Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Apple Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26).
- Accounts Payable
- There is a generally increasing trend in the proportion of accounts payable relative to total liabilities and shareholders’ equity, rising from 13.06% in 2020 to 19.45% in 2025. This indicates a growing reliance on accounts payable as a source of funding within the liabilities structure.
- Income Taxes Payable
- Income taxes payable appeared in 2022 at 1.86% and fluctuated in subsequent years, peaking at 7.29% in 2024 before declining to 3.62% in 2025. This volatility suggests variations in tax obligations or timing of payments.
- Accrued Distribution and Marketing
- This liability category emerged only in 2024, starting at 2.10% and slightly increasing to 2.48% in 2025, reflecting possibly increased marketing expenses accrued but not yet paid.
- Current Portion of Finance Leases
- There is a gradual increase in this liability, from 0.01% in 2020 to 0.15% in 2025, though still constituting a minor portion of total liabilities.
- Other Current Liabilities
- Two reported lines for this category show a lack of consistency in the data. The first set fluctuated between 12.02% and 15.35% from 2020 to 2025, while the second set shows an increasing trend from 13.18% in 2020, peaking at 21.45% in 2024 before decreasing to 18.48% in 2025. Overall, other current liabilities remain a significant and variable component.
- Deferred Revenue
- Deferred revenue remains relatively stable across the periods, maintaining a range between 2.05% and 2.52%, indicating a steady recognition of unrealized revenue.
- Commercial Paper
- This short-term borrowing fluctuates modestly, rising from 1.54% in 2020 to a peak of 2.83% in 2022, then decreasing and stabilizing around the 2.2% mark by 2025.
- Current Portion of Term Debt
- The share represented by the current portion of term debt increased moderately over the period, from 2.71% in 2020 to 3.44% in 2025, suggesting a slightly growing near-term debt obligation.
- Current Liabilities
- Current liabilities as a whole have generally risen, starting at 32.54% in 2020 and peaking at 48.33% in 2024, with a slight decrease to 46.11% in 2025. This implies an increasing short-term obligation burden with a possible slight easing recently.
- Non-Current Portion of Term Debt
- This component has shown a consistent decline over time, from 30.46% in 2020 to 21.80% in 2025, indicating repayment or restructuring of long-term debt obligations.
- Non-Current Portion of Finance Leases
- There was a minor decrease in this liability from 0.20% in 2020 to 0.19% in 2025, showing stable, marginal finance lease commitments long term.
- Other Non-Current Liabilities
- Two similar data rows show a decreasing trend: from approximately 16.8% in 2020 to around 11.5% in 2025, reflecting reductions in miscellaneous long-term liabilities.
- Non-Current Liabilities
- Overall non-current liabilities decreased steadily from 47.29% in 2020 to 33.37% in 2025, highlighting a reduction in long-term owed amounts relative to total financing.
- Total Liabilities
- Total liabilities as a percentage of combined liabilities and equity have fluctuated but generally remained elevated, peaking around 85.64% in 2022 and declining to 79.48% in 2025, indicating some deleveraging or growth in equity base.
- Common Stock and Additional Paid-In Capital
- This component of shareholders’ equity has shown consistent growth, increasing from 15.68% in 2020 to 26.05% in 2025, signifying capital increases or retained capital infusion over time.
- Retained Earnings (Accumulated Deficit)
- Retained earnings have generally declined, moving from a positive 4.62% in 2020 to negative levels beginning 2022, with the deepest deficit at -5.25% in 2024, though slightly improving to -3.97% in 2025. This trend suggests accumulated losses or distributions exceeding profits over the period.
- Accumulated Other Comprehensive Income (Loss)
- This category oscillated between slight positive and negative values, with losses deepening to -3.25% in 2023 and moderating thereafter, implying some unrealized losses or valuation adjustments affecting equity.
- Shareholders’ Equity
- The equity portion as a whole has fluctuated, decreasing from 20.17% in 2020 to a low of 14.36% in 2022, recovering somewhat to 20.52% by 2025. This indicates varying net asset accumulation relative to liabilities, with some recovery in later years.
- Total Liabilities and Shareholders’ Equity
- The total always represents 100% as a base for the ratio analyses.