Stock Analysis on Net
Stock Analysis on Net

Oracle Corp. (NYSE:ORCL)

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Common-Size Balance Sheet: Assets

Oracle Corp., common-size consolidated balance sheet: assets

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May 31, 2026 May 31, 2025 May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021
Cash and cash equivalents 11.95 6.41 7.42 7.27 19.56 22.96
Marketable securities 0.23 0.25 0.15 0.31 0.47 12.55
Trade receivables, net of allowances for credit losses 3.97 5.08 5.59 5.15 5.45 4.13
Prepaid expenses and other current assets 1.64 2.86 2.85 2.90 3.46 2.75
Current assets 17.79% 14.60% 16.00% 15.63% 28.94% 42.38%
Property, plant and equipment, net 38.19 25.85 15.28 12.70 8.89 5.38
Operating lease right-of-use assets 11.34 7.81 5.17 3.42 3.20 1.98
Goodwill 23.79 36.95 44.14 46.33 40.08 33.51
Deferred tax assets 4.41 7.05 8.71 9.10 11.69 10.40
Other non-current assets 4.49 7.74 10.71 12.82 7.19 6.35
Non-current assets 82.21% 85.40% 84.00% 84.37% 71.06% 57.62%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).

The asset composition exhibits a fundamental strategic shift from high liquidity and intangible-heavy holdings toward significant investment in tangible infrastructure. Over the observed period, the proportion of current assets decreased substantially, while non-current assets became the dominant component of the balance sheet.

Liquidity and Current Asset Trends
A pronounced decline in liquidity is observed, with current assets falling from 42.38% of total assets in 2021 to 14.60% by 2025, before a slight recovery to 17.79% in 2026. This trend is primarily driven by the depletion of cash and cash equivalents, which dropped from 22.96% in 2021 to a low of 6.41% in 2025. Similarly, marketable securities, which represented 12.55% of assets in 2021, became negligible from 2022 onward, maintaining a position below 1% for the remainder of the period.
Fixed Asset Expansion
There is a significant and consistent increase in the weight of Property, Plant, and Equipment (PPE), which rose from 5.38% in 2021 to 38.19% in 2026. This represents the most aggressive growth area of the balance sheet, suggesting a massive reallocation of capital toward physical infrastructure. This trend is complemented by a steady increase in operating lease right-of-use assets, which climbed from 1.98% in 2021 to 11.34% in 2026.
Intangible Assets and Other Non-Current Items
Goodwill experienced a period of expansion, peaking at 46.33% of total assets in 2023, before declining to 23.79% by 2026. This downward trajectory in the latter years is likely a result of the rapid growth in PPE diluting the relative weight of goodwill. Additionally, deferred tax assets showed a consistent downward trend, decreasing from 10.40% in 2021 to 4.41% in 2026.
Overall Asset Structure Evolution
The balance sheet transitioned from a structure where non-current assets represented 57.62% of the total in 2021 to a structure where they comprised over 82% by 2026. This evolution indicates a pivot away from a liquid-asset posture toward a capital-intensive operating model focused on long-term tangible assets.

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