Stock Analysis on Net

International Business Machines Corp. (NYSE:IBM)

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Common-Size Balance Sheet: Assets
Quarterly Data

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International Business Machines Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Cash and cash equivalents
Restricted cash
Marketable securities
Notes and accounts receivable, trade, net of allowances
Short-term financing receivables, held for investment, net of allowances
Short-term financing receivables, held for sale
Other accounts receivable, net of allowances
Finished goods
Work in process and raw materials
Inventory, at lower of average cost or net realizable value
Deferred costs
Prepaid expenses and other current assets
Current assets
Property, plant and equipment
Accumulated depreciation
Property, plant and equipment, net
Operating right-of-use assets, net
Long-term financing receivables, net of allowances
Prepaid pension assets
Deferred costs
Deferred taxes
Goodwill
Intangible assets, net
Investments and sundry assets
Noncurrent assets
Total assets

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Cash and Cash Equivalents
The proportion of cash and cash equivalents relative to total assets fluctuated moderately over the periods. After an initial peak near 9.34% in September 2020, the value decreased to about 5% by mid-2021 but subsequently showed an upward trend reaching above 10% by mid-2024, before declining to approximately 8% at the middle of 2025.
Restricted Cash
Restricted cash consistently represented a small percentage of total assets, mostly below 0.3%, except for a notable spike to 1.69% in June 2024. This could indicate a temporary reallocation or holding of restricted funds during that quarter.
Marketable Securities
Marketable securities displayed variability, with minor levels initially under 1%, but presenting a significant rise in late 2022 and early 2023, peaking at over 6% in March 2023. This was followed by a decline and subsequent smaller fluctuations, reflecting potential adjustments in short-term investments.
Trade Receivables
Trade receivables as a percentage of assets remained relatively stable, mostly hovering between 4% and 5%, with minor fluctuations, suggesting steady credit sales and collections practices.
Short-term Financing Receivables
The proportion of short-term financing receivables held for investment displayed a downward trend from about 7.9% in early 2020 to around 3.7% by mid-2025. Receivables held for sale appeared only from late 2021 and fluctuated around 0.3% to 0.7%, indicating some diversification in the nature of financing assets.
Other Accounts Receivable
Other accounts receivable maintained a low but stable presence, generally near 0.6%, with a slight increase observed towards the end of the period.
Inventory Components
Finished goods and work-in-process/raw materials showed mild declines in asset share over time, while the aggregated inventory at lower of cost or net realizable value showed some volatility but generally exhibited a downward adjustment, possibly reflecting inventory management optimization or changing sales patterns.
Deferred Costs
Deferred costs demonstrated a decreasing trend, from approximately 1.3% to below 0.6%, indicating a reduced amount of prepaid or capitalized costs relative to total assets over the years.
Prepaid Expenses and Other Current Assets
This category experienced moderate fluctuations, peaking in late 2021 and early 2022, then slightly trending downward but remaining around 1.8% to 2.1%, evidencing a generally stable proportion of current prepaid items.
Total Current Assets
Total current assets decreased from about 25% in early 2020 to lows near 20% in 2021, before rebounding towards 26-27% by early 2024 and remaining just above 23% later. This suggests cyclical shifts in asset composition, potentially aligned with operational needs or liquidity management.
Property, Plant and Equipment (PPE)
PPE as a percentage of assets showed a significant drop from above 21% in 2020 to about 15% in late 2021, remaining stable thereafter near 12%-14%, which may indicate asset disposals, revaluation, or shifts away from capital intensity.
Accumulated Depreciation
The accumulated depreciation proportion declined from around -14% to about -8% by mid-2025, reflecting ongoing depreciation but at a decreasing absolute share relative to assets, likely correlated with the reduction in PPE.
Net PPE
Net PPE followed the trend of total PPE, decreasing from approximately 6.3% to near 4% over the period, reinforcing the observation of reduced net capital assets concentration.
Operating Right-of-Use Assets
These assets declined from approximately 3.2% to around 2.2%-2.5%, indicating a gradual reduction or amortization of leased asset values.
Long-term Financing Receivables
Long-term financing receivables decreased from about 5% to between 3% and 4%, with some fluctuations, suggesting moderate contraction or turnover in longer-term financing activities.
Prepaid Pension Assets
This asset category increased from approximately 4.5% to a peak of about 7.8% in early 2022 before trending down to roughly 5.3% by mid-2025, indicating varying pension-related asset valuations or funding status over time.
Deferred Taxes
Deferred taxes generally hovered around 5% to 6%, with minor volatility, reflecting a relatively stable deferred tax position in proportion to total assets.
Goodwill
Goodwill represented the largest single component of assets, increasing from nearly 37.5% in early 2020 to highs exceeding 46% by late 2023, before stabilizing around 44%-45%. This suggests significant acquisition-related intangible value accumulation over the period.
Intangible Assets, Net
Net intangible assets declined gradually from around 9.5% to between 7.7% and 8.7%, reflecting amortization or reassessment of other intangible assets distinct from goodwill.
Investments and Sundry Assets
This category maintained a small and steady portion around 1.2% to 1.5%, indicating limited variation in miscellaneous noncurrent holdings.
Noncurrent Assets
Noncurrent assets consistently comprised a majority of total assets, ranging from approximately 74% to 79%, with some periodic reductions linked to the noted decreases in PPE and pensions, but offset by increases in goodwill and other intangibles.