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
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: 2025-03-31), 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 as a percentage of total assets fluctuated over the examined period, ranging between approximately 5% and 10%. A decline was noted in mid-2020 and again during early 2023, followed by increases peaking near 10.65% in mid-2024. Toward the end of the dataset, the ratio declined again to 7.58% by the first quarter of 2025.
Restricted cash
This category remained minimal throughout the periods, mostly under 0.3%, with some volatility in mid-2024 reaching up to 1.69%, indicating some temporary accumulation but generally representing a very small portion of total assets.
Marketable securities
Marketable securities showed considerable volatility, with notable peaks in early 2023 (6.03%) and again rising late in the period ending at 4.41%. These fluctuations suggest periods of increased liquid investment assets relative to total assets, interspersed with lower levels in between.
Notes and accounts receivable, trade, net
This asset category remained relatively stable, oscillating between 3.9% and 5.3% of total assets. A slight upward drift is observable moving into late 2021 and early 2024, indicating a mild increase in receivables in those periods.
Short-term financing receivables, held for investment
A clear downward trend is evident in short-term financing receivables held for investment, declining steadily from almost 8% in early 2020 to around 3.5% by early 2025, signaling a consistent reduction in these receivables.
Short-term financing receivables, held for sale
Data appeared from late 2021 onward, showing minor but consistent proportions generally below 0.75%, indicating the introduction of a small segment of financing receivables designated for sale.
Other accounts receivable, net
This line remained low and relatively stable around 0.5% to 0.7% of total assets, with no significant trend or volatility.
Inventory (Finished goods, Work in process and raw materials, Total Inventory)
Inventory components remained small proportions of total assets throughout the period. Finished goods generally hovered below 0.2%, work in process and raw materials ranged from about 0.8% to 1.3% with some decrease in 2023-2024, while overall inventory reflected similar modest fluctuations. The data imply relatively stable inventory holdings without major buildups or drawdowns.
Deferred costs
Deferred costs trended downward after peaking around 1.5% in early 2021, declining to around 0.5% to 0.7% by the end of the period, indicating possible reduced prepaid expenses or capitalized costs over time.
Prepaid expenses and other current assets
This category demonstrated moderate variability but generally stayed between 1.4% and 2.7%, with an increase observed in late 2021 followed by stabilization around 2% thereafter.
Current assets
Current assets as a share of total assets varied widely, dipping from around 25% in early 2020 to lows near 20% to 21% during mid-2021 and mid-2023, then recovering to above 25% toward mid-2024, suggesting periodic changes in short-term liquidity or working capital management.
Property, plant, and equipment (PPE)
The gross PPE percentage to total assets showed a notable drop from above 21% in early 2021 down to approximately 12%-13% in early 2025. Correspondingly, accumulated depreciation as a percentage of total assets also declined in magnitude, becoming less negative over time, implying asset disposals, reclassification, or updated valuations. Net PPE remained stable at around 4% throughout the latter half of the period.
Operating right-of-use assets, net
These assets showed a slow but steady decline from around 3.2% in early 2020 to approximately 2.3% in early 2025, reflecting lease obligations that are gradually reducing or being remeasured.
Long-term financing receivables, net
There was a general decrease from just above 5% in early 2020 to about 3.4% by early 2025, with fluctuations, suggesting a decline in long-term financial asset holdings.
Prepaid pension assets
Prepaid pension assets increased from about 4.5% to 7.5% between 2020 and late 2021, before declining back to around 5.3% by early 2025, indicating changes in pension plan funded status or actuarial assumptions.
Deferred taxes
Deferred taxes remained relatively stable in the range of about 4.7% to 6.2%, with minor fluctuations but no clear long-term trend.
Goodwill and Intangible assets, net
Goodwill increased steadily from approximately 37.5% to over 45% of total assets during the period, reflecting acquisitions or reassessments that increased this intangible asset. In contrast, intangible assets net exhibited some volatility but generally trended slightly downward from 9.5% to around 8%, indicating potential amortization or impairment impacts.
Investments and sundry assets
This segment was consistently low and stable, maintaining near 1.2% to 1.5% of total assets.
Noncurrent assets
Noncurrent assets accounted for a stable majority of total assets, generally around 73% to 79% during the periods, affirming the company's asset structure focused on longer-term assets rather than current ones.