Common-Size Balance Sheet: Assets
Quarterly Data
Johnson & Johnson, common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 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 asset structure of the balance sheet demonstrates a consistent reliance on non-current assets, which typically comprise between 62% and 72% of total assets. While the overall allocation remains relatively stable, there is a notable shift in the composition of liquid assets and a steady evolution in the valuation of intangible assets and goodwill over the observed period.
- Liquidity and Cash Management
- A significant reallocation of liquid assets is evident. Cash and cash equivalents showed a general upward trend, rising from 7.34% in early 2021 to a peak of 19.87% by March 30, 2025, before stabilizing around 10% in 2026. Conversely, marketable securities experienced a sharp decline; after peaking at 12.98% in October 2022, they plummeted to levels below 1% starting in late 2023 and remained negligible through June 2026. This pattern indicates a strategic shift toward immediate liquidity over short-term investments.
- Working Capital Components
- Operational assets exhibit high stability. Accounts receivable consistently fluctuate within a narrow band between 8.2% and 9.5%, suggesting a disciplined credit management process. Similarly, inventories have remained steady, moving from 5.77% in April 2021 to 7.53% by June 2026, reflecting a gradual but controlled increase in the proportion of assets held as stock.
- Long-term Asset Profile
- Net property, plant, and equipment (PP&E) maintained a consistent presence, generally hovering between 10% and 12% of total assets. The combination of intangible assets and goodwill represents a substantial portion of the balance sheet. Intangible assets, net, showed a gradual downward trend from 29.62% in 2021 to 23.99% in 2026. Meanwhile, goodwill increased from 20.68% in April 2021 to approximately 24.11% by June 2026, indicating that a larger share of the asset base is derived from the premium paid during acquisitions rather than identifiable intangible assets.
- Other Non-Current Assets
- Deferred taxes on income have seen a gradual decrease, declining from 4.82% in early 2021 to 3.35% by mid-2026. Other assets showed moderate growth, increasing from 3.79% to 7.10% over the same period, contributing to the overall stability of the non-current asset segment.
Overall, the balance sheet reflects a transition toward a more liquid cash position and a shift in the composition of non-physical assets, with goodwill growing as a percentage of total assets while marketable securities were nearly eliminated. The stability of the working capital and PP&E ratios suggests a consistent operational scale relative to the total asset base.
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