Cisco Systems Inc.、合并资产负债表结构：资产（季度数据）
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2026年4月25日 |
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2026年1月24日 |
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2025年10月25日 |
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2025年7月26日 |
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2025年4月26日 |
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2025年1月25日 |
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2024年10月26日 |
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2024年7月27日 |
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2024年4月27日 |
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2024年1月27日 |
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2023年10月28日 |
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2023年7月29日 |
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2023年4月29日 |
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2023年1月28日 |
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2022年10月29日 |
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2022年7月30日 |
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2022年4月30日 |
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2022年1月29日 |
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2021年10月30日 |
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2021年7月31日 |
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2021年5月1日 |
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2021年1月23日 |
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2020年10月24日 |
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2020年7月25日 |
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2020年4月25日 |
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2020年1月25日 |
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2019年10月26日 |
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现金及现金等价物 |
5.64% | |
6.05% | |
6.94% | |
6.82% | |
6.81% | |
7.05% | |
7.35% | |
6.03% | |
7.25% | |
13.56% | |
9.72% | |
9.94% | |
8.25% | |
9.40% | |
7.84% | |
7.53% | |
7.49% | |
7.14% | |
7.94% | |
9.41% | |
7.83% | |
12.34% | |
11.39% | |
12.45% | |
11.34% | |
9.37% | |
9.28% | |
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投资 |
7.61% | |
6.74% | |
6.06% | |
6.35% | |
6.25% | |
6.84% | |
7.79% | |
8.32% | |
8.01% | |
11.82% | |
14.09% | |
15.73% | |
15.63% | |
13.62% | |
13.42% | |
12.97% | |
14.18% | |
15.26% | |
16.39% | |
15.74% | |
17.28% | |
19.66% | |
20.20% | |
18.57% | |
19.92% | |
20.55% | |
21.03% | |
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应收账款，扣除备抵金 |
5.16% | |
5.35% | |
3.99% | |
5.48% | |
4.41% | |
4.67% | |
3.61% | |
5.37% | |
4.17% | |
4.83% | |
4.89% | |
5.75% | |
5.23% | |
5.46% | |
5.84% | |
7.04% | |
6.23% | |
6.37% | |
5.53% | |
5.91% | |
4.71% | |
4.51% | |
4.19% | |
5.77% | |
5.00% | |
4.79% | |
5.27% | |
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库存 |
3.75% | |
3.18% | |
2.80% | |
2.59% | |
2.36% | |
2.41% | |
2.55% | |
2.71% | |
2.54% | |
3.17% | |
3.38% | |
3.58% | |
3.56% | |
3.28% | |
2.86% | |
2.73% | |
2.40% | |
2.18% | |
1.91% | |
1.60% | |
1.68% | |
1.50% | |
1.37% | |
1.35% | |
1.33% | |
1.50% | |
1.45% | |
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应收账款融资净额 |
2.34% | |
2.39% | |
2.55% | |
2.50% | |
2.47% | |
2.53% | |
2.53% | |
2.68% | |
2.80% | |
3.44% | |
3.46% | |
3.29% | |
3.49% | |
3.71% | |
3.96% | |
4.15% | |
4.10% | |
4.24% | |
4.24% | |
4.49% | |
4.95% | |
5.26% | |
5.37% | |
5.33% | |
5.15% | |
5.34% | |
5.43% | |
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其他流动资产 |
4.62% | |
4.77% | |
4.82% | |
4.87% | |
5.10% | |
5.07% | |
5.16% | |
4.51% | |
4.41% | |
4.83% | |
4.60% | |
4.27% | |
4.80% | |
4.72% | |
4.91% | |
4.63% | |
4.37% | |
3.85% | |
3.16% | |
2.96% | |
3.01% | |
2.67% | |
2.73% | |
2.48% | |
2.46% | |
2.74% | |
2.63% | |
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流动资产 |
29.12% |
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28.48% |
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27.15% |
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28.61% |
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27.40% |
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28.57% |
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28.99% |
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29.63% |
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29.18% |
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41.64% |
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40.15% |
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42.56% |
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40.96% |
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40.19% |
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38.84% |
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39.06% |
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38.77% |
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39.04% |
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39.16% |
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40.12% |
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39.47% |
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45.93% |
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45.25% |
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45.94% |
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45.20% |
