Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Dell Technologies Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2019
- Return on Equity (ROE) since 2019
- Aggregate Accruals
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Dell Technologies Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 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).
The composition of liabilities and stockholders’ equity experienced notable shifts over the analyzed period, spanning from May 2020 to November 2024, with projections extending to January 2026. Current liabilities consistently represented a substantial portion of the total, generally ranging between 41% and 63%. Non-current liabilities also constituted a significant component, typically between 38% and 56%, before declining towards the end of the period. Stockholders’ equity exhibited more volatility, initially positive but becoming increasingly negative, particularly from January 2022 onwards.
- Current Liabilities
- Current liabilities demonstrated an overall increasing trend from May 2020 (41.59%) to July 2022 (61.72%), peaking in January 2022 (60.62%). This increase was largely driven by a substantial rise in accounts payable, which grew from 15.33% to 29.27% over the same period. Short-term deferred revenue also contributed to this growth, increasing from 12.28% to 16.59%. Following July 2022, current liabilities decreased slightly, but remained elevated, ending at 58.34% in November 2024. A minor component, current liabilities held for sale, fluctuated around 0.25-0.30% when present.
- Non-Current Liabilities
- Non-current liabilities generally decreased from 55.34% in May 2020 to 38.16% in October 2021. Long-term debt and long-term deferred revenue were the primary drivers of this category, both exhibiting declines. From October 2021, non-current liabilities showed some recovery, reaching 45.25% in May 2023, before decreasing again to 39.97% in November 2024. Other non-current liabilities remained relatively stable, fluctuating between approximately 3.3% and 4.4%.
- Stockholders’ Equity
- Stockholders’ equity began the period at 2.69% in May 2020, but experienced a significant decline, becoming negative by January 2022 (-1.70%). This deterioration was primarily attributable to a substantial decrease in retained earnings, which moved from -14.02% to -14.5% by November 2024, and a growing negative balance in treasury stock, which increased from -0.25% to -14.48% in November 2024. Common stock and capital in excess remained relatively stable as a percentage of the total, but were insufficient to offset the declines in retained earnings and the increase in treasury stock. Accumulated other comprehensive loss also contributed to the negative equity position, becoming more negative over time.
- Debt Composition
- Initially, long-term debt comprised a larger portion of the capital structure (40.22% in May 2020) than short-term debt (6.97%). However, the proportion of short-term debt increased relative to long-term debt over time, particularly in accounts payable. By November 2024, short-term debt (8.51%) and long-term debt (23.21%) represented a more balanced, though still significant, portion of the total liabilities and equity.
Overall, the analyzed period demonstrates a shift towards greater reliance on short-term financing, a substantial decline in stockholders’ equity, and a growing negative equity position. The increasing accounts payable and deferred revenue suggest potential changes in operational practices or payment terms. The trend in treasury stock warrants further investigation.