Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Common-Size Balance Sheet: Assets
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Danaher Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-06-26), 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02).
The capital structure exhibits a general trend of deleveraging from 2021 through early 2025, followed by a marked increase in liabilities and a corresponding contraction in equity by mid-2026. Total liabilities decreased from a peak of 47.32% in October 2021 to a low of 35.72% in March 2025, before rising sharply to 43.06% by June 2026.
- Liability Composition and Debt Management
- Long-term debt, excluding the current portion, showed a sustained downward trend for several years, falling from 26.87% in April 2021 to approximately 20% by late 2024. However, a significant reversal occurred in the final period, with long-term debt surging to 27.23% by June 2026, suggesting a recent increase in long-term borrowing.
- Current liabilities remained relatively stable throughout the observed period, generally fluctuating between 7.92% and 10.68%. Trade accounts payable and accrued expenses showed minor downward drifts, indicating consistent management of short-term operational obligations relative to the total balance sheet.
- Notes payable and the current portion of long-term debt remained negligible for the first half of the period, peaking briefly at 2.90% in September 2023 before returning to lower levels, with a slight uptick to 1.53% by June 2026.
- Equity Growth and Capital Allocation
- Total stockholders' equity followed an inverse trajectory to total liabilities, growing from 53.60% in April 2021 to a peak of 64.28% in March 2025. This growth was primarily driven by a steady increase in retained earnings, which rose from 38.01% to a peak of 57.47% in September 2025, reflecting strong internal capital accumulation.
- A significant shift in capital allocation is observed starting in December 2024 with the introduction of treasury stock, which reached a peak contra-equity balance of -14.20% in September 2025. This indicates an aggressive share repurchase program that offset some of the gains in retained earnings.
- Additional paid-in capital experienced a period of growth, rising from approximately 12% to a peak of 21.57% in December 2024, before stabilizing around 18.90% by June 2026.
- Other Balance Sheet Dynamics
- Preferred stock, which represented 4.33% of the total structure in early 2021, was gradually reduced to approximately 2% by mid-2022 and was no longer present in the reported data after March 2023, indicating a complete redemption or conversion of preferred shares.
- Accumulated other comprehensive loss remained a consistent but small drag on equity, fluctuating between -0.25% and -4.76%, with the most significant losses occurring between July 2022 and June 2023.