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44.29% |
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45.10% |
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不动产及设备净额 |
2.05% | |
1.91% | |
1.86% | |
1.73% | |
1.73% | |
1.64% | |
1.69% | |
1.68% | |
1.63% | |
1.98% | |
2.03% | |
2.05% | |
2.10% | |
2.05% | |
2.12% | |
2.12% | |
2.20% | |
2.27% | |
2.33% | |
2.40% | |
2.52% | |
2.50% | |
2.54% | |
2.59% | |
2.77% | |
2.90% | |
2.89% | |
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应收账款融资净额 |
2.90% | |
3.00% | |
3.07% | |
2.83% | |
2.71% | |
2.67% | |
2.77% | |
2.71% | |
2.64% | |
3.32% | |
3.36% | |
3.42% | |
3.48% | |
3.71% | |
3.89% | |
4.26% | |
4.27% | |
4.27% | |
4.74% | |
5.01% | |
5.40% | |
5.33% | |
5.81% | |
6.02% | |
5.22% | |
5.26% | |
5.22% | |
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善意 |
47.23% | |
48.01% | |
48.82% | |
48.36% | |
49.28% | |
48.38% | |
47.65% | |
47.15% | |
47.67% | |
38.63% | |
39.38% | |
37.83% | |
39.34% | |
40.05% | |
41.01% | |
40.75% | |
41.44% | |
41.03% | |
40.43% | |
39.15% | |
40.14% | |
36.33% | |
36.35% | |
35.64% | |
36.60% | |
37.17% | |
36.30% | |
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购买的无形资产，净额 |
6.25% | |
6.73% | |
7.19% | |
7.50% | |
8.05% | |
8.35% | |
8.71% | |
9.02% | |
9.61% | |
1.66% | |
1.94% | |
1.78% | |
2.02% | |
2.23% | |
2.54% | |
2.73% | |
3.03% | |
3.27% | |
3.49% | |
3.71% | |
3.96% | |
1.53% | |
1.66% | |
1.66% | |
1.91% | |
2.11% | |
2.28% | |
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递延所得税资产 |
6.02% | |
6.00% | |
6.04% | |
6.02% | |
5.86% | |
5.43% | |
5.28% | |
5.03% | |
4.49% | |
7.25% | |
7.19% | |
6.46% | |
5.96% | |
5.55% | |
5.26% | |
4.73% | |
4.61% | |
4.53% | |
4.37% | |
4.47% | |
4.33% | |
4.30% | |
4.36% | |
4.21% | |
4.28% | |
4.31% | |
4.28% | |
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其他资产 |
6.43% | |
5.88% | |
5.87% | |
4.95% | |
4.98% | |
4.95% | |
4.91% | |
4.78% | |
4.78% | |
5.51% | |
5.95% | |
5.90% | |
6.14% | |
6.22% | |
6.35% | |
6.34% | |
5.68% | |
5.59% | |
5.48% | |
5.14% | |
4.18% | |
4.08% | |
4.03% | |
3.94% | |
4.02% | |
3.96% | |
3.92% | |
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长期资产 |
70.88% |
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71.52% |
|
72.85% |
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71.39% |
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72.60% |
|
71.43% |
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71.01% |
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70.37% |
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70.82% |
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58.36% |
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59.85% |
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57.44% |
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59.04% |
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59.81% |
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61.16% |
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60.94% |
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61.23% |
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60.96% |
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60.84% |
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59.88% |
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60.53% |
|
54.07% |
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54.75% |
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54.06% |
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54.80% |
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55.71% |
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54.90% |
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总资产 |
100.00% |
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100.00% |
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100.00% |
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100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
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100.00% |
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根据报告：
10-Q (报告日期： 2026-04-25), 10-Q (报告日期： 2026-01-24), 10-Q (报告日期： 2025-10-25), 10-K (报告日期： 2025-07-26), 10-Q (报告日期： 2025-04-26), 10-Q (报告日期： 2025-01-25), 10-Q (报告日期： 2024-10-26), 10-K (报告日期： 2024-07-27), 10-Q (报告日期： 2024-04-27), 10-Q (报告日期： 2024-01-27), 10-Q (报告日期： 2023-10-28), 10-K (报告日期： 2023-07-29), 10-Q (报告日期： 2023-04-29), 10-Q (报告日期： 2023-01-28), 10-Q (报告日期： 2022-10-29), 10-K (报告日期： 2022-07-30), 10-Q (报告日期： 2022-04-30), 10-Q (报告日期： 2022-01-29), 10-Q (报告日期： 2021-10-30), 10-K (报告日期： 2021-07-31), 10-Q (报告日期： 2021-05-01), 10-Q (报告日期： 2021-01-23), 10-Q (报告日期： 2020-10-24), 10-K (报告日期： 2020-07-25), 10-Q (报告日期： 2020-04-25), 10-Q (报告日期： 2020-01-25), 10-Q (报告日期： 2019-10-26).
资产结构的整体分布在分析期间发生了显著偏移，表现为流动资产占比的下降与长期资产占比的上升。
- 流动资产趋势
- 流动资产占总资产的比例呈现明显的下降趋势，从早期的45%左右逐步降低至2026年第一季度的29%左右。其中，投资资产的占比下降最为剧烈，由初期的21%左右大幅缩减至7%左右。现金及现金等价物的占比在波动中整体走低，从峰值的13.56%回落至5.64%。与此同时，库存资产的占比呈现稳步上升态势，从1.45%增长至3.75%，表明资产配置在流动资产内部发生了从金融资产向实物资产的转移。
- 长期资产趋势
- 长期资产占总资产的比例与流动资产呈反向变动，从约55%上升至71%左右。这一增长主要由无形资产和善意驱动。特别是2024年第一季度，善意占比从38.63%跃升至47.67%，购买的无形资产净额占比从1.66%陡增至9.61%，显示出在此期间发生了大规模的资本化收购活动。随后，虽然无形资产占比略有回落，但整体长期资产规模依然维持在高位。
- 其他资产项分析
- 应收账款及其融资净额的占比在分析期间保持相对稳定，波动幅度较小。递延所得税资产的占比则呈现缓慢增长趋势，从约4%提升至6%左右。不动产及设备净额的占比则持续走低，从2.89%下降至2.05%左右，表明该类固定资产在总资产中的权重在不断削弱。
综上所述，资产组合的重心已从高流动性的金融资产转向以善意和无形资产为主的长期资产。这种结构性转变反映了从依赖现金与投资组合向通过收购扩张资产规模的战略转移，导致整体资产的流动性降低，而资本化资产的密集度显著提高。
