Balance Sheet: Assets
Quarterly Data
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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Danaher Corp. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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Danaher Corp., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).
The data reveals several key trends in the company’s financial position over multiple quarters. Total assets showed a general upward trajectory through 2023, peaking in the fourth quarter of 2023 before declining during 2024 into early 2025. Total assets rose from approximately $68.9 billion at the start of 2020 to around $87.7 billion by the end of 2023, then decreased to about $79.1 billion by the first quarter of 2025.
- Liquidity and Current Assets
- Cash and equivalents fluctuated significantly, rising sharply in late 2023 to a peak of $12.3 billion before decreasing markedly to under $2 billion by early 2025. Trade accounts receivable showed moderate volatility but remained relatively stable around an average of $4 billion across the observed period. Inventories increased steadily through 2022 and 2023, reaching a high of approximately $3.4 billion in early 2023 before declining gradually during 2024.
- Inventory Breakdown
- The components of inventory exhibited differing trends: finished goods held a relatively flat pattern with slight fluctuations, peaking in early 2023; work in process generally rose until 2023 and then dipped slightly in 2024; raw materials showed steady growth through 2022 and early 2023 before a pronounced decline in 2024 and early 2025.
- Non-Current Assets
- Property, plant, and equipment increased consistently from about $3.0 billion in early 2020 to over $5.1 billion by early 2025, indicating continued investment in fixed assets. Other long-term assets experienced fluctuations with a peak near $4.8 billion in late 2022 followed by a decline and moderate recovery through 2024. Goodwill values moved generally upward with occasional declines but remained near the $40 billion mark, suggesting acquisitions or revaluations occurred within the period. Other intangible assets showed a gradual downward trend from over $21 billion in 2020 to under $19 billion by early 2025.
- Overall Asset Composition
- Current assets made up a significant portion of total assets but displayed substantial volatility, largely driven by changes in cash and equivalents and inventories. The notable increase in cash in late 2023 coupled with a decrease in inventories suggests shifts in working capital management. The growth in fixed and intangible assets reflects ongoing capital expenditures and acquisitions, supporting future operational capacity.
- Insights
- The company’s liquidity position appears variable, with cash reserves peaking sharply and then falling, which may reflect timing of financing activities, investments, or operational cash flows. Inventory management shows responsiveness to operational needs with increasing raw materials followed by inventory rationalization in 2024. The stable to growing investment in property, plant, and equipment along with the relatively stable goodwill indicates sustained commitment to core business assets and strategic acquisitions.