Common-Size Balance Sheet: Assets
Quarterly Data
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Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30).
The asset structure is characterized by a high concentration of noncurrent assets, which consistently comprise between 67% and 82% of total assets. Current assets fluctuate between 18% and 33%, reflecting a balance sheet heavily weighted toward long-term intangible value rather than short-term liquidity.
- Liquidity and Current Asset Dynamics
- Cash and cash equivalents remain a volatile but significant component, generally oscillating between 5% and 13% of total assets. A notable contraction is observed in marketable securities, which declined from a peak of 9.75% in October 2020 to a low of 1.99% by January 2026, indicating a shift in how excess capital is held or deployed.
- Accounts Receivable Seasonality
- A distinct cyclical pattern is evident in net accounts receivable. Every January, this metric spikes significantly, often exceeding 10% to 12% of total assets, before sharply receding in April. This suggests a consistent year-end billing cycle or revenue recognition pattern intrinsic to the business model.
- Intangible Asset Composition
- Goodwill is the dominant asset class, exhibiting a general upward trend from 47.12% in April 2020 to peaks of 55.58% in early 2026. This expansion indicates a sustained strategy of growth through acquisitions. Conversely, intangible assets acquired through business combinations have generally trended downward from 8.37% to between 4% and 6%, suggesting that amortization of existing intangibles is outpacing the addition of new identifiable intangible assets.
- Strategic and Long-term Investments
- Strategic investments have shown a marked increase in the latter part of the analyzed period, rising from approximately 3% to 5% in the mid-term and reaching a peak of 10.33% by July 2026, signaling an increased allocation of resources toward strategic equity positions.
- Fixed and Other Noncurrent Assets
- There is a sustained downward trend in operating lease right-of-use assets, which fell from 5.56% in April 2020 to 1.63% by July 2026. Similarly, property and equipment, net, have remained relatively low and stable, generally hovering between 2.7% and 4.7% of total assets, reflecting a low-capital-intensity operational model.
- Deferred Tax and Other Assets
- Deferred tax assets and other assets showed a gradual increase from 1.09% in April 2020 to a peak of 4.96% in January 2025, before stabilizing around 2.85% by July 2026.
Overall, the transition over the analyzed period shows an increasing reliance on Goodwill and Strategic Investments, while liquid marketable securities and lease-related assets have diminished as a percentage of the total asset base.