Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Current Liabilities
- Current liabilities as a percentage of total liabilities and stockholders’ equity showed an overall increasing trend from 16.66% in 2020 to 20.35% in 2024, peaking progressively each year except for a slight decrease in 2023 compared to 2022. Notably, accrued rebates increased steadily from 5.06% to 6.6%, indicating rising rebate obligations. Conversely, allowance for sales returns declined from 0.86% to 0.54%, suggesting lower expected sales returns over the period. Accounts payable fluctuated but ended higher than in 2021, and income taxes payable almost tripled from 0.87% to 2.79%, pointing to increased tax liabilities.
- Long-Term Liabilities
- Long-term liabilities decreased from 56.7% in 2020 to a low of 45.22% in 2023 before slightly rising to 47.03% in 2024. The net long-term debt excluding current portion showed a decline between 2020 and 2022, then an increase to 42.2% in 2024, surpassing the initial level. Both long-term income taxes payable and deferred tax liability consistently declined, with deferred tax liability dropping sharply from 5.72% to 1.23%. Other long-term obligations increased moderately. Overall, this indicates a gradual reduction in some long-term tax-related liabilities while the company maintained or increased its core long-term debt burden.
- Total Liabilities
- Total liabilities as a proportion of the capital structure decreased steadily from 73.36% in 2020 to 63.38% in 2023, followed by a notable rise to 67.38% in 2024. This pattern reflects a general deleveraging trend until 2023, with a partial reversal in the last period.
- Stockholders’ Equity
- Total stockholders’ equity grew from 26.64% in 2020 to a peak of 36.62% in 2023, then decreased to 32.62% in 2024. This increase was driven mainly by additional paid-in capital rising substantially from 5.67% to 13.05%, and retained earnings growing from 21.02% to 26.24% before falling to 19.49% in the last year. The accumulated other comprehensive income remained close to zero but became slightly positive over time. These movements indicate equity strengthening through capital contributions and earnings accumulation until 2023, followed by a reduction in retained earnings and overall equity in 2024.
- Other Observations
- Compensation and employee benefits-related liabilities steadily increased from 1.26% to 2.08%, reflecting rising obligations or provisions. Other current liabilities fluctuated but exhibited a general upward trend, rising from 6.34% to 9.26%, contributing to the growth in current liabilities. The noncontrolling interest remained negligible and negative in later years, indicating minimal impact. An accrual related to bictegravir litigation appeared only in 2021 at 1.84%, with no subsequent values, implying a resolved or one-time charge.
- Overall Summary
- The data reveals a shift towards a stronger equity position and reduced leverage from 2020 through 2023, marked by declining total liabilities and expanding equity, driven mainly by increased paid-in capital and retained earnings. However, 2024 exhibits a reversal with rising liabilities and a decline in equity, particularly retained earnings, suggesting increased financial risk or strategic financing changes. Current liabilities grew consistently, driven by rebates, taxes, and other obligations, while long-term tax-related liabilities decreased. The pattern reflects evolving balance sheet management with fluctuations in capital structure components over the five-year period.