Stock Analysis on Net
Stock Analysis on Net

Analog Devices Inc. (NASDAQ:ADI)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

Analog Devices Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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May 2, 2026 Jan 31, 2026 Nov 1, 2025 Aug 2, 2025 May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020
Accounts payable 1.25 1.14 1.13 1.02 0.91 0.77 1.01 0.87 0.87 0.82 1.01 1.19 1.15 1.06 1.16 1.08 0.89 0.85 0.85 1.23 1.29 1.06 1.06 1.00 0.91 0.99
Income taxes payable 0.68 1.57 1.27 0.99 0.76 1.02 0.93 0.82 0.74 0.85 0.63 0.86 0.62 1.02 0.53 0.89 0.66 0.78 0.64 1.08 0.79 0.69 0.85 0.69 0.71 0.55
Debt, current 1.88 1.87 0.00 0.00 0.00 0.83 0.83 1.85 1.84 1.03 1.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.99 6.12 6.14 1.86 0.00 2.08 2.10 3.50
Commercial paper notes 1.15 1.13 0.93 1.14 1.16 1.14 1.14 1.13 1.12 1.13 1.12 1.10 0.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accrued liabilities 4.34 3.30 3.43 3.04 2.86 2.43 2.29 1.97 2.18 2.21 2.77 2.59 3.06 2.76 3.17 2.88 3.03 2.70 2.82 4.48 4.64 4.21 4.45 4.04 3.69 3.24
Current liabilities 9.30% 9.02% 6.76% 6.18% 5.68% 6.19% 6.20% 6.64% 6.75% 6.04% 6.56% 5.74% 5.34% 4.84% 4.86% 4.85% 4.58% 4.34% 5.29% 12.91% 12.86% 7.82% 6.36% 7.81% 7.41% 8.28%
Long-term debt, excluding current 15.09 15.09 16.97 16.89 14.04 13.80 13.76 13.69 13.53 12.29 12.10 13.05 13.07 13.03 13.02 12.42 12.31 12.21 11.95 17.67 17.71 22.14 23.97 23.81 24.08 22.20
Deferred income taxes 3.98 4.16 4.51 4.92 5.03 5.24 5.44 5.64 5.91 6.15 6.41 6.38 6.71 6.92 7.20 7.48 7.62 7.72 7.53 8.21 8.49 8.68 8.94 9.08 9.37 9.61
Income taxes payable 0.18 0.22 0.21 0.21 0.20 0.55 0.54 0.55 0.55 0.86 0.85 0.89 1.06 1.42 1.41 1.42 1.38 1.62 1.55 2.44 2.45 2.76 2.76 2.74 2.80 3.07
Other non-current liabilities 1.09 1.11 1.09 1.07 1.10 1.11 1.13 1.10 1.12 1.20 1.19 1.18 1.13 1.07 1.02 1.07 1.08 1.03 1.06 2.10 2.12 2.21 2.09 2.03 2.05 2.15
Non-current liabilities 20.33% 20.57% 22.78% 23.09% 20.37% 20.69% 20.87% 20.98% 21.11% 20.49% 20.55% 21.50% 21.97% 22.43% 22.65% 22.38% 22.39% 22.58% 22.09% 30.42% 30.78% 35.80% 37.76% 37.66% 38.30% 37.03%
Total liabilities 29.63% 29.60% 29.54% 29.27% 26.05% 26.89% 27.06% 27.62% 27.86% 26.54% 27.11% 27.24% 27.31% 27.28% 27.51% 27.23% 26.97% 26.92% 27.39% 43.33% 43.64% 43.62% 44.11% 45.47% 45.71% 45.32%
Preferred stock, $1.00 par value, none outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.16 2/3 par value 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.28 0.28 0.29 0.29 0.28 0.29 0.29
Capital in excess of par value 46.48 47.86 48.65 49.67 52.56 52.20 52.01 51.63 51.38 52.19 51.88 52.09 53.01 54.38 55.38 56.79 57.87 58.76 58.43 21.32 21.88 22.62 23.05 22.73 22.77 23.03
Retained earnings 24.04 22.68 21.96 21.25 21.57 21.12 21.14 20.93 20.96 21.48 21.23 20.85 19.86 18.51 17.34 16.24 15.39 14.52 14.37 36.10 35.04 34.49 33.71 32.78 32.53 32.31
Accumulated other comprehensive loss -0.32 -0.31 -0.32 -0.36 -0.35 -0.39 -0.38 -0.35 -0.36 -0.37 -0.39 -0.35 -0.35 -0.34 -0.39 -0.42 -0.41 -0.37 -0.36 -1.04 -0.85 -1.02 -1.16 -1.26 -1.30 -0.95
Shareholders’ equity 70.37% 70.40% 70.46% 70.73% 73.95% 73.11% 72.94% 72.38% 72.14% 73.46% 72.89% 72.76% 72.69% 72.72% 72.49% 72.77% 73.03% 73.08% 72.61% 56.67% 56.36% 56.38% 55.89% 54.53% 54.29% 54.68%
Total liabilities and shareholders’ equity 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% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-05-02), 10-Q (reporting date: 2026-01-31), 10-K (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-Q (reporting date: 2025-02-01), 10-K (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-Q (reporting date: 2024-02-03), 10-K (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-K (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-K (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-30), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-Q (reporting date: 2020-02-01).

The capital structure experienced a fundamental shift between early 2020 and mid-2026, characterized by a transition from a more balanced liability-to-equity ratio toward a heavily equity-funded model. Total liabilities decreased from a peak of approximately 45.7% in May 2020 to a range between 26% and 30% from late 2021 through 2026. Concurrently, shareholders' equity rose from approximately 54.7% to a stabilized level exceeding 70% for the majority of the period.

Equity Composition and Capitalization
A significant structural change occurred around October 2021, where capital in excess of par value surged from approximately 21.3% to 58.4%. This coincides with a sharp contraction in retained earnings, which fell from 36.1% in July 2021 to 14.4% in October 2021. Following this event, retained earnings exhibited a steady recovery trend, climbing back to 24.0% by May 2026, indicating consistent profit accumulation over the latter half of the period.
Long-Term Debt and Non-Current Liabilities
Non-current liabilities showed a marked downward trend, decreasing from 38.3% in May 2020 to 20.3% by May 2026. This was driven primarily by a reduction in long-term debt, excluding current portions, which dropped from peaks of 24.1% in early 2020 to approximately 12% in late 2021, before stabilizing around 15% in 2026. Additionally, deferred income taxes saw a consistent and linear decline, falling from 9.6% in February 2020 to 4.0% by May 2026.
Current Liabilities and Short-Term Obligations
Current liabilities remained relatively low as a percentage of the total balance sheet, generally fluctuating between 4% and 9%, with a temporary spike to 12.9% in mid-2021. Accounts payable and accrued liabilities remained stable, though accrued liabilities showed a gradual decline from 4.6% in May 2021 to approximately 2.2% in early 2024 before rising again to 4.3% by May 2026. The introduction of commercial paper notes in April 2023 added a new component to short-term funding, maintaining a steady presence of approximately 1.1% to 1.2% through the end of the period.
Overall Financial Risk Profile
The overall risk profile improved as the reliance on total liabilities decreased significantly. The reduction in long-term debt and the substantial increase in the equity base suggest a more conservative financial position. The steady growth in retained earnings relative to the total balance sheet from 2022 onward reflects an increasing internal capacity for funding operations and growth.

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