Common-Size Balance Sheet: Assets
Quarterly Data
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- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
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- Enterprise Value to EBITDA (EV/EBITDA)
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Medtronic PLC, common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 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).
The composition of assets exhibited several notable shifts over the observed period, spanning from July 2019 to October 2025. Current assets generally remained between 24% and 28% of total assets, while noncurrent assets comprised the majority, fluctuating between 72% and 76%. Within these broad categories, specific asset components displayed distinct trends.
- Liquidity & Current Assets
- Cash and cash equivalents demonstrated initial volatility, decreasing from 5.57% in July 2019 to a low of 3.16% in October 2021, before experiencing a rebound to 1.79% in January 2024. Subsequently, it showed a slight increase to 2.42% in July 2025. Accounts receivable remained relatively stable, hovering around 6% of total assets for much of the period, with a gradual increase to approximately 6.95% by April 2025. Inventories exhibited a consistent upward trend, rising from 4.31% in July 2019 to 6.90% in January 2026. Other current assets also showed an increasing trend, more than doubling from 2.41% to 3.30% over the period. Consequently, the overall proportion of current assets to total assets increased from 24.88% to 26.31%.
- Long-Term Assets
- Property, plant, and equipment, net, showed a gradual increase from 5.16% to 7.85% of total assets, indicating potential investment in fixed assets. Goodwill constituted a significant portion of total assets, consistently above 40%, with a slight decline from 43.92% in July 2019 to 45.79% in January 2026. Other intangible assets, net, experienced a more pronounced decline, decreasing from 22.17% to 11.30% over the period, suggesting potential amortization or impairment. Tax assets increased substantially, rising from 1.69% to 4.34% of total assets, potentially reflecting changes in tax planning or deferred tax asset recognition. Other assets also showed an increase, from 2.18% to 4.42%.
Investments remained relatively stable, fluctuating between approximately 6% and 10% of total assets throughout the period. The combined effect of these shifts resulted in a slight decrease in the proportion of goodwill and intangible assets, offset by increases in property, plant, and equipment, tax assets, and other assets, contributing to the overall stability of noncurrent assets as a percentage of total assets.
- Overall Asset Composition
- The company’s asset base demonstrated a shift towards more tangible assets, as evidenced by the increase in property, plant, and equipment and inventories, coupled with a decrease in intangible assets. The increasing proportion of tax assets suggests a potential change in the company’s tax position or utilization of tax benefits. The fluctuations in cash and cash equivalents may reflect operational cash flow patterns and investment activities.