Common-Size Balance Sheet: Assets
Quarterly Data
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Qualcomm Inc. pages available for free this week:
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Analysis of Debt
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Qualcomm Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-23), 10-Q (reporting date: 2024-03-24), 10-Q (reporting date: 2023-12-24), 10-K (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-K (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-K (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29).
The composition of assets at the company has undergone notable shifts over the analyzed period, spanning from December 2019 to September 2025. A significant trend involves the fluctuation of cash and cash equivalents as a percentage of total assets, initially representing a substantial portion but declining over time, with some resurgence in later periods. Concurrently, marketable securities have demonstrated an increasing presence, particularly from 2020 through 2024, before stabilizing and showing a slight decline in the most recent quarter.
- Liquidity Position
- The combined percentage of current assets decreased from approximately 49% in late 2019 and early 2020 to a low of around 40% in early 2022. It then experienced a recovery, peaking at nearly 47% in mid-2024, before settling back to approximately 46% in September 2025. This suggests periods of both increased and decreased short-term liquidity. Within current assets, inventories consistently increased as a percentage of total assets, rising from 4.3% to over 13% by late 2022, indicating a potential build-up of stock. Accounts receivable exhibited more moderate fluctuations, generally remaining between 7% and 11% of total assets.
Noncurrent assets have consistently comprised a significant portion of the asset base, generally exceeding 50% of the total. Goodwill represents a substantial component of these noncurrent assets, initially around 19% of total assets, fluctuating throughout the period, and increasing to 26.74% by December 2025. Other intangible assets have remained relatively stable, generally between 2% and 4% of total assets. Property, plant, and equipment, net, has shown a gradual decline as a percentage of total assets, decreasing from approximately 9.6% to 8.0% over the observed timeframe.
- Asset Allocation Shifts
- A notable shift occurred in the allocation towards ‘Other assets’, which increased significantly from 16.3% in December 2019 to a peak of 23.96% in June 2024, before decreasing to 23.24% in September 2025. This suggests a growing investment or accumulation in asset categories not explicitly detailed elsewhere in the balance sheet. The emergence of ‘Restricted cash’ and ‘Held for sale assets’ in later periods indicates potential changes in financing strategies or asset disposal plans. The increase in ‘Held for sale assets’ in 2022 and 2023, followed by a decline, suggests potential divestitures.
The overall trend indicates a dynamic asset structure, with a decrease in highly liquid assets (cash) coupled with an increase in longer-term assets (goodwill and other assets). The increasing proportion of inventories and ‘Other assets’ warrants further investigation to understand the underlying drivers and potential implications for the company’s financial performance.