Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
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- Current Ratio since 2005
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- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Linde plc, 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 experienced notable shifts between 2021 and 2025. Overall, the proportion of total liabilities increased while that of total equity decreased over the five-year period. A more detailed examination reveals specific areas driving these changes.
- Current Liabilities
- Current liabilities as a percentage of total liabilities and equity initially increased from 16.72% in 2021 to a peak of 20.69% in 2022, before declining to 17.51% in 2025. Within this category, short-term debt saw a significant rise from 1.43% to 5.83% between 2021 and 2023, subsequently decreasing to 5.19% in 2025. Contract liabilities decreased substantially, falling from 3.60% to 1.42% over the period. Other current liabilities remained relatively stable, fluctuating between 4.78% and 5.14% before ending at 4.80% in 2025. A new line item, contingent liabilities, appeared in 2024 and 2025, representing 0.21% and 0.15% of the total, respectively.
- Long-Term Liabilities
- Long-term liabilities demonstrated a consistent upward trend, increasing from 27.60% in 2021 to 36.72% in 2025. The most significant driver of this increase was long-term debt, excluding the current portion, which rose from 13.89% to 23.82% over the same period. Deferred income taxes experienced a moderate decrease, moving from 7.65% to 6.40%. Other long-term liabilities decreased from 5.13% to 5.02% over the period. Contingent liabilities also appeared in this section in 2024 and 2025, increasing from 0.04% to 2.11%.
- Stockholders’ Equity
- Total stockholders’ equity decreased as a percentage of total liabilities and equity, falling from 55.67% in 2021 to 45.76% in 2025. Within equity, additional paid-in capital decreased from 49.24% to 45.42%. Retained earnings showed a substantial decline from 22.93% in 2021 to 10.95% in 2023, followed by a partial recovery to 19.13% in 2025. Accumulated other comprehensive loss remained relatively stable, fluctuating around -7%. Treasury shares increased as a negative percentage, moving from -12.02% to -13.32%.
- Specific Liability Items
- Interest payable showed an increasing trend, rising from 0.12% to 0.36% between 2021 and 2025. Unrealized losses on derivatives also increased, particularly in 2024, reaching 0.11% before decreasing to 0.08% in 2025. Cost reduction programs and other charges fluctuated, ending at 0.29% in 2025. Pension and postretirement liabilities decreased overall, though with some fluctuation.
In summary, the company’s financial structure shifted towards greater reliance on debt financing over the analyzed period, accompanied by a decrease in the proportion of equity. Changes within current and long-term liabilities, as well as fluctuations in equity components, contributed to this overall trend.