and Equivalents
- There is evident volatility in cash and equivalents as a percentage of total assets. Initial values around 6-8% rise notably in the early 2023 period, peaking near 14%, before declining sharply to under 4% and even below 2% towards the end of the timeline. This fluctuation may indicate periods of increased liquidity followed by asset deployment or other cash uses.
- Trade Accounts Receivable
- The trade receivables as a share of total assets remain relatively stable, fluctuating narrowly mostly between 4% and 5.5%. A modest decrease is observed in the latter periods, suggesting potential improvements in collections or changes in sales terms.
- Inventories
- Inventory components including finished goods, work in process, and raw materials collectively maintain a steady proportion of total assets, roughly around 3% to 4%. Minor fluctuations exist, with raw materials experiencing slight increases mid-period and then tapering off, while finished goods and work in process display slight declines over time. This stability could indicate balanced inventory management.
- Prepaid Expenses and Other Current Assets
- This category shows moderate increases and decreases, with peaks near 2.2% and troughs close to 1.1%. The overall trend seems relatively stable but with some episodic increases, suggesting variable timing of prepaid costs or other short-term asset changes.
- Current Assets
- The percentage of current assets within total assets generally follows the pattern of cash and equivalents and prepaid expenses, moving from mid-teens to over 20% at its peak, then declining to nearly 12% in later periods. This signifies shifting liquidity profiles and changes in working capital composition over time.
- Property, Plant, and Equipment (PP&E)
- PP&E shows a gradual, consistent increase as a percentage of total assets from around 4.3% to almost 6.7%. This trend indicates ongoing investment in fixed assets, reflecting capital expenditure and possible expansion or maintenance of operational capacity.
- Other Long-Term Assets
- Other long-term assets vary considerably, rising from approximately 3.2% initially to peaks around 5.9%, then fluctuating downwards toward 4.5% to 5.0%. This category’s volatility may be related to changes in long-term investments or deferred charges.
- Goodwill
- Goodwill constitutes the largest single portion of total assets, consistently around 45% to 53%. While there is some variation, the general trend is a slight upward shift towards the later periods, suggesting acquisitions or revaluations contributing to intangible asset growth.
- Other Intangible Assets, Net
- This segment shows a gradual decline from near 29% to approximately 22.5%, indicating either amortization, impairment, or reduced intangible asset capitalizations over time.
- Long-Term Assets in Total
- The share of long-term assets in total assets remains very high, generally exceeding 80%, with peaks near 88%. This demonstrates a capital-intensive asset structure dominated by goodwill, other intangibles, and PP&E.
- Total Assets
- By definition, total assets remain constant at 100% throughout all periods assessed.
Overall, the financial data suggest a company with a significant proportion of intangible assets, stable but modest levels of working capital components, and increasing investments in physical assets. Liquidity appears variable, with cash reserves fluctuating substantially, potentially signaling dynamic operational or investment activities. The relative decline of other intangible assets against the increase in goodwill highlights shifting asset composition within the intangible category.