Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Apple Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 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), 10-K (reporting date: 2019-09-28).
- Liabilities Structure
- The proportion of current liabilities relative to total liabilities and shareholders' equity has increased over the periods, rising from 31.23% in 2019 to 48.33% in 2024. This indicates a shift towards a higher short-term liability load. Accounts payable specifically increased from 13.66% to 18.89%, showing a growing reliance on supplier credit or delayed payments. Income taxes payable showed a significant rise starting from 2022, increasing from 1.86% to 7.29% by 2024.
- Long-term Liabilities
- The share of non-current liabilities as a percentage of total liabilities and shareholders' equity decreased from 42.04% in 2019 to 36.07% in 2024. Particularly, the non-current portion of term debt declined steadily from 27.12% to 23.49%. Conversely, other non-current liabilities exhibited moderate growth, increasing from 6.19% to 9.83%, though a secondary item in the same category showed a decline from 14.92% to 12.57%, suggesting some reclassification or offsetting effects.
- Total Liabilities
- Total liabilities, as a proportion of total liabilities and shareholders' equity, generally increased from 73.27% in 2019 to a peak of 85.64% in 2022, before slightly decreasing to 84.40% in 2024. This trend suggests an overall increase in leverage, with liabilities comprising a larger part of the company's capital structure.
- Equity Composition
- Shareholders’ equity decreased from 26.73% in 2019 to a low of 14.36% in 2022, followed by a partial recovery to 15.60% in 2024. The rise in common stock and additional paid-in capital from 13.34% to 22.82% indicates growth in contributed capital. However, retained earnings dramatically declined from a healthy 13.56% to a negative 5.25%, reflecting accumulated losses or payouts exceeding earnings. Accumulated other comprehensive income remained negative for much of the period, with a notable decline around 2022.
- Debt and Lease Obligations
- Current and non-current portions of finance leases remained relatively minor components, fluctuating around 0.01% to 0.24%, with current portions showing a slight increase over the period. The current portion of term debt stayed fairly stable, ranging between 2.71% and 3.15%, while the non-current portion exhibited a decreasing trend.
- Other Observations
- Deferred revenue maintained stability, remaining close to 2% throughout the period. Commercial paper fluctuated modestly but showed an upward trend in the last recorded year. The increase in income taxes payable and the decline in long-term taxes payable suggest a shift from long-term to short-term tax obligations.
- Summary of Trends
- The financial data reveals an increased short-term liability concentration and a decreasing reliance on long-term debt. The overall increase in total liabilities relative to shareholders’ equity highlights a rising leverage profile. Equity composition shows growth in common stock but is undermined by deteriorating retained earnings, signaling pressure on accumulated profitability. The company appears to be managing an evolving balance between debt maturities and equity financing amid fluctuating income tax positions.