Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Cash Flow Statement
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Analog Devices Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2025-11-01), 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).
The analysis of the financial structure reveals several notable trends in the composition of liabilities and shareholders’ equity over the observed periods.
- Current liabilities
- Current liabilities as a percentage of total liabilities and shareholders' equity exhibited moderate fluctuations, starting at 6.36% in 2020, declining to a low of 4.86% in 2022, before rising again to 6.76% by 2025. Within current liabilities, accounts payable remained relatively stable, fluctuating between approximately 0.85% and 1.16%. Income taxes payable within current liabilities showed a decreasing trend up to 2022 but increased sharply afterwards, reaching 1.27% in 2025.
- Debt components
- Current debt components showed variability, with current debt percentages reported intermittently. Commercial paper notes appeared starting in 2023 at 1.12%, peaking at 1.14% in 2024 and then moderating to 0.93% in 2025. Long-term debt, excluding current portion, decreased substantially from 23.97% in 2020 to 11.95% in 2021 but then displayed a gradual upward trend reaching 16.97% in 2025.
- Accrued and other liabilities
- Accrued liabilities decreased from 4.45% in 2020 to a low of 2.29% in 2024, before increasing to 3.43% in 2025. Accrued compensation and benefits mirrored this pattern, declining initially but recovering by 2025. Distributor price adjustments and other revenue reserves initially increased, peaking in 2022 at 1.49%, decreasing thereafter, then rising notably to 1.64% in 2025. Other accrued amounts, including accrued interest and special charges, remained relatively low and stable through the periods, with minor fluctuations.
- Non-current liabilities
- Non-current liabilities showed a decreasing trend from 37.76% in 2020 to around 20–23% during 2023 to 2025. Deferred income taxes specifically declined steadily from 8.94% to 4.51%, contributing to this overall decrease. Other non-current liabilities remained fairly stable around 1% throughout the period.
- Shareholders’ equity
- Shareholders’ equity as a percentage of total liabilities and shareholders’ equity exhibited an overall increasing trend, rising sharply from 55.89% in 2020 to approximately 72.9% in the early 2020s, before slightly decreasing to 70.46% by 2025. Within equity, the capital in excess of par value increased notably in 2021 to above 50%, remaining in the range of 48.65% to 58.43% throughout the period. Retained earnings showed a considerable decline from 33.71% in 2020 to 14.37% in 2021, followed by a steady recovery to 21.96% in 2025. Accumulated other comprehensive loss remained consistently low and negative, indicating a small but persistent deficit relative to total equity.
In summary, the company’s financial structure has trended towards higher equity proportions relative to liabilities, supported by increased capital in excess of par value and recovering retained earnings. Debt levels, especially long-term debt, decreased initially and have been trending upwards again in recent years but remain significantly below 2020 levels. Current liabilities and accrued liabilities saw some fluctuation but generally maintained a moderate proportion of total financing. Overall, the composition suggests a strengthening in equity position with cautious management of liabilities, alongside some volatility in certain accrual accounts.