Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin 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: 2026-05-02), 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.