Common-Size Balance Sheet: Assets
Johnson & Johnson, common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-12-28), 10-K (reporting date: 2024-12-29), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The asset composition of the entity demonstrates notable shifts over the five-year period. Current assets, as a percentage of total assets, generally decreased from 33.50% in 2021 to 27.92% in 2025, although there was a slight increase to 31.93% in 2023. Conversely, non-current assets increased from 66.50% in 2021 to 72.08% in 2025. Within these broad categories, specific asset components exhibited distinct trends.
- Liquidity and Short-Term Assets
- Cash and cash equivalents experienced a significant increase between 2021 and 2023, rising from 7.96% to 13.05% of total assets, before decreasing to 9.89% in 2025. Marketable securities showed a substantial decline over the period, falling from 9.41% in 2021 to just 0.20% in 2025. Accounts receivable trade remained relatively stable, fluctuating between 8.40% and 8.88% of total assets. Inventories exhibited a gradual increase, moving from 5.71% in 2021 to 7.12% in 2025. Prepaid expenses and other receivables showed some volatility, but ended near the starting point.
- Long-Term Investments and Intangibles
- Property, plant, and equipment, net, increased steadily from 10.42% in 2021 to 11.63% in 2025. Intangible assets, net, experienced a decrease from 25.49% in 2021 to 20.40% in 2023, followed by a recovery to 25.30% in 2025, reaching a level comparable to the beginning of the period. Goodwill demonstrated a more pronounced fluctuation, increasing from 19.36% in 2021 to 24.14% in 2022, then decreasing to 21.82% in 2023, and rising again to 24.48% in 2025.
- Other Asset Components
- Deferred taxes on income decreased from 5.62% in 2021 to 3.45% in 2025. Other assets showed an increase from 5.61% in 2021 to 8.45% in 2023, before decreasing to 7.21% in 2025. The combined effect of these changes contributed to the overall shift in the asset structure.
The observed trends suggest a potential strategic shift towards greater investment in long-term assets and a reduction in reliance on highly liquid, short-term investments. The increase in goodwill and intangible assets may indicate acquisitions or increased investment in internally developed intellectual property. The decrease in deferred tax assets could be a result of changes in tax laws or the utilization of tax loss carryforwards.
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