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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
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Analog Devices Inc., consolidated balance sheet: assets
US$ in thousands
Based on: 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-11-02).
- Cash and cash equivalents
- The cash and cash equivalents balance demonstrated significant fluctuations over the periods analyzed. It nearly doubled from US$648 million in 2019 to over US$1 billion in 2020, continued to increase sharply to nearly US$2 billion in 2021, then declined to below US$1 billion in 2023, before recovering again to nearly US$2 billion in 2024. This volatility may indicate changes in cash management strategies or timing of cash inflows and outflows.
- Short-term investments
- Short-term investments were only reported in 2024 at US$372 million, suggesting either new investment activity or reclassification of assets in that year.
- Accounts receivable less allowances
- Accounts receivable showed a strong upward trend from US$635 million in 2019 to over US$1.8 billion in 2022, indicating growth in sales or credit extended to customers. However, the balance declined in subsequent years to approximately US$1.3 billion by 2024, which could reflect improved collections or a slowdown in sales.
- Inventories
- Inventories remained relatively stable from 2019 to 2020 at around US$610 million, then doubled by 2021 and increased further to a peak of US$1.64 billion in 2023 before slightly decreasing to US$1.45 billion in 2024. This trend implies inventory buildup, possibly in response to increased demand or supply chain considerations.
- Prepaid expenses and other current assets
- This category experienced a peak in 2021 at US$741 million, following a moderate increase from 2019 and 2020 levels. Afterwards, the balance settled around US$300 million in the latest years. The spike in 2021 may be related to timing differences or specific prepaid expenditures during that period.
- Current assets
- Current assets increased substantially from approximately US$2.0 billion in 2019 to a peak of about US$5.4 billion in 2021, followed by a decline to US$4.4 billion in 2023 and a rebound to US$5.5 billion in 2024. This pattern reflects the movements observed in cash, receivables, inventories, and other current assets, indicating cyclical liquidity changes.
- Net property, plant and equipment
- Net PP&E showed a general upward trend, dipping slightly in 2020 before increasing steadily from 2021 to 2024, reaching US$3.4 billion. This suggests ongoing investment in fixed assets, supporting capacity expansion or modernization efforts.
- Goodwill
- Goodwill remained relatively stable over the years, with a substantial increase between 2020 and 2021, rising from approximately US$12.3 billion to about US$26.9 billion. After 2021, goodwill balances held steady around that level, indicating a significant acquisition or business combination around 2021 and no major impairments thereafter.
- Intangible assets, net
- Intangible assets showed a sharp increase in 2021 to over US$15 billion from around US$3.7 billion in 2020, followed by a consistent decline through 2024 to under US$10 billion. This pattern aligns with the increase in goodwill, supporting the occurrence of a major acquisition in 2021, and the subsequent amortization or impairment of intangible assets in the following years.
- Deferred tax assets
- Deferred tax assets remained relatively stable, fluctuating moderately between US$1.5 billion and US$2.3 billion, with a slight downward trend observed from 2022 to 2024. This stability suggests consistent recognition of temporary differences impacting tax accounts.
- Other assets
- Other assets increased from US$131 million in 2019 to approximately US$749 million in 2024, indicating either asset diversification or accumulation of miscellaneous non-current assets over the period.
- Non-current assets
- Non-current assets showed a substantial increase from roughly US$19.4 billion in 2019 to over US$46.9 billion in 2021, driven primarily by rises in goodwill and intangible assets. Thereafter, a gradual decline to approximately US$42.7 billion by 2024 was observed, reflecting amortization or revaluation effects on intangible assets and other non-current assets.
- Total assets
- Total assets more than doubled from roughly US$21.4 billion in 2019 to about US$52.3 billion in 2021, followed by a decline to US$48.2 billion in 2024. This illustrates a peak asset base in 2021 correlated with acquisitions and capital expenditures, followed by a normalization trend likely due to asset amortization and changes in working capital.