Common-Size Balance Sheet: Assets
Quarterly Data
Medtronic PLC, common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-07-31), 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 composition of the organization is characterized by a heavy concentration in noncurrent assets, which consistently represent between 72% and 76% of total assets throughout the observed period. The most significant components of the balance sheet are intangible assets, specifically goodwill, which maintains a dominant position, while current asset proportions remain relatively stable despite internal shifts in liquidity components.
- Liquidity and Working Capital Trends
- A marked decline in the proportion of cash and cash equivalents is evident, falling from 6.92% in July 2020 to 1.81% by July 2026. This reduction in immediate liquidity is partially offset by a gradual increase in accounts receivable, which rose from 5.19% to 6.81%, and inventories, which increased from 4.85% to 6.66%. These trends suggest a shift in the working capital structure, with a higher percentage of current assets tied up in operational receivables and stock rather than liquid cash.
- Fixed Asset Investment
- Property, plant, and equipment (PP&E), net, exhibit a steady upward trajectory, increasing from 5.20% of total assets in July 2020 to 8.01% by July 2026. This consistent growth indicates a long-term strategic commitment to expanding physical infrastructure or upgrading production capacities.
- Intangible Asset Dynamics
- The balance sheet is heavily influenced by intangible assets. Goodwill has remained stable and high, fluctuating slightly but ending at a peak of 46.29% in July 2026. Conversely, other intangible assets, net, show a significant and consistent downward trend, decreasing from 19.88% in July 2020 to 10.97% by July 2026. This suggests a pattern of systematic amortization of acquired intangible assets over time.
- Overall Asset Allocation
- Current assets have remained broadly stable, fluctuating between 23.83% and 27.15% of the total asset base. The stability of total noncurrent assets, despite the decline in other intangibles, is maintained by the growth in goodwill and PP&E. The shift from highly liquid cash positions toward operational assets and fixed capital suggests a transition toward a more asset-intensive operational model.
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