Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Lam Research Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-09-27), 10-K (reporting date: 2026-06-28), 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).
The capital structure exhibits a significant shift over the analyzed period, characterized by a systemic reduction in total liabilities and a corresponding increase in stockholders' equity. Total liabilities declined from 63.97% of total liabilities and stockholders' equity in September 2020 to 47.22% by September 2026. Conversely, stockholders' equity grew from 35.99% to 52.78% during the same timeframe, indicating a transition toward a more equity-heavy financing model and a reduction in overall financial leverage.
- Long-Term Liability Trends
- A pronounced downward trend is observed in long-term debt and finance lease obligations, which fell from 33.16% in September 2020 to 14.16% in September 2026. This suggests a strategic deleveraging process or the repayment of long-term obligations. Total long-term liabilities followed a similar trajectory, decreasing from 41.34% to 19.47%, representing a substantial reduction in the company's long-term financial obligations relative to its total asset base.
- Equity and Shareholder Capital Management
- Stockholders' equity has increased steadily, supported by a dramatic rise in retained earnings, which climbed from 80.74% to 141.51%. This growth is heavily offset by a significant increase in treasury stock, which moved from -89.11% to -123.78%. The magnitude of these two figures indicates an aggressive share repurchase program, where the company is utilizing its earnings to buy back common stock, thereby reducing the number of shares outstanding while simultaneously increasing the relative proportion of retained earnings on the common-size balance sheet.
- Current Liability Dynamics
- Current liabilities remained relatively stable for several years before trending upward in the later periods, rising from 22.63% in September 2020 to 27.75% in September 2026. Within this category, deferred profit showed a general increase, moving from 3.83% to 9.22%, while trade accounts payable experienced volatility, peaking at 6.12% in September 2022 before dropping and then recovering to 6.04% by September 2026. Income taxes payable exhibited a steady decline from 5.84% to 2.60%.
- Short-Term Debt Fluctuations
- The current portion of long-term debt and finance lease obligations showed irregular patterns. After starting at 5.54%, it dropped to near-zero levels between June 2021 and December 2023. A resurgence occurred between March 2024 and December 2025, with values peaking around 3.78% in March 2025, before returning to nominal levels (0.01%) by September 2026. This suggests a cyclical or episodic approach to debt maturity and refinancing.
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