Stock Analysis on Net
Stock Analysis on Net

Motorola Solutions Inc. (NYSE:MSI)

This company has been moved to the archive! The financial data has not been updated since August 1, 2024.

Common-Size Balance Sheet: Assets

Motorola Solutions Inc., common-size consolidated balance sheet: assets

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Cash and cash equivalents 12.78 10.34 15.37 11.53 9.41
Accounts receivable, net 12.82 11.85 11.37 12.78 13.27
Contract assets 8.26 7.60 9.07 8.58 9.83
Inventories, net 6.20 8.23 6.46 4.67 4.20
Current contract cost assets 0.42 0.48 0.25 0.21 0.23
Contractor receivables 0.30 0.37 0.06 0.00 0.00
Tax-related deposits 0.24 0.26 0.34 0.48 0.72
Other 1.72 1.89 1.48 1.54 1.61
Other current assets 2.68% 2.99% 2.12% 2.23% 2.56%
Current assets held for disposition 0.18 0.00 0.00 0.00 0.00
Current assets 42.93% 41.01% 44.40% 39.78% 39.26%
Property, plant and equipment, net 7.23 7.23 8.55 9.40 9.32
Right-of-use operating lease assets 3.71 3.78 3.13 4.30 5.21
Common stock 0.21 0.16 0.57 0.17 0.23
Strategic investments, at cost 0.21 0.35 0.29 0.42 0.38
Company-owned life insurance policies 0.55 0.54 0.66 0.71 0.70
Equity method investments 0.10 0.09 0.20 0.15 0.19
Investments 1.07% 1.15% 1.71% 1.45% 1.49%
Deferred income taxes 7.96 8.08 7.51 8.88 8.86
Goodwill 25.50 25.85 21.04 20.40 19.42
Intangible assets, net 9.41 10.47 9.07 11.35 12.47
Defined benefit plan assets 0.73 1.28 2.99 2.60 2.10
Non-current contract cost assets 0.89 1.01 1.02 0.97 1.01
Other 0.43 0.12 0.57 0.86 0.86
Other assets 2.05% 2.42% 4.58% 4.43% 3.97%
Non-current assets held for disposition 0.13 0.00 0.00 0.00 0.00
Non-current assets 57.07% 58.99% 55.60% 60.22% 60.74%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The composition of the asset base demonstrates a gradual shift toward increased liquidity and a higher concentration of intangible value, specifically goodwill, over the five-year period ending December 31, 2023.

Current Asset Composition
Current assets increased from 39.26% of total assets in 2019 to 42.93% in 2023. This growth is largely supported by cash and cash equivalents, which peaked at 15.37% in 2021 before stabilizing at 12.78% in 2023. Inventories experienced a notable expansion, rising from 4.20% in 2019 to a peak of 8.23% in 2022, before moderating to 6.20% in 2023. Accounts receivable remained relatively stable throughout the period, fluctuating within a narrow range between 11.37% and 13.27%.
Intangible Assets and Goodwill
A pronounced upward trend is observed in goodwill, which increased from 19.42% of total assets in 2019 to 25.50% in 2023, suggesting a strategic emphasis on acquisitions. In contrast, net intangible assets showed a general decline, moving from 12.47% in 2019 to 9.41% in 2023, indicating that the growth in the total asset base has outpaced the growth of identifiable intangible assets or that amortization has reduced their relative weight.
Non-Current Physical and Financial Assets
Property, plant, and equipment (PP&E) exhibited a steady downward trend, decreasing from 9.32% of total assets in 2019 to 7.23% in 2023. Right-of-use operating lease assets similarly declined from 5.21% to 3.71% over the same timeframe. Deferred income taxes remained a consistent component of the balance sheet, fluctuating within a tight band between 7.51% and 8.88%.
Other Long-Term Assets
Defined benefit plan assets saw a significant contraction in the latter years of the analysis, falling from a high of 2.99% in 2021 to 0.73% in 2023. Strategic investments and equity method investments remained marginal, both representing less than 0.25% of total assets by the end of 2023.

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