Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Amgen Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Amgen Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The capital structure is characterized by high leverage, with total liabilities consistently representing the vast majority of the balance sheet, ranging from a low of 85.07% in March 2021 to a peak of 98.45% in March 2022. This indicates a heavy reliance on debt financing over equity throughout the analyzed period.
- Debt and Long-Term Liability Trends
- Long-term debt, excluding the current portion, is the most significant component of the balance sheet. Its relative weight increased from 49.78% in March 2021 to a high of 68.49% in March 2023, before gradually declining to 56.09% by March 2026. This suggests a strategic period of increased borrowing followed by a slow reduction in the relative proportion of long-term debt. Concurrently, long-term tax liabilities showed a steady decline from 11.25% in March 2021 to 2.99% by March 2026.
- Current Liability Composition
- Current liabilities have fluctuated between 16.02% and 28.14% of the total balance sheet. Accrued liabilities remain a primary driver of short-term obligations, generally staying within the 13% to 20% range. There is a noticeable upward trend in total current liabilities toward the end of the period, peaking at 28.14% in December 2025, driven by increases in accounts payable and the current portion of long-term debt.
- Stockholders' Equity and Deficit Analysis
- A significant contraction in stockholders' equity occurred between March 2021 (14.93%) and March 2022, where it reached a minimum of 1.55%. This erosion was mirrored by a deepening accumulated deficit, which moved from -34.60% to a peak negative value of -49.95% in March 2022. Since that period, a gradual recovery has been observed, with stockholders' equity rising to 9.93% by March 2026 and the accumulated deficit moderating to -26.65%.
- Overall Solvency Profile
- The balance sheet reflects a persistent state of low equity relative to liabilities. While total liabilities decreased slightly from their peak in 2022, the company maintains a high debt-to-asset ratio. The gradual improvement in the equity position since 2022 suggests a slow trend toward strengthening the capital base, although the accumulated deficit remains a substantial negative component of the total equity structure.