Common-Size Balance Sheet: Assets
Quarterly Data
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Medtronic PLC pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Medtronic PLC, common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26).
- Cash and cash equivalents
- The proportion of cash and cash equivalents relative to total assets exhibits considerable volatility throughout the periods. Starting at 5.57%, it drops to about 4% by early 2020, peaks at 6.92% in mid-2020, then experiences a steady decline thereafter, reaching a low near 1.38% in early 2025 before a slight recovery to 2.42% by April 2025. This indicates fluctuating liquidity levels with a general downward trend in recent periods.
- Investments
- Investments maintain a relatively stable share of total assets, fluctuating mostly between 6.9% and 9.8%. There is a notable peak around January 2021 at 9.83%, followed by a gradual stabilization around 7.3% to 7.4% in the last reported periods, suggesting consistent allocation to investment holdings with minor short-term variability.
- Accounts receivable, less allowances and credit losses
- This category's share experiences moderate variation, beginning at 6.46%, dipping to about 5.12% by April 2020, then generally increasing afterward, reaching just over 7% by the latest period. Overall, a slow but steady growth in accounts receivable proportion is observed, indicative of growing credit sales or extended payment terms.
- Inventories
- The inventory proportion trends upward across the timeline, increasing from 4.31% to approximately 6.24% before a slight fall to 5.97% in the most recent quarter. This rise indicates higher stock levels relative to total assets, possibly reflecting inventory accumulation or changes in supply chain management.
- Other current assets
- Other current assets as a percentage of total assets fluctuate mildly with a notable increase from about 2.2% in mid-2020 to peaks exceeding 3.5% around late 2022. This suggests a growing component of miscellaneous current asset accounts during that timeframe with some retracement thereafter.
- Current assets
- The total current assets proportion remains broadly stable throughout the periods, oscillating around 24% to 27%, without clear upward or downward long-term trends. This stability implies consistent liquidity maintenance strategies in relation to overall asset composition.
- Property, plant, and equipment, net
- Property, plant, and equipment exhibit a gradual increase in their share of total assets from around 5.16% to 7.46%, indicating ongoing investment in fixed assets over time, potentially reflecting expansion or modernization efforts.
- Goodwill
- Goodwill consistently constitutes the largest portion of total assets, approximately 44% to 46%, with slight fluctuations. The relative stability signals maintained intangible asset value arising from acquisitions or other goodwill-related accounting measures.
- Other intangible assets, net
- In contrast, other intangible assets show a clear declining trend: from over 22% initially down to around 12.7% by the end of the period. This steady decrease might be due to amortization, impairment, or divestitures impacting intangible asset balances.
- Tax assets
- Tax assets experience a continuous increase over time, rising from roughly 1.7% to 4.4%, suggesting growing deferred tax claims or other tax-related asset recognition.
- Other assets
- Other assets gradually increase from just above 2% to a peak near 4.7% before dropping back to around 3.9%, indicating expansion in miscellaneous long-term asset components with some recent reduction.
- Noncurrent assets
- The total noncurrent asset proportion remains dominant, ranging from about 72.8% to 76.2%, with minor fluctuations but no strong directional trend, showing that stable asset composition is maintained with a high concentration in long-term holdings.
- Overall Summary
- The asset structure exhibits a pronounced emphasis on noncurrent assets, especially goodwill and property, plant, and equipment, while current assets maintain consistent proportions. The decreasing trend in other intangible assets is notable and may merit further analysis concerning amortization or asset impairments. Cash and cash equivalents have declined as a share of total assets over the longer term, suggesting altered liquidity management. Gradual increases in tax and other assets highlight evolving balance sheet components. The overall asset composition suggests steady investment in tangible and intangible assets combined with relatively stable current asset levels.