Common-Size Balance Sheet: Assets
Quarterly Data
Johnson & Johnson, common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 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: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04).
The composition of assets for the analyzed entity exhibits several notable shifts over the observed period. Current assets, while consistently representing a significant portion of the total, demonstrate fluctuations throughout the timeframe. Non-current assets generally constitute the majority of the asset base, with considerable variation observed in specific components.
- Liquidity & Current Assets
- Current assets as a percentage of total assets initially hover around 30% in the first half of 2021, peaking at 37.25% in late 2022 before declining to approximately 28% by late 2025. This suggests a dynamic management of short-term assets relative to the overall asset base. Within current assets, cash and cash equivalents show a marked increase from 7.34% in April 2021 to a high of 14.81% in early 2024, followed by a decrease to 9.89% by late 2025. Marketable securities demonstrate a more volatile pattern, decreasing significantly from 9.41% in late 2021 to 0.64% in early 2023, then remaining relatively low. Accounts receivable remain relatively stable, fluctuating between approximately 8.3% and 9.1% of total assets. Inventories also exhibit relative stability, ranging between 5.7% and 7.4% over the period. Prepaid expenses and other assets show an increase in 2023 and 2024, peaking at 8.45% before decreasing to 7.21% by late 2025.
- Fixed Assets
- Property, plant, and equipment net of accumulated depreciation consistently represents around 10-12% of total assets. Accumulated depreciation remains a substantial offset, consistently around -16% of total assets. The net effect indicates a stable, though significant, investment in fixed assets. There is a slight decrease in the percentage of net PP&E in the later periods.
- Intangible Assets & Goodwill
- Intangible assets, net, and goodwill together represent a substantial portion of the asset base, initially around 50% combined. Goodwill specifically fluctuates, peaking at 24.14% in late 2022 before decreasing to 24.48% by late 2025. Intangible assets, net, show a similar pattern, decreasing from 29.62% in early 2021 to 25.30% in late 2025. The combined trend suggests a potential shift in the company’s asset allocation away from intangible assets and goodwill towards other asset classes.
- Other Non-Current Assets
- Deferred taxes on income fluctuate between approximately 3.5% and 6.1% of total assets. Other assets show an increase from 3.79% in early 2021 to 7.21% in late 2025, indicating a growing proportion of assets not categorized elsewhere. This increase warrants further investigation to understand the nature of these assets.
Overall, the asset composition demonstrates a dynamic pattern. The increase in cash and cash equivalents in early 2024, coupled with the decrease in marketable securities, suggests a shift in liquidity management. The fluctuations in intangible assets and goodwill, alongside the growth in other assets, indicate potential strategic changes in asset allocation. The relatively stable contribution of fixed assets provides a foundation for long-term operations.
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