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.

Medtronic PLC, consolidated balance sheet: assets

US$ in millions

	Apr 25, 2025	Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020
Cash and cash equivalents	2,218)	1,284)	1,543)	3,714)	3,593)	4,140)
Investments	6,747)	6,721)	6,416)	6,859)	7,224)	6,808)
Accounts receivable, less allowances and credit losses	6,515)	6,128)	5,998)	5,551)	5,462)	4,645)
Inventories	5,476)	5,217)	5,293)	4,616)	4,313)	4,229)
Other current assets	2,858)	2,585)	2,425)	2,319)	1,956)	2,209)
Current assets	23,814)	21,935)	21,675)	23,059)	22,548)	22,031)
Property, plant, and equipment, net	6,837)	6,131)	5,569)	5,413)	5,221)	4,828)
Goodwill	41,737)	40,986)	41,425)	40,502)	41,961)	39,841)
Other intangible assets, net	11,667)	13,225)	14,844)	15,595)	17,740)	19,063)
Tax assets	4,040)	3,657)	3,477)	3,403)	3,169)	2,832)
Other assets	3,585)	4,047)	3,958)	3,009)	2,444)	2,094)
Noncurrent assets	67,866)	68,046)	69,273)	67,922)	70,535)	68,658)
Total assets	91,680)	89,981)	90,948)	90,981)	93,083)	90,689)

Based on: 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), 10-K (reporting date: 2020-04-24).

The financial data reveals several noteworthy trends across the periods under review.

Cash and Cash Equivalents: There is a marked decline in cash and cash equivalents from 4140 million USD in April 2020 to a low of 1284 million USD in April 2024, followed by an increase to 2218 million USD in April 2025. This suggests fluctuations in liquidity levels, with a potential focus on cash management in the most recent period.
Investments: Investments remain relatively stable, hovering around 6800 million USD, with minor variations such as a peak in April 2021 at 7224 million USD, followed by a slight decline and stabilization at approximately 6747 million USD by April 2025. This indicates a consistent investment strategy with little volatility.
Accounts Receivable, Net of Allowances: There is a steady upward trend in accounts receivable, increasing from 4645 million USD in April 2020 to 6515 million USD in April 2025. This continuous growth suggests either an expansion in sales on credit or a longer collection period, warranting further analysis of receivables management.
Inventories: Inventories show a consistent increase over time, from 4229 million USD in April 2020 to 5476 million USD in April 2025. The peak occurs in April 2023 at 5293 million USD. This trend might reflect higher production levels, anticipation of increased demand, or slower inventory turnover.
Other Current Assets: These assets fluctuate within a moderately narrow range, with a slight decline to 1956 million USD in April 2021, followed by a gradual increase to 2858 million USD in April 2025. This indicates some variability but an overall upward direction.
Current Assets: Current assets collectively remain relatively stable, with minor fluctuations peaking at 23059 million USD in April 2022 and dipping to 21675 million USD in April 2023 before recovering to 23814 million USD in April 2025. The stability suggests consistent management of short-term resources.
Property, Plant, and Equipment, Net: There is a steady increase in net property, plant, and equipment from 4828 million USD in April 2020 to 6837 million USD in April 2025. This upward trend may indicate ongoing capital investments and asset growth over time.
Goodwill: The goodwill figure exhibits minor fluctuations, rising from 39841 million USD in April 2020 to a peak of 41961 million USD in April 2021, then slightly decreasing and stabilizing around 41737 million USD in April 2025. This suggests some acquisition activity or adjustments but relative stability in intangible asset valuations.
Other Intangible Assets, Net: Other intangible assets display a clear decreasing trend, declining from 19063 million USD in April 2020 to 11667 million USD in April 2025. This could reflect amortization, impairments, or disposals of intangible assets over time.
Tax Assets: Tax assets steadily increase from 2832 million USD to 4040 million USD between April 2020 and April 2025, indicating growing deferred tax assets or recoverable taxes.
Other Assets: There is considerable growth in other assets from 2094 million USD in April 2020 to a peak of 4047 million USD in April 2024, followed by a decline to 3585 million USD in April 2025. This volatility suggests changes in non-classified assets or possible reclassification.
Noncurrent Assets: Noncurrent assets fluctuate slightly but stay within the range of approximately 67800 to 70500 million USD, showing no major trend and indicating balanced long-term asset management.
Total Assets: Total assets maintain a stable range, peaking at 93083 million USD in April 2021, then experiencing a slight decrease and recovering to 91680 million USD by April 2025. This stability points to an overall steady asset base.

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Medtronic PLC (NYSE:MDT)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items