Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Lam Research Corp. pages available for free this week:
- Balance Sheet: Assets
- Cash Flow Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
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Lam Research Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-K (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-24), 10-Q (reporting date: 2023-09-24), 10-K (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-Q (reporting date: 2022-09-25), 10-K (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-Q (reporting date: 2021-09-26), 10-K (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-Q (reporting date: 2020-09-27), 10-K (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-Q (reporting date: 2019-09-29).
The capital structure exhibits a long-term transition from a liability-heavy composition toward a more equity-centric base. Total liabilities, which peaked at 64.84% of total liabilities and stockholders’ equity in March 2020, have trended downward to 49.09% by March 2026. Conversely, stockholders’ equity has steadily increased from a low of 35.07% in March 2020 to 50.91% by the end of the analyzed period.
- Liability Composition and Debt Trends
- A significant reduction in long-term leverage is observed. Long-term debt and finance lease obligations, excluding the current portion, decreased from 30.69% in September 2019 to 17.94% in March 2026. This contraction in long-term liabilities is the primary driver behind the overall reduction in total liabilities. Current liabilities have remained more volatile, generally fluctuating between 16% and 31%, with a recent peak of 30.77% in June 2025 before moderating to 25.21% by March 2026.
- Equity Dynamics and Shareholder Returns
- The equity section is characterized by aggressive growth in retained earnings and substantial share repurchases. Retained earnings as a percentage of the total balance sheet expanded from 82.90% in September 2019 to 158.71% in March 2026. This growth is offset by a deepening negative balance in treasury stock, which moved from -94.63% to -150.77% over the same period, indicating a consistent and increasing commitment to returning capital to shareholders through buybacks.
- Short-Term Operational Obligations
- Deferred profit has shown a general upward trend, increasing from 3.29% in September 2019 to 10.06% in March 2026, suggesting a growth in advance payments or deferred revenue relative to the total balance sheet. Trade accounts payable have remained relatively stable, fluctuating between approximately 2.5% and 6.1%, ending at 5.15% in March 2026. Income taxes payable have seen a gradual decline, moving from a high of 7.33% in December 2019 to 2.99% in March 2026.
Overall, the financial profile demonstrates a strategic shift toward deleveraging and a high reliance on internal funding. The simultaneous increase in retained earnings and the expansion of treasury stock suggests that the entity is generating significant cash flows, which are being utilized to reduce long-term debt and reduce the number of outstanding shares.