Analog Devices Inc. (NASDAQ:ADI)

The total liabilities as a percentage of total liabilities and shareholders’ equity show a generally declining trend from 46.92% in early 2019 to lower levels around 26-29% during 2021 through mid-2025, indicating a reduction in leverage or overall liabilities relative to the total capital structure in that timeframe. There is a slight uptick observed toward late 2024 and early 2025.

Current liabilities display volatility, peaking notably at 12.86% in early 2021 but generally stabilizing in the range of approximately 4.3% to 7.8% afterward. Accrued liabilities tend to fluctuate mildly around an average level of about 3%, with sporadic increases beyond 4% around 2020 and early 2021. Specific elements such as accounts payable remain relatively steady, oscillating between approximately 0.77% and 1.29% without a clear directional trend. Income taxes payable (current) also show variation but generally remain below 1.1%.

Current debt figures exhibit irregular presence with noticeable spikes, for instance reaching above 6% in mid-2021, but often are absent or lower in other periods, pointing to non-consistent usage or reporting of short-term debt instruments. Commercial paper notes appear only starting in early 2023, beginning at around 0.5% and slightly increasing to roughly 1.16% by mid-2025, denoting an emerging or growing reliance on this short-term debt form.

Long-term debt excluding current components decreases substantially from 28.56% in early 2019 to around 12-14% in the 2021-2024 period, then shows an increase toward 16.89% by mid-2025. This pattern suggests an initial deleveraging or repayment phase followed by a gradual reaccumulation of long-term liabilities in recent periods.

Deferred income taxes as a percentage of total capital consistently decrease over time, from about 10.48% in 2019 down to approximately 4.9% by mid-2025, signaling changes in tax timing differences or tax planning strategies. Other non-current liabilities maintain a fairly stable low level, fluctuating slightly around 1% to 2% over the observed timeframe.

Shareholders’ equity forms the majority of the capital structure, generally above 53% and frequently increasing up to above 73% during the 2021 period, indicating strengthening equity base. However, there is a decline observed in the later periods, trending down again to about 70.7% by mid-2025.

Capital in excess of par value remains steady around 23% in early years but experiences a substantial jump to about 58% starting in late 2021, then gradually declines back toward approximately 50% by mid-2025. Retained earnings rise progressively from about 29.7% in early 2019 to over 36% in late 2021, then adjust to roughly 21-22% in mid-2025, reflecting accumulation of earnings followed by possible distributions or reclassifications.

Common stock proportion remains stable at around 0.17% to 0.29% throughout, and accumulated other comprehensive loss remains a small negative adjustment at less than -0.4% without major swings.

There is a decreasing trend in non-current income taxes payable, dropping from over 3% of the capital structure in early 2019 to below 1% by mid-2025, indicating reduced tax liabilities or changes in deferred tax treatment over time.

The company’s capital structure demonstrates a shift with declining total liabilities and growth in shareholders’ equity until around 2021, reflecting improved financial stability or capital accumulation. Subsequently, liabilities and long-term debt begin to increase again, suggesting changes in financing strategy or investment needs. Current liabilities show significant variation, potentially associated with operational cycles or financing activities, with an increased use of commercial paper noted starting 2023.

Deferred tax liabilities steadily diminish, and retained earnings show growth followed by stabilization, indicating a maturing earnings profile and tax position. The consistent level of common stock and stable accrued liabilities suggest no major equity restructuring and steady operational obligations. The subtle negative accumulated other comprehensive loss signals minor adverse adjustments not materially affecting the equity base.