Common-Size Balance Sheet: Assets
Quarterly Data
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- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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International Business Machines Corp., common-size consolidated balance sheet: assets (quarterly data)
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.