Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Danaher Corp. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Danaher Corp., 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 at the company exhibits several notable trends between 2021 and 2025. Overall, the proportion of total liabilities decreased slightly from 45.69% to 37.05% while stockholders’ equity increased from 54.31% to 62.95% over the period, indicating a strengthening financial position.
- Short-Term Debt & Payables
- Notes payable and current portion of long-term debt experienced a significant increase from 0.01% to 2.01% in 2023, before decreasing substantially to 0.00% by 2025. Trade accounts payable demonstrated a gradual decline from 3.09% to 2.21% over the five-year period. Accrued expenses and other liabilities also decreased, moving from 6.69% in 2021 to 5.94% in 2025. Current liabilities as a whole decreased from 9.79% to 8.16%.
- Long-Term Liabilities
- Long-term debt, excluding the current portion, decreased from 26.65% to 22.06% over the period. Other long-term liabilities also showed a decreasing trend, falling from 9.26% to 6.83%. Long-term operating lease liabilities increased steadily from 1.07% to 1.29%. Overall, long-term liabilities decreased from 35.90% to 28.89%.
- Equity Components
- Preferred stock decreased significantly from 3.93% in 2021 to 0% in 2023 and remained at that level through 2025. Additional paid-in capital increased from 12.13% to 20.60%, while retained earnings rose from 39.46% to 56.18%. Treasury stock shows a negative balance, increasing in magnitude from 0% to -13.60%, indicating share repurchases. Accumulated other comprehensive loss decreased from -1.23% to -0.25%. The overall trend in total stockholders’ equity is upward, increasing from 54.31% to 62.95%.
- Contractual Obligations
- Contract liabilities decreased slightly from 1.94% to 1.62%. Contract settlement financing payable also decreased, moving from 0.09% to 0.09%. Sales and product allowances decreased from 0.27% to 0.22%. These suggest a potential shift in revenue recognition patterns or a reduction in related obligations.
- Other Liabilities
- Pension and postretirement benefits remained relatively stable, fluctuating between 0.07% and 1.05%. Taxes, income and other decreased from 0.85% to 0.64%. Other liabilities showed a slight increase from 1.56% to 1.59%. Compensation and benefits decreased slightly from 1.65% to 1.42%.
The observed trends suggest a strategic shift towards financing through equity rather than debt, coupled with efficient management of short-term liabilities. The increase in retained earnings indicates profitability and effective capital allocation. The reduction in preferred stock suggests a change in capital structure preferences.