Stock Analysis on Net
Stock Analysis on Net

Johnson & Johnson (NYSE:JNJ)

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Common-Size Balance Sheet: Assets

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Johnson & Johnson, common-size consolidated balance sheet: assets

Microsoft Excel
Dec 29, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Cash and cash equivalents
Marketable securities
Accounts receivable trade, less allowances
Inventories
Prepaid expenses and other receivables
Current assets
Property, plant and equipment, net
Intangible assets, net
Goodwill
Deferred taxes on income
Other assets
Non-current assets
Total assets

Based on: 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), 10-K (reporting date: 2020-12-31).

Cash and cash equivalents
There is a marked increase in cash and cash equivalents as a percentage of total assets from 8% in 2020 to over 13% by the end of 2023 and 2024. This indicates a growing liquidity position over the analyzed periods.
Marketable securities
The proportion of marketable securities relative to total assets displays a significant decline, dropping sharply from 9.41% in 2021 to below 1% by 2023 and further reducing in 2024. This suggests a strategic reallocation or liquidation of these assets.
Accounts receivable trade, less allowances
Accounts receivable as a share of total assets shows a gradual increase from 7.76% in 2020, peaking at 8.88% in 2023, before slightly decreasing to 8.24% in 2024. The trend points to a relatively stable but slightly increasing credit extended to customers over time.
Inventories
Inventory levels consistently rise, from 5.34% in 2020 to close to 6.91% in 2024. This steady increase may indicate either stockpiling or growing production/business operations.
Prepaid expenses and other receivables
After a moderate increase from 1.79% in 2020 to 2.03% in 2021, there is some fluctuation, with a high of 2.69% in 2023, followed by a slight decrease to 2.27% in 2024, suggesting variable short-term assets not directly tied to inventory or receivables.
Current assets
Current assets as a percentage of total assets rise from 29.3% in 2020 to a peak of 33.5% in 2021, then decline to roughly 31% in the last two years. This indicates a shift toward a higher liquidity position early on, followed by a partial rebalancing with non-current assets.
Property, plant and equipment, net
Net property, plant, and equipment percentages stay relatively stable with a slight upward trend, increasing from 10.73% in 2020 to 11.88% in 2023, and then slightly decreasing to 11.39% in 2024. This suggests consistent investment or maintenance in tangible fixed assets.
Intangible assets, net
Intangible assets as a portion of total assets decrease noticeably from 30.53% in 2020 to around 20.4% by 2023, remaining near that level in 2024. This decline could reflect amortization or impairment of intangible assets or a strategic shift away from intangible-heavy asset structures.
Goodwill
Goodwill fluctuates but remains a significant part of the asset base, with an initial decrease from 20.81% in 2020 to 19.36% in 2021, increasing sharply to 24.14% in 2022, dipping to 21.82% in 2023, and rebounding to 24.54% in 2024. This variability may relate to acquisitions and goodwill impairments or adjustments.
Deferred taxes on income
Deferred taxes show an overall increasing trend from 4.88% in 2020 to 5.81% in 2024, indicating changes in tax liabilities or timing differences in recognizing income and expenses.
Other assets
Other assets exhibit growth from 3.75% in 2020 to 8.45% in 2023 before decreasing to 6.34% in 2024. This suggests increasing diversification or reclassification of asset categories, with some normalization after peak growth.
Non-current assets
The share of non-current assets in total assets decreases from 70.7% in 2020 to 66.5% in 2021, then rises again to about 69% in 2023 and 2024. This pattern indicates shifts between long-term and current asset structures, ultimately favoring non-current assets toward the end of the period.