Balance Sheet: Liabilities and Stockholders’ Equity
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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- Income Statement
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2019
- Current Ratio since 2019
- Total Asset Turnover since 2019
- Analysis of Debt
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Dell Technologies Inc., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
The financial data reveals several key trends and changes in the liabilities and equity structure over the years analyzed.
- Short-term debt
- Short-term debt shows a general declining trend from 7,737 million in early 2020 to 5,204 million in early 2025, with some fluctuations, including a slight increase around 2023 and 2024.
- Accounts payable
- Accounts payable increased considerably from 20,065 million in early 2020 to a peak of 27,143 million in early 2022, followed by a drop to 18,598 million in early 2023, and then a gradual recovery to 20,832 million by 2025.
- Due to related party
- This category appears only in 2022 and 2023, showing values of 1,414 and 2,067 million respectively, before disappearing in other years, indicating possible short-term intercompany lending or temporary obligations.
- Accrued and other
- The accrued and other liabilities declined from 9,773 million in 2020 to 6,597 million in 2025, despite an increase in 2023, suggesting improved management of accrued expenses or other obligations.
- Short-term deferred revenue
- This item fluctuated mildly, rising from 14,881 million in 2020 to 16,525 million in 2021, then declining to 13,673 million in 2025, indicating variable revenues received in advance over the years.
- Current liabilities held for sale
- There is an appearance of a 221 million value in 2025, indicating some current liabilities associated with assets or business segments held for sale at that point.
- Current liabilities
- Overall, current liabilities peaked in 2022 at 56,219 million before decreasing steadily to 46,527 million in 2025, reflecting reduced short-term obligations.
- Long-term debt
- Long-term debt shows a significant reduction from 44,319 million in 2020 to just above 19,000 million by 2025, almost halving over the period, indicating aggressive debt repayment or restructuring.
- Long-term deferred revenue
- This liability remained relatively stable but showed a slight downward trend from 12,919 million in 2020 to 12,292 million in 2025, suggesting consistent recognition of deferred revenue over the long term.
- Other non-current liabilities
- Other non-current liabilities decreased steadily from 5,383 million in 2020 to 2,951 million in 2025, indicating reduction in various long-term obligations.
- Non-current liabilities
- Non-current liabilities decreased significantly from 62,621 million in 2020 to 34,606 million in 2025, reflecting the reductions in long-term debt and other long-term obligations over the period.
- Total liabilities
- Total liabilities peaked slightly in 2021 at 115,390 million and then declined substantially to 81,133 million in 2025, showing overall debt reduction and liability management.
- Redeemable shares
- Redeemable shares were present at 629 million in 2020 and declined to zero by 2022 onward, suggesting buybacks or reclassification.
- Common stock and capital in excess of par value
- Capital stock showed a decline from 16,091 million in 2020 to 7,898 million in 2022, then a slight rebound to over 9,100 million by 2025, indicating possible share repurchases or issuance fluctuations.
- Treasury stock at cost
- Treasury stock increased in absolute cost consistently from -65 million in 2020 to -8,502 million in 2025, reflecting substantial share repurchases over the period.
- Accumulated deficit
- The accumulated deficit has been closing the gap steadily from -16,891 million in 2020 to -1,160 million in 2025, demonstrating improving retained earnings or profitability over time.
- Accumulated other comprehensive loss
- This loss fluctuated, with a low of -314 million in 2021 and deeper losses near -1,000 million in some years, indicating variable impacts from items such as foreign currency translation or pension adjustments.
- Total stockholders’ equity (deficit)
- Stockholders’ equity was positive at 3,155 million in 2020 and grew to 7,553 million in 2021 but turned negative thereafter, with a slight improvement from -3,025 million in 2023 to -1,387 million in 2025. This reflects ongoing equity volatility, likely impacted by earnings, stock buybacks, and comprehensive losses.
- Non-controlling interests
- Non-controlling interests remained relatively stable around 4,700 to 5,000 million until 2021, then dropped sharply to around 95 million from 2022 onward, indicating divestitures or changes in ownership structure.
- Total liabilities and stockholders’ equity
- The sum of liabilities and equity decreased from 123,415 million in 2021 to 79,746 million in 2025, consistent with the observed reductions in liabilities and equity changes.
In summary, the period analyzed shows substantial deleveraging with large reductions in both short-term and long-term debt, improvements in accumulated deficit, and increased treasury stock from repurchase activities. However, equity fluctuated considerably, turning negative after 2021 but showing signs of recovery by 2025. The decrease in non-controlling interests after 2021 suggests significant structural or ownership changes. Overall, the company appears to be focusing on reducing liabilities and managing equity positions with mixed results in comprehensive income components.