Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Bristol-Myers Squibb Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The composition of liabilities and stockholders’ equity exhibited notable shifts over the observed period, spanning from March 31, 2021, to December 31, 2025. Overall, a dynamic interplay between debt, equity, and retained earnings is apparent, with significant fluctuations occurring particularly in the latter half of the period.
- Short-Term Debt Obligations
- Short-term debt obligations as a percentage of total liabilities and equity demonstrated considerable volatility. Initially low at 1.58% in March 2021, it peaked at 7.30% in March 2022 before declining to 2.51% by December 2023. A subsequent increase to 4.98% in June 2025 suggests a renewed reliance on short-term financing.
- Current Liabilities
- Current liabilities consistently represented a substantial portion of the total, generally ranging between 15% and 26%. A clear upward trend is observed from March 2021 (15.41%) to September 2023 (25.71%), followed by a slight decrease to 26.01% in December 2023 and a further decline to 20.52% by December 2025. This suggests a potential shift in the timing of obligations or improved working capital management in the later periods.
- Long-Term Debt
- Long-term debt, excluding the current portion, constituted the largest single component of liabilities, consistently accounting for approximately 35% to 40% of the total. A gradual decline is evident from 39.58% in March 2021 to 47.59% in September 2025, indicating a potential strategy to reduce long-term debt exposure. However, a notable increase to 51.41% in December 2022 and 51.96% in September 2022 interrupted this trend.
- Deferred Income Taxes
- Deferred income taxes exhibited a consistent downward trend as a percentage of total liabilities and equity, decreasing from 4.66% in March 2021 to 0.25% in December 2025. This reduction likely reflects changes in tax regulations, utilization of tax loss carryforwards, or alterations in the company’s tax planning strategies.
- Total Liabilities
- Total liabilities remained relatively stable, fluctuating around 66% to 68% of total liabilities and equity for much of the period. However, a significant increase to 83.29% in March 2024, followed by a decrease to 79.45% by December 2025, suggests a period of increased leverage followed by a partial correction.
- Stockholders’ Equity
- Total stockholders’ equity represented the remaining portion of the balance sheet, generally ranging between 30% and 34%. A notable decrease in equity is observed in March 2024 (16.65%), coinciding with the increase in total liabilities. This suggests a potential impact from share repurchases or other factors reducing equity. Subsequently, equity recovered to 20.55% by December 2025.
- Retained Earnings & Treasury Stock
- Retained earnings demonstrated an overall upward trend, increasing from 19.75% in March 2021 to 18.77% in September 2025. However, the cost of treasury stock consistently represented a significant deduction from equity, with a substantial negative percentage ranging from -24.19% to -48.40%. The magnitude of treasury stock increased over time, offsetting gains in retained earnings and contributing to the overall fluctuations in total equity.
- Capital in Excess of Par Value
- Capital in excess of par value remained a significant component of equity, generally fluctuating between 39% and 49%. A slight decrease is observed towards the end of the period, potentially linked to share repurchases or other capital transactions.
In summary, the balance sheet composition underwent considerable changes. The company appears to have actively managed its debt levels, with a focus on reducing long-term obligations. Fluctuations in current liabilities and equity suggest dynamic working capital management and capital allocation strategies. The significant impact of treasury stock on equity warrants further investigation.