Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Analog Devices Inc. pages available for free this week:
- Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
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Analog Devices Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-08-01), 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).
A significant shift in the capital structure occurred between July 2021 and October 2021, characterized by a substantial transition from debt-based financing to equity-based financing. Total liabilities decreased from 43.33% to 27.39% of total liabilities and shareholders' equity during this window, while shareholders' equity rose from 56.67% to 72.61%. Following this shift, the balance sheet maintained a more equity-heavy composition, with total liabilities fluctuating between 26% and 31% through August 2026.
- Liability Composition and Trends
- Long-term debt, excluding current portions, showed a marked reduction, falling from a range of 22% to 24% in early 2020 to approximately 12% by late 2021. While it saw a slight increase toward 16.97% by early 2025, it remained significantly lower than pre-2021 levels, ending at 13.98% in August 2026. Current liabilities exhibited more volatility, peaking at 12.91% in July 2021 before stabilizing and then trending upward again to 11.68% by August 2026.
- Deferred income taxes demonstrated a consistent and steady downward trajectory throughout the analyzed period, declining from 9.61% in February 2020 to 3.80% by August 2026, indicating a gradual reduction in these non-current obligations relative to the total balance sheet.
- Commercial paper notes emerged as a component of the liability structure in April 2023, maintaining a relatively stable presence between 0.51% and 1.16% before increasing to 2.08% by August 2026.
- Equity Dynamics
- The surge in shareholders' equity in October 2021 was primarily driven by a sharp increase in capital in excess of par value, which jumped from 21.32% in July 2021 to 58.43% in October 2021. This suggests a major capital infusion or equity issuance event. This component subsequently trended downward to 43.96% by August 2026.
- Retained earnings showed a volatile but generally positive long-term trend. After an initial climb to 36.10% in July 2021, the ratio dropped to 14.37% in October 2021, likely due to the expanded denominator caused by the equity issuance. From that point, retained earnings grew steadily, reaching 25.46% by August 2026, reflecting consistent profit accumulation.
- Overall Financial Positioning
- The company transitioned from a more leveraged position in 2020 to a highly equity-funded position from late 2021 onwards. The reduction in the weight of long-term debt and the steady decrease in deferred tax liabilities suggest a strategy of deleveraging and risk reduction. By August 2026, the company maintained a conservative capital structure with shareholders' equity comprising 69.29% of the total funding.