Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Dell Technologies Inc. pages available for free this week:
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2019
- Total Asset Turnover since 2019
- Price to Earnings (P/E) since 2019
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Dell Technologies Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).
- Short-term debt
- The proportion of short-term debt relative to total liabilities and stockholders’ equity exhibited fluctuations over the periods, generally ranging between approximately 4.4% and 12%. Notably, a peak of 12% was recorded in October 2021, following which values oscillated between roughly 5.5% and 8.5%. This indicates occasional short-term borrowing spikes but no consistent upward or downward trend.
- Accounts payable
- Accounts payable remained a substantial component, with a steady increasing trend from around 16.5% in early 2019 to over 30% by mid-2025. The increase was particularly marked from late 2021 onward, rising from approximately 20.7% to the high 20% and low 30% range. This trend suggests a growing reliance on trade credit or delayed payments to suppliers.
- Due to related party
- This category appeared intermittently from early 2022 onward with relatively small proportions fluctuating mostly below 2%. There is no clear trend, but the values indicate limited exposure from related party transactions in relation to total liabilities and equity.
- Accrued and other liabilities
- The accrued and other liabilities proportion remained relatively stable, oscillating between roughly 6% and 9.9% throughout the periods. There was a slight increase in early 2023 reaching near 9.9%, followed by a mild decline but maintaining around 7-8% in recent periods.
- Short-term deferred revenue
- Short-term deferred revenue showed a consistent upward trend from approximately 11.9% in early 2019 to peaks above 18% during 2022 and 2023, followed by a gradual decline back towards 15.4% by mid-2025. This indicates increasing upfront cash receipts for services or products yet to be delivered, which peaked and then slightly receded.
- Current liabilities held for sale
- This item appeared sporadically in small amounts (below 0.3%) in mid-2020 and early 2025, indicating occasional asset disposals or reclassifications but without any significant impact on overall liabilities.
- Current liabilities
- The overall current liabilities share increased from about 39.6% early in 2019 to a peak exceeding 62% by late 2024. This steady rise underscores a growing portion of total liabilities classified as current, potentially signaling increased short-term obligations or working capital pressures.
- Long-term debt
- Long-term debt as a proportion of total liabilities and equity trended downward from around 44.3% in early 2019 to lows near 21.5% by mid-2024, with some variability after. This represents significant deleveraging or debt maturity repayment over time, partially offset later by moderate increases towards 27.5% in early 2025.
- Long-term deferred revenue
- This category experienced a gradual increase from near 10.1% in early 2019 to just under 17% during 2022 and 2023, then slightly trended downward to below 14% by mid-2025. The pattern aligns with changes in short-term deferred revenue, indicating some shifting timing in revenue recognition.
- Other non-current liabilities
- Other non-current liabilities steadily declined from about 5.9% in early 2019 to around 3.3%-3.7% in recent years, suggesting reductions in miscellaneous long-term liabilities relative to the balance sheet.
- Non-current liabilities
- The aggregate non-current liabilities proportion decreased overall from about 60.3% in early 2019 toward just over 40% in 2024-2025, reflecting the reduction in long-term debt and other non-current liabilities. The variability shows some recovery after 2022 but not to previous levels.
- Total liabilities
- Total liabilities remained fairly stable around 95% to 103% of total liabilities and equity, with fluctuations influenced by changes in short- and long-term debt as well as other liabilities. A notable spike above 100% from late 2021 through mid-2023 suggests periods of negative equity or accounting reclassifications effectively increasing total liabilities relative to equity.
- Redeemable shares
- Redeemable shares formed a small portion of total liabilities and equity, typically below 2%, with a general declining trend from 1.6% in early 2019 to near zero by 2021, indicating reduced issuance or redemption over time.
- Common stock and capital in excess of par value
- This equity component showed a slight decline from around 13.8% in 2019 to under 10% through 2022-2023, followed by stabilization and moderate increases approaching 11.4% by early 2025, reflecting relatively steady shareholder capital with some recent improvements.
- Treasury stock at cost
- Treasury stock grew substantially in magnitude from a negligible negative balance (-0.06%) in 2019 to a significant negative impact of approximately -12.8% by mid-2025, indicating aggressive share buybacks or stock retirements, which reduce total equity base.
- Retained earnings (accumulated deficit)
- The accumulated deficit demonstrated a sustained improvement from a deficit of about -19.2% in early 2019 to near positive territory (0.26%) by mid-2025. This upward trend suggests consistent earnings retention or reduced losses strengthening equity over the time frame.
- Accumulated other comprehensive loss
- This component showed modest fluctuations generally ranging between -0.5% and -1.2%, without a clear directional trend, implying relatively stable unrealized losses on certain financial instruments or foreign currency adjustments.
- Total stockholders’ equity (deficit)
- Total equity proportion exhibited volatility, starting with a slight deficit near -1.5% in early 2019, improving to a positive peak near 10.5% by late 2021, then sharply declining into negative territory around -3.5% or slightly better through 2024. This signal indicates periods of equity strengthening followed by weakening, possibly due to market value changes, earnings volatility, or buyback activity.
- Non-controlling interests
- Non-controlling interests remained relatively stable, fluctuating around 4%, but declined significantly after 2021 to about 0.1%-0.12%, suggesting reduced minority ownership influence or divestitures of such interests.