Common-Size Balance Sheet: Assets
Quarterly Data
Danaher Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 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).
The overall asset structure is heavily weighted toward long-term assets, which consistently represent between 75% and 88% of the total balance sheet. The asset composition is dominated by intangible assets and goodwill, indicating a business model driven significantly by acquisitions and intellectual property. While current assets show periodic fluctuations, the long-term asset base remains the primary driver of the company's financial position.
- Liquidity and Working Capital Trends
- Cash and equivalents exhibit significant volatility, peaking at 13.99% of total assets in September 2023 before declining to a low of 1.91% by September 2025. This suggests a cyclical approach to cash management or periodic large-scale capital deployments. Trade accounts receivable have remained relatively stable, though a gradual compression is observed, moving from approximately 5.2% in early 2021 to 4.57% by March 2026. Inventories have fluctuated within a narrow band between 2.98% and 3.99%, suggesting a consistent management of stock levels relative to the total asset base.
- Fixed Asset Investment
- A steady upward trend is observed in property, plant, and equipment (PP&E). This line item increased from 4.33% of total assets in April 2021 to 6.55% by March 2026. This consistent growth indicates a sustained increase in investment in physical infrastructure and production capacity over the analyzed period.
- Intangible Assets and Goodwill
- Goodwill represents the largest single component of the asset base, generally trending upward from 46.24% in April 2021 to a peak of 53.75% in September 2025. Conversely, other intangible assets have seen a gradual decline, falling from 27.04% in April 2021 to 20.55% by March 2026. The divergence between rising goodwill and falling identifiable intangible assets suggests that recent acquisitions may be generating higher levels of residual goodwill or that existing intangible assets are being amortized faster than they are being replaced.
- Total Asset Distribution
- The ratio of current assets to long-term assets shifted noticeably. Current assets peaked at 24.17% in September 2023 but generally hovered between 12% and 17% for much of the latter half of the period. Long-term assets reached their highest concentration in 2024 and 2025, peaking at 87.98% in September 2025, further emphasizing the company's shift toward a more capital-intensive, intangible-heavy balance sheet.
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