Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Linde plc pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Linde plc, common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The composition of liabilities and stockholders’ equity exhibited several notable trends between March 2021 and December 2025. Overall, the proportion of total liabilities increased relative to total equity over the observed period, indicating a growing reliance on debt financing. Within liabilities, current liabilities remained a consistently significant portion, while long-term liabilities demonstrated a more pronounced upward trend in later periods.
- Current Liabilities
- Current liabilities, representing approximately 17-20% of total liabilities and equity, showed relative stability in the earlier part of the period (March 2021 – December 2022). However, a slight increase was observed from March 2023 onwards, peaking at 19.45% in September 2023 before decreasing slightly. Accounts payable and other current liabilities contributed significantly to this category, remaining relatively stable as percentages of the total, while short-term debt and the current portion of long-term debt experienced more fluctuation.
- Long-Term Liabilities
- Long-term liabilities demonstrated a consistent upward trend throughout the period, increasing from 26.28% to 36.72% of total liabilities and equity. This increase was primarily driven by long-term debt excluding the current portion, which rose from 11.71% to 23.82%. Other long-term liabilities also contributed to this growth, though to a lesser extent. This suggests a strategic shift towards longer-term financing.
- Stockholders’ Equity
- Total equity decreased as a percentage of total liabilities and equity, falling from 56.03% in March 2021 to 45.76% in December 2025. This decline was primarily attributable to changes within the equity components. Accumulated other comprehensive loss consistently represented a negative percentage, increasing in magnitude over time, which contributed to the overall decrease in equity. Treasury shares also increased as a negative percentage, further reducing equity. While additional paid-in capital remained relatively stable for much of the period, it experienced a decline in later quarters. Retained earnings showed an initial increase, peaking in September 2023, before declining in the final quarters.
- Specific Liability Accounts
- Short-term debt exhibited significant volatility, peaking at 6.65% in March 2022 before declining and then increasing again, reaching 5.67% in June 2025. Contract liabilities showed an increase from 2.19% to 3.60% between March 2021 and December 2021, then decreased to 1.42% by September 2025. The proportion of redeemable noncontrolling interests remained consistently low throughout the period.
In summary, the balance sheet composition shifted towards a greater proportion of liabilities and a smaller proportion of equity over the analyzed period. This trend was particularly pronounced in long-term debt, suggesting a deliberate strategy to leverage longer-term financing. Fluctuations were observed in certain current liability accounts, while changes in equity components, particularly accumulated other comprehensive loss and treasury shares, contributed to the overall decline in equity’s relative share.