Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Danaher Corp. pages available for free this week:
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
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Danaher Corp., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 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 and patterns across various asset categories over the reported periods.
- Cash and Equivalents
- The cash and equivalents exhibit considerable volatility. Starting at $4,368 million in April 2020, the balance increased to a peak of $12,277 million in September 2023. However, this was followed by a decline to $1,993 million by March 2025, with some fluctuations thereafter. The sharp increases and decreases indicate significant cash flow activities, possibly related to financing, investing, or operational cycles.
- Trade Accounts Receivable
- This item shows a generally stable to slightly increasing trend, beginning at $3,433 million in April 2020 and fluctuating somewhat around this level, reaching approximately $3,564 million by June 2025. Peaks occurred around December 2020 ($4,631 million) and December 2022 ($4,918 million), suggesting occasional increases in credit sales or collection delays.
- Inventories
- The total inventories, comprising finished goods, work in process, and raw materials, demonstrated a gradual increase from $2,575 million in April 2020 to a peak of $3,383 million in March 2023, before declining to $2,689 million by June 2025. Finished goods and raw materials increased steadily until early 2023, indicating inventory buildup, possibly in anticipation of higher demand or supply chain considerations, followed by reductions suggesting improved inventory management or sales fulfillment.
- Prepaid Expenses and Other Current Assets
- Prepaid expenses and other current assets rose from $767 million in April 2020 to $1,860 million in December 2022, representing an expansion in these assets. This category showed some fluctuations thereafter, dropping to $1,317 million by March 2024 but rebounding to $1,789 million by June 2025, possibly reflecting changes in advance payments or adjustments in short-term assets.
- Current Assets
- Current assets as a whole exhibited growth from $11,143 million in April 2020 to a high of $21,205 million in September 2023, indicative of strengthened liquidity. This peak aligns with the spike in cash and equivalents during the same period. A notable contraction followed, dropping to $9,497 million in March 2025, then a moderate recovery to $10,999 million by June 2025, paralleling the fluctuations in cash and other components.
- Property, Plant and Equipment (PP&E), Net
- The net PP&E consistently increased over the period, from $2,989 million in April 2020 to $5,309 million in June 2025. This steady growth suggests ongoing investment in long-term assets and capacity expansion or modernization efforts.
- Other Long-Term Assets
- Other long-term assets initially declined from $2,561 million in April 2020 to $2,173 million in October 2020 but then increased, peaking at $4,846 million in September 2022. A subsequent decrease to $3,692 million by June 2025 was observed, indicating fluctuations possibly related to investments, deferred charges, or asset reclassifications.
- Goodwill
- Goodwill remained the largest asset component, hovering around the $33 billion to $42 billion range. It peaked at $42,991 million in June 2025, reflecting acquisitions or business combinations during the period. Minor decreases and fluctuations suggest impairments or adjustments, but overall, goodwill grew steadily over the analyzed timeframe.
- Other Intangible Assets, Net
- This category showed a gradual decline from $18,513 million in April 2020 to $18,629 million in June 2025, with some volatility in between. The downward trend might be due to amortization exceeding new additions to intangible assets.
- Total Long-Term Assets
- Total long-term assets increased from $57,788 million in April 2020 to $70,621 million in June 2025, reflecting overall asset base expansion primarily driven by increases in goodwill, PP&E, and other asset categories, albeit with some fluctuations.
- Total Assets
- Total assets grew from $68,930 million in April 2020 to a peak of $87,734 million in September 2023, followed by a decline to $77,542 million by March 2025. The total assets then recovered slightly to $81,620 million by June 2025. This pattern aligns with changes in both current and long-term assets, suggesting cyclical or strategic adjustments in asset management.
In summary, the data indicate strong growth in property, plant and equipment and goodwill, signaling active investment and acquisition strategies. Fluctuations in cash, current assets, and inventories suggest varying operational and financial cycles. Overall, the company’s total asset base expanded significantly over the period, with a peak around late 2023 before moderating thereafter.