Common-Size Balance Sheet: Assets
Quarterly Data
Medtronic PLC, common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2026-04-24), 10-Q (reporting date: 2026-01-23), 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 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).
The asset structure is characterized by a heavy concentration of noncurrent assets, which consistently represent between 72% and 76% of total assets. A significant portion of the balance sheet is composed of intangible assets, specifically goodwill, which remains the dominant asset class throughout the period, fluctuating within a narrow range of 42.98% to 46.18%.
- Liquidity and Working Capital Trends
- A marked decline in cash and cash equivalents is observed, falling from 6.92% in July 2020 to 2.10% by April 2026. This reduction in immediate liquidity is contrasted by a gradual increase in accounts receivable, which rose from 5.19% to 7.14%, and inventories, which grew from 4.85% to 6.40%. These trends suggest a shift in the composition of current assets, with a higher proportion of capital tied up in operational receivables and stock rather than liquid cash.
- Intangible Asset Dynamics
- There is a pronounced downward trend in other intangible assets, net, which decreased from 19.88% to 10.91% over the analyzed period. This steady decline, likely attributable to systematic amortization, indicates that a smaller portion of the total asset base is derived from finite-lived intangible assets. Conversely, goodwill remains stable and substantial, maintaining its role as the primary component of the company's noncurrent asset base.
- Fixed Asset and Other Noncurrent Growth
- Property, plant, and equipment, net, show a consistent upward trajectory, increasing from 5.20% to 7.97% of total assets. This indicates a growing allocation of resources toward physical infrastructure and productive capacity. Additionally, tax assets and other noncurrent assets have experienced modest growth, collectively increasing their share of the total asset pool from approximately 5.46% to 8.70%.
- Overall Asset Composition Stability
- Despite the internal shifts between cash, intangibles, and fixed assets, the broad division between current and noncurrent assets remains relatively stable. Current assets have generally fluctuated between 23.8% and 27.2%, while noncurrent assets have remained anchored around 74%, reflecting a consistent long-term capital structure.
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