Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Medtronic PLC pages available for free this week:
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Analysis of Revenues
- Analysis of Debt
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Medtronic PLC, consolidated balance sheet: assets
US$ in millions
Based on: 10-K (reporting date: 2026-04-24), 10-K (reporting date: 2025-04-25), 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30).
Total assets remained relatively stable over the six-year period, fluctuating within a narrow range between 89.9 billion and 93.0 billion US dollars. While the overall asset base showed minimal volatility, there were significant internal shifts between current and noncurrent asset compositions.
- Liquidity and Current Asset Trends
- Current assets exhibited a general upward trajectory, growing from 22.5 billion US dollars in 2021 to 24.7 billion US dollars by 2026. A notable volatility is observed in cash and cash equivalents, which declined from a peak of 3.7 billion US dollars in 2022 to a low of 1.2 billion US dollars in 2024, before recovering to 1.9 billion US dollars in 2026. In contrast, accounts receivable and inventories demonstrated consistent growth, increasing by approximately 21% and 38% respectively over the period, suggesting an expansion in operational scale or a change in working capital efficiency.
- Fixed Asset and Infrastructure Investment
- Property, plant, and equipment, net, showed a steady and uninterrupted increase, rising from 5.2 billion US dollars in 2021 to 7.4 billion US dollars in 2026. This consistent growth indicates a sustained commitment to capital expenditures and the expansion of physical production or operational capacity.
- Intangible Assets and Goodwill
- Noncurrent assets are heavily dominated by goodwill, which remained stable between 40.5 billion and 42.5 billion US dollars. However, a significant downward trend is evident in other intangible assets, net, which fell from 17.7 billion US dollars in 2021 to 10.1 billion US dollars in 2026. This substantial reduction likely reflects the systematic amortization of acquired intangible assets over time.
- Other Noncurrent Asset Adjustments
- Tax assets experienced a gradual increase, moving from 3.1 billion US dollars to 3.9 billion US dollars, while other assets showed moderate growth despite a brief dip in 2025. These movements contributed to the overall stabilization of the noncurrent asset total, which ended the period at 68.2 billion US dollars.
The overall financial profile indicates a transition characterized by the amortization of intangible assets being offset by growth in tangible fixed assets and working capital components. The balance sheet maintains a high proportion of noncurrent assets, with goodwill remaining the single largest component of the total asset base.