Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Return on Equity (ROE) since 2012
- Price to Operating Profit (P/OP) since 2012
- Price to Book Value (P/BV) since 2012
- Analysis of Debt
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AbbVie Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2025-12-31), 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).
The composition of liabilities and stockholders’ equity experienced notable shifts between 2021 and 2025. Overall, the proportion of total liabilities increased significantly, while stockholders’ equity decreased, culminating in a negative equity position by 2025.
- Current Liabilities
- Current liabilities as a percentage of total liabilities and equity initially decreased from 24.02% in 2021 to 21.28% in 2022, then increased steadily to 32.31% in 2025. This rise was primarily driven by increases in accounts payable and accrued liabilities, sales rebates, and the current portion of contingent consideration liabilities. Specifically, sales rebates more than doubled over the period, growing from 5.63% to 10.88%, while accounts payable and accrued liabilities increased from 15.49% to 25.93%.
- Long-Term Liabilities
- Long-term liabilities remained relatively stable between 2021 and 2023, fluctuating around 64-66% of the total. However, they increased to 68.84% in 2024 and 70.09% in 2025. This increase was largely attributable to growth in contingent consideration liabilities, which rose from 9.31% in 2021 to 16.36% in 2025, and other long-term liabilities, increasing from 19.59% to 24.31% over the same period. Long-term debt and finance lease obligations, excluding the current portion, showed a slight increase from 43.81% to 44.64% in 2024 before decreasing to 44.00% in 2025.
- Total Liabilities
- Total liabilities increased from 89.47% of the total in 2021 to 102.41% in 2025. This substantial increase indicates a growing reliance on debt financing and other obligations. The proportion of total liabilities exceeded total equity starting in 2024.
- Stockholders’ Equity
- Stockholders’ equity exhibited a consistent decline throughout the period. Beginning at 10.53% in 2021, it decreased to a negative 2.41% in 2025. This decline was primarily driven by a significant decrease in retained earnings, which moved from a positive 2.13% in 2021 to a negative 11.57% in 2025. The common stock held in treasury also increased as a negative value, from -2.14% to -6.83%, further contributing to the reduction in equity. While additional paid-in-capital increased steadily, it was insufficient to offset the declines in retained earnings and treasury stock. Accumulated other comprehensive loss remained relatively stable, but negative, throughout the period.
- Specific Liability Items
- Short-term borrowings were minimal for most of the period, but increased to 1.87% in 2025. Dividends payable showed a consistent, albeit modest, increase from 1.74% to 2.31%. Income taxes payable decreased significantly from 2.35% in 2021 to 0.27% in 2025.
In summary, the balance sheet demonstrates a clear trend of increasing liabilities and decreasing equity. The company’s financial structure has become increasingly reliant on debt, culminating in a negative equity position by the end of 2025. The growth in sales rebates and contingent consideration liabilities are particularly noteworthy.